Bye Bye Debt (almost)

Page 2 - Seeking answers? Join the AnandTech community: where nearly half-a-million members share solutions and discuss the latest tech.
Toggle sidebar Toggle sidebar
V

Vette73

Lifer
Jul 5, 2000
21,503
9
0
Yea Debt can suck bad. After my motorcycle accidnet and the insurance giving me a hardtime, I had a lot of Med Debt.

Me and my wife have a rule don;t use your credit card unless you can pay 100% of it off everytime the bill comes in.
Only debt we have now is Home and my student loan (Job is helping to pay it off). We pay cash for all 3 of our cars and we don;t blow money on junk and save for anything big.
 
JDub02

JDub02

Diamond Member
Sep 27, 2002
6,209
1
0
all of my debt is about paid off.

unfortunately, the wife has a bunch left from student loans in college. :(
 
A

Aztech

Golden Member
Jan 19, 2002
1,922
0
0
Originally posted by: Kadarin
I once had $35K in CC debt, and that was bad enough... Now I'm paid off with cash in the bank, and my only debt is my car payment. It's a wonderful feeling...
Click to expand...

Congrats! I have $35K CC debt now. And, the companies have been reducing my limits and raising my rates, I guess ahead of the Obama changes that are coming...sucks :( :|
 
Modelworks

Modelworks

Lifer
Feb 22, 2007
16,240
7
76
Happily have 0 debt.
Takes some work but worth it in the end. I now only buy things financed as same as cash.
 
R

Riverhound777

Diamond Member
Aug 13, 2003
3,360
61
91
Congrats, only debt I have is about 10k in student loans. But my rate is 1.8% so i'm not really concerned about paying it off.
 
NaOH

NaOH

Diamond Member
Mar 2, 2006
5,015
0
0
That's not too bad of a debt compared to some students, but I guess you didn't get an education from it. Other than Addiction to Gambling = Fail 101. Congrats
 
M

manlymatt83

Lifer
Oct 14, 2005
10,051
44
91
Originally posted by: NaOH
That's not too bad of a debt compared to some students, but I guess you didn't get an education from it. Other than Addiction to Gambling = Fail 101. Congrats
Click to expand...

Thanks... I think :)
 
E

EricMartello

Senior member
Apr 17, 2003
910
0
0
Bankruptcy owns debt...if you were smart, you woulda cashed out whatever balance you had left and pocketed the money using BT checks, then just file for BK. Not only would you score extra cash from the BT, but you'd save a ton by not paying interest.

Alternatively, you could just stop paying your cards outright, wait for them to get desperate, then have them settle your balance at 20% of the original (80% or more off).
 
M

magomago

Lifer
Sep 28, 2002
10,973
14
76
Originally posted by: EricMartello
Bankruptcy owns debt...if you were smart, you woulda cashed out whatever balance you had left and pocketed the money using BT checks, then just file for BK. Not only would you score extra cash from the BT, but you'd save a ton by not paying interest.

Alternatively, you could just stop paying your cards outright, wait for them to get desperate, then have them settle your balance at 20% of the original (80% or more off).
Click to expand...

You won't go to jail for not paying you debts or something? Lol I didn't think it was possible to literally ignore the CC company like that...
 
E

EricMartello

Senior member
Apr 17, 2003
910
0
0
Originally posted by: magomago
You won't go to jail for not paying you debts or something? Lol I didn't think it was possible to literally ignore the CC company like that...
Click to expand...

A common misconception...but no, you CANNOT go to jail for unsecured debt. It's unsecured...the worse they can do is sue you, but even that you can LOL at because you just write a dispute letter when you get served and say you never signed any agreement. Even with a secured loan, the worst that can happen is they take back the property that was used to secure the deal.

Did you sign your CC agreement, that they change every month to fcuk you in the a55 with fees and constantly fluctuating interest? I never did, I applied online and they approve online. GL for them to prove that is even a valid agreement without so much as a signed/dated signature...it's just a stalling tactic, but BK will wipe it all out once you file it. Any collection calls stop and your credit is "good as new" in about 2 years (yes, even though the BK stays on your credit file up to 7 years, you'll be able to get new credit at decent rates within 2).

The thing that most people don't realize is that CC companies are not your friend, they DO NOT have YOUR best interests in mind, ever, and YOU have a lot more power over them while they have no power over you (only intimidation).
 
D

Darthvoy

Golden Member
Aug 3, 2004
1,825
1
0
Originally posted by: mugs
Originally posted by: manlymatt83
$100,000
Click to expand...

Jebus :Q
Click to expand...

that's not that bad actually. When I worked for a CC negotiator I saw someone with 98k on one card! I didn't know a single card could have that much credit.
 
