Re: Credit counselors help
- From: Foundryrat <foundryrat27@xxxxxxxxx>
- Date: Fri, 06 Jan 2006 22:57:44 -0600
Dennis M wrote:
well i already cut all my cards but one (in case of emergency i and mean EMERGENCY, haven't had to use it in last year in a half either)In article <john-84B0BF.07565806012006@xxxxxxxxxxxxxxxxxxxxxxxxxxxx>, "John A. Weeks III" <john@xxxxxxxxxxxxx> wrote:
In article <JQmvf.911$vf7.554@xxxxxxxx>, Foundryrat <foundryrat27@xxxxxxxxx> wrote:
Situation is this. I am very topheavy in debt. I have lots of credit card debt. I have other debt to but i'm not getting anywhere with my credit cards. I have been able to make all my minimum payments but paying like zero principal on my cards for over a year. I haven't used any of my card in a year in a half. I cannot afford to pay any extra on any of my minimums. My income is about to go down at work and i will not even make budget on all my minimums. Besides the fact that even if i make my minimums i get nowhere, soon i will not be able to make my minimums.
So i figure i need to do something.
You should have done something a long time ago. Now,
you are basically out of options. You have 3 that I
see-- (1) increase income (2nd job & paper route or
deliver pizzas), (2) cut spending (beans and rice twice a day), or (3) bankruptcy. If you have been
going a year and a half on a budget and haven't
gotten anywhere, then you are in deep trouble. 50 years of good behavior isn't likley to solve
this problem, so it might be time to throw in the
towel and file.
Any thoughts on credit counseling, and if so, how do i know who the frauds are.
Most of it is a rip off, even the so called "non profit" ones. They all have a for-profit sister
company that skims money from your payments, leaving
you even further in debt. Most also take all the
money from your first payment, so you lose a month
right off the top. This is all a scam.
If you need real advice, look up Dave Ramsey. He has a web site, a few books, and a radio show. Call the radio show even if you cannot hear the show.
I'll save you a call, this Ramsey clown lives about 80 miles from me and I'm familiar with his shtick:
He'll tell you to (duh) pay off your cards from smallest to largest balance, tear up your credit cards if you don't know how to use them responsibly (or even if you do -- the guy has this irrational hatred of credit cards), offer you one of his financial advice books (for free!), and tell you to trust in Jesus (not necessarily in that order).
I heard it all. Pay extra on the higher interest cards. Pay the small balances off. Thing is, i can barely keep minimum payments. i have been able to keeping a real tight budget (patting myself on the back) but the interest rates keep going up and the minimum payments have went up since the bankruptcy reform. And my income at my job is going to be down at least for awhile. Plus there could be a layoff. I just wanna deal with this mess before i do get laid off and am forced to deal with it, or start getting behind on payments. Like i said i'm paying 90 percent interest. I don't even make a bad income but my debt expenses are over the roof. I do see it getting better being i will have a personal loan paid off the next year, and a court fine paid off in 4-5 months. So yeah i may have a chance to pay the cards off in the long run being no unemployment and we get our OT back. But that could go wrong too. I'll have freed up money so it's kind of tough to figure out what the right thing to do is.
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