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Tyler Durden

Debt, etc....

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Alright.

So, I wont bore any of you with the details.... but I ran into some problems recently and had to charge a grip of stuff to my credit cards.

Now I'm being crushed under trying to pay this shit off.

I have about 7 grand worth of debt right now, between 3 cards, so I'm trying to take care of this shit before it gets more out of control.

 

Has anyone used debt consolodation stuff before? How did it work out for you? They basically pay off your debt and then close all your cards, correct?

I would like to keep the cards I have open, just pay them all off in one shot and have one monthly bill to worry about. So is there any possible way I could get a loan and use that for the bills, keep my cards open, and pay off the loan each month?

 

I've already read into this stuff via Google, so I'm really looking to hear some first hand experiences and whatnot.

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well, the lens owes...

 

$431 on a cell phone bill

$135 to AT&T

$795 to the ambulance

$1662 to the hospital

 

my advice....start cutting costs on the uneccessaries

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debt consolidation can just be abother way to keep you in debt forever.

i know someone who did not do too well with this, he is still paying off the consolidation loan years later.

 

my best friend absolutely had to do it, she was missing some monthly payments just to make others.

 

i have heard before, that if you can make your monthly payments, do it, do not consolidate, do not get a loan and do not charge anything else, cut up the cards if you have to.. apparently that is the best way (fast and good because you aren't paying someone else to give you a loan to pay off a different debt with it's own interest already accumulated)

 

when i paid my 6K debt off, i was just maintaining it for about 2 years at 6K until i could finaly get a second job, then i sent them about a grand a month or more if i could afford it and it was gone very quickly

 

my friend will probably be in debt for the next 4-6 years paying off her consolidation loan only

the real bad part for her is that she is continuing to use one of her cards for shit like food..she needs to get more money.

 

we have had tons of money management threads, maybe you should look a couple up

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sell rocks mayne.....

 

 

or try to get a new card with a 0% interest for the first 12 months thinger with a high limit and pay off errythang with that... and then make those payments... once its all payed kill that card if the rate gets high....

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A debt consolidation loan ...or credit counseling service looks the same on your credit report as a bankruptcy !!!! DON'T DO IT !!!!!!

 

If you can manage to stay afloat and slowly reduce the debt do that. Fuck, build your credit by getting new cards that have a 0% APR for a limited term on transfers, move your debt around on a few cards ... picking up new ones and not using them for anything other than transfers.

 

One of the bigger aspects of your credit score is your debt to credit ratio ... So by getting new cards and moving your existing balances to them you are expanding your total credit ...and if you can get one with the 0% APR you are not adding to the total debt. Thereby growing your credit score while paying off your current debt.

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my advice....start cutting costs on the uneccessaries

 

Trust me, it's to the point where I'm barely eating. There's not much more I can cut.

 

 

 

And Symbols,

Yeah I've always had a feeling that debt consolidation is just another scam for the most part.

I had a friend who used it and claims he had a fairly good experience with it.

But still....

I'm probably looking at a second job still. And I havent been using my cards....

I'm going to continue to look into a possible bank loan from my bank and try to at least pay off one lump of a bill with the money from the second job I guess.

I looked through some older threads also and didnt really find the exact answers I'm looking for.

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here's my deal:

 

I owed a lot of money to 2 credit cards.

I talked to my bank about opening a line of credit (because my RSP is with them)

and they gave me a 15k line of credit. My rent comes out of the Line of Credit and

I put a ton of money into paying it down, but it never seems to go down fast enough.

 

 

In essence I did what the debt loan people do, but with my bank so it wont fuck with my credit.

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A debt consolidation loan ...or credit counseling service looks the same on your credit report as a bankruptcy !!!! DON'T DO IT !!!!!!

 

If you can manage to stay afloat and slowly reduce the debt do that. Fuck, build your credit by getting new cards that have a 0% APR for a limited term on transfers, move your debt around on a few cards ... picking up new ones and not using them for anything other than transfers.

 

One of the bigger aspects of your credit score is your debt to credit ratio ... So by getting new cards and moving your existing balances to them you are expanding your total credit ...and if you can get one with the 0% APR you are not adding to the total debt. Thereby growing your credit score while paying off your current debt.

