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Money This forum is for support with financial issues.

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Should we break our lease considering everything? - April 25th 2013, 07:20 AM

My boyfriend and I are considering breaking our lease. It's up in Oct and we are in a 2 bed/2bath, we don't even use one of the bedrooms or bathrooms! We are paying $625/month for this and things keep going wrong. We had cockroaches when we first moved it, now it's silverfish and spiders, things keep breaking, our wall fell apart, etc. I'm honestly sick of it. Our utilities are sky high when we are conserving as much as possible.

We are looking at some 1 bed/1 baths around the city and we won't be spending more than $500/month.

So far we owe about $500-$550 in credit card debt, we pay the $625/month for our apartment, we owe about $300 to the electric company, he owes about $300 on his phone that got shut off, and he's paying about $100/month for his car and motorcycle insurance. We need both vehicles.

I'm making $8/hr and averaging 20 a week, he makes $9 and averages 25 a week. We are considering taking out a bank lone to do the extra months rent to break the lease and to put towards moving expenses.

What do you think?
   
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Re: Should we break our lease considering everything? - April 26th 2013, 12:13 AM

Get out of that place as soon as possible. Trying to get a 1 bedroom/1 bathroom apartment is definitely a good idea.

If I were you, I would get rid of that credit card debt as soon as possible. You do not want that amount to go up. Debt is never a good thing to have on your financial status, since it tends to hurt your credit score in the long run.

Taking out loans is fine, but you need to be able to pay it off in a timely manner. With your minimum-wage pay, your boyfriend and you will have an extremely tough time paying off any huge loans. I know you are in the process of looking for a new job, but I hope your boyfriend does the same as well. It is extremely difficult to live on minimum-wage pay. I live in California -- the cost of living here is extremely high ($1000+ for a studio apartment in San Francisco -- believe it!), so please take my advice seriously.

Go ahead and take out a small loan amount ($1000-$3000), get moved in to a new place, get better-paying jobs, and pay off any existing/remaining debts. Things will obviously be tight for a few months, but with better jobs, you two will be back on track in no time.

Good luck!
   
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Re: Should we break our lease considering everything? - April 26th 2013, 02:34 AM

Here minimum wage is $7.25 an hour. I'm not planning on using my credit cards for a long time and I'm only keeping two. One is for emergency medical issues (it's literally a medical card and I used it to get medical attention for my cat) the second is a WalMart card that we only use if we don't have enough money for food, the last is a clothing store credit card that I work at and I'm getting rid of as soon as I can. We have the best paying jobs we can get with our education levels, I'm going to college in Aug and my boyfriend is still thinking about his future.

If we do get a loan to move whatever is left over I would like to use to pay off some of our debt. We actually have a place picked out that has been completely remodeled, has two pools (one indoor, one outdoor), and will accept my two cats for about $410/ month. I'm just so nervous about adding more debt but I feel that we would be saving enough to get everything caught up. Together we make about $1,600/ month. I'm so worried that this new place will be worse too.
   
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Re: Should we break our lease considering everything? - April 27th 2013, 03:00 AM

Over time, I think moving to the new place will add up in savings. So even though it will add your debt up more, it will take less time to pay it all off. And plus, it won't be falling apart so you won't have to pay extra fees or ridiculous utility bills.


And here you are living, despite it all.
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