Get out of debt brehs

[phcitywarrior]

what about secure credit cards,should i get one to help with my credit or pay off little loans as i can?

The easiest way to repair your credit is to pay off your loans. No point adding fuel to the fire.

The only time I'd say it'd make sense to take out another loan is if you want to centralize all your debts.

E.g.

You owe $8,000 in total. $2,500 on CC, $1,500 on a car note, $1,000 on home repairs, $2,500 on student loans and then $500 on car repairs. It might make sense to get a personal loan of $8,000 to pay off your previous debts so that one, you get a lower interest rate on the $8,000 loan and two, you consolidate your payments to one single party.

One thing that helped me get debt free was the fact that I had debt with just a few parties. When people owe in like 6 or 7 different places it can feel discouraging.

 

[I AM WE ARE]

its medical bills and student loans

 

[Rawtid]

its medical bills and student loans

Settle the medical bills if you can. If you’re paying them, tell them you won’t be able to soon and you’re looking to file bankruptcy or just make up a lie. If you haven’t been paying, even better. They will settle them.

Student loans are harder. If your interest rate is high or you have multiple, you can try to refinance and consolidate. I know Navy Federal and other credit unions allow that. You could also get a personal loan or transfer using a cash advance, higher interest but this makes the debt bankruptable.

 

[Loose]

My company pays for smart dollar for free so it's cool I get to see the videos and shyt for free anyway I'm on step 2 these student loans and cc hopefully will be paid off within the next 2 years.

 

[RisingSon]

Been debt free since the end of the summer, and just got some harmful stuff removed from my reports.

My score is still trash but nice to know there aren't any real obstacles in the way anymore.

 

[Atlrocafella]

Working on getting myself Debt Free. I got $1200 left on this personal loan that will be paid in full by April, which will save me $250/mo going forward. Then I’m going to aggressively attack these student loans for which I have $7500 left to pay.

then it’s the big task of clearing these CC’s , that’s going to be a battle.

 

[Yinny]

I’m debt free again save for about 500 or so in ccs (current spending), but I’m grateful. Much of what I had in the 15k I owed previously wasn’t my debt but I let a fam member get an authorized card. Never again. Hopefully they will pay me back but at least I’m straight with my creditors.

 

[NeilCartwright]

what about secure credit cards,should i get one to help with my credit or pay off little loans as i can?

I’d recommend a secured loan. With a secured card you may get $300 on a revolving line of credit. If you get a secured loan you can put up $1000 of your own money.

The 1000 weighs more than the 300 and once you pay off the loan you will get the $1000 Back.

 

[GoFlipAPack]

Any of yall have the quicksilver one or venture 1 credit card from Capital 1?

They're offering me one but idk if it's a good idea.

 

[Silkk]

Any of yall have the quicksilver one or venture 1 credit card from Capital 1?

They're offering me one but idk if it's a good idea.

Yeah, I got a quicksilver one. Started off at 300, at 600 now. Think its like 1.5% cash back, Its cool

 

[phcitywarrior]

End of the year is always a tough one for me as far expenses are concerned. Not gonna go into the red though.

 

[Rawtid]

Next year is looking good. I've forecast my budget out until March and tried to account for everything I could. I paid a lot of people back and things down so I can really see what I'm working with this upcoming year. My goal is to save $10k and looking at the numbers I SHOULD be able to do it, and that's even after allotting small amounts for home repair and car maintenance. Even if I don't hit the $10k mark, I want to work really hard on being consistent with saving...putting the money up and leaving it there. I opened a CD and that's been working really well so far, but only because I can't withdraw

I have the holidays budgeted for and unless something major happens... I'm talking $1k or more in cost, I should be good to go. Student loan payments are going to kick in around Septemberish and I've accounted for that, but the goal is to be making a higher salary and use the additional income pay them off in about 2 years. The one good thing about my student loans (to me), is that each 8 week semester has it's own loan that I can save for in about 5-6 months.

 

[Apollo Creed]

Next year is looking good. I've forecast my budget out until March and tried to account for everything I could. I paid a lot of people back and things down so I can really see what I'm working with this upcoming year. My goal is to save $10k and looking at the numbers I SHOULD be able to do it, and that's even after allotting small amounts for home repair and car maintenance. Even if I don't hit the $10k mark, I want to work really hard on being consistent with saving...putting the money up and leaving it there. I opened a CD and that's been working really well so far, but only because I can't withdraw

I have the holidays budgeted for and unless something major happens... I'm talking $1k or more in cost, I should be good to go. Student loan payments are going to kick in around Septemberish and I've accounted for that, but the goal is to be making a higher salary and use the additional income pay them off in about 2 years. The one good thing about my student loans (to me), is that each 8 week semester has it's own loan that I can save for in about 5-6 months.

create a separate account and direct deposit funds into it and never log into that account lol. I have 2 accounts that I auto deposit from my pay check set funds. One of the accounts I dip in once a year for vacations. The other is for emergencies.

 

[Rawtid]

create a separate account and direct deposit funds into it and never log into that account lol. I have 2 accounts that I auto deposit from my pay check set funds. One of the accounts I dip in once a year for vacations. The other is for emergencies.

That’s the plan for the year coming up. I had to rebuild this year and life just wasn’t stable enough...a lot of expected and unexpected one time expenses. Then 20% of my income is going to bankruptcy, so working within the 80% was something I focused on this year too. I think I have a good plan for the new year, just a matter of execution.

 

[phcitywarrior]

Wait, why did @Rawtid get banned? She was a cool poster in this forum.

Anyway, it's really easy to get indebted in this country. Very easy for 2k to become 3k and then get into 10k. Debt is a tool but it's also a thief of future earnings.

Hopefully after I get back from vacation I can get 4-5 months of little to know spending. I'll save up cash for a little car then grow the rest of my rainy day and SS-Africa funds.