Reply to How to get out of debt!

Forum Index » Money and Finances

Reply to "How to get out of debt!"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]Op, your kids had no business taking out loans.
I was an international student who paid twice what the locals paid for college. I also wasn't allowed to work, but I still did. 
My own kid is going to community college and work at the same time. Debt is no joke. Not knowing how to manage it and not having any money for retirement at your age is worse than not having a college degree. 
I never made more than $30k, but I'm financially free and semi-retired in my mid 40s. That's the power of knowing how to deal with money. I'm passing the knowledge down to my kids. They know how to buy and sell stocks, how credit works and what a Roth account is.
By the way, those debt consolidation companies are not there to help you.
I work only 15 hours a week making $22 an hour. It's time to slow down nearing late 40s. My manager, who makes $65k+, just asked if I could lend them money to pay their mortgage. It just hit me how bad people are at managing  money.
After your bankruptcy, what's going to change? You will be back in the same situation in 5 years flat. Can you go back in time in your head and figure out what changes you should have made way before it got out of hand. I moved in with my sister for example and rented out my condo in 2009. Had I not done something so drastic, I'd be in debt up to my eyeballs. Selling the condo or getting a roommate were the other options.
You got to have a plan after your bankruptcy. I wouldn't file it, but seems like it is preferred  here. I'd sell the car, rent a room somewhere near work, and worked 60 hours a week as long as it takes to pay everything off.
[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics