Anonymous
09/03/2012 20:57
Subject: Well that's it, walking away from debt
Companies / corporations do this all the time. "Restructuring" to get debt discharged and /or to secure better deals than the ones they contracted for originally. So, don't feel bad about it. There is no reason there should be a double standard for Wall Street.
Learn from it. Make better choices next time. Move on.
Learn from it. Make better choices next time. Move on.
Anonymous
09/03/2012 18:57
Subject: Re:Well that's it, walking away from debt
Anonymous wrote:I totally agree that your family needs more income and that every penny of that income needs to pay off credit card bills, starting with the highest interest rate one.
If that means you need to take a part time job and your DH needs to take a part time job, this is what you have to do. If you have to take in a renter, so be it. I'd say working an odd hour shift at a grocery store or a drug store chain is not a bad idea as one PP suggested or a retail weekend job? If one of you has a skill (proofreading, babysitting, painting walls), start using it. Don't flinch and don't put it off. Consider it time when you can't be spending money and that you're giving yourself the gift of freedom from debt.
I am a single mom and to pay for medical bills my son and I cat sat. Oh g*d, I dragged that poor child into so many homes and apartments to take care of so many strangers' cats. Holidays like Christmas involved hauling him to 3 or 4 places to feed, scoop, etc. But you know what, I paid the medical bills and after many grueling years and horrendous holiday weekends, I don't think he even really remembers?
So that is just my way to say: you can do it. It's very hard, but you're buying something very precious.
PP, you're awesome. I just had to say that you should be very proud of yourself. I know it's really hard to pay off debt. I've done it myself, but that was pre-kids and I think easier than what you accomplished. And I must say that you really set a great example for your son, whether he remembers or not. Bravo!
Anonymous
09/03/2012 18:22
Subject: Re:Well that's it, walking away from debt
Anonymous wrote:With regard to your credit card debt, that is killer. You have a mortgage loan so you could get a home equity loan to pay off that cc debt. That's the main thing-getting rid of your cc debt. And see if you qualify to refinance even though you're under water. There are programs for that, check into it to see if you qualify.
http://www.bankrate.com/finance/refinance/refinance-options-when-you-re-underwater-1.aspx
It doesn't sound to me like you've done all your due diligence before considering bankruptcy. That should be your last option. It will impact your credit score and your spouse's for 6-7 years. That's a long time and will cause you to have to pay more to borrow money. Not a great long term option in my view if there's a way to avoid it.
OMG!
Don't roll cc debt into your house!
Good Lord you want shelter.
don't pay cc they mess with ur credit score
can't pay mortgage And home equity loan they take your house.
Read Dave Ramsey and Clark Howard.
Anonymous
09/03/2012 17:12
Subject: Re:Well that's it, walking away from debt
Post the laundry ad here - am interested too!
Anonymous
09/02/2012 21:44
Subject: Well that's it, walking away from debt
Anonymous wrote:I've read those services are usually a scam. I think it was consumer reports where I read it? Maybe Dave Ramsey? I don't remember where, but maybe check the dave ramsey and susan what's-her-name websites for some help first?Anonymous wrote:actually i havent tried consumer credit counseling. maybe they can help
Nice try it's not a service. Research before you open your yap. Consumer credit counseling service is nonprofit trust me you will know it. I think it is funded by the credit card companies as a punishment for some usury practices. You still have to pay your debts with CCCs. Its just more
Realistic because they negotiate the fees away. E.g the credit companies realize the jig is up and if they are getting a dime this is the only way.
I still think bankruptcy is the way to go and if I didn't think it could impact my job I'd be filing myself.
Anonymous
09/02/2012 21:19
Subject: Re:Well that's it, walking away from debt
Anonymous wrote:Anonymous wrote:Anonymous wrote:I had an idea for making a little money that I didn't end up needing. Others with disposable income can tell me if it's realistic...
Be a laundress. Go to people's homes to do their laundry; charge something like $20 a load to wash, dry, hang and fold. I read here all the time that laundry is many people's most hated chore, and there are lots of families on this board who have the income to oursource it. I bet you could do two evenings a week or two jobs a weekend, maybe $80 a pop. It's not much when compared to what most of our financial responsibilities, but every little bit helps. I thought it would be sort of restful. I like folding laundry. Would anyone here want such a service, if provided by a fellow area parent needing money?
Great idea! Go for it. I could use it, but I do not have $20 left-over to pay for such a service, but I know there are folks out there who do.
This is actually a great idea- I would pay for this.
Second - fantastic idea.
I probably live too far out for it to be worthwhile to OP but gosh... post an ad locally and I bet there's a demand for it. I would pay to have laundry done.
