Debt Reduction- Advice On Credit Card Debt Reduction, Debt Reduction Services, And Debt Reduction Plans

avalonianmoon asked:


I am having a difficult time wrapping my mind around solutions for this. Could I get some suggestions?

I am going through the Dave Ramsey Financial Peace University so that I can get rid of all of my debts and get in control of my money rather than it controlling me. So I am really not too fond of the idea of borrowing money for the event. My credit is not the greatest so I am not sure that I would be able to borrow it regardless. I have three credit cards and they are all maxed out (not to mention cut up). I have no extra money in savings. That is apart from my emergency fund that I am trying to build up. I do have some IRAs and my 401(k) but the taxes/fees/penalties for cashing those in early would be outrageous. I am already living pay check to pay check and barely have anything left over (which is why I’m working to get rid of my debts). My fiance does not make very much money. He works for his parents at their gas station and it is not doing so well. (looks like it might go under soon) He doesn’t have a whole lot saved up. He does have a few credit cards but it would be crazy for him to charge the wedding because he wouldn’t be able to afford the minimum payments. My father is disabled and on a fixed income. My mother passed away two Christmases ago. So my parents can’t help pay. My fiance’s parents are struggling financially with their store going under. The father is also battling against cancer (and winning) so he can’t work much. So they can’t help pay.

So I’m left standing in the middle of no where going “what am I to do?”
Some things I am doing…
- I am saving all of my aluminum cans from home, people at work, and some of my relatives and I’m going to sell them to help fund the wedding or honeymoon.
- I am going through my home and selling anything that I no longer want. Books. Clothes. Exercise equipment. Knicknacks. Anything. That will help go towards my debt reduction. The faster I get out of debt, the sooner I can put money away for the wedding.
- I also have my own business on the side to help with money, but business is not as great as it should be.

So do you guys have any other ideas?

Santiago Shank