It can’t hurt to talk to the cc co’s. can it? I mean, at least then they know that you’re wanting to make good on your debt. They may actually recommend you go with a credit counseling service any way.
Bankruptcy does not help. Been there, done that and it actually makes things worse. (Better in the short term, worse in the mid to long term). We filed in 1999 and are still crawling out, if you can believe that.
We learned a lot and the most important thing we learned was to communicate with your debtors.
I know where you are, tie a knot and hang on.
Hope this helps.
I have written everything down and am considering signing up with a .org which wants me to pay them 475 a month to pay off 19K in 53 months where now I can’t make the minimums (1033/mo) which I figure would total 25K but currently I am racking up 26 and 27% interest if I don’t get help!
My credit already stinks and I have no cosigner so I don’t think I can access the 20K I have in home equity….
If I call the 2 CC companies and negotiate can I do better then 475 for 53 months?
I really do not want to file bankruptcy because I owe the principle! Should I get a financial help from www.bigoncash.com official website? They are known to offer payday loans for people even with bad credit.
Help! I am desperate!
We felt that way too… we went through credit counseling service and they helped us pay off our CC’s in 3 years… in many cases they either lowered or cancelled our interest charges!!! I would check that out… here are some links…
https://www.annualcreditreport.com/ not sure where you are located but soon you can get 3 credit reports annually…. i’m in texas so i have to wait till june.. i would check that out and make sure everything is how it should be…
and i got this info off the suze orman website.. there is a phone number below for Credit counselors to help you:) i would go that route… GL and we’re here for you!!!!
1. If you are in credit card trouble, you must cut up all of your credit cards now, with the possible exception of one card for emergencies; do not carry this card in your wallet, however.
2. You must pay more than the minimum payment every month, as much more as you possibly can. If you owe a credit card company $5000 at 18 percent interest and all you do is pay the minimum each month it will take you over 30 years to pay it off.
3. You must pay off the credit card with the highest interest rate first, and the rest in descending order.
4. You must negotiate for yourself the best interest rates, even if it means switching credit cards every six months.
5. You must understand everything about how your credit card works – all fees, how the company charges you, all about the so-called grace period, everything.
6. You must honor all your debts equally – whether it’s the money you owe Visa, or the money you owe your brother.
7. After you pay off one credit card, you must apply the money you have been paying that particular company to paying off another credit card.
8. If you doubt that you can do this yourself, you must get in touch with a wonderful nonprofit agency known as the Consumer Credit Counseling Service; they can be reached by calling 1-800-388-2227. They will help you organize and consolidate your debt.
9. You must never let this happen again.
10. After your debts have all been paid off, you are to apply the money you were paying all those months toward creating your future.
Per Dave Ramsey’s book, Financial Peace, Recommended Percentages of Household Income follows:
There are a couple of other books that really made an impact on me regarding spending and debt. They are “Your Money or Your Life” and “Choosing Simplicity”. Used to have an incredible shopping habit, and lots of things. Now my husband and simplify our life a little bit each year. It’s amazing the difference it makes!
I have a couple cards that I’m going to pay off in the next couple of months The thing is that on both of them I have had late payments made a few times Now my question is;
Should I pay them off with that showing on my credit report as late a few times in the last year, or should I keep them for another 6 months or year and make sure to pay on time in order for it to show as ‘paid on time’ on my credit report?
I really want to get rid of them but I want it to be as positive on the report as possible. Suggestions?
Yes, I agree with this. I always thought I had a budget, but finding out I really didn’t. Now, I KNOW I didn’t . My husband and I are in the process of creating a budget. We are doing exactly what Roger suggested. We each got a cheap, small tablet and we are now currently writing down everything that takes money. Every penny. My friend is helping us create a budget and they did the same thing.
They said it will be shocking how much money goes to places and adds up, but just because it is 3 dollars here every other day, it adds up over the course of the month. They wanted us to before we started (this might be helpful to you, too) BEFORE, you start writing down every penny. Get a blank piece of paper and list what you think (a quick 2 second answer) to the following: coffee, lunch out, kids treats, beauty/hair&makeup supplies/ gum… anything that you feel and know you spend money on, write the amount up and then create categories for each item.
When you are finished put it in a sealed envelope. After you do your months penny spending make the categories again and put in the “actual” amounts. They said you would be shocked at what the actual difference will be.
The easiest home budget plan is the one where you have the receipts for every dollar you spend in the last month (lacking the reciepts, you can do a best guess). For this next month, you should carry a tablet booklet and write down everything you spend. This provides you with a reality check as to where your cash, check and credit goes. Include every bill, every candy bar, every gallon of fuel.
