The "What's on your mind?" thread

[slm]

That's a good way to look at it! You're right. Now you have that $100 to spend elsewhere.

[Mike16]

Originally Posted by RustinCohle

Might file for bankruptcy.

Everyone will always say the same things "Don't do that. It'll destroy your credit. You'll never get a house. Just keep chipping away at your debt little by little." but no. It seems so much easier to just file bankruptcy. At least Chapter 7. You get to keep all your stuff and your debt just goes away. It just hurts your credit for a little.

My one friend filed for chapter 7 bankruptcy about four years ago, and they say it stays on your credit and affects you for over seven years, but she was able to get a car loan, mortgage, and a new credit card within three years of filing. So she's already rebuilding her credit.

Seems smarter to do it now and get it out of the way in my 20s and learn my lesson than to keep carrying this debt into my 30s that I'm barely chipping away at.

Haven't decided for sure, but we'll see..

I'm not going to tell you what to do, but I will say think about it very carefully. I've never been deep in debt but my fiancee has had hundreds of thousands, thanks to poor choices when she was younger and of course college loans. I made it a point to see what she could do to expedite the process on paying it off ~5 years ago, and spoke with an friend of mine who I knew from high school who became a rather successful accountant. He flat out told us not to file for bankruptcy, I don't recall the "why" so much right now but he suggested we apply for debt consolidation loans. Long story short, we turned converted $300,000 into a tad over $68000 by doing this, and decided to combine both of our overtime pay checks (we both were working 100+ hour weeks for a little over a year!) and paid off her debt in about 2 years. A lot of hard work but we now live 100% debt free!

[slm]

Paying off $68K in 2 years is phenomenal - that's an amazing feat. Congrats on being debt free.

A debt consolidation loan is a good suggestion... have you looked into that option RustinCohle? Is that a possibility in your situation?

[BizCat]

Dave Ramsey, Rustin.

[RustinCohle]

I’ve looked into other options such as consolidation loans, but I just don’t think it will work. My credit score isn’t good enough to get me a big enough loan or a good enough rate. I also don’t have anyone to co-sign.

My question is why is everyone so against bankruptcy? It’s not permanent. I’m honestly looking for an opinion on why it would be better to say..get a four year consolidation loan vs. bankruptcy now and then already be rebuilding my credit by four years from now?

I’m only asking because I personally have a friend who was able to get a new credit card with a $3,000 limit, a car loan, and a mortgage within three years of filing bankruptcy. My buddy’s parents also filed and we’re able to recover within a couple years and get a new house. A lot of people make it seem like you won’t be able to do anything for ten years, but it doesn’t seem like it’s actually that long..

[BeastCreatureTrapper]

Originally Posted by ecruteak

Lost internet within the final ten seconds of an eBay auction, right when I went to place my final bid. Feel absolutely gutted because of what the item was, how low it sold and how badly I wanted it.

I had this happen last year. I waited for months for a certain item to even show on eBay and I missed bidding on it by like five minutes. I could have had it for cheap, and would have been willing to pay double just to get it.

Yes, it took a whole year until said item in question finally came up for bid again, just recently. I got it this time.

What sells once, will sell again. Someday.

[BeastCreatureTrapper]

Originally Posted by RustinCohle

I’m only asking because I personally have a friend who was able to get a new credit card with a $3,000 limit, a car loan, and a mortgage within three years of filing bankruptcy. My buddy’s parents also filed and we’re able to recover within a couple years and get a new house. A lot of people make it seem like you won’t be able to do anything for ten years, but it doesn’t seem like it’s actually that long..

I never filed for bankruptcy, but I had charge-offs. Even with just those, I couldn't get an unsecured credit card or car loan for seven years. It's like you're a ghost.

Bankruptcy will surely impair your credit at least to that degree.

"Chapter 13 bankruptcy is deleted seven years from the filing date because it requires at least a partial repayment of the debts you owe. Chapter 7 bankruptcy is deleted 10 years from the filing date because none of the debt is repaid."

I would advise you to be wary of consolidation loans and debt management services that aren't NFCC. Many of these loan and debt services are profit-based and will do more harm than good.

CCCS is the only trusted organization of consumer advocates, like Clark Howard.

You can read about NFCC/CCCS here on Clark's page. I've used them and they turned me around. They will work with your creditors and help lower your interest rates, while you pay the cards down. They have a monthly surcharge, but it's usually nominal processing fees (mine was like $5/month) for your payment.