Anonymous
09/02/2012 21:01
Subject: Re:Well that's it, walking away from debt
Anonymous wrote:Anonymous wrote:I had an idea for making a little money that I didn't end up needing. Others with disposable income can tell me if it's realistic...
Be a laundress. Go to people's homes to do their laundry; charge something like $20 a load to wash, dry, hang and fold. I read here all the time that laundry is many people's most hated chore, and there are lots of families on this board who have the income to oursource it. I bet you could do two evenings a week or two jobs a weekend, maybe $80 a pop. It's not much when compared to what most of our financial responsibilities, but every little bit helps. I thought it would be sort of restful. I like folding laundry. Would anyone here want such a service, if provided by a fellow area parent needing money?
Great idea! Go for it. I could use it, but I do not have $20 left-over to pay for such a service, but I know there are folks out there who do.
This is actually a great idea- I would pay for this.
Anonymous
09/02/2012 20:16
Subject: Re:Well that's it, walking away from debt
Anonymous wrote:I had an idea for making a little money that I didn't end up needing. Others with disposable income can tell me if it's realistic...
Be a laundress. Go to people's homes to do their laundry; charge something like $20 a load to wash, dry, hang and fold. I read here all the time that laundry is many people's most hated chore, and there are lots of families on this board who have the income to oursource it. I bet you could do two evenings a week or two jobs a weekend, maybe $80 a pop. It's not much when compared to what most of our financial responsibilities, but every little bit helps. I thought it would be sort of restful. I like folding laundry. Would anyone here want such a service, if provided by a fellow area parent needing money?
Great idea! Go for it. I could use it, but I do not have $20 left-over to pay for such a service, but I know there are folks out there who do.
Anonymous
09/02/2012 20:15
Subject: Re:Well that's it, walking away from debt
Anonymous wrote:I totally agree that your family needs more income and that every penny of that income needs to pay off credit card bills, starting with the highest interest rate one.
If that means you need to take a part time job and your DH needs to take a part time job, this is what you have to do. If you have to take in a renter, so be it. I'd say working an odd hour shift at a grocery store or a drug store chain is not a bad idea as one PP suggested or a retail weekend job? If one of you has a skill (proofreading, babysitting, painting walls), start using it. Don't flinch and don't put it off. Consider it time when you can't be spending money and that you're giving yourself the gift of freedom from debt.
I am a single mom and to pay for medical bills my son and I cat sat. Oh g*d, I dragged that poor child into so many homes and apartments to take care of so many strangers' cats. Holidays like Christmas involved hauling him to 3 or 4 places to feed, scoop, etc. But you know what, I paid the medical bills and after many grueling years and horrendous holiday weekends, I don't think he even really remembers?
So that is just my way to say: you can do it. It's very hard, but you're buying something very precious.
You sound like a great person! Your son is lucky to have you as his mom.
Anonymous
09/02/2012 19:58
Subject: Re:Well that's it, walking away from debt
Anonymous wrote:Anonymous wrote:Anonymous wrote:With regard to your credit card debt, that is killer. You have a mortgage loan so you could get a home equity loan to pay off that cc debt. That's the main thing-getting rid of your cc debt. And see if you qualify to refinance even though you're under water. There are programs for that, check into it to see if you qualify.
http://www.bankrate.com/finance/refinance/refinance-options-when-you-re-underwater-1.aspx
It doesn't sound to me like you've done all your due diligence before considering bankruptcy. That should be your last option. It will impact your credit score and your spouse's for 6-7 years. That's a long time and will cause you to have to pay more to borrow money. Not a great long term option in my view if there's a way to avoid it.
Don't you need equity in your home to get a home equity loan?
Never get a home equity loan to pay off credit card debt. The reasons are multifold:
1) You're trading unsecured debt for secured debt. Don't put your house at risk, especially if you might run up those CCs again.
2) Cost you closing costs, etc. to get a Home Equity Loan. Run you near $1,000.
3) The interest on the home equity line isn't tax-deductible if your pay off CC with it.
Agree - DO NOT CONVERT UNSECURED DEBT TO DEBT SECURED BY YOUR HOME
Anonymous
09/02/2012 16:26
Subject: Re:Well that's it, walking away from debt
I had an idea for making a little money that I didn't end up needing. Others with disposable income can tell me if it's realistic...
Be a laundress. Go to people's homes to do their laundry; charge something like $20 a load to wash, dry, hang and fold. I read here all the time that laundry is many people's most hated chore, and there are lots of families on this board who have the income to oursource it. I bet you could do two evenings a week or two jobs a weekend, maybe $80 a pop. It's not much when compared to what most of our financial responsibilities, but every little bit helps. I thought it would be sort of restful. I like folding laundry. Would anyone here want such a service, if provided by a fellow area parent needing money?
