Shortcut Navigation:

Question for the Money Doctors

Question submitted on Oct 13, 2013.

Question

I have 3 loans one for $500 ,with payments of 284 every two weeks,one for 1800,with payments of 134 every two weeks,one for 600 with variable payments question is my paycheck is at least 566 every two weeks,how can I get out of these loans sooner,as it,s said im robbing peter to pay paul and im over my head,please help

Answer

We don''t know a lot about your background information, but here are a few general suggestions for you.

1) Try and get a second job, so that you can make more money.

2) Put yourself on a budget to reduce your weekly out of pocket expenses. Do not buy anything on credit or take on anymore loans. Move in with family if need be.

3) Try and negotiate better payment terms with the lenders, i.e., the balance due, longer payment terms or reduced interest rates.

4) Pay off the loans with the highest interest rate first.

Good luck!


For additional information visit http://www.360financialliteracy.org/