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Anyone ever use a debt settlement company - sm [2008-11-03]
like debtAmerica or something like that, one that eliminates 30% or more of your balance owed, consolidates it and gets each cc to settle on an agreed amount, etc. I am thinking of going that route instead of CCCS company which is just a DMP (consolidates it but you still pay back every penny and interest). Either way you have a big black mark on your credit. I owe a substantial amount and this way I can probably be debt-free in 3-4 years instead of 8 years.I know they charge a fee, and you have to pay taxes on the settled amount but it will be a lot cheaper for me in the long run and I can afford it a lot better. So if anyone has gone this route, please give me your input and who you used and if you were happy with their service, etc. TIA!
I used Debt Free Today. Pretty good [2008-11-03]
company. Never had any troubles with them. Just sent them a check once a month and they distributed among my creditors on the agreed amount. I think we paid off in 4 years. Was really nice!
I posted back in late August about cc debt - sm [2008-10-14]
in response to someone else giving advice on what to do. I told you about how I had a ton of debt my DH knew nothing about, how I was afraid of him, etc. and that I just did not know how to tell him.I consulted a lawyer and got some insight and advise in case things went really bad whenIdid tell him.Well I finally bit the bullet and told him on Monday. He was off from work, kids were in school, I wrote a 4 page letter laying it all out. I went out in the LR and I asked him if he loved me and was happy in our marriage, I got yes Then I handed him the note (bawling at this point) and said I was going out for a little while and we would talk when I came back. He called me 10 minutes later, upset yes, but not nuts as I expected. We ended up talking for 2 hours. He was quite good about it which really surprised me, he was in shock though. Later last night after he got drunk not horribly so but enough, though he did not turn nasty. I hadasked him not to drink but he ignored that, so as a result he broke down said a few things which I probably deserved, though he does not believe I was scared of him....denied ever threatening to kill me, said if he did he was kidding and it was his sick sense of humor. I told him I take all death threats seriously. But comes down to he does not want to divorce over it, for which I am happy and grateful, and I think this will ultimately help us. We are taking a 401K loan for the debt on his cards, and I will go to a credit consolidator for the debt on my cards......any recommendations on that front? My credit is in the dump so this is not going to make it much worse. In five years we will be free and clear, paid off debt and house at that point. I have a huge breach of trust to heal and don So he learned whata conniving wife he has and I learned that I had what I wanted all along, just didn We still have a lot to work out, and I am in for 5 or more years of snide backbiting remarks at times I am sure, but I think there is hope for us actually.
Well, the only debt we have is our house... [2008-09-28]
so I would put it towards the principal on our mortgage.
credit debt [2008-08-24]
Wow thanks for all the good tips.
As this got off the subject and onto other things, I just wanted to say I have heard Al-Anon is excellent for people dealing with alcoholism in a spouse or other loved one. It might be a great place for support for you and your kids. Just a thought.
it is wonderful to see how many people have such strong opinions about people in debt. [2008-08-23]
I thought that the purpose of this board was to be able to post without being judged unfairly or have somebody tell you how wonderful their personal life is, and therefore you are causing their life to be less wonderful with your irresponsibility. Well, the saying walk a mile in my shoes is a good one in this case. Since you have no personal information about the person you are lambasting because they are looking for information on their debt, you can feel superior. Had you had personal information about them, you might act in a more human manner. Consider fighting cancer for 4 years, working and being debilitated while you do, suffering the effects of chemo, going into debt to maintain your home for your children and looking for a way out of debt SHOULD YOU EVEN LIVE THROUGH THIS!! Thank you for the kind comments. To the judgmental people I say please take a step back before you judge. You do not know who you are talking to and if you knew the personal information maybe your comments would be kinder.
Before considering the CCCS or debt relief (sm) [2008-08-22]
places, first call the companies. If you haven The accounts will likely be closed, but after 3-4 ontime payments they will re-age to show as current, will lower the interest rate so payments are lower and you will pay off over a 4-5 year period (in most cases, you can Going with CCCS or similar, has the same effect as a BK, even worse, on your credit rating. The accounts will report as closed, paying under debt management plan. While bankruptcy is an option I suppose, if you I The credit industry is in a mess right now so they are willing to work with you if you're upfront and showing good faith.
