Getting Out of Debt....

Scarlett · Dec 11, 2003

It seems like every time the holidays lurk around the corner i think about $$$$.

To sum up my problem: I am deep in debt.
It's stressing me so bad that i can't sleep at night and i resort to watching Jerry Springer (gack!!) in the late hours.
A couple of years ago i took out a line of credit to consolidate my growing debt (back then) and was on the road to financial recovery...

but then...

The idiot part of me that is also a shopaholic racked up the already paid-off credit cards and i'm still paying off my line of credit...yea, i know...i'm kicking myself....hard!

IS anyone out there in the same boat?? If so, some insight would be nice and helpful.
I surely can't be the only one in the red...am i?

EDIT: oh...and some advice on how to start getting out the red would be good.

pr0nstar · Dec 11, 2003

Tell your friends and family you can't afford to get them gifts and don't expect anything in return.

Also, cut up your credit cards, you're obviously not responsible enough to have both

Make yourself a budget and force yourself to pay off both ASAP.

pr0nstar

Scarlett · Dec 11, 2003

Originally posted by pr0nstar
Tell your friends and family you can't afford to get them gifts and don't expect anything in return.

Also, cut up your credit cards, you're obviously not responsible enough to have both

Make yourself a budget and force yourself to pay off both ASAP.

pr0nstar

i should add that i have three cards...heehee

man...am i in trouble...

the_fornicator · Dec 11, 2003

Originally posted by pr0nstar
Tell your friends and family you can't afford to get them gifts and don't expect anything in return.

Also, cut up your credit cards, you're obviously not responsible enough to have both

Make yourself a budget and force yourself to pay off both ASAP.

pr0nstar

what he said.

make a budget and stick to it. you gotta work for what you want and it ain't gonna be easy. expect hard times to come.

K_la · Dec 11, 2003

I am on the same boat...

before I ever got a credit card I had 8000 in investments.

Now I have 3500 debt on visa and 7000 on master card. And its not like I needed to buy the things I did...

I know I have a spending problem

pr0nstar · Dec 11, 2003

Also if you're not disciplined enough.

Go to a bank, see if you can take out a loan and consolidate everything, they'll probably make you pay off the credit cards and cancel them in this situation.

And then you'll be force to pay monthly payments.

pr0nstar

pr0nstar · Dec 11, 2003

Originally posted by Scarlett
i should add that i have three cards...heehee

man...am i in trouble...

Doesn't matter how many cards you have.
Just get them all consolidated...
I was sick of paying student loans and OSAP and credit cards.

So I went to the bank and paid off everything and I pay almost a grand a year for another 2 years and then I'm debt free.

pr0nstar

Bumbaclat · Dec 11, 2003

Originally posted by Scarlett
IS anyone out there in the same boat??

yes but killed a bunch of my debt recently and working on more.

Originally posted by Scarlett
It's stressing me so bad that i can't sleep at night

start doing cardio. It helps with stress and will help you sleep better. If you sleep better you feel better. If you feel better you'll be able to better focus on your problems.

Originally posted by Scarlett
EDIT: oh...and some advice on how to start getting out the red would be good.

stop going out. Even "a few beer chill out evening" can take $60 from you. A binge can go $300. it adds up.

Bumbaclat

pr0nstar · Dec 11, 2003

Re: Re: Getting Out of Debt....

Originally posted by Bumbaclat
stop going out. Even "a few beer chill out evening" can take $60 from you. A binge can go $300. it adds up.

Bumbaclat

So true, I would go out and spend $50-100 in a night no problem and that's without even really drinking...

Cover, Parking, 3 drinks in a typical downtown location and you're looking at ~$60 as you said ...

pr0nstar

Bumbaclat · Dec 11, 2003

oh yea... and try and get extra hours at work. It's not even so much the extra cash on your paycheque, it also keeps you away from places where you can spend your paycheque.

Bumbaclat

Liquidity · Dec 11, 2003

from drphil.com:

You don't solve money problems with money. You also don't solve emotional problems with money. Look at what your real problem is. Going shopping is not going to solve it.

Is your position, "I want what I want when I want it?" And do you not care if you can afford it? You are putting your life in financial ruin — do you realize that?

Ask yourself hard questions about what you're spending now. Get real, and don't live a fantasy. Get educated on your bills and your finances. Know where your money is going, read your bills, and make informed decisions.

Just as you need to behave with integrity in life, you need to have integrity when it comes to financial issues. Set financial goals and take pride in being responsible.

litespeed · Dec 11, 2003

cancel your cards.

drop everything into a term loan.

make your payments.

