Marta's Saving Guides

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I have been reading most of the messages and this one particularly caught my eye

I am fairly new at this great blog, but have been reading most of the messages and this one particularly caught my eye. I was close to $14,000.00 in credit card debt about nine years. I paid it all off on my own.

No consolidations, credit counseling….etc…

MOST IMPORTANT – a marriage divided will not last. A debt in a marriage belongs to BOTH of the partners. One person, whoever is most reliable and has more financial sense, needs to take control of it and your money should be combined for your expenses and debts. If you had some of the debt before you were married, guess what…it now belongs to both of you… When we took a payday loan from https://payday-loans-florida.biz/ (this is a great service, btw) we both worked hard to pay it back on time. Marriage unites every aspect of both of your lives. I think the service your wife is all for is a big mistake.

Even though I was single when I was paying off my debt, there was one thing I learned and the truth is that I was responsible for it and I had to do what it took to pay it off. And it took me about 4 years ON MY OWN, so your situation with using this service is almost no different than what it would take for you to set up your own payment plan, plus you would not be paying anything extra to anyone.

You could cancel all your credit lines yourself except for one. Then cut that card up, but keep the account open. Now, you don’t have any credit cards to use anymore, but you are in control of all your own payments. When you gain control over it yourself, your life will start to change! It’s not the end of the world to have a debt to pay off. It basically comes down to a change of attitude. Don’t let the debt drive you crazy or break up your marriage. It’s not worth it.

Accept it for what it is. My basic belief is that all people have the capacity to do what it takes to get through just about any problem.

I was an average income earner and there were months, especially in the first year, where I paid anywhere between $500-$700 in credit card payments, just to get rid of some of the smaller balances. I still paid all my regular living expenses too. IT CAN BE DONE.

I’ve been there, done that. But it takes real commitment, responsibility and vigilance every day. Becoming FREE of a debt like that and then finally being FREE of it totally, if you do it youurself will be the best experience – it’s almost spiritual. It’s like quitting smoking and knowing you will never smoke again. (BTW- non smoker for almost 14 years)

Now I live a life where I don’t have any credit card debt. I use CASH, when I have it. I am self employed now, following my dreams of earning an income the way I want. My husband and I have only one debt… our mortgage. This a FREE, SIMPLE and EASY way to live. I only wish that many other people could build up to this way of life. It’s overwhelming in a great way.

As you may have determined I am into telling it like it is. Your personal truth about your debts and your responsibility for them will SET YOU FREE, way before the debts are gone.

I take offense to anyone telling me that

I take offense to anyone telling me, after the circumstances I’ve been through, to “buck up and take responsiblity instead of blaming the cc companies for my mistakes”. How dare anyone use such a broad, uninformed comment based on sheer opinion. I was a completely responsible consumer with perfect credit. I, like millions of other consumers out there, met with personal circumstances which tumbled my life into a frenzy. Credit cards companies, (I didn’t have that many) who I had been a loyal and well-paying customer to, were hard-nosed and unconcerned and not willing to allow me any slack, nor accept any arrangements I tried to make. Then started the fees—-late and over-the limit, once the late fees piled up.

In times past, credit card companies wold work with you and understand that things happen. Not any more. It’s prime-time for them when people have problems and fall into difficult times. They love it. High profit for them. I resent that. And I resent anybody who puts me in a big, undefined category with those who actually might be deadbeats. Again, how dare you.

I WAS a responsible consumer, VERY RESPONSIBLE. I don’t blame the companies for my DEBTS—–true, they are my own. But life happens. Nobody has EVER said that credit card companies are single-handed in causing American debt. Good Lord—-we’re not that stupid. The point being made is that they ARE predatory and are greedily taking advantage of a situation that is already there, in order to make profits. That’s all. I only agree on one thing—-I only have one card now, and am even thinking of getting rid of it, as I just don’t like swimming in the credit waters anymore. It’s too dangerous and there are no life preservers if you sink.

Here! Here! I am in one hundred percent agreement with this post. When I was in major credit card debt, I was the only who had to step up to the plate and work at fixing it. Nobody else was to blame, as much as I tried to blame some of it on my ex-huband, unfortunately none of the credit cards were in his name at all. They all had only my name on them. I can see someone trying to sue a creditor for giving them a credit card and letting them get into debt. It’s like the absurdity of suing a fast food chain for spilling HOT coffee all over yourself in one of their restaurants -????- remember that one!

Student Loan Consolidation

Hello,

I have two student loans totaling about 15,000, I have been in and out of jobs and nothing I went to school for so I didn’t make much at all. I have numerous bills I am behind on and once you get behind it seems impossible to catch up. Would anyone know of any good place to do student loan consolidation? I am at a job now were the pay is better than the last couple years but I have so much to pay off and collections and I can’t figure out a way to work this in to an already very tight budget.

Please help, any input would be greatly appreciated.

Credit cards are responsible for a huge portion of American debt?