credit card debt relief [2008-08-21]
Does anyone have any experience with those companies claiming to reduce debt by up to 70%, etc. ?? I'm drowning in debt. :(
Credit Card Debt Counseling [2008-08-21]
http://www.cccsatl.org/index.asp?_method=viewsc=43cn=486md=debtmanagement
Here It is called Consumer Credit Counseling Services. They are legit. Now back when hubs and I did it about 15 years ago, there were no computers, per se, so we went on site to an office. I don
We did it, completed it, and it was great. However, they cut your credit cards up in front of you and put them in a huge jar (at least they did back then). Once you join, there are no more credit cards. What CCCS does is works with your creditors to reduce interest rates, payment size, etc. because they are networked. You then make one lump payment to CCCS and they disburse the money. They also take into consideration your income. I think that Also, this is what tells them how long it will take to pay off the debt. Just beware though that if you are behind on payments, sometimes certain creditors do not accept CCCS, so they may hassle you still and some just plain won
Believe me, even though we are not late on payments, we had in the past 3 years so much personal stuff go on (sickness, death, etc.) that we have racked up some debt ourselves and may try CCCS again, as one card we have raised the rate to 33% interest because we have a high balance. We make regular payments.
All in all, itbad mark but yet a good mark on your credit report for using CCCS. Check with them about that though, as I do not know the specifics. It is way better than bankruptcy...
Hope you find some relief soon! My thoughts are with you... I
Do your homework on debt collection (sm) [2008-07-22]
laws also - you just may have yourself a $1000 piece of paper in your hand.
Have you requested validation of this debt? If not, I would do that right away. Send it certified mail, return receipt requested. Depending on the age of the debt, I would be very careful about sending the canned do not contact me letter. If the debt is not that old, that can sometimes trigger them to sue. I bet if you send the please provide me with full validation (not verification that you have my name, address and soc. sec#) of this alleged debt. Short and sweet.
I know it's popular, but don't put unsecured debt on your home. [2008-07-06]
No way, never ever do that. It's a huge mistake, you could end up losing your home. The risk is too great.
Pay off highest interest rate debt first, then the next, and onto the next. The house can wait. Do [2008-07-04]
dd
Paying down debt [2008-07-02]
It is getting harderto make ends meet because of all the straws in ourbank account. I have 17k in CC dept alone. It iswith4 different CC companies. OneCC has $200, #2 has about 4K,#3 has about2K, #4 has 10k. The 10K one has a 15 % APR, the others I believe range from 24% to 29% APR. My biggest monthly payment is my house and I owe only $4700 on it and it has 6.3% APR. I sold some things and am getting $5K and that will be enough to pay offmy house. I would love to finally, officialy own this house and get rid of that$350 monthly pmt, but I wonder if I should not pay down on the CC because of the high interest rates. Any opinions. TIA.
Paying Down Debt [2008-07-02]
I feel you, believe me. First, Bravo to you for facing this. That I think if you are so close to paying off your house, you wouldnAdditionally, the interest rates aren What is the total of payments you are making on your credit cards? If you can slap that 5000.00 on your debt first on all of the higher interest ones perhaps paying some of them off. That will free up extra money to put on the rest of your credit cards. Then once the credit cards are paid off, you can then work on the mortgage (I WISH I had your mortgage..). Also we work in an industry where it is easy to pick up extra work---have you thought of that just to get extra money to pay off the debt? That Things are just so bad right now. Good luck, hope this helps...
debt [2008-07-02]
I agree with transferring to 0% when the offers come. I have been doing that for years. Now, I just got an offer for 6.99% for the life of balance up to 12,000 dollars. Going to take that offer, (we are going to remodel our main but small bathroom) and pay off 2 1/2 cc; then what is left over, oh, and going to give my hubby 1000 to get out bike out of shop, so, what ever is left over, which should be 6 to 7000, will redo bathroom, payments won't be bad, like 190 a month and don't use your cards for a good while, just steadily pay. Hope this helps, and life is too short to stress over bills. Keep them in mind but at the same time, think of what you have.
Strive to become debt free... [2008-05-12]
yes, that means living on a budget, telling the kids (and yourself and your spouse) no to impulse buying and splurges. You really can live below your wage if youWANT to and it is better to do it before youHAVE to due to job loss, etc. We are debt free but our home, no car payments, all credit cards paid off, only have the utilities and food each month. It feels great not to write checks to anyone. My DH just finished his obligation of 700 a month child support (Yay!!) which means more towards the mortgage to pay it off sooner. We are content with what we have...too many Americans want it all and want it now, no matter what the price, just charge it or take out a loan for it...crazy!
Oops, should have been paying off a debt [2008-05-12]
/
debt consolidation/relief [2008-05-02]
I'm seriously considering going with one of those debt relief companies to get myself out from under a mound of credit card debt. I feel like I'm drowning. Has anybody had any experience with these companies, good or bad?
