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    #16
    Originally posted by msomnipotent View Post
    Also, don't forget to make payments, which can be harder than it sounds when you have several different payments to make each month.
    The bank will do it for you. Just type everything in at their website, and they'll automatically send it every month.


    I can't think of one instance where I wasn't charged a transfer fee right off the bat, and it was usually 4%.
    It's all spelled out in black and white.

    Balance transfers are not 0% even when they say they are
    They never say that. It's the interest which is 0%, not the transfer fee.

    and then seeing that there is an extra $400 you have to pay to transfer $10,000 can feel defeating.
    $400 in transfer fees are much better than $2,000 in interest payments.

    the more balances you have, the more likely you are to miss one and get charged with late fees. And I know from experience that it is very stressful to sit there day after day, checking to make sure you didn't miss any payments
    Computers are your friend. I never miss bills because the computer automatically pays them on the same day every month. Most are always the same, so I just tell the computer once what to do and it just sends out the payments every month.

    Another technique is to sign up for your bill to automatically be put on your credit card. Then you just need to pay the credit card bill.

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      #17
      Originally posted by Nutria View Post
      The bank will do it for you. Just type everything in at their website, and they'll automatically send it every month.




      It's all spelled out in black and white.



      They never say that. It's the interest which is 0%, not the transfer fee.



      $400 in transfer fees are much better than $2,000 in interest payments.



      Computers are your friend. I never miss bills because the computer automatically pays them on the same day every month. Most are always the same, so I just tell the computer once what to do and it just sends out the payments every month.

      Another technique is to sign up for your bill to automatically be put on your credit card. Then you just need to pay the credit card bill.
      I stand by everything I posted. My bank didn't do bill pay at the time I was going through this, and I don't think they do now. And it is a little hard to do automatic bill pay with no money coming in and I needed to juggle where I was getting money from and where it was going. We didn't have an income for almost 2 years, so my experience and advice is going to be different than someone just had to debt to clear up.

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        #18
        Get a second job if you have time.
        LivingAlmostLarge Blog

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          #19
          I was at $40K+, plus car payment ($400+), house payment ($900+) with the minimum monthly payments on the credit cards at over $1100/month! First I told the husband who had gotten us in this fix that I wanted a divorce. He seemed to think that if he had any credit left on a card that he should spend it and if I took his cards away he would complain that I had emasculated him! I could not reign in his spending at all. I canceled all credit cards that were in both our names, paid on each card monthly including ones that were in his name only until he was out of the house and they were now HIS responsibility and no longer mine, and those that were in our joint name or mine only I paid more than the minimum and by that at first that meant rounding up to the nearest dollar. 34 cents or whatever may not have actually helped the bills but it gave me a feeling that I was working on it. I also tried to stash the occasional $1 or $5 bill so that by the end of a year I had enough CASH to pay for glasses instead of putting them on a card. He was stunned when he saw me pull out that cash, but that was a trick I knew I couldn't pull again (if he had known I had cash he would have gotten it off me) and he was gone a few months later. Our house went up for sale and with the proceeds I gave him exactly the amount that had been owing on his credit cards at the time we separated, but while we waited to cash the real estate check at the bank instead of saying how excited he was about paying off his cards he was telling me about the motorcycles he was going to buy for $800. Obviously a guy that didn't learn. With my share of the proceeds I paid off the rest of the credit card debt and was left with around $1000. Considering that 4 years prior I had put $20K of my OWN money into the down payment for the house (he didn't put anything in) I came out at a loss but learned a good but very expensive lesson. I was then able to take up my frugal lifestyle again

          So while not the solution for most nor would I recommend it, getting rid of the spouse that was addicting to spending and selling a house that was much more than we could afford was how I got out of that huge debt.

          Even when we go through financial rough patches now, I always round up on any payment that I make to credit cards if I can't pay in full, same with the house and car insurance. Now rounding up means going to at least the nearest $5 or $10 if not a whole lot more. My business card which takes a hit during November and December since they are slow months for income, but big months for expenses, I pay a chunk weekly on line so that there is less to have interest charged on it. Generally I have the card paid off or nearly so after 4 weeks. I also time purchases like postage for the business. Usually if the card has no bills on it, I buy $200 worth of postage at once but only after the new billing cycle starts, but if it is a day or two before a new billing cycle then I buy just what I need and when the new cycle starts I buy what I need so have longer to pay. However if I didn't get the card paid in full, I buy just a weeks worth of postage at a time so interest isn't accruing. That is something to remember that if you can't pay off a card in full each month interest starts to accrue and by paying off the card during the month as much as possible will lower that tab a bit. When it comes to paying off debt every little bit helps. It may not seem like much financially but it is good emotionally to know that you are attacking the bills and being conscious of them.

          So stop using your credit cards, sell of whatever crap that you bought with them if you can, make a partial payment weekly which means you are staring those bills in the face weekly and it will remind you that you really can't afford to pull that card out of your pocket and you will save on interest as well. Round up to the closest $1, then the closest $5 and then the closest $10 for all your bills and attack the highest interest bill first and put any extra you can spare onto that card as well as paying on it weekly. Pay bills weekly so you stay on top of everything like utilities, etc. plus the credit card bills.

          Hope this helps and is encouraging to some. Obviously in my case a divorce was more than just because of the money, but it was a huge part. When I would come home from work and saw he was home as well, I would get a pain in my gut and my heart would sink. Right after he finally moved out, I ended up in the hospital with 2 bleeding ulcers from the stress.
          Gailete
          http://www.MoonwishesSewingandCrafts.com

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            #20
            Creating a budget and sticking with it is probably the best thing that you did for yourself.

            You need to know where your money has gone so you can plug the leaks. If you can stick to a budget then that means you know where your money is going before it's a leak. Such as spending 1200 on coffee.

            That said. Just because you spent $1200 on coffee that doesn't make it bad. Maybe it's great coffee. Maybe it's the highlight of your day. $1200 is how much you pay, but it might be worth more than that to you. Then again there might be better places to spend that money that are of even greater value to you. It's not that you spent $1200 it's whether you got the most value for yourself out of it.

            ________________
            KevinLars
            stressnut.com
            Last edited by KevinLars; 02-08-2016, 04:08 PM. Reason: Signature didn't appear

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