 

This does sound like another viable option but I'm really fighting the urge to even open anymore cards. But I totally get what you're saying.

I'm really just trying to consolidate everything as much as possible, if I have one number to focus on and throw money at it feels like I'm accomplishing alot more, stupid as that may sound....

 

 

here's my deal:

 

I owed a lot of money to 2 credit cards.

I talked to my bank about opening a line of credit (because my RSP is with them)

and they gave me a 15k line of credit. My rent comes out of the Line of Credit and

I put a ton of money into paying it down, but it never seems to go down fast enough.

 

 

In essence I did what the debt loan people do, but with my bank so it wont fuck with my credit.

 

This sounds exactly like what I'm looking to do.

Did you have to have any sort of collateral/down payment/ etc. to open this?

Because thats where I could run into a problem....

 

Still, that sounds alot like what I'm looking to do.

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if you have a bank account and have used it often enough then the bank

will probably be open to giving you a line of credit. Figure that they want

to make the money off of you instead of some other lending company.

 

Go talk to the bank, and bring all the paper work that says you're employed and making some money.

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i did a consolidatin program, but it wasn't a loan... they negotiated with my creditors, got the payments lowered, and I payed off my debt in a year. I'm done, finally....

 

But you have to do your homework; The consolidation people I went through are goverment funded and the amount of money you give them each month all goes towards your bills, not to them, like some companies.

 

So yea. It could work if you get the right people.

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Trust me, it's to the point where I'm barely eating. There's not much more I can cut.

 

 

Ha ha, i have cut down on food costs by stealing food from the company fridge.

I go to clubs/bars without cover charges, do my laundry at friends houses, bulk food, etc....

 

 

it sucks but hey, it working!

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hmmmm,,,, ive heard that consolidating is bad because its like almost going under and filing bankruptcy, but not quite as bad....

 

the other big problem with that is that they do make you close those accounts, and focus on just that one bill i believe...

 

which sucks because if you run into another hard time, and have to use a credit card, i dont think you'll have that option....

 

im 13k in debt right now, just crazy spending habits that im trying to get under control... i live way beyond my means, but i cant help it, i just want a lot of shit and try to get it by any means necassary.

 

i realise my mistake now but its been hard to get it paid off... cuz shit keeps coming up...

 

i plan on getting a part time job, or just working a lot hard at my current job.

 

that and possibly cutting some of the bonus's in life, such as cable tv, cell phones, etc, getting rid of that bullshit for awhile....

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I got rid of my cell phone and I found that it's not too hard living without the goddamn thing

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I got 3100$ for the motobike $500 on regular credit $500 on guitar center card...

 

wow I better start payin shit off...

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8000 for a car

and uh...

 

oh everything else is paid off.

 

but im about to buy another computer which will give me a nice chunk of 3k or so to pay off.

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How do you people get in to so much debt? If I don't have the money, I don't buy it. Then I save up so that I can eventually afford it. You all must have jobs, even if you're working for pennies you can still get by. Maybe it's just because my parents told me their credit card horror stories when I was young, but I just don't get people that spend spend spend knowing full well they can't afford it.

 

Of course if any of you are in debt becasue of school and student loans and all that shit, then this is not directed towards you...

 

Why did I even write this?

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you can save all your life and die at any day, then what, you didnt do shit in your life for fun or leizure, and you died with a savings account.

 

last time i checked you dont need money in heaven, if there even is one

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i'm in a similar situation with my credit cards...i've just stopped paying all together. they have already been sent to collection, so there's not much i can do except pay them off. which, i can't do now, so i do nothing.

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....I go to clubs/bars without cover charges...

 

you talk about cutting costs, and then post this?

going to clubs/bars and getting drunk seems like something that should be cut out first if you're THAT hard up

get your priorities straight, you're pretty much 30 aren't you ?

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you can save all your life and die at any day, then what, you didnt do shit in your life for fun or leizure, and you died with a savings account.

 

last time i checked you dont need money in heaven, if there even is one

 

this is brilliant, coming from somebody who's what, 23? 24? years old and 13K in debt.

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