Completely out of debt today! [2007-07-10]
I have paid all of my big bills off and now only have the monthly ones. Need to pop a cork!
Out of debt [2007-07-10]
Congratulations!!! Isn't it a wonderful feeling?
credit card debt lawsuit question [2007-03-26]
Anyway you can declare bankruptcy, chpt 7? I am going that route. :(
Do you have a lot of monies owed where bankruptcy is a real possibility?
I'm going through a similar time......talk about stress!!!!!!!
Might do that one day, but have some debt to get rid of first - sm [2007-03-25]
So putting out $6500 for a TT will have to wait; in a year I may be able to think about it, then save up the $$$ for it. I have done some research into this and know I first have to lose the weight and be stable at my goal weight for a while before I can have that done if I want to do this right. Guess I will just have to wait and see just how bad it looks after I shed the 70+ pounds. Feeling good right now, just went outside did some yardwork that I usually never have time to do (really didn't now either but work can wait), felt good to be active for a change, though I must now sit on my big butt and work for the next 4-6 hour! My thing is that I have to get more physically active, sit way too much!
If it is an old debt, I've been told that the place that [2007-03-20]
the court with the original document that you signed before they can get a judgment to garnish wages. Usually they can I would look into it a little maybe even just online. Try consumer affairs website. Good luck.
credit card debt lawsuit question [2007-03-19]
If there is anyone out there who has been sued and had a judgment placed for credit card debt....
What happens when you go to court?? I don But I was wondering if anyone has gone to court and what actually happens.
credit card debt [2007-03-19]
Not sure what will happen, but I do wish you luck. Credit card debt is an unsecured type of debt. I don't know what more they can do to you other than a judgement. Not sure you can put that under a bankruptcy either once the judgement has been placed. I know a lawyer that handles a lot of bankruptcies -- did some work for him. He always asked his clients if late payments had gone to judgements. If they had not gone that far he was pleased about it. I guess it made things easier legally. Not really sure.
Yes. Took up a part-time job and having [2008-11-13]
100% of the income put into savings. Paying off my debt.
Not going to live in fear.
Not going to live with anyone else, either.
Maybe you could downsize on house and cars. ?
backup plan [2008-11-13]
I I have a FT hourly QA job, PT hourly QA job, transcribe pt and also am gathering some transcription from a local teaching university. At this point I don
I feel very lucky that I can work as much as possible from home-I I have a lot of debt, not behind but want to get out from under it. 2 kids in college....so far not too expensive as they are both at a JC. Christmas will be all cash and much skimpier this year. If I didn
I am just crossing my fingers and toes that my husband doesn Times are tough tough tough. But they could be worse.
Considering my circumstances I am looking - sm [2008-11-11]
forward to the holidays. I'm the one with the mega debt who confessed to her DH a month ago, etc. We will have his debts paid off in full in about 10 days. I still have quite a mess though. We sold back 2 weeks of his vacation time (lucky for us his work allows you to do this) and half of that is paying for Christmas, the rest is being banked in our savings account which needs restoking (used to have $5K in it but only $200 now). We are taking a night and going to the beach to see the lights (free hotel stay due to his travel points) and a nice dinner-- all of this is his idea too--, and he suggested I go up (with the kids of course) and spend New Years with my friends/family up in PA so I am surprised about that. He is going to try to come too for a day or two to have a late Christmas with my family as well. Things are all roses, but considering everything I am looking forward to seeing my dad and one of my brothers, the other is in England and his family is going there to spend Christmas with him in Ireland with his wife's family there. But DH is trying really hard, he even bought me a dozen roses on my birthday a couple days ago and a really nice card, I couldn't have been more surprised....normally I get nada, not even a card. Granted my daughter told him to get me flowers, but still, he went over the top. But I digress as usual....everyone just needs to stay within what they can afford, we are cutting back some of course, but I have a bit more wiggle room now that I have that vacation money coming. Do it every year and it is a lifesaver.
Anyone ever use a debt settlement company - sm [2008-11-03]
like debtAmerica or something like that, one that eliminates 30% or more of your balance owed, consolidates it and gets each cc to settle on an agreed amount, etc. I am thinking of going that route instead of CCCS company which is just a DMP (consolidates it but you still pay back every penny and interest). Either way you have a big black mark on your credit. I owe a substantial amount and this way I can probably be debt-free in 3-4 years instead of 8 years.I know they charge a fee, and you have to pay taxes on the settled amount but it will be a lot cheaper for me in the long run and I can afford it a lot better. So if anyone has gone this route, please give me your input and who you used and if you were happy with their service, etc. TIA!