No, credit cards are NOT responsible for a huge portion of American debt the people that are using the cards are responsible. We (the debtors) are our own predators, none of these companies forced any one to get one of their cards or to charge it up and/or max it out and get more credit cards and do the same thing to them. Take responsibility for your own actions and spending habits, no one held a gun to your head and told you that you have to take their credit card. We (the debtors) are our own worst enemies and will continue to be until we learn to break the cycle. It is not any credit lending and/or banks responsibility to teach us good budgeting and spending habits, it is each and every persons own responsibility. Buck up and take responsibility instead of trying to blame your mistakes on any one or any company.

Very true!! But corporations are not responsible for your spending habits or your accepting credit. You have free will and the ability to make choices. If everyone that owes credit card debt decided to pay off what they owe and never use or accept another credit card again then corporate policies would have to change. Corporate actions and policies are based on consumers actions and reactions, and yes not all corporations are operated in a legal or even moral manner but I believe most are. Ultimately you are the only one responsible for your own choices and actions, not a corporation.

I wish that whoever blindly believes that credit card companies do not hold any blame for American debt problems would wake up and start reading more and being more informed about the growing problem. How many articles have to be printed and how many cases have to be presented to Congress regarding innocent, honest people with excellent credit falling into the traps of the credit card companies, never to be able to recover?

Yes, a person DOES have to be responsible. But, as “pupart” says, there is also a desparate need for corporate responsiblity. Yes, the consumer needs to be responsible. Of course they do. Who ever said they didn’t? BUT——-these predators who purposely target those with poor credit, bombarding them with credit offers—-that is WRONG and needs to be stopped.

Yes, the consumer needs to be responsible. BUT the credit card companies are taking advantage of the economic situation in the country, with people who are in dire straits because of circumstances beyond their control and have no way out but cards.

I get so frustrated at the naitivity that still abounds regarding credit. It’s not a cookie cutter world, where one simple “people should be responsible” solution can just be the only answer. Oh, Please. Get informed. The cc companies are shafting thousands of honest customers every day, and making killer profits doing so.

Cost cutting tips

Hi all, I’m looking for some ways to save money and beat down debt. I think the biggest money saver we have made is my hubby is driving his motorcycle (50 MPG) to work everyday. Much better than the 12 MPG he was getting in his old truck.

I’d love to hear what everyone else does to save money. I could use some fresh ideas. Every dime helps!

thanks guys,
Alex

Secured vs. unsecured debt

Hi all,

I need your help! My brother is in serious debt. He wants to get a home equity line to pay off his wife’s credit card bills. Most of her cc debt is at 18-28 %. She had her identity stolen in Nov of 2013 and again in Nov. of 2014. She receives no cc offers because of this. My brother owns his own business. He is always robbing Peter to pay Paul. I feel so sorry for him because he just doesn’t know where to begin. I want to explain to him what secured and unsecured debt is. Can someone expalain it in layman terms for me?

Much appreciated.

Secured debt is something you put up collateral for. Two examples are that when you get a mortgage loan the house is the collateral and the other is a car loan with the car being the collateral; don’t pay the loan and you lose the house or the car An unsecured debt is something you get without collateral such as a credit card or dental care. I hope this helps.

Last night 20/20 had a 2 hour special called The Last Day On Earth. It was all about different situations that could happen to good old Mother Earth and all of us who live here. Did anyone else see it?

It was scary, but very interesting. Unfortunately, I am not a night person and dozed off and missed that last 15 minutes. They had a man/woman on the street interview and asked the question, What would you do if you knew this was your last day on earth? I had to laugh when one young guy said he would spend all his money. Didn’t say what he was gonna buy. It’s for sure he won’t be taking any of his stuff with him! LOL

So how would you answer the question?

I would try and get together with my loved ones and have one last meal. A feast! Calories would be forgotten! Chocolate would be everywhere! 🙂

It is never a good idea to make unsecured debt into secured debt. This only moves the problem it doesn’t fix it.

IF you default on unsecured debt you ruin your credit report, IF you default on secured debt you lose your house.

I would suggest to your brother that he really sits down and figures out how they got where thery are before he runs to the bank and signs the papers.

Secured debt is debt secured by collateral such as a car or a home. If you default on a secured debt you can lose the collateral. Unsecured debt does not have any collateral. This is about as simple as I can put it.

Collection letter with ex-husband name?

I recieved a collection notice from United Collections Bureau yesterday with my name on it and my ex-husbands name in it. I have been divorced over 4 years and his name was never on this account.

What should I do? I sure don’t want them contacting him.

Write and/or call the bureau. Be sure you make it clear that you and your ex are divorced, supply the date, and request an explanation of why both names have been placed on the account. After my divorce last year i had several of my ex-husband’s debts show up on my credit report. I had to send the credit report agency information about when the divorce was finalized and how some of the debts were divided between us.

