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Debt Reduction

Counseling and bad credit

Submitted by Steve on Mon, 01/10/2011 - 14:27

Question: Our credit score is in the mid-400s. We are in debt for $5,500 at payday loan stores; we stopped making the payments since we got behind our other bills. We live paycheck-to-paycheck, have no savings and don't have much left over each month. We don’t eat out and movies are once a year. We got our Nissan Xterra in August. We’d like to sell it, but no one would buy it with $18,500 balance.

One income or two?

Submitted by Steve on Mon, 08/03/2009 - 11:03

My wife makes $45,000 per year and I recently accepted a promotion that pays $60,000 per year. We have four children at home, ages 4-19. My new position will leave me little time and even less energy for my family and our worship.

How do I cut my budget even more?

Submitted by Steve on Mon, 06/15/2009 - 21:30

Question: In the seven years we’ve been married we have paid off both of our student loans and paid $40,000 extra principal on mortgage. We have one $7,500 loan left before my husband can drop back to one job — he currently works two. We plan to pay that loan off in 12 months.

Make the most of tax relief

Submitted by Steve on Sat, 02/14/2009 - 12:38

With proposed changes in the tax code putting more money in your pocket and tax refunds coming in the next few months, we thought it would be a good idea to share our windfalls strategy.

Listen to this interview from Crown Ministries Money Matters Radio Program that we did a while back. Listen here or on the link at the bottom of this page

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Which credit card should we pay off first?

Submitted by Steve on Sat, 01/24/2009 - 10:20

Question: Would it be wiser to make extra payments to pay down a credit card that has a 0 percent interest rate with a somewhat large balance (around $6,000) or to make extra payments to pay down a credit card with a smaller balance (around $2,000) and 11 percent interest? I'm trying to decide which one to pay down on first. The card with 0 percent is for the life of the loan.

Do Extra Mortgage Payment Really Help?

Submitted by Steve on Tue, 10/21/2008 - 07:42

Question: I'd like to know more about mortgage payments. If I pay one or two extra payments each year how much faster can I payoff my house? I have a 30-year mortgage.