I am glad things are going well for you but sm [2008-10-26]
The debt is not my main issue. My marriage is. All of the other problems are a result of the marriage being bad, and working at home in isolation. The problem is I feel I have no choice but to work at home because of my husbandnight fishing one night a week, leaving straight from work and getting home about 1 a.m., on a work night! He is very rude to me all the time and acts like he doesnI wonder what my life would be like if something ever happened to you mom. It wouldn My daughter I worry about too though not as much. I donhis and daughter is mine even though I regularly remind him that we are both parents to both children. So yes, the debt is there and it does worry me but just showing my husband my debt is not going to solve my problem. If anything it would put me more under his control and anger than I already am.
I was not out buying designer clothes or stuff for myself - sm [2008-10-25]
in my case it was we, mainly him, spent way more than we make. Everytime one of his cards got a large balance (he never looked at the statements and I pay the bills) I would tranfer it over to one of my cards, which again he never looked at, and I had a P.O. Box for--so in my case it was very, very easy to do, and with paperless statements today even easier. We had a lot of things happen in our life over the past 4 years which made the money/credit card issue much worse, easily added $40K onto it (at $89K now)--family death, serious child illness--still dealing with that some--, job loss on my part, private school tuition ($12K a year---no longer go there for the last 2 years), inability to pay bills and heavily borrowed on cards----d-u-m-b I know. So don't be so quick to judge, it is not always so black and white. Yes I did get a few things I should not have, but I know during some of this time I was depressed though not horribly so but enough so as to buy a few things I never should have, but for 95% of it it was my DH never denying himself anything (though he would have if he'd known, and now he is --granted not too happy about it---one tiny concession he has made is only 9 beers a day, down from 12, so maybe he can get 3 days out of a case of beer instead of 2.) So my days of robbing Peter to pay Paul are over. We plan to have an open book when it comes to finances once his are paid off, and mine are enrolled with a debt management plan--- then only use his cards for gas, and work stuff basically--I won't have any as they will all get destroyed and cancelled in the DMP, and will use my debit card for everything --which I do now anyway, so it won't be a huge change for me. I don't think she is lamenting, just realizing what a horrid mess she has to deal with, it is hard, and I have to deal with my DHs comments for years to come, he did a few zingers last night. I will be okay though and have to pay the piper, it is worth it not having to go through a nasty divorce and custody fight as I know it would not have been pretty.
Help. I have made my own prison. Please make suggestions sm [2008-10-24]
I will try to make this brief. I have marital problems, husband is gone all the time. I came to work at home again because I have no help with our children. I need to be here if they are sick and be here when they get home from school. But I have become once again socially isolated (I did this type of work for years and had a job outside of the home and enjoyed it, except for the fact that my children did not get enough attention, so I quit). I do have friends but I don I used to walk several miles a day but never do that anymore, have gained weight, eat junk food, stay on the computer too long. I am constantly busy. I still do volunteer work with my children - Scouts, church, etc., but I am so overwhelmed. My husband is almost never here. It almost feels more like he comes to visit us sometimes than actually lives here, but I need his help financially and my son is very afraid for me to get a divorce (long story, but he is afraid he would have to live part-time with his dad, and they are not close). I have debt that my husband doesn But he won When I tell him I need more money he tells me things like, turn off the cable TV or don The thing is he spends lots and lots of money on entertaining himself. He makes 3 x as much as I do (or maybe 4 by now). I have not been allowed to open his mail for years and we pretty much never talk. I have started to allow things to pile up, mail around my desk, weight around my middle, clutter here and there. I just feel like a big slug. I am tired much of the time. In reading this I sound depressed but I am already taking an antidepressant which I started a few years ago because of my marriage.I love my children so dearly but I am afraid of leaving and disrupting their lives. If I left I would at least get my part of the equity in ourhome, etc., and maybe have a chance at having a life again. Anyway, I know this is long and rambling and jumbled, but I just woke up, from another night of poor sleep. Please suggest what you would do. Thanks
I'm not sure if this will work - but it might be worth [2008-10-24]
a try. Does your husband pay the bills or does he give you money to pay them? Make a household budget, including allowances for gas and groceries. Either add in a little extra for the allowances to cover incidentals that might come up or present him with the receipt after he pays.
