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Paying off debt?
Posted on 3/6/12 at 3:04 pm
Posted on 3/6/12 at 3:04 pm
I lost my job a few months ago and went without work for a couple of months before getting another job. I had to put more things on credit cards than I ever wanted to. I have been trying to pay these things down but feel like I am getting absolutely no where. I have great credit, never been late on anything. My wife and I are trying to position ourselves to move in the next year or so and with this credit card debt I see no way of this happening. Anyone had any luck with any debt consolidation companies? I would like for whatever I do to keep my credit in great condition. Any suggestions for those that have been in a similar situation. Thanks!
8
Posted on 3/6/12 at 3:08 pm to rolltide06
I'd find one of those 0% for 18 month deals (Citicard) and transfer all of debt to it. Then get really mad at it and make sure you pay it off before the 18 months. Figure out how much per month you need to pay to have it paid off in 18 months and do it. I paid close to 20k off in about 14 months doing it this way.
Posted on 3/6/12 at 3:09 pm to LSU BOUD
quote:
I'd find one of those 0% for 18 month deals (Citicard) and transfer all of debt to it. Then get really mad at it and make sure you pay it off before the 18 months. Figure out how much per month you need to pay to have it paid off in 18 months and do it. I paid close to 20k off in about 14 months doing it this way.
I agree. and get a part time job to pay it off.
Posted on 3/6/12 at 3:19 pm to LSU BOUD
Sign up for mint.com. It will help you realize where your money is actually going.
Posted on 3/6/12 at 3:20 pm to Breadcrumbs
Great advice. I appreciate it. I just started a second job on top of my full time to help speed up the process. Thanks again!
Posted on 3/6/12 at 3:30 pm to LSU BOUD
I used a Citi balance transfer for a downpayment on a condo.
Posted on 3/6/12 at 3:50 pm to LSU BOUD
quote:
I'd find one of those 0% for 18 month deals (Citicard) and transfer all of debt to it.
Posted on 3/6/12 at 4:01 pm to rolltide06
Put together a budget. Make sure you both agree on it. Stick to it.
I know this sounds obvious, but this is this surest way to get out of and stay out of debt. Have an emergency fund so you don't go back into debt when life happens.
As someone pointed out, Mint is a good way to help you track your spending.
I know this sounds obvious, but this is this surest way to get out of and stay out of debt. Have an emergency fund so you don't go back into debt when life happens.
As someone pointed out, Mint is a good way to help you track your spending.
Posted on 3/6/12 at 5:36 pm to rolltide06
quote:
I just started a second job on top of my full time to help speed up the process. Thanks again!
Posted on 3/6/12 at 5:53 pm to rolltide06
quote:
Anyone had any luck with any debt consolidation companies
quote:
Myth: Debt consolidation saves interest, and you have one smaller payment.
Truth: Debt consolidation is dangerous because you treat only the symptom.
quote:
Debt consolidation is nothing more than a "con" because you think you've done something about the debt problem. The debt is still there, as are the habits that caused it – you just moved it! You can't borrow your way out of debt. You can't get out of a hole by digging out the bottom. True debt help is not quick or easy.
Larry Burkett, noted financial author, says debt is not the problem; it is the symptom. I feel debt is the symptom of overspending and undersaving.
quote:
A friend of mine works for a debt consolidation firm whose internal statistics estimate that 78% of the time, after someone consolidates his credit card debt, the debt grows back. Why? He still doesn't have a game plan to either pay cash or not buy at all. He also hasn't saved for "unexpected events" which will also become debt.
quote:
The way you get out of debt is by changing your habits. You need to commit to getting on a written game plan and sticking to it. Get an extra job and start paying off the debt. Live on less than you make. It is not rocket science, but it is emotional.
The Truth about Debt Consolidation
This post was edited on 3/6/12 at 6:03 pm
Posted on 3/6/12 at 7:50 pm to rolltide06
quote:
I have great credit, never been late on anything.
This single fact will help you a lot.
Call the credit card issuers and ask for a lower rate. Since you have never been late and (presumably) your credit score is decent, they will probably lower it a good bit.
The reason why is that if they don't, you will probably qualify for a low "teaser" rate with a competitor. So do both - get the lower rate and then get another card with a teaser rate anyway and use that while you pay off the higher rate card. So long as you pay the bills on time and keep a good credit rating you can repeat this trick as many times as you need to in order to pay it all off.
The trick, of course, is make absolutely damn sure you are making progress. What kills some people is that they get that second card and can't resist using it for a vacation or some such.
Oh, and stay the hell away from debt consolidation companies, or anyone who offers to settle your debts for less than you actually owe. That will kill your credit record as if you'd filed for bankruptcy.
Posted on 3/6/12 at 8:00 pm to rolltide06
What percent of your net take home pay goes towards fixed costs excluding this debt?
Posted on 3/7/12 at 6:28 am to rolltide06
quote:
rolltide06
Read Total Money Makeover. People hate on Ramsey, but he really nails this stuff.
Posted on 3/7/12 at 9:14 pm to CidCock
quote:
Read Total Money Makeover. People hate on Ramsey, but he really nails this stuff.
I don't hate him, his stuff is pretty good. Just be aware it is also deliberately kept simple. He teaches how to take care of the basics, and that's a good thing. But his emphasis is on how to avoid debt completely rather than productively using debt - not a bad thing for most of his readers but not ideal either.
Bankers get filthy rich by borrowing money - productively. Not by staying out of debt.
Posted on 3/7/12 at 9:51 pm to foshizzle
Well someone above said it best. "Get mad at it."
Rice and beans baby. Rice and beans.
No frills living until its done and when it is it is a great feeling.
Rice and beans baby. Rice and beans.
No frills living until its done and when it is it is a great feeling.
Posted on 3/7/12 at 10:32 pm to rolltide06
I use money management international. Cut my debt from 14k down to 3k in a year and a half. Also cut my payments down from $2200 a month to $300 a month. Give them a try.
Posted on 3/7/12 at 11:48 pm to rolltide06
I had several CC that we used while my wife was in school, etc.....I paid them off one by one by paying off the one with the highest interest rate and so forth.
I finally got all of them paid off except for one and I am putting all I can towards it each month.
I do have two other cards I used for home improvement projects, new furniture but both of them are 12 months no interest.
Good luck.
I finally got all of them paid off except for one and I am putting all I can towards it each month.
I do have two other cards I used for home improvement projects, new furniture but both of them are 12 months no interest.
Good luck.
Posted on 3/9/12 at 7:37 am to foshizzle
This.
Posted on 3/9/12 at 7:43 am to Martini
quote:
"get mad at it"
This is the MAIN problem:
emotionalizing money and debt.
Money has no emotion and we make it emotional. Do not get "mad", but undersand and accept your decisions, find the source of your "problem", and create your solution.
Posted on 3/9/12 at 7:46 am to BestBanker
Taking a second job may bandage your problem; may even solve it. But understand that it can also create undo stresses in your lifestyle that may only be satisfied by spending more money that you don't have.
moral: be cautious with your monetary decisions.
moral: be cautious with your monetary decisions.
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