M

manlymatt83

Lifer
Oct 14, 2005
10,051
44
91
Originally posted by: EricMartello
Originally posted by: magomago
You won't go to jail for not paying you debts or something? Lol I didn't think it was possible to literally ignore the CC company like that...
Click to expand...

A common misconception...but no, you CANNOT go to jail for unsecured debt. It's unsecured...the worse they can do is sue you, but even that you can LOL at because you just write a dispute letter when you get served and say you never signed any agreement. Even with a secured loan, the worst that can happen is they take back the property that was used to secure the deal.

Did you sign your CC agreement, that they change every month to fcuk you in the a55 with fees and constantly fluctuating interest? I never did, I applied online and they approve online. GL for them to prove that is even a valid agreement without so much as a signed/dated signature...it's just a stalling tactic, but BK will wipe it all out once you file it. Any collection calls stop and your credit is "good as new" in about 2 years (yes, even though the BK stays on your credit file up to 7 years, you'll be able to get new credit at decent rates within 2).

The thing that most people don't realize is that CC companies are not your friend, they DO NOT have YOUR best interests in mind, ever, and YOU have a lot more power over them while they have no power over you (only intimidation).
Click to expand...

Uhm, except for the fact that this is money I spent, and if I didn't pay it off, I'd always have the guilt in my mind in the future knowing that I have money in the bank that isn't mine.
 
Rumpltzer

Rumpltzer

Diamond Member
Jun 7, 2003
4,815
33
91
Originally posted by: manlymatt83
Originally posted by: dquan97
How much are your monthly payments towards retiring that debt?
Click to expand...

$5K + automated minimums
Click to expand...
Wow. That's a lot man. Even on a 6-figure income (after taxes and whatnot), it'd be tough to live on what's left if you're paying $5K+ every month.

Living with parents?
 
M

manlymatt83

Lifer
Oct 14, 2005
10,051
44
91
Originally posted by: Rumpltzer
Originally posted by: manlymatt83
Originally posted by: dquan97
How much are your monthly payments towards retiring that debt?
Click to expand...

$5K + automated minimums
Click to expand...
Wow. That's a lot man. Even on a 6-figure income (after taxes and whatnot), it'd be tough to live on what's left if you're paying $5K+ every month.

Living with parents?
Click to expand...

Nope, renting a room from a couple for $600 :)

But yeah, REALLY excited when this debt gets to $0. Once that happens, I'll have my investments in the bank, so I'm thinking I can stop the consulting/high stress stuff and go work for a non profit or something.
 
I

IceBergSLiM

Lifer
Jul 11, 2000
29,932
3
81
Originally posted by: manlymatt83
Originally posted by: EricMartello
Originally posted by: magomago
You won't go to jail for not paying you debts or something? Lol I didn't think it was possible to literally ignore the CC company like that...
Click to expand...

A common misconception...but no, you CANNOT go to jail for unsecured debt. It's unsecured...the worse they can do is sue you, but even that you can LOL at because you just write a dispute letter when you get served and say you never signed any agreement. Even with a secured loan, the worst that can happen is they take back the property that was used to secure the deal.

Did you sign your CC agreement, that they change every month to fcuk you in the a55 with fees and constantly fluctuating interest? I never did, I applied online and they approve online. GL for them to prove that is even a valid agreement without so much as a signed/dated signature...it's just a stalling tactic, but BK will wipe it all out once you file it. Any collection calls stop and your credit is "good as new" in about 2 years (yes, even though the BK stays on your credit file up to 7 years, you'll be able to get new credit at decent rates within 2).

The thing that most people don't realize is that CC companies are not your friend, they DO NOT have YOUR best interests in mind, ever, and YOU have a lot more power over them while they have no power over you (only intimidation).
Click to expand...

Uhm, except for the fact that this is money I spent, and if I didn't pay it off, I'd always have the guilt in my mind in the future knowing that I have money in the bank that isn't mine.
Click to expand...

if only banks had your conscience.
 
mugs

mugs

Lifer
Apr 29, 2003
48,920
46
91
Originally posted by: EricMartello
Any collection calls stop and your credit is "good as new" in about 2 years (yes, even though the BK stays on your credit file up to 7 years, you'll be able to get new credit at decent rates within 2).
Click to expand...

I don't think you should count on that being true in the future. Credit card companies are not acting at all like they did in the past.


:thumbsup: to Matt for being a good guy, even if it wasn't in his financial interest to do so.
 
You must log in or register to reply here.

TRENDING THREADS

COMPANY
RESOURCES
FOLLOW
Top Bottom