Credit Card Debt - Paying it back
08-27-2012, 01:51 PM
#41
Fair enough, maybe I am a little sensitive to the issue because my GF's father recently slipped in a hotel in Mexico and cracked his head open, it cost him $15,000 cash up front (which he put on a credit card) in order to save his life for long enough to get him to a hospital in the US.
He was not someone used to carrying a balance either, so Miz making a comment about how he can always afford to pay his off, rubbed me the wrong way, because he is lucky, and may not always be so lucky.
He was not someone used to carrying a balance either, so Miz making a comment about how he can always afford to pay his off, rubbed me the wrong way, because he is lucky, and may not always be so lucky.
08-27-2012, 01:53 PM
#42
Team Owner
iTrader: (4)
I have a bit of cc debt as well. I use to pay everything off in full but 5 years ago we lost a lot in selling our condo and 3 years ago we took another hit when I got laid off. I have done balance transfers to keep the interest rates to 0%-1.99%. Right now it is almost gone.
It takes work. I allocate a part of my monthly salary to paying it off. I usually do about 4x to 5x the minimum. You will never pay off your debt with minimum payments. Just won't happen.
OP - I assume your sister is about your age +- 3 years? Tell her get a second job. Tell her wait tables, tend bar, do something to make larger payments. I know it's not easy but a lot of us have had 2 jobs.
It takes work. I allocate a part of my monthly salary to paying it off. I usually do about 4x to 5x the minimum. You will never pay off your debt with minimum payments. Just won't happen.
OP - I assume your sister is about your age +- 3 years? Tell her get a second job. Tell her wait tables, tend bar, do something to make larger payments. I know it's not easy but a lot of us have had 2 jobs.
08-27-2012, 01:55 PM
#43
08-27-2012, 01:57 PM
#44
I have a bit of cc debt as well. I use to pay everything off in full but 5 years ago we lost a lot in selling our condo and 3 years ago we took another hit when I got laid off. I have done balance transfers to keep the interest rates to 0%-1.99%. Right now it is almost gone.
It takes work. I allocate a part of my monthly salary to paying it off. I usually do about 4x to 5x the minimum. You will never pay off your debt with minimum payments. Just won't happen.
OP - I assume your sister is about your age +- 3 years? Tell her get a second job. Tell her wait tables, tend bar, do something to make larger payments. I know it's not easy but a lot of us have had 2 jobs.
It takes work. I allocate a part of my monthly salary to paying it off. I usually do about 4x to 5x the minimum. You will never pay off your debt with minimum payments. Just won't happen.
OP - I assume your sister is about your age +- 3 years? Tell her get a second job. Tell her wait tables, tend bar, do something to make larger payments. I know it's not easy but a lot of us have had 2 jobs.
08-27-2012, 01:58 PM
#45
Years ago, I got myself into credit card debt on several cards. I ended up paying the minimums on all of them to keep my credit score up. I was sent a credit card offer with a 1.9% rate on transfers for the life of the loan. Needless to say I jumped on that offer and transferred all of my debt on to the one card and paid off the debt in 3+ years.
The key is to not use credit cards at all. Only spend money you actually have so tighten up the budget by cutting out unnecessary crap. You can get out of debt but you have to discipline yourself. I didn't have to cut up my cards, I just had to learn how to use them correctly. As far as I'm concerned, they're a 30 day loan.
The key is to not use credit cards at all. Only spend money you actually have so tighten up the budget by cutting out unnecessary crap. You can get out of debt but you have to discipline yourself. I didn't have to cut up my cards, I just had to learn how to use them correctly. As far as I'm concerned, they're a 30 day loan.
a) I'm making money (gas and cashback bonuses)
b) I'm building up my credit history
c) I'm building up my credit limit in case it's ever needed.
Not using any credit cards could hurt you if you ever need to borrow large amounts of money and they are unable to evaluate your credit history.
Paying off your bills on time help your credit
paying off large loans really helps your credit
not having a larger amount of available credit than you should, helps (i.e not having multiple credit cards, multiple lines of credit, etc that you could all max out on at any given moment)
08-27-2012, 02:08 PM
#46
I'm Down Right Fierce!
Debt is shitty - while I don't have problems with Credit Cards, my law school loans are going to haunt me for quite some time, so I know how frustrating it can be knowing that a percentage of your paycheck is essentially used to fill the hole that's beneath your feet.
If you're lucky enough to not have that "hole beneath your feet" more power to you, but the vast majority of people in this shitty economy have that problem.
Best advice is to make life changes - even simple ones will help. (I personally stopped eating out - I used to eat out 5-7 times a week, which would cost anywhere from $60-120.)
Honestly, force your sister to watch/listen to Suzy Orman; I know she comes off as a bitch, but she really does know how to help people manage their finances.
If you're lucky enough to not have that "hole beneath your feet" more power to you, but the vast majority of people in this shitty economy have that problem.
Best advice is to make life changes - even simple ones will help. (I personally stopped eating out - I used to eat out 5-7 times a week, which would cost anywhere from $60-120.)
Honestly, force your sister to watch/listen to Suzy Orman; I know she comes off as a bitch, but she really does know how to help people manage their finances.
08-27-2012, 02:49 PM
#47
Suzuka Master
Health insurance for traveling is a good idea, but few actually use it. Also, while it might be fine to wait to get in contact with a rep if you break your leg, it does not matter when you are bleeding out on a table and they need money before they will lift a finger. Some countries might be willing to do the work on faith, Mexico is not one of them apparently.
09-02-2012, 01:38 PM
#48
Debt is shitty - while I don't have problems with Credit Cards, my law school loans are going to haunt me for quite some time, so I know how frustrating it can be knowing that a percentage of your paycheck is essentially used to fill the hole that's beneath your feet.
If you're lucky enough to not have that "hole beneath your feet" more power to you, but the vast majority of people in this shitty economy have that problem.
Best advice is to make life changes - even simple ones will help. (I personally stopped eating out - I used to eat out 5-7 times a week, which would cost anywhere from $60-120.)
Honestly, force your sister to watch/listen to Suzy Orman; I know she comes off as a bitch, but she really does know how to help people manage their finances.
If you're lucky enough to not have that "hole beneath your feet" more power to you, but the vast majority of people in this shitty economy have that problem.
Best advice is to make life changes - even simple ones will help. (I personally stopped eating out - I used to eat out 5-7 times a week, which would cost anywhere from $60-120.)
Honestly, force your sister to watch/listen to Suzy Orman; I know she comes off as a bitch, but she really does know how to help people manage their finances.
Her show on CNBC is fun to watch once in a while. It's not what a person makes - it's what you spend.
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