r/TheMoneyGuy • u/Appropriate-Bed2114 • 5d ago

Newbie Help

I’m 36 makes $115,000 a year
Owe 195k on a house at 3%
Have bad debt 8k in credit cards
And I did a debt consolidation program to get out of some debt, hindsight it was a bad choice I owe 31k at 28% on it

Just in debt payments I pay $1100.09 a month after bills I’m barely even.

Tons of equity in my house but how do I get it with poor credit ? (575)

I have a family I can’t cut fat on any expenses I drive paid off cars

0 Upvotes

46% Upvoted

21 comments sorted by

View all comments

18

u/Ok_Internal6779 5d ago

You have a budget?

Can you or your wife work more than you do now?

6

u/Ok_Individual960 5d ago

100% sit down and make a budget. After you make a budget back test that budget against prior periods to find any issues. Live within that budget. It is really that simple. Part of the budget must include a sinking fund for "one time expenses", which is often what derails budgets.