Another thing I would definitely do -- you might want to consult with a divorce attorney. Don Your attorney will tell you what you would be entitled to. Depending on what state you live in, you may even get spousal support for a short time. You should be entitled to have 1/2 of everything you The debt you have accrued will also be shared between him and you. When youboth of your debt regardlesswho charges it. As for your children, you can discuss that with your attorney as well. Let him know your child
Only after you are informed by a good divorce attorney, can you decide what Don Find out first and then decide. Most consultations are free or relatively low cost. If you do pay for the consultation, make sure to pay by cash so as not to leave a paper trail. It would be better to make a cash withdrawal on your credit card, if youneed to. Get your ducks in a row before he has a chance to start picking them off. Good luck and keep us posted!
I just went thru something similar - sm [2008-10-24]
I was the one back in late August and then back on Oct. 13 or so----I had racked up a ton of debt on his and my credit cards which he knew nothing about. I finally confessed to him, he reacted pretty well considering the bomb I dropped on him. He does not want to divorce over it thank God but some amazing miracle. Obviosly your situation is a bit more complex. My DH is not that controlling. I was/am the one to get the mail, and would decide what he would see or not see, though he had no scruples about reading my mail, he would get upset if I ever read anything personal sent to him. As I know it is nothing to get bent about I let that one go. He has never cheated and even confirmed that when I confessed my deceit and financial infidelity to him. Luckily he still loves me enough to keep it together. He is trying a little more, though he has backed off doing a few things he used to around the house, I have taken on more responsibility around here, the price I have to pay I guess. I did 85% of it before, now, 95% (he used to cook dinner....now it looks like I get the pleasure of doing it from now on as he has not done it once since the 13th. Granted any reference to buying anyting is , we cannot afford it....which we can, but yes things are going to be a bit tight for the next five years, but we will manage. I have not done it yet, but Monday going to get the wheels rolling and do CCCS for my debts. His will be taken care of soon as we are selling off a bunch of mutual funds from the 401K (loan) so no penalties though with the economy we will have to sell more than we would have a few months ago which stinks. ---He is willing to economize now that he knows there is an issue though (he makes about 4x what I do). You will have to bit the bullet and confess as well. It is not easy. I wrote him a note and then left the house for a short while, then came back and we talked it all out. I figured my marriage would be over, but I think for the kids and still some feelings for me he wants to keep it all together. We have a good life together for the most part and he knows that. We do things together as a family, still have enjoyable sex once a week (took him 9 days after my confession), and are in tune with each other and the kids. Considering it he has been so good after it , you never know your husband might surprise you like mine did. He has not really made any comments for a week now, which is amazing in itself. My DH generally is the type of guy who blames everyone else for his mistakes and takes no responsibility for anything, so that is why it was such a shock that he is handling this all so well. Generally he acts like a 3-y/o and holds grudges. So it is possible your husband can be a standup guy. I guess it will depend on how much he cares for you, keeping the marriage together and not becoming a part-time dad or having to give you the house or a ton of money.....I am sure that all factored in in my situation. All I said was that no one would win in a divorce. He has been divorced before so I know he does not wnat to go thru that again, sees it as personal failure. But I feel so much better for telling him, a huge weight has been lifted. I still have a lot to get thru but the worst is over. I know my streess is still up there some, but I know longer have to worry about him finding out, etc. So you need to formulate a plan, maybe set aside some ready cash, and and tell him what is going on. You can email me if you want. I hope it all works out for you.
I did talk to a lawyer too before I dropped - sm [2008-10-24]
the bomb on my DH as I wanted to know where I stood. I live in a state where they do an equitable disbursement of the marital goods, assets, etc. I would have a 40% stake in the house, entitled to about $100K in his 401K (1/2 of its growth since we married), 1/2 of assets we purchased together. Though a judge would deem what it fair, either way I would walk away debt-free though I would not have a home if we sold everything. He told me in one of his pissy moments that if we lose the house (which there is no danger of) he is moving in with his parents with the kids and I am on my own. What he does not realize that no judge would give him custody (has depression , threatened suicide, etc) and the kids would want to be with me. He has a temper too that gets the better of him too much and he is an alcoholic as well. So if a judge gave him custody I would be totally shocked. I am relatively healthy though overweight by 70 pounds, drink a glass of wine 5 days a week maybe (that is it--he drinks 9-12 beers a day --every day--- though he has cut down to 9 since the 13th for which I am happy for though I'd rather he quit altogether---But good thing to find out where you would stand in a divorce and what you would need to do in terms of custody if push came to shove.
