Dh's Budget- what do U think

[buckler]

Have him look at it in terms of how much he is paying in interest per year. It's over $2,000 in INTEREST alone! That is wasted money. Imagine what you could do with an extra $2,000 per year (think retirement...not more spending!).

I know people say to pay off the smallest and work to the biggest, but there are some pretty hefty interest rates on some of the accounts. I'd go highest interest rate to lowest. That BofA 27.98% one needs to go first, then the Lowe's and Kohl's. And double check what those Best Buy rates are going to be when the 0% time period ends. I'm guessing it will be 20% or more. Don't let it sneak up on you.

 

[dreamin_disney]

My first tip is that you need to be talking to your husband about all this. Sit down and come up with a plan. Obviously you both have had spending problems in the past if you are still trying to pay off several credit cards and he has several in his name.

You've been together for 12 years, so it's not like this debt is a suprise. I would think you have benefited from whatever was charged. I think just because the card is in his name it's not just his debt unless he brought it to the relationship alone.

Instead of being frustrated and judging, sit down and see what will work for both of you. Maybe it's that he just doesn't see the big picture. Maybe he isn't ready to get down to work of getting the debt done. Are you planning to pay any of his credit cards when done with yours? You could be in charge of paying off the debts but it won't do any good if you aren't in control of spending in your family from both of you.

If he still wants his independence of his own account, let him have his account and have the majority of his paycheck put into your account to pay bills. There are all kinds of possibilties but you have to sit and talk with him in a reasonable manner.

He didnt see the big picture til now. I make a yearly large year envelope folder.Theres one envelope for each months bills. I write down the due date, amount due, % etc and I see it several times a month. It has helped me face my debt, which is iimportant. I also made one for dh but he didnt use it. He pays his bills and throws them in his drawer. I told him he needs to face it and look at the % and finance charges etc so he sees whats going on. So it's not like we've never discussed debt. We dont have joint cards and have been responsible for our own cards. Once i' done paying off my cards i'm taking one of his to pay off. If i made more money I would do more. Like i said I want to get working on this because its for OUR future not just ME ME ME. I dont get hair done, pedicures or anything for myself. Once in awhile he will give $20 for a pedicure but i use that for bills.

He said he will add me to his checking acct, cut the cable bill and get rid of his xm radio. I dont want to be a meanie and be the BOSS i think just looking at the big debt picture and coming up with a solution (working together)is the answer

 

[buckler]

The terms on his Best Buy cards may be different than this based on when he applied, but here are the current terms from their website. The Best Buy cards will probably be in the 20.99%-24.23% range. You need to plan to pay those off quickly after the 0% runs out.

HSBC Deferred Interest Info Variable APRs as of 02/01/2010:
Plan A: For Accounts generated on or after 10/26/09: Variable Standard Rate APR: 24.24%. Variable Default Rate APR: 29.24%. For Accounts generated before 10/26/09: Variable Standard Rate is 20.99%.Variable Default Rate is 25.99%.
Plan B: For Accounts generated on or after 10/26/09: Variable Standard APR: 27.99%. Variable Default APR: 29.99%. For Accounts generated before 10/26/09: Variable Standard Rate is 24.34%. Variable Default Rate is 29.99%.

 

[DVCBELLE]

The terms on his Best Buy cards may be different than this based on when he applied, but here are the current terms from their website. The Best Buy cards will probably be in the 20.99%-24.23% range. You need to plan to pay those off quickly after the 0% runs out.

HSBC Deferred Interest Info Variable APRs as of 02/01/2010:
Plan A: For Accounts generated on or after 10/26/09: Variable Standard Rate APR: 24.24%. Variable Default Rate APR: 29.24%. For Accounts generated before 10/26/09: Variable Standard Rate is 20.99%.Variable Default Rate is 25.99%.
Plan B: For Accounts generated on or after 10/26/09: Variable Standard APR: 27.99%. Variable Default APR: 29.99%. For Accounts generated before 10/26/09: Variable Standard Rate is 24.34%. Variable Default Rate is 29.99%.

Oh - I bet his Best Buy card will charge him all the Back interest if he doesn't pay it off by the due date!!!

Make sure you pay that off in time!

 

[buckler]

Oh - I bet his Best Buy card will charge him all the Back interest if he doesn't pay it off by the due date!!!

