Get out of debt brehs

Pegasus Jackson

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Sinking in credit card debt etc. and I know that once the six year limitations come up that the collectors will come suing. Talk me out of not filing for bankruptcy.
 

OfTheCross

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Just paid off my car :wow:

Only debt is my mortgage :wow:

Brehs....I NEVER thought I'd reach this point in my life. I remember overdrafting on purpose just to make sure my bills were covered. Had payday loans just to pay off payday loans, I was doing terrible financially.

I mostly had no financial guidance as a youngin' but to get up out the mud at this point of my life....it's something else mayne :mjcry:

Please teach your kids about this credit game brehs. I hope none of you brehs have to go through what I went through. I wish you all financial success and blessings :mjcry:

how many years you got left til you pay off the mortgage? :lupe:
 

DeuceZ

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Sinking in credit card debt etc. and I know that once the six year limitations come up that the collectors will come suing. Talk me out of not filing for bankruptcy.

My young bul had a similar situation, charged off cc debt taken to court. Told him to see if they'll settle and he got a pretty decent settlement plan. Bktcy should be last option. If able to either pay down debt or settle i would go for that option. Filing bktcy gonna add 7 yrs of negative credit info on your report and will affect employment, trying to obtain credit etc.

I had 35k+ of cc debt 5yrs ago. Down to almost 5k. Gonna take dedication but it's possible. Read through this thread and read how brehs did it, wealth of knowledge in here.

Good luck breh :salute:
 

OfTheCross

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Breh! Hope you're doing well!

Uhh we just got our house last year, so 29 or so more years. I hope to pay it off early though, we'll see :patrice:



:salute:

You got this, breh. Just need to show a little discipline.

Since you JUST got into it. Pay extra towards the Principal NOW and it'll save you YEARS.

If you payment is $1500, it's probably broken up in the following way:

300 to the Principal
700 to Interest
500 for Taxes and Insurance.

If you pay just an additional $300 that's like paying an extra month off.

These early years is where the bank tries to fukk you...
 

winb83

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Owe $4986 on my car and $2518 on credit cards. That's all my debt. Car will be paid off in close to 2 more years. $1000 of that credit card debt is previous purchases on a 0% card and the rest is monthly spend as I buy everything on a credit card. Pay those bills every month.
 

phcitywarrior

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If y’all got any debt on a variable interest rate, now is the time to get aggressive on the payments. Interest rates hikes starting a fee weeks and could likely get more aggressive as the year continues.

Following this system I should be debt free by July.

Me, by the end of the year. Just need some of my stock to vest and I’ll be good. Messed even getting back in debt to begin.
 

OfTheCross

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I know it’s not much but I just paid off my Discover card and my Capital One credit cards both of which have a $500 limit. I owed the full $1,000 on them since January
When you can get a credit card with a higher limit. Once your credit score goes up you can just lie about your income and many places won't verify it.

I say that not so you get into more debt, you seem responsible, but so you have a functional limit in the future. $1000 ain't shyt cause you can't use more than $300 without it making your credit score go down
 

JavariesBrown

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When you can get a credit card with a higher limit. Once your credit score goes up you can just lie about your income and many places won't verify it.

I say that not so you get into more debt, you seem responsible, but so you have a functional limit in the future. $1000 ain't shyt cause you can't use more than $300 without it making your credit score go down
Thanks breh
 

capblk

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Congrats to everyone debt free in here! I got serious about paying off debt in 2018 and made a big dent. Had to lean on my cc in 2020 plus an unplanned car purchase for work. Got used to paying minimum (mistake) and now serious again thanks to this thread.

I hope to join you debt free guys within the next 2 years.
 
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