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Started By
Message
Credit card and bullshite debt??
Posted on 7/17/13 at 8:49 pm
Posted on 7/17/13 at 8:49 pm
We find ourselves in a hole. Started with the innocent notion of putting a vacation on our only credit card and "can't take another til paid off". Well life happens. Wife went back to school taking away her ability to earn her usual. My jobs changed, we had a baby, and household repairs. Typical story. With the exception of the initial trip I can't think of anything foolish that we spent the money on.
Well again we are in a hole. $25k range.
My thought on ways to attack. Car is about to be paid off. Drive in until the wheels come off but continue life as if that note exists and take down one card at a time. As one card falls take the minimum we were paying anyway and add the car note money. And so on and so on. Concentrate on a small one first to make progress and then go after those with largest interest rate.??
Option #2? Is borrowing against the 401k and paying the interest to yourself ever a good idea? Other than being a moron and defaulting on your own money, what are the pitfalls of this move.
Option # 3
I think I know the answer but...? Credit consolidation is ALWAYS shady and should never be considered.?
In summation, we are nowhere near bankruptcy or any shite like that. This debt is just looming. Our 30's crept into 40 ( years old). And we are just sick of paying this shite.
IB4.. Don't blow money! And you are a dumbass.
Well again we are in a hole. $25k range.
My thought on ways to attack. Car is about to be paid off. Drive in until the wheels come off but continue life as if that note exists and take down one card at a time. As one card falls take the minimum we were paying anyway and add the car note money. And so on and so on. Concentrate on a small one first to make progress and then go after those with largest interest rate.??
Option #2? Is borrowing against the 401k and paying the interest to yourself ever a good idea? Other than being a moron and defaulting on your own money, what are the pitfalls of this move.
Option # 3
I think I know the answer but...? Credit consolidation is ALWAYS shady and should never be considered.?
In summation, we are nowhere near bankruptcy or any shite like that. This debt is just looming. Our 30's crept into 40 ( years old). And we are just sick of paying this shite.
IB4.. Don't blow money! And you are a dumbass.
16
Posted on 7/17/13 at 9:01 pm to LSU alum wannabe
Are you making payments on time? If you are, call your credit card issuers and ask for a rate reduction. It costs nothing and many will grant it if you pay on time every time. Also, you may be getting offers in the mail to transfer your balances to a lower rate card. Do so and cut up the old one.
Do you have an emergency fund? Use it to pay off the card. You can charge the card right back up again if you need money, and there's no sense in paying interest before then.
Do you have an emergency fund? Use it to pay off the card. You can charge the card right back up again if you need money, and there's no sense in paying interest before then.
Posted on 7/17/13 at 9:02 pm to LSU alum wannabe
How good is your credit? And are you a retard with credit cards in general?
The reason I ask is, you could balance transfer some of this debt off to a credit card that gives you 0% APR for 18 months or something similar, giving you time to pay it off.
The good thing about the card below is, I believe it has 0% on balance transfer as well as the 0% APR. You probably won't get the whole 25K transferred, so you could transfer to multiple cards or something similar. But I asked if you are a retard because if you are, don't DO ANY OF THIS because you'll just end up in the same spot.
Chase Slate
The reason I ask is, you could balance transfer some of this debt off to a credit card that gives you 0% APR for 18 months or something similar, giving you time to pay it off.
The good thing about the card below is, I believe it has 0% on balance transfer as well as the 0% APR. You probably won't get the whole 25K transferred, so you could transfer to multiple cards or something similar. But I asked if you are a retard because if you are, don't DO ANY OF THIS because you'll just end up in the same spot.
Chase Slate
Posted on 7/17/13 at 9:02 pm to LSU alum wannabe
I say opyion A. Is there a heloc out there ?
Posted on 7/17/13 at 9:03 pm to LSU alum wannabe
I say opyion A. Is there a heloc out there ?
Posted on 7/17/13 at 9:03 pm to LSU alum wannabe
My parents did debt consolidation and got CC's to lower their rates to 1%. The only one that didn't come down was Discover.
They were in 170k in debt and paid off in 5 years. Ruined their credit for a while, but it's paid and recovering bigtime.
They also worked 4 jobs. My mom worked 2 and probably only made 40 gross at those two jobs.
My dad grossed 105 at his dad job and delivered washers etc for lowes at 15 an hr for about 30 to 40 hours a week.
Hard as shite for them but they are finally in a better place.
It's the main reason I'm so crazy about managing my $.
Best advice, take it a day at a time.
What hit my dad the most is when he asked their counselor about his retirement. He said "if you don't do this 5 year plan, you won't have one."
Good luck. She needs to bring in some $.
I had to front my parents $$$ for their taxes a few times since they didn't have hardly anything coming out.
Proud of them.
They were in 170k in debt and paid off in 5 years. Ruined their credit for a while, but it's paid and recovering bigtime.
They also worked 4 jobs. My mom worked 2 and probably only made 40 gross at those two jobs.
My dad grossed 105 at his dad job and delivered washers etc for lowes at 15 an hr for about 30 to 40 hours a week.
Hard as shite for them but they are finally in a better place.
It's the main reason I'm so crazy about managing my $.
Best advice, take it a day at a time.
What hit my dad the most is when he asked their counselor about his retirement. He said "if you don't do this 5 year plan, you won't have one."
Good luck. She needs to bring in some $.
I had to front my parents $$$ for their taxes a few times since they didn't have hardly anything coming out.
Proud of them.
