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Debt Discussions about debt and how to deal with debt.

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  #1  
Old 12-05-2011, 03:51 PM
Aardvark Aardvark is offline
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Default This is just all wrong...

I ignore my debt, but at the same time I think about it almost daily. I say I ignore it, because lately I only pay the minimum balance due. I don't know what happened to me, because I was never in deep credit-card debt until the last two years (29 years old).

I have ideas where to start decreasing my debt, but I never really put much effort into it. Last week REALLY woke me up; at work, three people where notified that they are being laid off. If I was one of theme, I have a feeling I would be in trouble. It took me 6 months to get this job, and I'm not confident that the job market is much better now than it was then.

I'm not sure where I'm going with this post; I'm on "paid vacation" right now, so I'm reflecting as I look over my credit report.
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  #2  
Old 12-05-2011, 05:16 PM
littleroc littleroc is offline
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Default Re: This is just all wrong...

So your at the end of your twenties and your lamenting the debt you've acquired and aren't paying back in a timely manner. I would suggest while you still have your 30's to get started, write down a budget of incoming and outgoing and figure out a plan of attack, because no one wants a sheriff showing up at their door telling you that your being sued for unpaid debt.
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Old 12-07-2011, 11:29 AM
charlieh charlieh is offline
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Default Re: This is just all wrong...

Aardvark, I must agree with littleroc and say take it even one step further. I advise everybody to seriously consider their employment situation as well. If you are not able to pay cash for everything at 29, and even be saving for the future (home ownership, emergency funds, etc...) then something is wrong. At this point in your life while you are young, you should maximize your earning potential. Consider your hours working, and see if you can put in more time or get a second job on nights or weekends at least until you have paid off your debts and maybe have at least a 6 month emergency fund. There is no reason at your age to be in debt aside from having a home loan.
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Old 12-30-2011, 10:35 AM
Aardvark Aardvark is offline
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Default Re: This is just all wrong...

I was hoping for a more friendly approach when I joined this forum. However, I understand that I'm all alone in this big bad world. Just started my part time job today; Walmart cart pushing, haha.. not glamorous but it puts life in perspective.

I guess I will just suck it up and move along. Littleroc, I'm not in as bad shape as you are pressuring.
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  #5  
Old 02-21-2012, 09:01 AM
Flipyourdebt Flipyourdebt is offline
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Default Re: This is just all wrong...

Lots of good options you can choose from. You can get a consolidation loan, you can get credit counseling, or you can contact your creditors and refinance individual debts.

There's always another option you can take, the key is finding the right one. Good luck.
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Old 02-21-2012, 09:48 AM
littleroc littleroc is offline
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Default Re: This is just all wrong...

Quote:
Originally Posted by Aardvark View Post

I guess I will just suck it up and move along. Littleroc, I'm not in as bad shape as you are pressuring.
So does that mean you don't do a budget to track where your money is being spent and saved? To be financially successfully budgeting is the key.
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Old 02-21-2012, 01:23 PM
Aardvark Aardvark is offline
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Default Re: This is just all wrong...

Quote:
Originally Posted by Flipyourdebt View Post
Lots of good options you can choose from. You can get a consolidation loan, you can get credit counseling, or you can contact your creditors and refinance individual debts.

There's always another option you can take, the key is finding the right one. Good luck.
Since I have "fair" credit (which is basically "poor") I can only imagine I will not be approved for a consolidation loan.

Will calling my creditors actually work? I did call one and politely asked them to remove the monthly service fee; I was declined, so then I asked to have the account closed (I just payed it off). Surprisingly they then offered to remove the service fee, but I went ahead and closed the account anyhow.
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  #8  
Old 02-27-2012, 04:04 AM
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margauxmorgan margauxmorgan is offline
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Default Re: This is just all wrong...

oh no XD
i guess you should pay it off as soon as you can
or find a second job just to be sure?

good luck!
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Old 02-27-2012, 09:27 PM
MyTwoCents MyTwoCents is offline
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Default Re: This is just all wrong...

It sounds to me like you're an intelligent person who just needs a plan. It can be frightening to see coworkers get laid off! It sounds like you're not beyond the point of no return.. I'd recommend sitting down with a good excel spreadsheet, or quicken, and mapping out your financial situation. Know how much money you're bringing in, how much you can afford to pay above & beyond the minimum payments, and then you'll have an idea of how long it will take you to get out of debt. That sounds like really simple advice, I know, but doing this will probably end your emotional turmoil about it, and it will empower you to make the right decisions going forward.. There's something to be said for knowing exactly where you stand financially, even if the reality is something you would rather ignore. The good news is that you can definitely do this. :-)
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Old 02-29-2012, 01:38 PM
Bkdebtrelief Bkdebtrelief is offline
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Default Re: This is just all wrong...

Quote:
Originally Posted by Aardvark View Post
I was hoping for a more friendly approach when I joined this forum. However, I understand that I'm all alone in this big bad world. Just started my part time job today; Walmart cart pushing, haha.. not glamorous but it puts life in perspective.

I guess I will just suck it up and move along. Littleroc, I'm not in as bad shape as you are pressuring.
Well there are a variety of options Aardvark, and from what I have read, your position prior to finding out you were getting laid off your primary job is one shared by many people.

The sad part about minimum credit card payments is that they exist to keep you in debt, so if there is a way you can pay more than the minimum, you are already one step ahead of the game.

Don't feel bad or embarassed about your Walmart job, last year during a National Hiring event, McDonalds turned down 93% of all its applicants. That should give you an indication of how bad it is out there.
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  #11  
Old 03-02-2012, 02:31 AM
Wealth-e Wealth-e is offline
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Default Re: This is just all wrong...

Quote:
Originally Posted by Bkdebtrelief View Post
Well there are a variety of options Aardvark, and from what I have read, your position prior to finding out you were getting laid off your primary job is one shared by many people.

The sad part about minimum credit card payments is that they exist to keep you in debt, so if there is a way you can pay more than the minimum, you are already one step ahead of the game.

Don't feel bad or embarassed about your Walmart job, last year during a National Hiring event, McDonalds turned down 93% of all its applicants. That should give you an indication of how bad it is out there.
Completely Agree. Be careful!
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Old 03-13-2012, 03:13 AM
ThomasJ. ThomasJ. is offline
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Default Re: This is just all wrong...

I think it's good that you are letting go of your guilt and shame. To one degree or another, you are responsible for your situation.

The only step you have to take is commitment, it will be much easier to face your creditors. Yes, contact your creditors. Explain to them that you're over your head in debt, at the same time you want to honor your commitments. Most of the time, your creditors will be more receptive than you would imagine - after all, they're used to people in your position ducking under a rock and ultimately sticking them with the bill.

Your creditors may even offer to let you skip a payment or two in order to help you get back on your feet, or they might offer to lower your interest rates.

This will give you some breathing space
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