[Mike16]

Originally Posted by BizCat

Dave Ramsey, Rustin.

I can't stand that guy! Not everyone has a rich grandfather to bail them out.

[RodChester]

Originally Posted by RustinCohle

I’ve looked into other options such as consolidation loans, but I just don’t think it will work. My credit score isn’t good enough to get me a big enough loan or a good enough rate. I also don’t have anyone to co-sign.

My question is why is everyone so against bankruptcy? It’s not permanent. I’m honestly looking for an opinion on why it would be better to say..get a four year consolidation loan vs. bankruptcy now and then already be rebuilding my credit by four years from now?

I’m only asking because I personally have a friend who was able to get a new credit card with a $3,000 limit, a car loan, and a mortgage within three years of filing bankruptcy. My buddy’s parents also filed and we’re able to recover within a couple years and get a new house. A lot of people make it seem like you won’t be able to do anything for ten years, but it doesn’t seem like it’s actually that long..

Your friend may have gotten those things but I’m sure the interest rates are outrageous compared to what someone with out a bankruptcy would have gotten. Your friend will end up paying a lot more over the long term now.

[BizCat]

I really would not consider bankruptcy. Obviously we don't know the specifics on your personal situation, but whatever you can do to get some extra cash is the best. Pick up a side job even if you're working full time, and make payments on your smallest bill until it's paid off, and then just apply all that extra money towards your next smallest bill, and so on.

[Member-222782]

I somehow gave Yahoo access to my Gmail account and now I'm getting double notifications every time I get an email from either service, which is super annoying since all I get is junk mail. How can I turn this off?

[RustinCohle]

I'm currently looking into every option. The thing is, the debt I'm trying to get rid of has already been consolidated once, and I'm still barely making any movement on it. So I don't know about getting a consolidation loan on something that is already a consolidation loan from two years ago.

As far as my credit history goes, other than carrying high balances, it's perfect. I've never been late or missed a payment on anything ever. I have paid off two car loans before and I have had maxed out credit cards that I've been able to pay off. Small personal loans as well. I've just recently had more monthly expenses come up that drastically reduce how much I can pay on my debt. I'm able to pay maybe $5-$10 more than the minimum every month, and I know that's not really doing much.

I'm not in a bad place. I don't NEED to file. I have no issues continuing to pay like I have been. It's just that I'm making no progress.

[Xtempo]

Originally Posted by Cinema84

I somehow gave Yahoo access to my Gmail account and now I'm getting double notifications every time I get an email from either service, which is super annoying since all I get is junk mail. How can I turn this off?

I can't figure it out in Gmail unless it's a POP/forward thing. Perhaps yahoo has something about it in their settings. Sorry I can't really be of much help.

[slm]

If your credit history is almost perfect right now, you'd hate to ruin it with bankruptcy. Especially if you want to buy a house or get a loan in the next 7-10 years. Maybe you can sell some things or get a side job, as BizCat suggested. Also, if there are any expenses you can cut back on (eating out, happy hours, shopping, going to the movies, cable etc.), all that is more money you can put towards paying down your balance. I'm sure you've already thought of these things, though. Good luck, it's a big decision.

[y2jman]

well I can now say that I can that I can official go back planet fitness take classes starting tomorrow just not sure get up in mornings, or go afternoon? since no classes at night time thurs and Fridays meh

[Xtempo]

Originally Posted by y2jman

well I can now say that I can that I can official go back planet fitness take classes starting tomorrow just not sure get up in mornings, or go afternoon? since no classes at night time thurs and Fridays meh

Are you a morning person? That might be better to start to the day with energy.

[y2jman]

Originally Posted by Xtempo

Are you a morning person? That might be better to start to the day with energy.

i'm opposite kindof like to stay up all night not morning person

[Xtempo]

Originally Posted by y2jman

i'm opposite kindof like to stay up all night not morning person

I seem to switch sometimes like in College I could stay up all night and now it seems I get up early. Afternoons are always good unless it is really nice outside in which case its really hard to stay indoors.

[Head bugs]

Everyone who took the soy sauce
is either dead or comatose
except for me.
Probably able to adjust. But you
should have figured out by now, Dave,
you don't choose the soy sauce.
The soy sauce chooses you.
If it can't use you,
it kills you.
From what I hear,
it plays with you first.

Apparently the soy sauce chooses you.

[Member-222782]

DHL is so inconsistent. Amazon.de shipped something via DHL today and it's scheduled to arrive tomorrow, yet a package someone shipped to me on Monday is still "processing" at the export facility