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No sense at all!
Or is that no cents? I guess you have to hit bottom and at least be on your way back up before you can file then?
posted by
TooeleWriterGal
on March 17, 2004 at 8:58 AM
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Jem-
Definately take editormum and DamonLeigh's advice! It's the best option. Whatever you do, try as hard as possible NOT to file for bankruptcy. It will follow you longer than 10 years. Maybe even consider a reputable credit counceling service that will contact your creditors for you and get your monthly payments and APR's reduced.
posted by
SpitFire70
on March 16, 2004 at 10:41 PM
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SORRY ABOUT YOUR PROBLEM
I read your blog, and I'm sorry to hear that.
posted by
The_Joo
on March 16, 2004 at 11:16 AM
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You Guys Have...
...card deals over there that offer zero percent on balance transfers? that's how I'm financing my little property empire - spending on one, then shifting the balance to a 0% card for 6-9 months, then moving it again. takes the pressure right off.
D
posted by
DamonLeigh
on March 16, 2004 at 10:49 AM
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Jemmie
you're in my prayers.
Take editormum's advice. If you cut up your credit cards, send the pieces to the appropriate creditor with a letter re-iterating what you say in the phone call to ask for freezing the interest, etc.
Bankruptcy isn't the end of the world, but paying your way out of your problems is more soul-satisfying.
posted by
GRYPHON
on March 16, 2004 at 9:25 AM
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Jemmie
There are some good ideas here. But I've got an idea or two for you as well. But I'm gonna email it to you. Don't want to be accused of contributing to the deliquency of a Blogger!
posted by
CatLadyintheAttic
on March 16, 2004 at 6:44 AM
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Editormum's got some good advice. And you can always fall back on the bankruptcy thing if you have to. How about getting a rich sugar daddy???
posted by
Passionflower
on March 16, 2004 at 12:54 AM
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gosh, jems. I have only one debt of $300 and can't even pay that one down
enough to breathe. $10,000??!?!? I read that Americans, the average ones have between 9 and 14 credit cards. I knew that I was exceptional and this proves it. I have one and it only 'says' that it's a credit card, it's really just a debit card with a flying bird on it. I hope that you have a plasma screen t.v. to show for this debt or a wild vacation in Fiji with a rock band as a memory for the price of this debt.
I'm gonna stop whining to myself about this $300 debt of mine which has plagued me for two years......shows you how little I earn. Just enough to pay bills and buy food and cigarettes. Oh, and the BN, of course. Cheap Thrills.......
You should probably do what editormum says, she seems to know the process. I'm clueless. Oh, and cut up that damned card and the 8 to 13 others that you may have....
posted by
benzinha
on March 15, 2004 at 10:08 PM
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Jemmie...
Been where you are. Worked my way out without bankruptcy. Here's some steps.
- Call each creditor first thing tomorrow and explain that you are willing to pay and want to pay, but you have no full-time job at present. Ask them to lower or freeze any interest, and work out a payment plan.
- Go to a USED bookstore (or half.com) and get copies of Dave Ramsey's Financial Peace and Financial Peace Planner. Read them and begin mapping out your recovery strategy and "debt snowball" plan.
- Set a temporary budget (until you can fully map out your recovery strategy), and make sure to include minimum payments on bills. Put off all purchases that are not crucial to food, shelter, transportation, or health.
- For the nonce, go to an all-cash policy. You put your credit cards away in a safe place; you use checks only to pay bills that have to be mailed in. You pay cash for everything possible.
- Cancel every non-essential expense possible. In many cases, such as for magazine subscriptions, you will get a pro-rata refund, which can add to your immediately available cash.
- Return unused non-essentials to get refunds if possible.
- Hold a yard sale to raise spare cash which can be used for essential expenses or debt paydown.
I would also suggest finding, if possible, another part-time job or a full-time job that you can combine with your part-time job, no matter how crummy. Working at McDammit's or Taco Hell is far better than being prosecuted for not paying your bills. Working two jobs can be tough, but as you work out your recovery plan, you can set a limit on how long you will have to do it. Having a definite "end date" for your term of double service helps make it bearable.
posted by
editormum
on March 15, 2004 at 8:34 PM
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Jemmie, I'm sorry to hear about your finances. Been there, done that.
I'll keep you in my thoughts and send positive energy your way.
posted by
msaries
on March 15, 2004 at 8:29 PM
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