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re: I've fallen on hard times, credit score has plummeted
Posted on 7/8/14 at 3:24 pm to The Calvin
Posted on 7/8/14 at 3:24 pm to The Calvin
If you have to borrow money, credit unions are a little more forgiving that others. A guy I work with got a 7% rate at a local credit union when he was being offered 17%+ at dealers.
DO NOT BUY A "NEW" CAR. Get something that will get you from point A to point B as cheap as possible and pay it off as soon as you can. You've got a decent used car in credit card bills you need to take care of.
You can get your credit score back up to 620+ in 6 months or so. Might take 2-3 years to get it back around 700.
DO NOT BUY A "NEW" CAR. Get something that will get you from point A to point B as cheap as possible and pay it off as soon as you can. You've got a decent used car in credit card bills you need to take care of.
You can get your credit score back up to 620+ in 6 months or so. Might take 2-3 years to get it back around 700.
This post was edited on 7/8/14 at 3:25 pm
1
Posted on 7/8/14 at 8:24 pm to anc
As others have said Dave Ramsey TotalMoneyMakeOver will give you the plan. Find his radio show also and listen and get his podcast.
There is no "silver bullet". Gonna take time.
There is no "silver bullet". Gonna take time.
Posted on 7/8/14 at 9:08 pm to jondavid11
Might as well be called "Paying Your Bills for Dummies"
Posted on 7/9/14 at 7:12 am to jondavid11
quote:
As others have said Dave Ramsey TotalMoneyMakeOver will give you the plan.
It's a very basic plan and certainly not a perfect one, but it's probably good for people who really have no idea how to manage cash effectively. The basic idea is boost your income and cut expenses back to what you really and truly need to get by. Quit spending money on stuff you don't need.
Ramsey's advice regarding debt isn't quite correct though. Yes, you should pay down debt aggressively if the rate is high but low rate debt can be very useful if you use money *productively*. If you use all your spare time building a second business or studying, etc. then there's nothing wrong with borrowing at a decent rate to get you going. If you spend it on beer and fancy cars you are screwing yourself.
Posted on 7/9/14 at 8:19 am to foshizzle
Most of the Ramsey followers would have more money if they weren't blindly throwing 10% at some fly-by-night "pastor" who's banging the choir director and will be imprisoned within a few years.
Posted on 7/9/14 at 8:29 am to iknowmorethanyou
Not the place...
Posted on 7/9/14 at 8:43 am to iknowmorethanyou
quote:
Most of the Ramsey followers would have more money if they weren't blindly throwing 10% at some fly-by-night "pastor" who's banging the choir director and will be imprisoned within a few years.
Does Ramsey really push for people to tithe 10% to charity/church?
Posted on 7/9/14 at 8:44 am to The Calvin
quote:
hospital bills
depending on your income, you could qualify for the hospital's charity program. Most hospitals have an application and ask for past tax returns, etc., but if you qualify they could remove some portion of the balance. Also wouldn't hurt to call the charity department and see if they can forgive some part of it.
Oversimplified example, but most hospitals charge a large amount for each procedure, but then have underlying contracts with insurance companies for a lower price than what they charge. For example, they may charge $120 for an x-ray, but Blue Cross's contract with them may say "the most we'll pay for an x-ray is $40 from BCBS with a $15 patient co-pay. So any BCBS patient pays only $55 in aggregate for what is normally $120 x-ray. There is wiggle room to talk them down esp. if you can pay cash on the spot to settle the balance. They also will do payment plans, etc.
Posted on 7/9/14 at 8:56 am to meldawg399
The worst possible thing you can spend borrowed money on is a car. Fix what you have, unless it's ancient and unsafe...if you truly must buy, go for a decent, older, used w/good gas mileage. Pay off the cards first...
Investigate the various student loan repayment options. You may qualify for income-based repayment or loan forgiveness, depending on your work field or earning level. There are repayment plans that peg your payments to your income for 10 years, then the remaining balance is forgiven. If you work in government, teaching, nonprofit, you can qualify for a 120 payment plan that forgives the remaining balance after 10 years. So don't pay more on your stu loans than required...use your spare cash to eliminate the CC debt, ASAP.
Investigate the various student loan repayment options. You may qualify for income-based repayment or loan forgiveness, depending on your work field or earning level. There are repayment plans that peg your payments to your income for 10 years, then the remaining balance is forgiven. If you work in government, teaching, nonprofit, you can qualify for a 120 payment plan that forgives the remaining balance after 10 years. So don't pay more on your stu loans than required...use your spare cash to eliminate the CC debt, ASAP.
Posted on 7/9/14 at 9:02 am to Lsut81
Don't know about tithing, but I've read some his stuff and listened to his show, and while he gives some good advice, IMO it's just not realistic. Sure it works, but life is meant to be lived. You can pull yourself out of financial stress and still enjoy a nice dinner out every now and then, or a weekend road trip, or splurging on things every now and then.
Posted on 7/9/14 at 9:05 am to The Spleen
quote:
he gives some good advice, IMO it's just not realistic
He gives good advice for people with little to no common sense or responsibility.... I don't blame the guy, if he can help someone get out of hardship, then great.
Posted on 7/9/14 at 9:48 am to The Spleen
quote:
and while he gives some good advice, IMO it's just not realistic. Sure it works, but life is meant to be lived. You can pull yourself out of financial stress and still enjoy a nice dinner out every now and then, or a weekend road trip, or splurging on things every now and then.
It's the financial equivalent of quitting smoking cold turkey. Most of his listeners got their financial problems by living life beyond their means, so he advocates cleaning that up to living life well beyond your means, so you can pay off prior excesses. He does advocate more "life" once you are super financial secure, but, few people make it to that point.
