Call me irresponsible - Page 2

amber · #16 09-12-2005, 03:07 PM

Try to get a boyfriend who will pay for a bunch of your stuff.

Hope that was helpful.

P.S. - I'm declaring bankruptcy this month, and I have less than $5000, or maybe a tiny bit more than $5000, in debt. Don't feel bad.

realcowgirl · #17 09-12-2005, 03:28 PM

Quote:

Originally Posted by reebokandlace

I am sorry to hear you are in debt.

My recommendation to anyone who is in debt, if it is credit card debt, is to file bankruptcy before October 17, 2005.

I have to disagree here. Both my parents, and boyfriend have gone through bankruptsies, thinking it was the only way out. It is something that will stay with you for years. It stays on your credit for something like 10 years, and after that, no matter how well you are doing, it will haunt you. My b/f went through it 8 years ago. It doesn't matter that he ...does well for himself... he still has trouble getting credit, for everything, loans, credit cards. Just last month we bought a couch and chair for our new apartment, it was one of those finance with no interest for 16 month deals - he could have payed cash with half a weeks paycheck, but he hadn't gotten the check yet, so we were going to do the finance thing -they wouldn't do it, because 8 years ago there was a bankruptcy. (also, the few credit card offers one does receive after something like that generally come with astronomical apr's)

It seems like a quick fix - I even considered it. And there are instances where it may well be the best move. But it generally doesn't fix the root of the problem. And if you don't fix the problem (maybe a better job is needed, to allow one to afford bills, maybe a reevaluation of spending habits is in order, etc) then you'll just wind up in the same place again. And if that happens, it's may no longer be an option - I believe you're only allowed to file bankruptcy once approx. every 10 years.

Anyway, I don't claim to be an expert here, and I'm definately not trying
to argue or discredit Rebokandlace's point. I just feel very strongly about this, and had to throw my 2 cents in.

JazmenFlowers · #18 09-12-2005, 03:35 PM

Quote:

Originally Posted by realcowgirl

I have to disagree here. Both my parents, and boyfriend have gone through bankruptsies, thinking it was the only way out. It is something that will stay with you for years. It stays on your credit for something like 10 years, and after that, no matter how well you are doing, it will haunt you. My b/f went through it 8 years ago. It doesn't matter that he ...does well for himself... he still has trouble getting credit, for everything, loans, credit cards. Just last month we bought a couch and chair for our new apartment, it was one of those finance with no interest for 16 month deals - he could have payed cash with half a weeks paycheck, but he hadn't gotten the check yet, so we were going to do the finance thing -they wouldn't do it, because 8 years ago there was a bankruptcy. (also, the few credit card offers one does receive after something like that generally come with astronomical apr's)

It seems like a quick fix - I even considered it. And there are instances where it may well be the best move. But it generally doesn't fix the root of the problem. And if you don't fix the problem (maybe a better job is needed, to allow one to afford bills, maybe a reevaluation of spending habits is in order, etc) then you'll just wind up in the same place again. And if that happens, it's may no longer be an option - I believe you're only allowed to file bankruptcy once approx. every 10 years.

Anyway, I don't claim to be an expert here, and I'm definately not trying
to argue or discredit Rebokandlace's point. I just feel very strongly about this, and had to throw my 2 cents in.

I agree with you on this one. I would just say to look very closely at it and weigh all other options...to me, this is a last resort. I too have seen it stick with people for years to come...they need a new car and can afford it, but can't get one because of the bankruptcy...

sparky · #19 09-12-2005, 03:58 PM

The best way to get out from under credit card debt is to keep transferring the balance to 0% cards. The offers are in the mail and the newspaper coupon section all the time. I did that and it really helped. I still have some credit card debt to get rid of, but that interest is a KILLER. You never make any headway at all.

Unless I encountered disability, financial collapse due to being sued, or some kind of natural disaster, I could never file for bankruptcy. I find it ethically questionable. I know people who filed for medical bankruptcy because of insurance discrepancies or medical catastrophes, and I think that is different. I am glad the laws on it are changing. Just because I was financially irresponsible, I should not be able to just walk away from my debts. Mafia interest rates or not. My decisions, my responsibilities.