IgStar · Dec 11, 2003

Originally posted by ev
cancel your cards.

drop everything into a term loan.

make your payments.

yes

yes

yes

seriously, get rid of the cards. BURN THEM, CUT THEM, THROW THEM INTO THE PITS OF FIERY HELL.
consolidate and make the payments. and I'd get on that ASAP.

Scarlett · Dec 11, 2003

Yes...i will. Thanks!

Seriously, this situation has given me acid reflux...and
believe me, it's not pleasant.

I just hate talking to someone at the bank cuz i have an inferiority complex when it comes to my finances. I know, i know...they're not there to judge...i have to get over it...

Well, i get off early from work tomorrow (yay Friday) i'm gonna have to swallow my pride and mosey on over to my bank.

Bumbaclat · Dec 11, 2003

Originally posted by Scarlett
I just hate talking to someone at the bank cuz i have an inferiority complex when it comes to my finances. I know, i know...they're not there to judge...i have to get over it...

If you are with TD Canada Trust then maybe Livingroompornstar will help you..... but I warn you.. he just lives to judge.

Bumbaclat

Bumbaclat · Dec 11, 2003

Originally posted by Scarlett
Seriously, this situation has given me acid reflux...and
believe me, it's not pleasant.

yea, it was debt, amongst several other major issues, that I developed some pretty bad stomach problems. It is way better now but I still throw up once a week because of it. it's disgusting.

Bumbaclat <-- doesn't know why he shared that

Scarlett · Dec 11, 2003

Originally posted by Bumbaclat
If you are with TD Canada Trust then maybe Livingroompornstar will help you..... but I warn you.. he just lives to judge.

Bumbaclat

yea...i have an account with TD.
uh oh

Bumbaclat · Dec 11, 2003

Originally posted by Scarlett
yea...i have an account with TD.
uh oh

so send him a PM, Dan is good shit.

I may be presumptious but I know he has offered many people his assistance before, myself included.

Lurker · Dec 11, 2003

same boat

see the "things I wish I'd never sold thread" and add 10000 in credit card/line of credit debt to those two cars

Take it one day at a time. You'll get there and end up better off because you'll learn how to stretch your money a bit further while still being able to have fun

15 months to go! Whoo!

Paul

IgStar · Dec 11, 2003

I've heard nothing but good things about him!

Good Luck...don't worry. You are aware of the problem, you want to take the steps...now you just have to stay strong and put in into action.

sacrifice will be inevitable, but you gotta take care of this shit.

<--has seen her parents goe through hell..horror stories I care not to share, but trust me when I say you wanna get a handle on this sooner than later.

litespeed · Dec 11, 2003

banks will drop your credit card debts into a term loan no prob... just have to ask them to. sounds like consolidating would be better for you though seeing as you have cards from several diff banks.

aether · Dec 11, 2003

I know this girl who can't control herself with a credit card, so she sticks it in a yogourt container, POURS WATER ON IT, and then freezes it. (seriously)

It becomes such a pain in the ass to use it / thaw it / extract it, that you'll really only use it for emergencies.

Bumbaclat · Dec 11, 2003

Originally posted by aether
I know this girl who can't control herself with a credit card, so she sticks it in a yogourt container, POURS WATER ON IT, and then freezes it. (seriously)

It becomes such a pain in the ass to use it / thaw it / extract it, that you'll really only use it for emergencies.

brilliant!

Skipper · Dec 11, 2003

The credit card in ice thing works well, until you know the credit card number off by heart and start shopping on the internet.

Everyone's suggestions are totally valid. But one question, people - when you say "cut up your cards" - does that mean, cancel them, or just cut them up so you can't carry them around in your wallet and use them in stores? Because if you can manage having a credit card, you should keep it just for the sake of maintaining credit.

When I graduated from university, I turned over a new leaf with my personal finances. I'm improving my habits, after spending thousands of excess available student credit on FUCK ALL. If you want to be and live like an adult, you can't spend like a teenager. Consolidate, commit to payments, and then spend the rest as you choose.

Working OT is also a good idea.

I love tribe personal finance threads, it gives me much consolation to know I'm not the only one who has fucked up and is trying to fix it.

IgStar · Dec 11, 2003

Originally posted by Skipper

Working OT is also a good idea.

good point! I *luckily* too work for a company that pretty much has it available, you just gotta tell them.

kissed many a weekend goodbye, but fuck it had to be done.

Getting Out of Debt....

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