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Debtors Anonymous?

Discussion in 'Anything goes' started by luckyducky, Jul 20, 2008.

  1. Birdscribe

    Birdscribe Active Member

    A sobering and frightening story about getting in over your head, courtesy of Sunday's NY Times.

    http://www.nytimes.com/2008/07/20/business/20debt.html?em&ex=1216785600&en=b1d6623c5fbc4ded&ei=5087%0A#
     
  2. Simon_Cowbell

    Simon_Cowbell Active Member

    I'm in there with you.

    Part of my issue is that my dad gave me such a great life before I hit the real world .... that I try like to "play up" just to give my kids a semblance of it.

    Not talking about items, per se.

    But re: schooling and summer activities... I stretch.

    So, I am behind the eight ball, with fewer cards to play than I wish I had, but I really feel like I owe it to them.... let me deal with the consequences when they leave the house.

    I will say.... I am seriously thinking about nuking cable.
     
  3. ArnoldBabar

    ArnoldBabar Active Member

    Definitely something to be said for that. Nothing like paying one off to feel like you're making headway. But the financial people always say to start with the highest interest, because it's making your money go a little bit further.

    And Beej, I reiterate what your reading comprehension missed. :) Keep an emergency card but entrust it to someone else. The shame of having to ask for it will keep you from using it on stupid shit.
     
  4. BYH

    BYH Active Member

    I can understand that.

    When my sister and I were growing up, my mom always said she wanted us to enjoy the things she coudln't as a kid growing up on a farm and with only the proverbial pot to piss in. That's why she'd take us to a concert once a year or so and why our folks always took us on a summer vacation, even if it was just to New London for a couple days or to a cottage in New Hampshire for a couple days.

    Of course, we're now living "Allentown," which means you've got to go into debt to give your kids an approximation of what you had. I'm sure the haughtier-than-thou brigade would say you're spoiling your kids, but they're only kids once. They'll have to worry about all this crap sooner than they (or you) want.
     
  5. ArnoldBabar

    ArnoldBabar Active Member

    That's just child abuse, man. They'll get to college and get into some pop culture drinking game, and they won't know any of the answers, and they'll become alcoholics. Do you want that on your conscience?
     
  6. Simon_Cowbell

    Simon_Cowbell Active Member

    Conscience?

    If it has the word science in it, I have a hard time relating.... :)
     
  7. Simon_Cowbell

    Simon_Cowbell Active Member

    That's my POV, financially crazy as it may be.
     
  8. BYH

    BYH Active Member

    I can picture the Cowbells after the cable is gone.

    "Kids! Shut up! I'm listening to the Marlins get screwed by baseball's financial system again!"

    :D :D :D
     
  9. Mystery_Meat

    Mystery_Meat Guest

    Not that I ever should be considered a beacon of financial sanity, but fuck it. I only live once, my credit rating isn't carrying with me into the afterlife and I'm not close to maxed out on cards (though I carry much more debt than I probably should). If I ever got to the point where my cards were maxed out, I'd probably just cash in my chips. Milked out of my life what I could, oh well, that's that. No worries.

    I do not recommend this as a financial plan. Really it only works for me, once my mom passes away, which I'm hoping won't be for many years.
     
  10. Simon_Cowbell

    Simon_Cowbell Active Member

    Spectacular!!!!
     
  11. Cadet

    Cadet Guest

    One thing, and I'm not sure if it's been mentioned, but once you've determined how much per month you should pay toward your bills, don't let go of that amount as you get that paid off.

    If you have three credit cards and pay each one $100 a month, once you get Card A paid off, start paying Card B $200 a month until that one is paid off and so forth. You won't miss the money and as you get stuff paid off, you can reduce debt faster.

    And the last debt to tackle should be student loan debt. It's likely that's the debt with the lowest interest rate, and it's meant to be paid off over a long period.
     
  12. buckweaver

    buckweaver Active Member

    Excellent advice.

    And, if you're doing well with that amount ... once you pay off all your cards, start putting that same amount toward a savings account.
     
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