Be a laundress. Go to people's homes to do their laundry; charge something like $20 a load to wash, dry, hang and fold. I read here all the time that laundry is many people's most hated chore, and there are lots of families on this board who have the income to oursource it. I bet you could do two evenings a week or two jobs a weekend, maybe $80 a pop. It's not much when compared to what most of our financial responsibilities, but every little bit helps. I thought it would be sort of restful. I like folding laundry. Would anyone here want such a service, if provided by a fellow area parent needing money?
Anonymous
09/02/2012 16:23
Subject: Well that's it, walking away from debt
Since you have another job and kids, I think if you get a second job it has to be more flexible.
I worked in a grocery store in college, and they weren't always so flexible. They need people to work holidays (like Thanksgiving, Christmas eve, etc.) and that is hard when you have small kids. If you are the newest employee, you get the worst shifts, etc.
My store was union--maybe ones that aren't union are not as strict--but the store was REQUIRED to give us 20 hrs. per week--even if we didn't want that many on our schedule...and other "rules" like that that are meant to protect workers who are trying to make a living off of it, but are really just a PITA for people who are using the grocery store job as a 2nd job to pick up extra cash, or are students that need a more flexible/lighter schedule, etc.
I know it's not the greatest, but have you looked into doing something more like "sign twirling"? I've seen ads for it on Craigslist.
I worked in a grocery store in college, and they weren't always so flexible. They need people to work holidays (like Thanksgiving, Christmas eve, etc.) and that is hard when you have small kids. If you are the newest employee, you get the worst shifts, etc.
My store was union--maybe ones that aren't union are not as strict--but the store was REQUIRED to give us 20 hrs. per week--even if we didn't want that many on our schedule...and other "rules" like that that are meant to protect workers who are trying to make a living off of it, but are really just a PITA for people who are using the grocery store job as a 2nd job to pick up extra cash, or are students that need a more flexible/lighter schedule, etc.
I know it's not the greatest, but have you looked into doing something more like "sign twirling"? I've seen ads for it on Craigslist.
Anonymous
09/02/2012 16:07
Subject: Well that's it, walking away from debt
Bankruptcy exists for just this reason. Consider it. When I was a kid my parents had to file for bankruptcy. It allows us to keep the house and gave my father the relief he needed to get spending under control. From my point of view as a 9 year old, we went from getting a lot of mail (bills) to almost none. It took time for him to rebuild his credit, but he did it.
Anonymous
09/02/2012 15:57
Subject: Well that's it, walking away from debt
For student loans call the lender and ask for a forbearance. You still accrue interest, but you can usually get them to approve a year of no payments if you have a financial hardship (which you obviously do). A forbearance is a much better choice than just not paying. It was a huge help for me a few years ago. It gave me breathing room to pay off other things.
I hope things work out for you, OP.
I hope things work out for you, OP.
Anonymous
09/02/2012 15:50
Subject: Re:Well that's it, walking away from debt
I totally agree that your family needs more income and that every penny of that income needs to pay off credit card bills, starting with the highest interest rate one.
If that means you need to take a part time job and your DH needs to take a part time job, this is what you have to do. If you have to take in a renter, so be it. I'd say working an odd hour shift at a grocery store or a drug store chain is not a bad idea as one PP suggested or a retail weekend job? If one of you has a skill (proofreading, babysitting, painting walls), start using it. Don't flinch and don't put it off. Consider it time when you can't be spending money and that you're giving yourself the gift of freedom from debt.
I am a single mom and to pay for medical bills my son and I cat sat. Oh g*d, I dragged that poor child into so many homes and apartments to take care of so many strangers' cats. Holidays like Christmas involved hauling him to 3 or 4 places to feed, scoop, etc. But you know what, I paid the medical bills and after many grueling years and horrendous holiday weekends, I don't think he even really remembers?
So that is just my way to say: you can do it. It's very hard, but you're buying something very precious.
If that means you need to take a part time job and your DH needs to take a part time job, this is what you have to do. If you have to take in a renter, so be it. I'd say working an odd hour shift at a grocery store or a drug store chain is not a bad idea as one PP suggested or a retail weekend job? If one of you has a skill (proofreading, babysitting, painting walls), start using it. Don't flinch and don't put it off. Consider it time when you can't be spending money and that you're giving yourself the gift of freedom from debt.
I am a single mom and to pay for medical bills my son and I cat sat. Oh g*d, I dragged that poor child into so many homes and apartments to take care of so many strangers' cats. Holidays like Christmas involved hauling him to 3 or 4 places to feed, scoop, etc. But you know what, I paid the medical bills and after many grueling years and horrendous holiday weekends, I don't think he even really remembers?
So that is just my way to say: you can do it. It's very hard, but you're buying something very precious.