Debt Consolidation in BR?
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re: Debt Consolidation in BR?
Posted by Cajun Revolution on 12/9 at 1:23 pm to Modern
I made more money than your GF but it took close to a year. Just a commitment. I got rid of all my CCs and now going with a Charge Card (see my thread). I never got into any trouble though and maintained great payment history even in a mountain of debt.

I think the lowest my score got was around 670. Now that I paid it all off its 776. I'm only 27 too. It can be done. Main thing is changing spending habits.


This post was edited on 12/9 at 1:24 pm

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Posted by wegotdatwood on 12/9 at 1:26 pm to Golfer
quote:

My parents got out of 175k in debt in 5 years at the start of 2012


Mortgage included?



No.



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Posted by Golfer on 12/9 at 2:56 pm to wegotdatwood
Please tell me some of it was medical or student loans.


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Posted by Will Cover on 12/9 at 8:49 pm to Modern
quote:

Debt Consolidation in BR?


Debt CONsolidation - the answer lies within.

Her behavior has to change permanently or you'll be asking this question again.

Do her a favor and buy her Dave Ramsey's "The Total Money Makeover." And read it together.








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Posted by wegotdatwood on 12/9 at 9:55 pm to Golfer
quote:

Please tell me some of it was medical or student loans.




Nope. 100% credit card debt. Most would have passed it on once they died or just not paid the bill. Proud of them.



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Posted by Golfer on 12/9 at 11:10 pm to wegotdatwood
quote:

Nope. 100% credit card debt. Most would have passed it on once they died or just not paid the bill. Proud of them.


CC debt can only be collected from the individuals and their assets upon death.



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Posted by Cajun Revolution on 12/10 at 12:16 am to wegotdatwood
Your parents had $175,000 in credit card debt? I'm calling bull shite there Donald Trump Jr.


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Posted by Will Cover on 12/10 at 8:41 am to Cajun Revolution
quote:

Your parents had $175,000 in credit card debt? I'm calling bull shite there Donald Trump Jr.


That's a lot of debt, but at one time, when I was completely immature and stupid, I had access to over $140,000 worth of credit lines from credit cards alone. And I wasn't making 1/3 of what I am making today.

So it is possible ...



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Posted by lsu tigerdog on 12/10 at 9:08 am to Modern
try to work the debts on your own, dont get on a consumer conseling program because once you do it reflects on your credit report just like a bankruptcy.
just call the collection agencys and work out a repayment plan.
depending on the creditor, if you just avoid them, they could file a judgement against you later on.



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Posted by Modern on 12/10 at 8:14 pm to lsu tigerdog
quote:

if you just avoid them, they could file a judgement against you later on


how long does this usually take?



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Posted by Aristo on 12/10 at 8:28 pm to Modern
How many cards?


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Posted by Modern on 12/10 at 9:44 pm to Aristo
She paid off 2 earlier this year, has 3 left.


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Posted by wegotdatwood on 12/10 at 11:02 pm to Cajun Revolution
quote:

Your parents had $175,000 in credit card debt? I'm calling bull shite there Donald Trump Jr.



Yep, it took a long time my man. Wasn't like the shite happened over night, they are almost 60.

Most was CC debt. Some was medical bills (less than 10k though)


This post was edited on 12/10 at 11:03 pm

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Posted by Aristo on 12/10 at 11:02 pm to Modern
Pay the minimum on the two highest and pay as much as possible on the lowest until it's paid off. Then move to the next one. Dave Ramsey's debt snowball. I paid off over 30k in just over two years using his method.

ETA: it takes a lot of sacrifice and a budget.


This post was edited on 12/10 at 11:05 pm

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