Interesting statistics on bankruptcy

[cmdavid]

Originally posted by: Riprorin
According an editiorial by Mortimer Zuckerman, more people this year will end up bankrupt than will suffer a heart attack or be diagnosed with cancer or graduate from college or file for divorce.

Scary.

Why is it so hard to spend within your means and put a little money away for a rainy day?

got any links? i'm speaking on finances coming up this Thursday and this seems like a cool stat to reference...

 

[ShotgunSteven]

Originally posted by: Hector13

Originally posted by: ShotgunSteve
For credit card minimum payments, I'm focusing on one of my two cards right now. The one with the biggest amount on it I'm currently paying five times the minimum monthly payment each month. I just rebudgeted this month, I had been paying about 3.5 times the monthly minimum.

It's good that you are getting on the right track. I assume you are paying off the card with the higher interest first?

Keep a look out for any offers for cards that will go you a low (or 0%) balance transfer option, even if it is for a limited time. Transferring your balance at 0% (or 2-3%) even for only a few months could save you a lot of interest.

I am working on the card with the higher balance but lower rate, due to the finance charges, etc. stacking up to more than the interest on the other card, which has a higher rate but much lower balance. I'm paying more than the minimum on the card with the lower balance too, just not as much.

I've tried for cards with a lower rate on transfers, but they always tell me I have "enough credit" when I apply.

I actually started working on this a year ago, and have just now modified my plan so I can get things paid off even sooner.

 

[BD231]

You can get a bankruptcy writin off though can't you?

I can't quite remember what they call it, but say your interest on a credit card is to high and you can't pay it all off, you can file, then a few years down the line make all the neccisary payoffs when you've had time to save the money.