The Budget Doctor^sm Q&A

Click on the link below the question to find the answer.

Question One:
I get paid every two weeks. My mortgage is automatically deducted bi-weekly, about 3 days after I get paid. Just like the past several months, by the time I've decided which bills I can afford to pay and which will need to be late (to avoid $25 overdraft charges on my bank account), there isn't enough left...and it's about 13 days before I get paid again. I've also got two dogs that need life-saving treatment at about $400 a week. I have pet insurance that covers nearly all of that but it takes 3 weeks to get the insurance claim reimbursement. I've never been in a situation like this and I can't see any light at the end of the tunnel. What resources are available to help me cut my monthly credit card payments (debt of about $40,000) and be able to start saving at least $100 a month? I have no savings at this time and my credit cards are all maxed out. Click here for the answer...

Question Two:
I can now lease my dream car for $359 a month. I can't afford to buy it, but why shouldn't I lease it for that amount? Click here for the answer...

Question Three:
On one of the biggest media sources we have as American's, we were given the advice that paying the highest interest rate cards off first will not provide enough psychological assistance to take the debt down. Instead the recommendation was made to pay the lowest balanced card off first to reduce one by one so that all the expensive fees (over balance fees, over cap fees, late fee, etc.) could be eliminated. What are your thoughts? Click here for the answer...

Question Four:
Do you have suggestions for setting up a budget? Or a generic format to follow to start with? Click here for the answer...

Question Five:
My husband and I are $70,000 in debt. Is there any help for us? Click here for the answer...

Question Six:
Our budget is EXTREMELY tight and I am trying to sell my car to relieve the stress of $585 + $85 of ins. Budget will still be tight. Should we let the life insurance policy for $300,000 lapse ($160/month) and lower our 401k contributions? I have $32,000 in non secured debt! Click here for the answer...

Question Seven:
I have never gotten to this point of debt, but with buying a house and a baby on the way I am just worried about the bills. They have taken over. I am looking at about $15,000-20,000.00. It was less, but with the new house it started to get worse. Also, my minimum payment was a lot higher then before. I heard they passed some law that they can now ask for 1% owed. So that is what is killing me. Do you guys do that much of an amount for consolidation? Anything would help. Click here for the answer...

Question Eight:
How do I get out of credit card debt and make payments on a credit card that actually is put towards getting out of debt. Click here for the answer...

Question Nine:
I make slightly more than my husband does and if we divide our bills, my bills are less than his are. Right now, we have our pay checks directly deposited into one account and I pay our bills and put money aside for "fun" and a house (we are currently renting). My husband is not financially responsible - he didn't pay his medical bills and he has horrible credit card debt from before we met. He thinks we have a "money tree" and he can buy unnecessary purchases ALL the time. My question is: do we separate our bills and money? If we do, my concern is that he will not pay his bills on time and I will be more financially responsible for him than I already am. I know he will spend his money like water and not save for a house or other big items and I will have to pay for everything. Please help! Click here for the answer...

Question Ten:
I've just successfully completed the Take charge America program. I would like to continue with a discipline dealing with my finances. Thank you. Click here for the answer...