attgig

so, part of the reason i was trying to sell for profit is because i was in debt, and thought I could help myself out....

well, calculating all my debt... I'm about 20k in debt right now (once everything sells from ebay though, I should be somewhere in between 16&17k in debt).

still... really bad.. especially considering that I was not 1cent in debt as of september '02.


calculated what leaves my pocket from my paycheck in simply just tithing and monthly bills....

i have about 900 left in my bank account per month. What I really need to do is refinance to a 30 year loan on my condo, and also not put any money for the rest of the year into my retirement account i have at work.

hopefully...by doing that..I'll be able to pay everything off by around april of next year...finishing it off with next years bonus. no real play money till next year...

man. somebody give me some money!

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Cubsfan

I think the first (and probably most important) step to getting out of debt is figuring out how you got so far in debt, and then dedicating yourself to not letting that happen again.

Some things can't be avoided and won't happen again (school loans, getting laid off, etc...), but you just need to fundamentally change before you can get out of debt (credit card spending, buying lots of toys and so on)

Good luck with your plan!

Joshua

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whitak24

does that debt include loans on your car/house? or is that just credit card debt?

attgig

just credit card debt..


and i got into it mostly because I had a 0% transfer on a credit card, and i thought i would be smart by putting my 10-12k of my second mortgage on it.... figuring i could pay it off by the time the 0% would be done...


well, the 0% is done, and i didn't pay any of it off

cheapie

that's not as bad as what i thought. i thought you had put that much on your cards by buying electronic crap or something.

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ufcrusher

The trick to getting out of debt that I have found is to get a good woman who pays all your bills. j/k



Seriously though, I found that you need to make your credit card payments in the following way......take your minimum payment add on your finance charges for the month and that is your actual minimum payment. This way you are going to actually cut into the actual debt by getting rid of the interest. Not that this is really a secret way to do it, just common sense, but alot of people dont realize this.

Personally, I always end up paying a bit more than that just because I hate credit cards and want them all gone. On top of that, I always feel like I am heavily in debt, but the reality is that I dont actually owe that much with the exception of my student loans and car loans.

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Tag

There are a few options you can take to correct this error.
If you condo has appreciated since your purchase you may now qualify for a large loan > thereby being able to payoff the credit card debt ( proceeds used towards purchasing the fee ? ) or lenders do make 100% loans if certian conditions are met.

Good rule to live by > if you can not pay your credit card bill in FULL when it is due > one should not have incurred the charges.

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