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So I owe a lot of money....

Old 11-10-2006, 02:42 AM
  #31  
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I have had my own debt trouble aswell. The solution that work best for me was the local Consumer Credit Counseling program. There was no charge for the program and I was debt free in 4 years(besides the house). I carried about 30K in unsecured debt for about 12 years. Dont waite to get started on some kind of plan. I had alot of plans in that 12 years that were tried.
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Old 11-12-2006, 06:35 PM
  #32  
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Originally Posted by Nightflyer View Post
I think you want the easy way out, and I'm not buying it.

You say all the loans are in good standing, but you want to declare bankruptcy. I don't think that will work.

I think you need to listen to Dave Ramsey or someone like that, and figure out how to live up to your own personal responsibilities. You are the kind of person who makes interest rates high for the rest of us.

I was in debt up to my eyeballs when I graduated from college. In 5 years I had it all paid off. You can do it too, if you want to.

One more thing, bankruptcy will stay with you for 7 years. That's 7 years of no credit and cash only. You sure you want to do that? Congress also recently changed the law to make it harder to declare bankruptcy. You may not even qualify. If you decide to do it anyway, you will need to consult a bankruptcy lawyer, and they will take their pound of flesh as well.

My advice, suck it up and pay the piper.

Good luck.

DITTO DITTO
Go to DaveRamsey.com
buy his book, "Money Makeover"
And one last thing DMB, you mentioned things that were "too life changing" but I have to tell you; you have to be willing to change some lifestyle or you'll never be free from debt. The way people stay free is live on less than you make and always save. Dave recommends an emergency fund of at least 6 months expenses after you are debt free. Let me tell you from experience, that fund will keep you from debt. Fridge breaks? Dip into savings and pay yourself back instead of putting it on the Home Depot card. You'll never charge yourself interest. Bottom line, be willing to change that lifestyle until you're free of all the debt. It's the only way.
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Old 11-13-2006, 02:09 PM
  #33  
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My 2 cents:

1. Pay a little every week rather than monthly. Paying, $100 a week sounds and is easier than paying $400 a month. Especially when the rent and credit cards or loans all seem to be due at the beginning of the month.

2. Try to get a High limit Credit Card with a long 0% interest on transfers to prevent mounting fees and interest.

3. Set a budget and stick to it! My wife and I take $60 each for spending money each week. No credit card usage allowed. We generated enough extra income to pay $1000 a month on our loans (house and car).

4. Project your income v expenses for 3 months ahead. I sit down with a calendar and right down ever bill that is due on the day it is due for 3 months. Than, I write down all the income I'll have. Than I throw in my budgeted spending on grocieries and other essentials. When it is all said and done I can see how much money I'll have in the bank every day for 90 days. But be sure to ad a fudge factor of some sort. You will probably end up forgetting to account for a payment or have an emergency expense to pay.

5. When you go to buy something ask yourself this question....Do I need this or do I want this? If the answer is "I want this" than don't buy it. If the answer is "I need this" than you are good to go.

Good luck. I have been where you are and I didn't file for bankruptcy and everything worked out. Oh and, a second job is a great idea, if at all doable. If you have a flying gig, hook up with a temp agency. You only have to work on days that you are free and you can make some good "extra" money if you are with the right agency. The other option is to be an Emergency Substitute Teacher. EST's don't have to have a degree in Teaching, just any ole degree will do. They pay pretty well, ranging from $150 to $500 a day. Most of the time you just assign busy work and keep the kids from going nuts. I just did high schools and only applied to high schools I felt where safe. It was a great supplement!
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