Make sure you pay that off in time!

WOW! Good catch!!!! I think she is right. Check that right away on his Best Buy accounts. They may need to be your top priority. In fact, you might want to delay paying off your own credit cards and throw your extra money at the Best Buy cards in order to be sure they are paid in full before the 0% runs out. I think if you even owed $1 still they would charge you all of the interest from the beginning. At 20%-24% interest it could be quite a lot of money they'll hit you for.

"Required minimum monthly payment is greater of $10 or 1% balance, plus billed finance charges, plus any late fees. Interest will be charged to your account from the purchase date if plan balance is not paid in full within 90 days for the 90 day plan and 6 months for the 6 month plan or if minimum monthly payments are not made. Excludes Power Price items. Online offer may vary."

 

[Indiana Rose Lee]

So he will listen to strangers but not his wife? Ugh.

 

[Halbleib1]

My advice is to sit down with your husband and discuss this in private with him. See how he wants to deal with your financial issues. You should not be asking a message board full of strangers for financial advice. The best financial advisor is yourself. Only you and your husband know your full financial circumstances.

This is actually a discussion that you should have had before getting married as well.

 

[drcmk]

So he will listen to strangers but not his wife? Ugh.

Indiana Rose Lee, do you know Dreamin Disney? You seem to have an awfully strong motivation to criticize her regardless of what she says. I'm not sure how that is benefitting Dreamin Disney or anyone on this board.

 

[KKB]

When DH and I met I soon realized his finances were a mess. When we moved in together I said he had to let me take over the finances or no go...soon realized he had months w/ more going out than going in!!!! Needless to say, I put an end to that! Our finances have been a roller coaster ever since...but we are finally debt free except for our house!!!!!!! (we have had joint accounts ever since)
I have not read thru the posts, but one piece of advice...work on the cards with low balances first then attack w/ the highest interest rates; as you pay them off, use the money u were using for that card as extra for the next card so you will snowball & pay off faster. (good advice earlier on Best buy...)
Don't feel bad, my DH didn't "get it" either...until I discovered his sportsbetting addiction (gamblers anonymous works..)...then about 10 years later I found he had cashed one of the kids' bonds for "spending money"--this was a financially tight time for us, and it was tough for him when the guys went out & they would take turns buying rounds...and frankly we didn't have the cash for that. I put it in VERY CLEAR TERMS--you break my trust again and we are DONE DONE DONE--I will take the kids are we are GONE. (plus, he will inherit a chunk of money one day & I said I would be sure to inform his mother of his financial irresponsibilities...) He finally GOT IT! I am lucky that we really do have a great marriage, adore each other, love to spend time with each other plus we have great kids. He KNEW he did not want to lose what we have. And we have been very happy & financially sound ever since!
Keep talking...but use your head & realize what need to be done!

 

[KKB]

if my wife posted my debts on the internet, i would go ballistic. your husband appears to be a hardworking man who makes decent money. for you to post this for the world to see, behind his back is disloyal and betraying. shameful

Men are rarely the best listeners (and bless DH, he is pretty good, but...) and women want to TALK about issues, while men rarely do. This woman/her husband is not personally known to 99.9% off us (maybe 100%) so there is clearly no betrayal. Just a woman looking for advice & support. I hope her husband is hardworking & makes decent money--but you do not know him, so it is inappropriate for you to comment on him.

 

[Indiana Rose Lee]

As i said, I know of 3 people who post on this board, and they don't know that I know who they are. The OP has posted details about their lives, whereabouts, etc.

Just because women want to talk doesn't make it appropriate in all circumstances. My rights do not trump my husbands. It is disrespectful to go anywhere and say to people "help me prove someone else is wrong."

Although, as I said, maybe their communication has issues anyway.

eta: as for not having the right to comment, if you are going to post about personal circumstances, people are going to give personal opinions.

 

[DVCBELLE]

As i said, I know of 3 people who post on this board, and they don't know that I know who they are. The OP has posted details about their lives, whereabouts, etc.

Just because women want to talk doesn't make it appropriate in all circumstances.

Except now we know that he is reading the boards as well so there is no issue.

 

[The Iron Giant]

eta: as for not having the right to comment, if you are going to post about personal circumstances, people are going to give personal opinions.