Jeeze Louise! [2008-10-24]
What are you guys spending this money on and how are you doing it without them knowing for so long to build up such a debt? What kind of debt are you talking, 5,000 or 100,000? I sneak my husband for 20 bucks occasionally for this or that, but if I want/need something, he is the first to buy it for me. What you should examine is what led you to this behavior in the firstplace. If you cannot afford something, don Keep in mind, that it is both of your money, not just his. You should immediately confront him with your bills and then work it out. This could be the best thing that ever happened to you. It sounds like the first diet you need to go on is to lose the weight of a full grown man on your back. You are an adult. You made your choices (good or bad) and it is too late now to lament. Life is too short to be so stressed out. Good luck to you.
what is CCCS [2008-10-15]
Hi, I am always afraid of those ads I always hear on the radio about lowering your debt by 70%. never believable. Will you tell me how it goes with them? I am about 12K in debt, and about 9K of it is from back taxes owed which was devastating when I learned that... but thanks to being a self employed transcriptionist... I know take 30% of EVERY paycheck out to taxes. and WOW, my world came crashing down this year when i saw how much i really made... it's pathetic for the hard work i put in and now im drowning in debt at the age of 27 and very very upset about it. I can't even pay down the cards because i can barely pay my bills on this measly salary!
It will be okay [2008-10-15]
The worst part is over. Telling him the truth.
I'm sure there was great stress of holding all of that from him as the debt mounted and now that he knows, you can work together.
As far as debt consolidation companies, just be very very careful about which company you choose. There are some out there who will take you for a ride. You will make your payments and your debt goes nowhere. They will just pocket the money and not pay the bills.
Then there are some out there that do not charge a fee at all. They will help you set up a payment plan, help you with contacting your creditors to arrange payoffs, even negotiate with them to lower the amount you owe. I'm sorry I can't give you names because I never really paid that much attention to those companies but I have heard of some through the local news in their consumer watch segments.
Will see if I can find the names of some reputible companies and post back.
Good luck to you. I
make sure they are legit... [2008-10-15]
I agree with the poster who said to be careful about the one you choose, because they are not all reputable, which is what I said in my previous post. I have heard good things about CCCS and they were listed on the Suze Orman website. They charge a minimal fee of $30 per month for their service and will help you with nonsecured debt. They will put you on a budget and make arrangements with your creditors for a reasonable payback schedule that you can afford, based on your income. They have me paying $300 a month for all of my credit card bills---on my own I was paying close to $500 a month and could not afford to. They will also attempt to lower your interest rates with your creditors. It is a good last resort, as long as you research and pick a reputable company. I always Google research before I sign on with anything.
Don't borrow from the 401(K)!! [2008-10-15]
NO!! Do not borrow from a 401(K) to pay credit card debt!! If the debt is all yours, contact a bankruptcy attorney and file chapter 7 to get rid of it. You can file BK individually. The 401(K) is exempt from attachment in a bankruptcy.
I My credit card debt was incurred trying to keep the house. Stupid move on my part.
Good luck! Things will get better.
No we have to do it this way....he is using that -sm [2008-10-15]
to pay his, I am doing CCCS I guess. We do not want to do bankruptcy, plus we own some property, which he does not want to see, though neither do I, and they would go after that in a bankruptcy. We have done a loan before on the 401K, not a big deal, paid it back in 5 years. We will do the same thing again and still make our current contributions of about $10K a year to it. So we are not shortchanging ourselves too much. He is starting to get mad now though, shock is wearing off, wish it wasn't. But I made the mess and have to live with the consequences. He just wants all the loose ends tied up quickly. I have faith that we won't lose our house....he is now convinced we will....we have never been late with the mortgage and I don't intend to now....with his cards paid off it will free up about $500 (after the loan payback), and I know mine will be reduced so that will free up probably another $500, so we will be okay, actually in better financial shape than before in terms of cash flow, though in debt for 5 years.
I posted back in late August about cc debt - sm [2008-10-14]
in response to someone else giving advice on what to do. I told you about how I had a ton of debt my DH knew nothing about, how I was afraid of him, etc. and that I just did not know how to tell him.I consulted a lawyer and got some insight and advise in case things went really bad whenIdid tell him.Well I finally bit the bullet and told him on Monday. He was off from work, kids were in school, I wrote a 4 page letter laying it all out. I went out in the LR and I asked him if he loved me and was happy in our marriage, I got yes Then I handed him the note (bawling at this point) and said I was going out for a little while and we would talk when I came back. He called me 10 minutes later, upset yes, but not nuts as I expected. We ended up talking for 2 hours. He was quite good about it which really surprised me, he was in shock though. Later last night after he got drunk not horribly so but enough, though he did not turn nasty. I hadasked him not to drink but he ignored that, so as a result he broke down said a few things which I probably deserved, though he does not believe I was scared of him....denied ever threatening to kill me, said if he did he was kidding and it was his sick sense of humor. I told him I take all death threats seriously. But comes down to he does not want to divorce over it, for which I am happy and grateful, and I think this will ultimately help us. We are taking a 401K loan for the debt on his cards, and I will go to a credit consolidator for the debt on my cards......any recommendations on that front? My credit is in the dump so this is not going to make it much worse. In five years we will be free and clear, paid off debt and house at that point. I have a huge breach of trust to heal and don So he learned whata conniving wife he has and I learned that I had what I wanted all along, just didn We still have a lot to work out, and I am in for 5 or more years of snide backbiting remarks at times I am sure, but I think there is hope for us actually.