In the mean time, you can go through your past bills and write down all of your recurring bills, i.e. electric, sewer, mortgage, rent, garbage, credit card bill, grocieries, etc. These are the core expenses of your existance and are one area to look at to start trimming costs. Then write down your other spending – this is everything not listed in the above paragraph. This includes your starbuck coffee, dining out, and other things you could choose to not buy if you wanted to cut expenses from your lifestyle. The purpose of all this is for you to see, on paper, where your money is going. After you have seen this, you can start adjusting it to fit within your income.
This is a quick and dirty way to create a budget, you can go online to google and type in “budget planning” or whatever and find lots of information. Whatever you do, don’t get discouraged and give up on creating a spending plan (budget) for your money. Someday you will be glad you brought your money under control.
My dh and I are retired but still have lots of debt we’re paying off. We have to budget carefully but have a fairly good retirement (all his except for my teeny little SS check which is supposed to start tomorrow). We are always interested in good ideas for budgeting, saving etc. We use mvelopes and we love it! We have used for close to 3 years now I think. I even won a free year from them (last year) for writing about how much I like the program and how I use it. I tried dropping it for a couple months when I was stuck with dial-up on a trip but I really missed it so now we are back using.
The next time I have that problem I will just go to a library once or twice a week to check on things. Mvelopes is much more than a budgeting tool, it is that, but it also downloads everything from all your accounts – checking, savings, credit etc into it and keeps track of your spending. You can always see exactly how much you have to spend in any category as well as any account and know when you must stop spending. You also get bills.com to pay any bills that are not auto paid. We rarely use our checkbook any more. I have used Quicken (and Money a long time ago) and it will do some of this but it would not download from all our accounts.
We use a credit union for our draft, and savings accounts and that was part of the problem. I also have had some problems with Quicken software at times. Mvelopes is online (not a stand alone program anymore…it was when it first started) so I don’t have to deal with any software problems and so far it has been very reliable. There were a few little quirks with it but it is improving all the time. The customer service people have been very helpful to me when I had problems or questions and are also open to suggestions for improving things.
Mvelopes is a little spendy but I feel it is worth it because it has kept us from making mistakes and saved us bank fees etc. esp on our winter trip (3 months). I would really hate to go back to the old way of budgeting now. Just my 2 cents. Thanks for having me in this group. I am sure I will enjoy hearing from you all.
There are too many free tools out there to have to pay for any, especially one with a monthly fee.
Try your local library for books, forms, software, and the internet has plenty of free software and shareware.
I have found some great free tools on the internet searching for budget, finance, debt, etc…There are simply too many free resources out there to choose from…
I have read that Mvelopes is a very helpful tool. Does anyone use it?
They will let me try it free for a month, does anyone know of any other similiar programs that I could try. Mvelopes has a charge of 7.95 a month.
I am a stay at home mom with 7 children.One husband. One in college, one about to go. Three in middle school and high school. Two young ones at home.
I am trying to get a strong hold on our finances so I can make the hard decision if I really need to get a job. I am a certified teacher so, that is a strong possibility, but I would rather continue staying at home to raise my children.
Anyway, the question is really about whether Mvelopes is used by any one.
I been in the group for a few weeks, don’t believe I introduced myself. I just been reading the emails from the group and learning quite a bit.
We signed our lease here for 1 more year – for one reason wasn’t for sure what part of the city we wanted to live on when we bought a home. Second reason is within the year our car will be paid in full along with 2 of our 3 credit cards. We know we have to leave them open – least till we get a house then we want to just keep the one open with the lowest interest rate to use for emergencies. I know that sounds unrealistic, but we do it. We have had couple late payments but that was last year so when it comes time for loan approval those will be over 1 year old.
I guess looking far into the future of the next year our credit report will show car paid in full along with 2 credit cards paid off and 1 will be very low in balance. That looks good to me…however we don’t know what companies will think when they see we are using CCC – Consumer Credit Counselors for 2 cards that my husband had racked up before we got married..
however, we have been paying on them for over a year and by time we start house hunting 1 will be paid in full through CCC and the other will still have a high balance, but showing on time payments…and will show below the credit limit. IS THIS ALL GOOD? DO WE HAVE THE RIGHT FRAME OF MIND?
We think this will all look good in the end…
What do you think? Looking for any help because we really are looking forward to getting a house of our own (both first time home buyers) and hopefully when we start a family we won’t be in debt up to our ears so to speak!
Oh, little about me… I’m happily married to a wonderful man whom I adore.
We have couple lovebirds as pets who think they are part of the family – literally – they love being out to be close to us. We both work outside the home right now, but I’m looking for an at home business so that I can spend more time with my mother while she is still living. I enjoy meeting new friends, cooking and trying out new recipes. I also enjoy crafts, quilting, sewing a little and plastic canvas.
Hope to get to know everyone here in this group over the next year to share in our success with all the wonderful ideas.
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