Personal Debt Issue...What Can Be Done?
- Thread starter 1blkc5
- Start date
Yep, 99.9% of normal people need a very good Credit Score.
LexusNexus does credit history reports (scores) for many well paying jobs….. fast food doesn’t care if you have a bad credit score.
Last edited:
This is a good idea.
Most people that are already in debt don't actually try to pay it off as fast as possible. And those that aren't in debt but are thinking about getting into it for the wrong reasons just don't have a brain it seems. Having a debt to service can be good if done right but most won't use Google when it's free.
It's not that complicated.
Set up a spreadsheet with columns showing your monthly nut for each debt, your income and your ongoing living expenses.
If you can devote enough current income to debt service and have enough left to live on, plan on that basis to pay off your debts.
If the monthly on your debts leaves nothing left for you to live on, then talk to a bankruptcy attorney and consider yourself to have learned a hard lesson.
There is an argument to made that credit is too easily granted and creditors then act like Shylock when not paid promptly each month.
Set up a spreadsheet with columns showing your monthly nut for each debt, your income and your ongoing living expenses.
If you can devote enough current income to debt service and have enough left to live on, plan on that basis to pay off your debts.
If the monthly on your debts leaves nothing left for you to live on, then talk to a bankruptcy attorney and consider yourself to have learned a hard lesson.
There is an argument to made that credit is too easily granted and creditors then act like Shylock when not paid promptly each month.
Well, that's what a lot of rich folk do, so there just might be something to it...
I did see at least one bit of advice that I’d tell you to approach with caution. While investing in yourself with education is great and all, stay far, far away from the for-profit colleges and universities. Stick with community colleges/state universities, etc. if you’re going that route. For-profit schools exist to suck government Pell grant money and then leave their most vulnerable students with nothing to show for their effort except more debt. There has been litigation against such institutions for their false promises and such. One telling fact is that they recruit their “academic advisers” from the sales field. Any good school shouldn’t have to sell itself very much, and certainly not with cheesy ads played on daytime TV. Also, as many have said, cut expenses, pay off as much as you can, and see if you can barter for things you need.
Id look at your expenses and see where you are spending your money. Id bet theres a lot of things in your budget that you can live without.
I know that for me, as someone who is planning on being semi-retired soon and is looking to be debt free when that time comes, my problem isnt that I dont make enough money, its that I spend too much on things that I dont need. It was amazing how much more money I could pay on credit cards every month when I cut out the tool buying and golf club buying.
A lot of us ordinary folks do that, too. Save our money. Pay cash.
It is not that difficult in concept.
Execution, however, requires delayed gratification.
A challenge for many people.
Last edited:
- Joined
- Oct 25, 2021
- Messages
- 1,204
They should definitely ask a random automobile oil related anonymous message forum for advice. That would be my first avenue.
- Joined
- Jul 10, 2022
- Messages
- 3,672
He paid cash for his moat, oh wait that was Papa John
Free choice, fee will.
If you're immature to use a credit card as a loan with payments then that person pays the price.
This goes for any credit card.
I charge 10s of thousands a year I think?. I pay the full balance off every month. So it's not the "Walmarts" or credit card companies making money off of me by me using their card, I am making money off of them, free use of their money until I pay the balance every month. Plus as mentioned 2 to 5% off everything I buy.
Last edited:
The only good thing about being pulled through a keyhole getting out of debt is when you finally arrive on the other side. You are much more astute about credit card use and avoid it.
Look up Caleb hammer on YouTube. He can do an audit and give you a plan
#1 Inform lender that the borrower is currently jobless.
#2 Get a job.
#3 Secure affordable housing if not already done so. One doesn't want to file BK and then be unable to rent an apartment because of said BK filing.
#4 Consult a BK attorney. but this is relative to the salary and basic life expenses.