I don't agree with everything he says (I think 1K emergency fund isn't enough before you start attacking old debt, I like to use 5K, and I do think you have to allow yourself some small victory celebrations) but it's hard to argue with most of what he says.
Posted on 7/9/14 at 10:14 am to iknowmorethanyou
quote:
Most of the Ramsey followers would have more money if they weren't blindly throwing 10% at some fly-by-night "pastor" who's banging the choir director and will be imprisoned within a few years.
Where did the "Christian" touch you? You need help, brah.
Posted on 7/9/14 at 10:58 am to Ace Midnight
I'm a Christian as well, just don't think "some dude" who starts a church needs to be hitting up 30K millionaires for 10%.
It's a matter of economics. I don't have a problem with tithing. I have a problem shaming people who can't afford tithing into it.
If they had an extra $150-$250 per month they could pay Visa a tad bit easier.
It's a matter of economics. I don't have a problem with tithing. I have a problem shaming people who can't afford tithing into it.
If they had an extra $150-$250 per month they could pay Visa a tad bit easier.
Posted on 7/9/14 at 11:04 am to iknowmorethanyou
quote:
I'm a Christian as well, just don't think "some dude" who starts a church needs to be hitting up 30K millionaires for 10%.
I think we generally agree.
quote:
It's a matter of economics. I don't have a problem with tithing. I have a problem shaming people who can't afford tithing into it.
I think we generally agree.
quote:
If they had an extra $150-$250 per month they could pay Visa a tad bit easier.
The problem is - how did that Visa bill get there in the first place? Did the person buy a big screen television he can't afford? Spending all the grocery money on a car note he can't afford, so running up grocery bills on the Visa?
Now, if it is medical bills or whatnot, that's 1 thing. If tattoos, electronics, cigarettes and booze are your "big rocks" and that means you can't afford to tithe - you need to have a talk with the man in the mirror.
(FTR, I do not tithe.)
This post was edited on 7/9/14 at 11:05 am
Posted on 7/9/14 at 11:05 am to The Calvin
Especially since you're already in debt, pick up a beater instead of a new car.
Renegotiate with the CC companies for a lower rate - or better yet, transfer that debt into a low/zero APR for 6 months and that way you'll knock down your principle in no time.
Good luck and sorry for the rough time. As one of the other posters said, pick up a second job as well.
Renegotiate with the CC companies for a lower rate - or better yet, transfer that debt into a low/zero APR for 6 months and that way you'll knock down your principle in no time.
Good luck and sorry for the rough time. As one of the other posters said, pick up a second job as well.
Posted on 7/9/14 at 11:18 am to Ace Midnight
Certainly the specifics of each situation vary. I think we all have folks at our church with a couple kids and an income < 50K.
Just everyday life will make it hard for them to get ahead. The A/C unit will go out or a new washer and dryer or braces for little Susie. These are the folks I'm referencing.
Just everyday life will make it hard for them to get ahead. The A/C unit will go out or a new washer and dryer or braces for little Susie. These are the folks I'm referencing.
Posted on 7/9/14 at 7:19 pm to iknowmorethanyou
I agree with you.
I am Christian, but I am not a hard one 10%er when it comes to tithes. Give what you can. If that's $5 a month because you are trying to get out of debt, that's fine. If its 20% because you feel God has blessed you, that's fine.
It would make it a lot easier if "churches" started acting like churches instead of entertainment venues. Most people would give a little more if they knew it was feeding the hungry rather than building a new church gym bigger than the other churches' or worse, funding the lifestyle of the pastor.
I have some family members that attend a big megachurch. Elaborate productions, professional musicians, coffee shop, unbelievably marketed and organized kids programs, etc.
He got cancer and not once did anyone from the church come by the hospital, bring food to the house, or just come by to see how he was doing. Conversely, we attend a church with 1/20 of the membership and when we had a baby, we had meals brought to us for six weeks after we got home.
I am Christian, but I am not a hard one 10%er when it comes to tithes. Give what you can. If that's $5 a month because you are trying to get out of debt, that's fine. If its 20% because you feel God has blessed you, that's fine.
It would make it a lot easier if "churches" started acting like churches instead of entertainment venues. Most people would give a little more if they knew it was feeding the hungry rather than building a new church gym bigger than the other churches' or worse, funding the lifestyle of the pastor.
I have some family members that attend a big megachurch. Elaborate productions, professional musicians, coffee shop, unbelievably marketed and organized kids programs, etc.
He got cancer and not once did anyone from the church come by the hospital, bring food to the house, or just come by to see how he was doing. Conversely, we attend a church with 1/20 of the membership and when we had a baby, we had meals brought to us for six weeks after we got home.
Posted on 7/9/14 at 8:18 pm to anc
quote:
He got cancer and not once did anyone from the church come by the hospital, bring food to the house, or just come by to see how he was doing. Conversely, we attend a church with 1/20 of the membership and when we had a baby, we had meals brought to us for six weeks after we got home.
Man, I'd schedule an opportunity to speak and drop this bomb on the congregation if I could. Start off all nice and sweet and them call then all pieces of shite. Drop mic, exit stage right.
This post was edited on 7/9/14 at 8:18 pm
Posted on 7/9/14 at 9:07 pm to anc
quote:
He got cancer and not once did anyone from the church come by the hospital, bring food to the house, or just come by to see how he was doing
I have some friends that belong to a couple of megachurches in Houston. The church really is run like a large business. I've asked several of them, when you have services in an old basketball arena, how the heck do you find any community with anyone else? I was told it's all about the bible study groups... that in order to feel connected to anyone else in the megachurch, you need to join a bible study group.
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