Opinions on how to fix her financial situation are valid. Obnoxious comments about someone's personal life were not requested and certainly not needed.

 

[dreamin_disney]

I'm assuming you don't have kids. Don't.

Then, since you've kept your finances seperate, stay out of his business.

If you had kids, or combined finances, my advice would be very different.

we have a 12 yr old together, we have a home together for 11 years

 

[jodifla]

we have a 12 yr old together, we have a home together for 11 years

and you are just finding out this stuff now? Wow.

Anyway, I think you guys need to sit down and figure out a plan you are BOTH comfortable with. It's not just what you want.

It seems like too many wives on the DISboards treat their husbands like dolts who don't have any right to their own money.

 

[dreamin_disney]

I just want to clear something up first first for other posters, not the OP.

If the OP doesn't live in a community property state, and her DHs name is only on the cards, then there isn't martial anything.

OP, I would first check with another CC company like Citi and see if he qualifies for a card with a zero percent promo. You'd have to pay 3% to transfer balances but that is so much than what he has. If he can't get another card I'd pay these two off first. They have lower balances and killer interest rates.

Lowe's--------22.99-------$7.21 -----------$15.00------------$321.55
Kohl's---------21.90-------$18.18----------$29.00 ----------- $931.91

Good luck!

(and PS, if you are community property, you could set up accounts like my ex and I did. Blow money went into our personal accounts, bill money went into the house account.)

since posting this. Dh and I have really been dicussing this. He already went too the cable co and did some cuts. He plans on looking into some transfer promos. We live in Ca so i think we are under community property- i better check.

I know some would be very helpful , which I aprreciate and others would flame me. Dis people are very helpful and I've seen so much help and sucess with others paying off their debt. The best advice comes from those who understand and this budget board is the best place to come for advice so that why I posted and I'm so glad I did

 

[dreamin_disney]

WOW! Good catch!!!! I think she is right. Check that right away on his Best Buy accounts. They may need to be your top priority. In fact, you might want to delay paying off your own credit cards and throw your extra money at the Best Buy cards in order to be sure they are paid in full before the 0% runs out. I think if you even owed $1 still they would charge you all of the interest from the beginning. At 20%-24% interest it could be quite a lot of money they'll hit you for.

"Required minimum monthly payment is greater of $10 or 1% balance, plus billed finance charges, plus any late fees. Interest will be charged to your account from the purchase date if plan balance is not paid in full within 90 days for the 90 day plan an d 6 months for the 6 month plan or if minimum monthly payments are not made. Excludes Power Price items. Online offer may vary."

The best buy will be paid off in time. We've done the 0% for x amount of months several times when we first got our house.

dh will payoff lowes and khols and with taxes we will pay off BofA. Dh said his % just shot up. I've been warning him since i read it on this board.

 

[dreamin_disney]

My advice is to sit down with your husband and discuss this in private with him. See how he wants to deal with your financial issues. You should not be asking a message board full of strangers for financial advice. The best financial advisor is yourself. Only you and your husband know your full financial circumstances.

This is actually a discussion that you should have had before getting married as well.

This is a budget board right? If i go to a debt professional they are also a stranger. The best advice i can get is from others who have been through it. There have been others here who have become debt free from being members here. I've learned many tips from being on here from coupons, freebies ect. If I was the best financial advisor or my dh we wouldnt be here with debt.

But since this is a public board and i asked for advice thank you for taking the time to share your opinion.

 

[Teacher03]

Indiana Rose Lee, do you know Dreamin Disney? You seem to have an awfully strong motivation to criticize her regardless of what she says. I'm not sure how that is benefitting Dreamin Disney or anyone on this board.

I was going to post the same thing. The OP came on, asked for opinions, her husband is on board, and you're (Indiana Rose Lee) still getting your digs in. What's the purpose? Geez, I just don't get why people are so judgemental.

 

[dreamin_disney]

and you are just finding out this stuff now? Wow.

Anyway, I think you guys need to sit down and figure out a plan you are BOTH comfortable with. It's not just what you want.

It seems like too many wives on the DISboards treat their husbands like dolts who don't have any right to their own money.

I'm just at another point in my life and with this budget crisis going on, and cc co raising rates its different now so now it needs to be fixed. I dont think he's a dolt -Gees -lol! Hope you have a great day