JazmenFlowers · #20 09-12-2005, 04:16 PM

Quote:

Originally Posted by sparky

The best way to get out from under credit card debt is to keep transferring the balance to 0% cards. The offers are in the mail and the newspaper coupon section all the time. I did that and it really helped. I still have some credit card debt to get rid of, but that interest is a KILLER. You never make any headway at all.

Unless I encountered disability, financial collapse due to being sued, or some kind of natural disaster, I could never file for bankruptcy. I find it ethically questionable. I know people who filed for medical bankruptcy because of insurance discrepancies or medical catastrophes, and I think that is different. I am glad the laws on it are changing. Just because I was financially irresponsible, I should not be able to just walk away from my debts. Mafia interest rates or not. My decisions, my responsibilities.

I have 2 friends that do that...they are self-described credit card whores. I've always wondered how that is reflected on your credit, if at all. Does it bring your score down?

realcowgirl · #21 09-12-2005, 04:34 PM

Quote:

Originally Posted by sparky

The best way to get out from under credit card debt is to keep transferring the balance to 0% cards.

I've done that a few times, and it helps. No finance charge at 0 % is a lot better than a $140 finance charge at 24%.

Quote:

Originally Posted by sparky

Unless I encountered disability, financial collapse due to being sued, or some kind of natural disaster, I could never file for bankruptcy.

Exactly.

sparky · #22 09-12-2005, 06:11 PM

Quote:

Originally Posted by JazmenFlowers

I have 2 friends that do that...they are self-described credit card whores. I've always wondered how that is reflected on your credit, if at all. Does it bring your score down?

No, not as I understand it. The way my mortgage broker described it to me was this - they used to dock you for the ABILITY to amass unsecured debt. That is, if you have limits of say, 50k on your credit cards and have a 7k balance, you can go out and rack up 43k in debt at the drop of a hat. That would make you a risk. Evidently, these days you only get docked if your balances are over a certain percentage of your available credit. I think it is 50%. Otherwise, I don't think it matters. He told me not to close the accounts I had paid off, because that looks bad too. Okay. They are all open. It also helps to have the ability to go out and get tens of thousands with cash advances if you can't get at money quickly any other way. That particular interest rate is HORRENDOUS ! But it could come in handy at something like an auction.

reebokandlace · #23 09-12-2005, 07:04 PM

Quote:

Originally Posted by realcowgirl

I have to disagree here. Both my parents, and boyfriend have gone through bankruptsies, thinking it was the only way out. It is something that will stay with you for years. It stays on your credit for something like 10 years, and after that, no matter how well you are doing, it will haunt you. My b/f went through it 8 years ago. It doesn't matter that he ...does well for himself... he still has trouble getting credit, for everything, loans, credit cards. Just last month we bought a couch and chair for our new apartment, it was one of those finance with no interest for 16 month deals - he could have payed cash with half a weeks paycheck, but he hadn't gotten the check yet, so we were going to do the finance thing -they wouldn't do it, because 8 years ago there was a bankruptcy. (also, the few credit card offers one does receive after something like that generally come with astronomical apr's)

It seems like a quick fix - I even considered it. And there are instances where it may well be the best move. But it generally doesn't fix the root of the problem. And if you don't fix the problem (maybe a better job is needed, to allow one to afford bills, maybe a reevaluation of spending habits is in order, etc) then you'll just wind up in the same place again. And if that happens, it's may no longer be an option - I believe you're only allowed to file bankruptcy once approx. every 10 years.

Anyway, I don't claim to be an expert here, and I'm definately not trying
to argue or discredit Rebokandlace's point. I just feel very strongly about this, and had to throw my 2 cents in.

You can file every 7 years. My best friend is a bankruptcy attorney--easiest most laid back job you could imagine---have your legal secretary fill out 26 pages, show up in court for one hour make $800-1500. Easy money. Poor little fools who think they need an attorney. Again, unless you own a house or owe IRS, then you should have an attorney.