in the same boat... [2008-10-14]
I am pretty much in the same situation and can relate to what you are going through. My problems with debt started because I decided to quit a job making 45,000/yr to do medical transcription in which I am lucky if I make 20,000/yr. I could not keep up with my own personal bills and instead of confiding in my husband, I put bills on my credit cards and every payperiod swore to myself that my paycheck would increase, but easier said than done since I do VR and the pay stinks. My husband thinks MTing is ridiculous for the pay and hard work we do. I was insisting upon staying with it and had too much pride to let him know I could not pay my own personal bills. When I did finally tell him he was upset that I would put myself in debt, knowing that as a couple, our debts affect each other. I am now seeking help from CCCS, a counseling service that has a very good reputation. Just make sure you pick a reputable, nonprofit agency, and they will put you on the right track back to financial stability. Needless to say, I am going back to the work I used to do and doing MTing on the side.
Best of luck to you!
We have been living in ... [2008-10-13]
the me me me society where everything is now now now. DH and me cut up credit cards and paid off debt for the last 3-4 years instead of remodeling the house, buying new clothes/cars/toys.
I live in a $60,000 house that many people turned their nose up at because it wasn't an McMansion. Well we are about two years from paying it off without any help from anyone and those that turned their nose up at us are in foreclosure right now.
I had a feeling the stock market was going to crater - just didn't know how bad. I'm doing everything I can to keep my job and make the most of it. Now is not the time to go job-hopping.
Time for folks to live within their means and businesses/corporations need to realize that slow and steady growth isn't bad - its better then the alternative of not even being in business.
Finally I think we need to STOP rescuing this fat cats that make these stupid decisions that bankrupt these companies and put 1000's out of work. Make them return their golden parachutes and live like the common man. Same goes for salaries for actors/actresses and sports figures.
I'd give to to my sister [2008-09-28]
She is in serious financial debt.
It hasn't too much, except in the 401(k)... [2008-09-26]
We are debt free but the house, the payment only requires one of DH's paychecks (he gets paid twice a month and then on the off weeks he gets his overtime check) or my paycheck for the month when I can get my lines in, we have never taken out a second mortgage or touched the equity in our home. Our mortgage rate is low to mid 5%, cars paid off, CC paid in full, great credit score and we live below our means. We still take vacations, eat in restaurants, etc. Our circle of friends don't seem to have any problem with this economy, other than investments. We are in our late 40s, early 50s, kids grown and gone, we don't pay for college. DH drives 66 miles round trip to work, but has an economical commuter care. Our SUV gets about 20 to 24 mpg, which compares to some newer ones out there.
My DH has worked for the same company for 25 years, however, layoffs are coming, and he is putting out his resume just in case. He will get a nice severance package, etc, if it happens, but weare planning in advance just in case. House is up for sale, a few very interested people, and if it sells we will make enough profit to buy a house free and clear.
We have always lived below our wage and I think that has helped us tremendously. Do we want new cars, TVs, etc, sure, but why bother, we don't want the payments that come with them. We are happy with what we have, don't have a lot of the gimmes or wantitis that has a lot of Americans in debt up to their eyballs with no way out.
This may be to personal for some of you but... [2008-09-25]
How is the economy crisis effecting you? Your budget, your retirement, your family, your FRIENDS families.
How is it effecting the circle you run with? Do you discuss this with family or friends?
It is effecting my family. The gas thing alone is cutting our budget! My youngest started college and is driving back and forth. I've called my aunt who lives close to the school and asked if he could stay with her a few nights a week to save gas money. The drive for him one way is 1 hour. It has already saved us $$$. The fact that he can't find a job isn't helping either. There are no jobs for young people. Even in fast food!
Food prices have effected what we eat! Have you priced CHEESE lately? A 2 cup packages of shredded cheese cost more than a gallon of milk! Food has gotten outrageous.
