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Cajun Revolution
George Washington Fan
Member since Apr 2009
44671 posts

re: Debt Consolidation in BR?

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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wegotdatwood
Member since Aug 2009
17094 posts

re: Debt Consolidation in BR?
quote:

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


Mortgage included?



No.


Golfer
LSU Fan
Member since Nov 2005
60089 posts

re: Debt Consolidation in BR?
Please tell me some of it was medical or student loans.


Will Cover
Air Force Fan
Brentwood, TN
Member since Mar 2007
26404 posts

re: Debt Consolidation in BR?
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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wegotdatwood
Member since Aug 2009
17094 posts

re: Debt Consolidation in BR?
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.


Golfer
LSU Fan
Member since Nov 2005
60089 posts

re: Debt Consolidation in BR?
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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Cajun Revolution
George Washington Fan
Member since Apr 2009
44671 posts

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


Will Cover
Air Force Fan
Brentwood, TN
Member since Mar 2007
26404 posts

re: Debt Consolidation in BR?
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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lsu tigerdog
LSU Fan
Baton Rouge
Member since Nov 2007
140 posts

re: Debt Consolidation in BR?
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.


Modern
Florida State Fan
The State of Louisiana
Member since May 2011
11348 posts

re: Debt Consolidation in BR?
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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Aristo
LSU Fan
Baton Rouge
Member since Jan 2007
2845 posts

re: Debt Consolidation in BR?
How many cards?


Modern
Florida State Fan
The State of Louisiana
Member since May 2011
11348 posts

re: Debt Consolidation in BR?
She paid off 2 earlier this year, has 3 left.


wegotdatwood
Member since Aug 2009
17094 posts

re: Debt Consolidation in BR?
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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Aristo
LSU Fan
Baton Rouge
Member since Jan 2007
2845 posts

re: Debt Consolidation in BR?
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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