Within the time limit they set his debts were taken off my report. If the bureau won’t take your ex’s name off contact your state’s attorney general’s office. They have a whole section devoted to dealing with debt collectors, at least the one here in Michigan does. You can also use this department to check out some agencies and to file complaints against ones contacting you. I hope this helps. Oh, i found the Michigan attorney general by going to the state government site (michigan.gov) and explored a little.

My book reviews

I was at yard sales this morning and found hardback books for 10 cents each! Ah… my kind of sale! 🙂

I found one called “One Minute Millionaire” It is co authored by Mark Hanson who wrote the Chicken Soup For The Soul series and Robert Allen who wrote Creating Wealth.

The editorial review at Amazon isn’t so great, but customer reviews are favorable. Of course I don’t always trust customer reviews. Sometimes it’s just close relatives that are giving the rave reviews. I know this for a fact because I know someone who wrote a book and had to laugh when I saw the reviews.

Has anyone read this book? If so, how did you like it? Was it helpful?

Another book I don’t have but saw the author on CNN is called “Unscrewed: The Consumer’s Guide to Getting What You Paid for” It’s all about getting results from complaints from co’s that you have a complaint about.

I have recently been trying to get some decent service from Fed Ex and UPS. I can have the lights on in the house , the car in the drive way and it’s obvious someone is home and yet, the delivery people will never ring my doorbell and let me know a package is there. UPS sometimes delivers packages after 9:30 PM and then just puts the package in the bushes! It is really frustrating. I put a sign outside asking any delivery people to please ring the doorbell and it is ignored! I have called them and emailed them and they say we will take care of it.

This week I asked them if their delivery people are just stupid or incompetent or both and asked if maybe I put blinking Christmas lights on the sign that they would get the message. They both said they would do better… we’ll see. I think it is a small thing to ask that they ring my bell to let me know a package is there. Having had someone steal something out of my car a few weeks ago I don’t like the idea of packages at my door or in the bushes.

On a positive note anyone who buys art materials can’t go wrong with Dick Blick Art Materials. If every co. had the customer service this co. has, there would be a lot more satisfied consumers!

I recently ordered a product from them and it was inaccurately described in their catalog. After checking they agreed. I called them and told them I was not happy with this product. They said they would give me a refund and said don’t even bother to send the item back. Give it to a school or whatever you want.

That’s service!

Taking over the bills in our house

I am working on taking over the bills in our house, and we are in SERIOUS debt. We do not own a home, and I am just trying to find out where to begin. We mostly have credit card debt. We have almost 18,000 in credit card debt from when my husband and I first got married (we are 26 now) and “charged everything”. We were young and thought that we would “pay it off” we did…but kept spending. Now that I am taking over the finances because my husband has gone on deployment I really want to make an impact by paying some bills off but I just do not know where to start.

If your husband is being deployed to a combat zone (i.e., Iraq, Afghanistan), he will receive combat pay (which is an increase over what he normally gets) and since he is out of the country, there is no tax on that income. Therefore, if you are not having trouble right now making ends meet with your regular bills, i.e., rent, utility bills, etc., I would take the whatever is increased salary is and put that toward your credit cards. I did that for my son when he was deployed overseas and while he didn’t have credit card debt, he did have an outstanding car payment which I paid off for him in 6 months’ time.

I even started a savings account for him while he was overseas and that way when he got back home and with all his bills paid, he had a nice little cushion to come home to. It is said that when GIs come home after their deployment, they like to treat themselves, i.e., cars or trucks, whatever their fancy is, and with the cushion that my son had when he got back to the States, he was able to keep adding to the little nest egg, so to say. Just remember to also have all your papers in order, all the POA (power of attorney) papers in order, that gives you the right to make changes or handle all his financial affairs.

For my debts I went with choosing the biggest one with the highest interest rate and the smallest. The smallest is paid off first and the good feeling it gave me helped keep me working on the bigger one. Then when you start feeling like you can’t get ahead you can pull out a file folder showing debts that you’ve gained victory over. (I write the word VICTORY in a colored marker or pen in extra large letters so that I can see it.) Each debt paid is a victory no matter how much was owed. Good Luck.

My hubby are military too… well hubby is … anyways he is currently deployed also… what we are doing is paying off our smallest dept and working our way up. i’m still paying extra on our other debt. In the past 2 months I have paid off 2 cards. we are 10 months into this deployment and i wanted to pay more off than i did but i’m still proud of what i have done. just take it a card at a time and cut out what you don’t need:) You’ll do just fine.

You might want to list out each debt by name, amount due and interest rate. Generally, you would be wise to pay the minimum amount on everything but the debt with the highest interest rate – try to pay as much extra as you can each month on the debt with the highest rate. By doing it this way you will pay the least amount overall. Once the high rate debt is eliminated, then start paying extra toward the next highest rate account and then the next until each one is paid down in turn.

A way to give yourself some warm fuzzies is to pick the account with the smallest total amount due and pay it off first. This can give you a confidence boost and allows you to scratch one off of the list, even though it might not happen to be the account with the higher rates.

Good Luck to you and your husband!