should i cancel my chase platinum card?

Question

i am a full time worker and a full time student. i have 2 other people to support. after i pay all the bills (phone, internet, electricity, mortgage, association fee, insurance, one car payment), i have only about 200 dollars left to buy food and gas for a month. but we have to spend around 700 dollars for food and gas per month if we don't buy anything other than basic food and cook at home. i can pay off all the bills successfully if i keep up this b/c it is cycled at different times in each month without letting my balance becoming zero. but sometimes, we go over board due to unexpected emergencies and such. i have no cash often b/c i write the check and and i know the paycheque comes only after a while. so i need my card if i want to buy food and gas. do you suggest i work more hours? or do you suggest i cut up the card? my dad does not support us. myparentshaveanassetof about $200000 inanothercountrywheretheyvacation.shoudwe sell it off to pay off our personal debts and mortgage?

Answer 1

You should look into student loans. You can take out enough money to cover tuition and related expenses such as food, housing and transportation. When you graduate, you should be able to earn a higher wage. You should only cancel your credit card(s) if you feel you cannot keep yourself from charging more to them than you earn. Credit cards should be used for convenience, not as a long-term loan.

As far as unexpected emergencies go, you should make every attempt you can to save enough money to cover several months of expenses. This money will be used to cover these unexpected emergencies.

It's dangerous and possibly expensive to write checks before you have a paycheck deposited in your account.

Your last question does not make much sense, however what your parents do with their assets is their business. I don't see how you would be able to sell their assets to pay off your debts.

Answer 2

Does your wife have a job? If not I think it's time she star looking, even a home based job would be better than nothing. 200 a month it's too little I think you have to start cutting some costs starting with the cards (just the interests are killing you). Then ask yourself what do you really need: do you need internet, phone, an expesnsive car? You can trade your car for a less expensive or fully paid older model.



You can always work more hours but then you would have to drop out from collage and that would mean $200 a month for the rest of your life.

Answer 3

Thsi is a no-brainer. You said your parents have assets overseas worth over $200,000? Well fi they are willing, have them sell all ro a portion fo them, in order to balance out your finances so you can have a proper budget. Pay them back once you finish school and have a decent salary.



It's NEVER wise to borrow $$ uncecesarily..or use credit cards; and yes that even means borrowing $$ for student loans..IF you can afford to pay cash for them...do it.

Good luck.