Posted on 7/17/13 at 9:04 pm to LSU alum wannabe
quote:
My thought on ways to attack. Car is about to be paid off. Drive in until the wheels come off but continue life as if that note exists and take down one card at a time. As one card falls take the minimum we were paying anyway and add the car note money. And so on and so on. Concentrate on a small one first to make progress and then go after those with largest interest rate.??
Best option of the 3 by far.
or try the good ole Dave Ramsey debt snowball LINK
Good luck, knock that shite out man
Posted on 7/17/13 at 9:09 pm to wegotdatwood
quote:
My dad grossed 105 at his dad job and delivered washers etc for lowes at 15 an hr for about 30 to 40 hours a week.
That's crazy.
quote:
It's the main reason I'm so crazy about managing my $.
I can see why
Posted on 7/17/13 at 9:27 pm to wegotdatwood
quote:
170k debt is crazy. Lol
Makes me feel better.
You are just talking about credit cards and BS right?
Not house note etc.?
Posted on 7/17/13 at 9:35 pm to LSU alum wannabe
Yes, straight CC debt. I know it seems shitty, it is. But, I watched them knock it out. If she starts working y'all could bust that debt out in 1 to 2 years.
It's tough getting going, once you see a light at the end of the tunnel, it gets exciting and fun.
It wasn't easy to work 80 hours plus each of them for 5 years.
My mom still does because she enjoys the friends she's made.
I've said this to myself. The only reason (also the main reason) I'll ever be in debt is something medical.
Outstanding learning experience for me.
It's tough getting going, once you see a light at the end of the tunnel, it gets exciting and fun.
It wasn't easy to work 80 hours plus each of them for 5 years.
My mom still does because she enjoys the friends she's made.
I've said this to myself. The only reason (also the main reason) I'll ever be in debt is something medical.
Outstanding learning experience for me.
Posted on 7/17/13 at 9:37 pm to LSU alum wannabe
My unprofessional advice is a mixture of Option A and Ruxpin's suggestion.
Once car is paid off, use that car note money to pay down the debt and see about getting a 0% APR card (I'm assuming that this is mostly credit card debt) transfer as much of the balance as you can and pay it off without having to worry about interest for 12-18 months. Or at the very least be able to pay the minimums on the 0% part of the debt and focus on attacking the debt that still has an interest rate.
Once car is paid off, use that car note money to pay down the debt and see about getting a 0% APR card (I'm assuming that this is mostly credit card debt) transfer as much of the balance as you can and pay it off without having to worry about interest for 12-18 months. Or at the very least be able to pay the minimums on the 0% part of the debt and focus on attacking the debt that still has an interest rate.
This post was edited on 7/17/13 at 9:39 pm
Posted on 7/17/13 at 10:23 pm to wegotdatwood
quote:
I've said this to myself. The only reason (also the main reason) I'll ever be in debt is something medical.
Some 50% or so of bankruptcies have significant medical bills/debts as an underlying cause. CNBC says it is the #1 cause of bankruptcy
I've always been a fan of supplemental insurance. Not too expensive and puts my mind at ease. Doesn't affect my savings either
My dad fell ill after a deployment to Afghanistan and he ended up losing his job for 9+ months and racking up 50000$ in debt. While the military ended up taking responsibility, I started to understand how even great medical insurance (which he had) doesn't cover everything
Just got me thinking about that
This post was edited on 7/17/13 at 10:24 pm
Posted on 7/17/13 at 11:53 pm to LSU alum wannabe
quote:
I think I know the answer but...? Credit CONolidation is ALWAYS shady and should never be considered.?
The answer lies within.
Posted on 7/18/13 at 5:03 am to GenesChin
quote:
Some 50% or so of bankruptcies have significant medical bills/debts as an underlying cause. CNBC says it is the #1 cause of bankruptcy I've always been a fan of supplemental insurance. Not too expensive and puts my mind at ease. Doesn't affect my savings either My dad fell ill after a deployment to Afghanistan and he ended up losing his job for 9+ months and racking up 50000$ in debt. While the military ended up taking responsibility, I started to understand how even great medical insurance (which he had) doesn't cover everything Just got me thinking about that
It's definitely a good idea to have supplemental health insurance. It's affordable, and most companies never have rate increases. I've sold every type of insurance imaginable, and supplemental health is the only one my clients thank me for talking them into year in and year out.
It changes people's lives.
Posted on 7/18/13 at 8:15 am to LSU alum wannabe
1st option. Just boggle down and tackle it all.
Posted on 7/18/13 at 9:39 am to LSU alum wannabe
Do the car note thing, pick up an extra couple of shifts a month (assuming you still work as an RN, if not, use that RN to pick up a few prn shifts), and do the Ramsey snowball. Knock out the smaller amount cards with a high interest rate first. Try to transfer the higher amount cards with the highest interest rates onto a card with a low teaser rate.
Cut costs--Sam's club or amazon prime for diapers/wipes/etc. for the baby (if he/she is still a baby). Birth control until the debt is paid off.
Cut costs--Sam's club or amazon prime for diapers/wipes/etc. for the baby (if he/she is still a baby). Birth control until the debt is paid off.
Posted on 7/18/13 at 9:41 am to Brian Wilson
quote:Yep, tighten the old belt boggle.
1st option. Just boggle down and tackle it all.
Posted on 7/18/13 at 9:50 am to wegotdatwood
quote:
They were in 170k in debt
Holy frick...
You may not know, but what all was included in the debt.
I personally couldn't imagine being in more than 5k of CC debt.
Posted on 7/23/13 at 8:11 am to LSU alum wannabe
Holy shite.
Bump for the update.
We are $55K in the hole.
We are white trash.
Bump for the update.
We are $55K in the hole.
We are white trash.
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