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I owe the govt about 10k for 5 years of taxes.
They set me up to pay $125 a month, which I have been doing. However, the interest and penalties seem to so large that a very small percentage of this $125 a month is going to principal.
Short of making huge dent payments, is there anything else that I can do.
First see how long is it going to take to repay the debt that you owe.
If you are really serious about getting out of the debt sooner than that, then go for a second job or find a different source of income which will add to the debt repayment only. I know its easier said than done but its only you who can help yourself.
If you are the only earning member then check whether you have someone else to share the burden or not. I mean one who can work and add to the earnings so that you have enough to repay the loan.
Keep us posted.
Hi,
It sometimes seems that you are standing in a blind lane of life But there are things that you can try to help yourself out.
Laura has given good ideas and i hope you can make it work.
Cut down on unnecessary expenses and add that amount to repaying your debt. Its Govt money who wants to mess with it. I wish you all the luck. keep up the faith.