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If you were in this situation and had a credit card with a $3000 limit what would you

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    If you were in this situation and had a credit card with a $3000 limit what would you

    have done?

    I was fired from my job in Sept of 2016 and was not eligible for unemployment. A month before that I was approved for a Discover Card and had no choice but to use it because there was no money coming in at all.

    I was able to pay the October rent with my last check but I had to use my card to pay November and December rent. Luckily I found a similar job mid December and now I plan to have the card paid off by July 1st


    I had no other options and I didn't want to apply for a crap job and take away my opportunity to find a full time job with benefits. So I was so happy I was able to find a job making the same money with health insurance .


    I did sell a few things to pay some small bills but it wasn't enough for my $800 rent.


    Would anyone else have done the same?

    #2
    It sounds like you did what you needed to do to keep a roof over your head. At least you have a plan to get the card paid off.

    This situation makes a strong argument to have an emergency fund in place. If you had, then you wouldn't have needed to use a credit card to get by until a new job came along.

    If it were me, I would have had an emergency fund to draw from until I found employment. I also would have taken the first job that I could find even if it were low paying. A bad job is better than no job at all. I would have gotten two crappy jobs if I had to. While working and making money any way that I could I would have searched for a better job.
    Brian

    Comment


      #3
      If that was your only option then you did what needed to be done. Pretty straight forward imo. I would have done the same if that was my only choice.

      Comment


        #4
        Originally posted by bjl584 View Post
        It sounds like you did what you needed to do to keep a roof over your head. At least you have a plan to get the card paid off.

        This situation makes a strong argument to have an emergency fund in place. If you had, then you wouldn't have needed to use a credit card to get by until a new job came along.

        If it were me, I would have had an emergency fund to draw from until I found employment. I also would have taken the first job that I could find even if it were low paying. A bad job is better than no job at all. I would have gotten two crappy jobs if I had to. While working and making money any way that I could I would have searched for a better job.
        Everyone is not able to have an emergency funds account. Of course it would be nice to have but sometimes life gets in the way.

        Comment


          #5
          Originally posted by bjl584 View Post
          It sounds like you did what you needed to do to keep a roof over your head. At least you have a plan to get the card paid off.

          This situation makes a strong argument to have an emergency fund in place. If you had, then you wouldn't have needed to use a credit card to get by until a new job came along.

          If it were me, I would have had an emergency fund to draw from until I found employment. I also would have taken the first job that I could find even if it were low paying. A bad job is better than no job at all. I would have gotten two crappy jobs if I had to. While working and making money any way that I could I would have searched for a better job.
          If you get two crappy jobs then you are stuck in them and then you don't know when you will get that real job again. Isn't it better to find a full time job and then you only have to clean up $3000 in debt?

          Or have $0 debt and working two crap jobs leading to depression?

          Comment


            #6
            Originally posted by bjl584 View Post
            It sounds like you did what you needed to do to keep a roof over your head. At least you have a plan to get the card paid off.

            This situation makes a strong argument to have an emergency fund in place. If you had, then you wouldn't have needed to use a credit card to get by until a new job came along.

            If it were me, I would have had an emergency fund to draw from until I found employment. I also would have taken the first job that I could find even if it were low paying. A bad job is better than no job at all. I would have gotten two crappy jobs if I had to. While working and making money any way that I could I would have searched for a better job.
            Originally posted by rennigade View Post
            If that was your only option then you did what needed to be done. Pretty straight forward imo. I would have done the same if that was my only choice.
            I was trying to avoid going back home with mom

            Comment


              #7
              Thanks for the update and outline of how you acquired a $ 3K debt. I hope you'll give clearing this priority so you can move on to new priorities. Are you willing to take on any extra part time job short term to get 2016 expenses gone.
              I hope it's ok to mention a long standing, easy money management plan that many use. What ever net income, what ever the source allocates 5% Savings [pay yourself 1st], 50% Needs [rent, utilities, food, transportation], 45% Wants [car payments, entertainment/restaurants, clothes, gifts, travel]

              Comment


                #8
                Originally posted by snafu View Post
                Thanks for the update and outline of how you acquired a $ 3K debt. I hope you'll give clearing this priority so you can move on to new priorities. Are you willing to take on any extra part time job short term to get 2016 expenses gone.
                I hope it's ok to mention a long standing, easy money management plan that many use. What ever net income, what ever the source allocates 5% Savings [pay yourself 1st], 50% Needs [rent, utilities, food, transportation], 45% Wants [car payments, entertainment/restaurants, clothes, gifts, travel]
                The challenge I'm faced with is how do you save, and date at the same time

                Comment


                  #9
                  Originally posted by saver17 View Post
                  If you get two crappy jobs then you are stuck in them and then you don't know when you will get that real job again. Isn't it better to find a full time job and then you only have to clean up $3000 in debt?

