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Bye Bye Debt (almost)

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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.
 
all of my debt is about paid off.

unfortunately, the wife has a bunch left from student loans in college. 🙁
 
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 🙁 :|
 
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
 
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 🙂
 
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).
 
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...
 
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).
 
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.
 
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?
 
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.
 
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.
 
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.
 
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