We have our primary home and we have a small cabin that we go to on weekends. Our primary home is paid for and has been but we do have a mortgage on our cabin. LUCKILY and by the grace of God, we are in a fixed rate situation but it's still difficult. Did we spread ourselves to thin? Sometimes it is tough but we budget and try to be careful with what we spend. Our payment is nowhere near the $1500 per month mortgages people are talking about - and at that price point with an adjustable RATE - I don't know how people are living.
Also lucky that we do not have credit card debt. I've read where the CC companys are raising limits to increase spending while increasing the payment interest as well? I see more and more credit cards being used at the grocery store.
It's all just very scarey for me.
We have some friends who are building their dream home. They have worked and saved for 15 years. The economy is blessing them in some ways since there are a lot of people looking for work but hurt them in others as the price of materials skyrockets!
Timeshare/Vacation Club [2008-09-11]
Last summer, my husband and I got suckered into one of those timeshare talks while on vacation. We ended up buying into the trial program. It wasnprice freeze should we decide to buy in after that. After returning home and reviewing the package a little more closely, we decided that we wanted to cancel the trial package. I did a little research online and found that we had 7 days to cancel a timeshare. I immediately sent a certified letter to the resort company requesting to cancel the purchase agreement. They never responded and I ended up calling them to see if they had received my request. They confirmed that they did but that it was non-cancellable.
We stopped the autopay that we had set up on a credit card. From that time on, we began to get collection letters. I contacted the real estate commission for that state and asked for this to be investigated, to which I received a blanket letter from them stating that they tried to mediate but that the resort refused to resolve this. The resort basically stated that it was not cancellable and that we owed the money.
What I am wondering is, what happens now? The resort said they would continue to pursue this issue through third-party collectors. If I legally am obligated to this debt, why wouldn Why would they continue to draw this out? What effect will it have on my credit score? Anyone ever been in a similar situation? I should also note that we never used this vacation package. It expires July 2009. The total due has now escalated to about $1500 due to their late fees. I don Any suggestions?
you're lucky you can control yourself with the ol' mastercard & visa - i can't [2008-09-09]
had to sell my house once to pay off that debt & then I was still paying on it for a long time.
Is College Worth It? [2008-09-08]
As parents pack their youngsters off to college, they might ask themselves whether itAmerica
The U.S. Department of Education statistics show that 76 out of 100 students who graduate in the bottom 40 percent of their high school class do not graduate from college, even if they spend eight and a half years in college. That's even with colleges having dumbed down classes to accommodate such students. Only 23 percent of the 1.3 million students who took the ACT college entrance examinations in 2007 were prepared to do college-level study in math, English and science. Even though a majority of students are grossly under-prepared to do college-level work, each year colleges admit hundreds of thousands of such students.
While colleges have strong financial motives to admit unsuccessful students, for failing students the experience can be devastating. They often leave with their families, or themselves, having piled up thousands of dollars in debt. There is possibly trauma and poor self-esteem for having failed, and perhaps embarrassment for their families. Dr. Nemko says that worst of all is that few of these former college students, having spent thousands of dollars, wind up in a job that required a college education. It's not uncommon to find them driving a taxi, working at a restaurant or department store, performing some other job that they could have had as a high school graduate or dropout.
What about students who are prepared for college? First, only 40 percent of each year 45 percent never graduate at all. Often, having a college degree does not mean much. According to a 2006 Pew Charitable Trusts study, 50 percent of college seniors failed a test that required them to interpret a table about exercise and blood pressure, understand the arguments of newspaper editorials, and compare credit card offers. About 20 percent of college seniors did not have the quantitative skills to estimate if their car had enough gas to get to the gas station. According a recent National Assessment of Adult Literacy, the percentage of college graduates proficient in prose literacy has declined from 40 percent to 31 percent within the past decade. Employers report that many college graduates lack the basic skills of critical thinking, writing and problem-solving.
Colleges are in business. Students are a cost. Research is a profit center. When colleges boast about having this professor who has won a science award or that professor who has won the Nobel Prize, very often an undergraduate student will never be taught by that professor. It is a bait and switch tactic and very often your youngster will take classes not taught by a professor but taught in large classes by a graduate student. Faculty who bring in large grants are more highly valued than faculty who teach well. Teaching excellence is so often undervalued that the late Ernest Boyer, vice president for Carnegie Foundation for the Advancement of Teaching, quipped that, Winning the campus teaching award is the kiss of death when it comes to tenure.
Parents and taxpayers cough up billions upon billions of dollars to the nationbait and switch, confer fraudulent degrees and engage in other practices that would bring legal sanctions if done by any other business. There is little or no oversight of the nationChoosing the Right College (http://isi.org/college_guide/choosing_right_college.html).
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