                  Or have $0 debt and working two crap jobs leading to depression?
                  That's just an excuse. It comes down to how bad you want something and how far you are willing to push yourself to achieve a goal.

                  Being in a low paying job or multiple low paying jobs is not a prison sentence. How do you know you would be stuck in them? How do you know you would be depressed? Are those facts or speculation? If you are out of work you need to earn money any way that you legally can. Work 2 jobs or 3 if you have to. Never rest. Never stop. Never settle. Any free time that you have will be spend searching for a better job or on self improvement. No. It is not better to sit idle and wait for a job to come along and then pay off your debt. You need to take action immediately. Give up everything, block out all the noise and distractions, and laser focus your actions toward your goal. Be obsessed with it.
                  Brian

                  Comment


                    #10
                    Originally posted by saver17 View Post
                    Everyone is not able to have an emergency funds account. Of course it would be nice to have but sometimes life gets in the way.
                    Explain. Everyone that earns an income should be able to accumulate an emergency fund if they make a conscious decision to live below their means, sacrifice, and save.
                    Brian

                    Comment


                      #11
                      Originally posted by bjl584 View Post
                      That's just an excuse. It comes down to how bad you want something and how far you are willing to push yourself to achieve a goal.

                      Being in a low paying job or multiple low paying jobs is not a prison sentence. How do you know you would be stuck in them? How do you know you would be depressed? Are those facts or speculation? If you are out of work you need to earn money any way that you legally can. Work 2 jobs or 3 if you have to. Never rest. Never stop. Never settle. Any free time that you have will be spend searching for a better job or on self improvement. No. It is not better to sit idle and wait for a job to come along and then pay off your debt. You need to take action immediately. Give up everything, block out all the noise and distractions, and laser focus your actions toward your goal. Be obsessed with it.

                      If I didn't have that credit card I would have gotten a crappy job because it was no other options. But that credit card bought me some time and now I'm in a good job with only $2000 more debt to go

                      Comment


                        #12
                        Originally posted by bjl584 View Post
                        Explain. Everyone that earns an income should be able to accumulate an emergency fund if they make a conscious decision to live below their means, sacrifice, and save.
                        Things breakdown and have to be replaced. Or you can be laid off when you have 1 month of expenses saved up.

                        So u can always make the plan but the outcome maybe totally different

                        Comment


                          #13
                          Originally posted by saver17 View Post
                          If I didn't have that credit card I would have gotten a crappy job because it was no other options. But that credit card bought me some time and now I'm in a good job with only $2000 more debt to go
                          Technically, that credit card got you $3000 in debt. A crappy job would have avoided or lessened that debt had you been willing to get one.

                          If I were looking to "buy time" it would be at the drive-thru window at McDonalds or sweeping a floor. Not via Discover card. But that's just how I would have approached said situation. It sounds like you have already firmly justified the actions that you took, so no point in discussing this further.
                          Brian

                          Comment


                            #14
                            Originally posted by saver17 View Post
                            Would anyone else have done the same?
                            Would I have done the same? Probably not. I would have used my savings first and I would not have gone 3 months without a job. There is always work to be found. Getting something temporarily in no way prevents you from taking something better once you find it.

                            I haven't been out of work for a long time but the last time I was, I immediately began selling on ebay full time. I wasn't making enough to replace my normal income but I was able to bring in a couple thousand dollars per month which helped us stretch out our savings until I got a "real" job again. Had that not been enough to get by, I would have gone out and gotten other work somewhere. Since we had a good emergency fund, that wasn't necessary but I wouldn't have hesitated to do it if it needed to be done.
                            Steve

                            * Despite the high cost of living, it remains very popular.
                            * Why should I pay for my daughter's education when she already knows everything?
                            * There are no shortcuts to anywhere worth going.

                            Comment


                              #15
                              Originally posted by disneysteve View Post
                              Would I have done the same? Probably not. I would have used my savings first and I would not have gone 3 months without a job. There is always work to be found. Getting something temporarily in no way prevents you from taking something better once you find it.

                              I haven't been out of work for a long time but the last time I was, I immediately began selling on ebay full time. I wasn't making enough to replace my normal income but I was able to bring in a couple thousand dollars per month which helped us stretch out our savings until I got a "real" job again. Had that not been enough to get by, I would have gone out and gotten other work somewhere. Since we had a good emergency fund, that wasn't necessary but I wouldn't have hesitated to do it if it needed to be done.
                              And,if there was no emergency fund then what?

                              Comment

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