The only people who have trouble with credit afterward are people who spent periods of time NOT paying their bills or paying them late before they file bankruptcy. This kills their credit score before the bankruptcy. Did you know one late payment on one bill knocks 20 points off your credit score instantly? If you keep your minimum payments current until the day you file your credit score will not go down. After filing bankruptcy you score drops 100 points. Not bad! When I said your credit is shot I meant that if you carry high balances you are considered a credit risk no matter what your score is. They will not give you more credit until you pay it off. Better to have no debt and a good credit score with a bankruptcy on your credit file than MAXED out cards, and no bankruptcy.

You can get unsecured credit cards, car loans and mortgages. JUST MAKE SURE YOU MAKE YOUR PAYMENTS BEFORE YOU FILE!!!

As far as your b/f goes, someone needs to look into his credit report. There may be something on there that he is not aware of. What you are describing sounds much more serious than a bankruptcy. He is entitled once a year to get all theree agencies reports for free. He needs to order them and make sure that all accounts were closed and listed as "closed due to bankrutcy" on his report. If something is still revolving deliquent it may be dragging him down. Or there may be something VERY SERIOUS on his report that he is not aware of. If there is something on there, he needs to hire an attorney to take care of it. There is NO REASON that after 8 years he is still having trouble. Even if he blew off his bills for a few months before filing, 12 months after the bankruptcy he should have been fine. Most people get credit cards within 3-6 months, unsecured. NEVER sign up for a secured Visa or the banks will label you a "sucker" and never offer you an unsecured one. If you decline the secured ones they start sending unsecured with two months. It's the GAME. Just got to know how to play it. Now if he blew something off for 2 years before filing then yeah, he is screwed for 10 years after filing. Period.

PS-- bankruptcy has been around since biblical times. It is even in the Bible that "a man should be cleared of his debts every seven years". Which many say is why the court uses "7 years" as a gage for how often you can file.

Don't feel bad, don't feel guilty or ashamed--- be relieved of your debt and be debt free! Having no debt is much less stressful and life is much more enjoyable when the money you earn is all your own!

reebokandlace · #24 09-12-2005, 07:13 PM

Quote:

Originally Posted by amber

Try to get a boyfriend who will pay for a bunch of your stuff.

Hope that was helpful.

P.S. - I'm declaring bankruptcy this month, and I have less than $5000, or maybe a tiny bit more than $5000, in debt. Don't feel bad.

Good for you Amber! You are gonna feel a lot better when you get that monkey off your back! (You probably already feel better knowing you are filing!) Congrats and enjoy your extra money every month!

**mylittledemon** · #25 09-12-2005, 07:16 PM

Boy David is really into "sharing" stories. It wouldn't surprise me if he ****s out a book about all of us in a few years.

David, I know it's tough...but you just have to buckle down and pay the damn debts off. I am 26 now and from the time I was 21 to 24, I ignored three of my credit cards. They got to be over $2,000 each and I was way in over my head compared to what I was making. I just had to not do anything for a year and pay them off. No going out, no spending extra money...it was maddening. BUT...the feeling of not having that debt over my head was worth it.

amber · #26 09-12-2005, 07:22 PM

Quote:

Originally Posted by reebokandlace

Good for you Amber! You are gonna feel a lot better when you get that monkey off your back! (You probably already feel better knowing you are filing!) Congrats and enjoy your extra money every month!

Thanks, but I don't have any extra money every month, which is why I'm doing that.

DavidMn · #27 09-12-2005, 08:18 PM

Quote:

Originally Posted by mylittledemon

Boy David is really into "sharing" stories. It wouldn't surprise me if he ****s out a book about all of us in a few years.

David, I know it's tough...but you just have to buckle down and pay the damn debts off. I am 26 now and from the time I was 21 to 24, I ignored three of my credit cards. They got to be over $2,000 each and I was way in over my head compared to what I was making. I just had to not do anything for a year and pay them off. No going out, no spending extra money...it was maddening. BUT...the feeling of not having that debt over my head was worth it.

Wow, not a bad idea. thats how I'll make money!!!