What's the fastest way to clear my bills or lower my mortgage payments?

I have a lot of credit card debt, student loans and a mortgage from an investment property in Oklahoma that's vacant. I need help! Badly!

What's the fastest way to clear my bills or lower my mortgage payments?

The best way to get rid of your debt is to focus on your needs and not wants. Sell everything you don't need and want. Focus on the simplicities and avoid the complexities. Next I would consolidate student loans, refinance your mortgage into either an interest only or 50 year loan with lower payments and move your high interest credit cards to lower or 0% interest cards. Remember, the key is to change your life style first. I hope this helps -- good luck!

What's the fastest way to clear my bills or lower my mortgage payments?

make more money and stop buying things.

What's the fastest way to clear my bills or lower my mortgage payments?

Work another job and eat cheaply.

What's the fastest way to clear my bills or lower my mortgage payments?

My first suggestion is make up a budget with paying off the items that have the highest interest rate first (not necessarily the %26quot;highest owed%26quot;). Try to calculate their payoff dates as well, this gives you hope as you move towards your goal, and keeps you motivated. Do not use these cards any longer! Best way to insure that is to cut all but one off with the smallest interest rate. Call you student loan holder, and negotiate a smaller monthly payment for a temporary basis (until some of the credit cards are paid off), then increase that payment to make up for the %26quot;lost months%26quot;. The mortgage I wouldn't touch. Often lenders try to lure you with %26quot;lower payments%26quot; and the like knowing that your principal will never get any lower, insuring them years of your dollars. Try to wait out the real estate slump and sell when you can if your not interested in living there. But most of all, create your budget, be honest with yourself and your habits of living, and stick to it. Good luck!

What's the fastest way to clear my bills or lower my mortgage payments?

All the above suggestions are good and I have one more.

Start with the debt with the lowest balance, even if it has a lower interest rate, and attack that first. In my case, we had a Best Buy card with about 800 balance on it, but just about all the purchases were interest free up to a certain date. Although my min. payment was only like $10, I was paying about $100 per month to make sure I paid it off before the accrued interest hit the account. I also have a Visa with about $5000 on it at an interest rate of 10.9 and a monthly finance charge. I paid only the minimum on the Visa and put everything I could into the Best Buy. I had that paid off within a few months which freed up the $100 I had previously been putting toward it. Now I can attack the visa.

Pay off the smallest things fastest, then roll over the money into the next debt. Don't loosen the belt and spend the %26quot;extra%26quot; money you free up.

If you are in way over your head, work with a Consumer Credit Counseling agency to help you lower your rates and your payments. You'll have to close all the accounts though. This is a last ditch effort to avoid bankruptcy really. But it works and they can help you a lot.

Why is the property vacant? Hopefully you can find a renter to offset your mortgage costs. Good luck!

What's the fastest way to clear my bills or lower my mortgage payments?

I agree with the last post - clear the small things first, then divert the extra into the bigger ones.

Get a tenant in to pay the mortgage - that would be high on the list of priorities and will take a lot of pressure off you.

Get a weekend job and divert every penny into the credit card debt.

Live on a cash only budget - cut up the cards till you're back on track.

Budget realistically, taking into account events like birthdays and holidays and gifts, and once-off annual payments that have to be paid.

If you can free up a good proportion of your income to go towards the credit cards, then once cleared, divert at least half or three quarters of the amount you were paying into the student loans.

Set a reasonable time frame - say five years to be debt free.

After that, set aside half of your repayment power towards savings, and the other half into your mortgage.

Good luck, it can be done!

What's the fastest way to clear my bills or lower my mortgage payments?

Can you refinance the investment property removing some equity and pay off the credit card debt. I would look at the investment property as possibly time to move the inventory. To rent it out you may want to make it a rent to own. Take a $3000. non refundable deposit and give them 12 or 24 months to qualify for the mortgage. Also look at the MTA product if you KNOW the market will be solid with rental opportunity as that will give you time to make an smaller payment. It will be a negative amortization also, so you have to be prepared to make the sale of the property. This will also bring you in profit from the equity. This will allow you to keep your credit score up. Consumer Credit Counseling is a wonderful service but what you may not know is that the lenders treat that as a BK on your credit so I do not recommend that you do that as your first choice. Otherwise look at your current residence as a source of refinance. Refinancing can be a solution or it can be the wrong choice. I am a mortgage professional and I recommend that you get someone who will be straight and help you make the right choices. Good Luck.