Interest rates, Saving plan

I am finally able to save some money

This imperfect sucker is going to be 60 years old this year. I am finally able to save some money. Who knows where social security will be?

After plodding along for over a decade paying ,and paying ,and paying the last straw came when my business went downhill and I was three months behind with Citibank. All that was left of the debt was interest and fees. They sold it to a debt buyer who intimidated me and added their own interst, yet kept me in the dark about that. Almost $2000 later I find out the debt I thought I was paying was only getting larger!

I thought interest was only to be charged on money borrowed. I didn’t borrow any from these crooks at that agency! If debt buyers are legally allowed to charge interest, it should ONLY be allowed for the amount they purchased the debt for which usually amounts to pennies on the dollar.

It’s no wonder the debt buying business is growing by leaps and bounds and several agencies have gone public. There is alot to be made in America by taking advantage of those who can least afford it. Especially those who are sacred. Also it’s useful to know that cash advance loans also pull you credit report, but sometimes getting a loan can even rise your fico score and therefore help you even more! We live in Utah and in case of urgent need of cash we use this Utah payday loans website.

Some of you can go ahead and judge all you want. Until you have walked in someones elses shoes.. you just don’t know!

Maybe some of the anger aimed at those who have filed bankruptcy should be directed at the many predators in this country who drive a person to default. And even more anger directed at the so called leaders in the US Congress who allow these predators to thrive. All because they need and accept huge sums of money for these ridiculously high priced campaigns.

Bankruptcy, Debt collectors, Saving plan

The bill collectors have to get paid

Some people obviously think no matter what, the bill collectors have to get paid. One of the books my bankruptcy lawyer gave me to read said that certain things ALWAYS come before the damn bill collector.

Those few things include rent, utilities, car payment & insurance, student loan(s), medications and other things that are considered more important than adding to the bill collectors’ commission.

I believe under certain circumstances such as your roommates, there should be some slack to allow for one to get back on their feet (if at all possible). Not everyone can live up to Arts idea of perfection when it comes to finances. After all, this is an imperfect world, which is why bankruptcy was invented – for the rest of us imperfect suckers.

Also, you can become a vegetarian — that’ll cut the grocery bill in half!

I think that some people file bankruptcy just because they feel CORNERED and ATTACKED by the creditors. They may truly want to repay their debts and be responsible, but then as they are doing what they can to repay the debts, the money is not getting there soon enough in large enough amounts for the creditors and collection agencies who call, write, etc. constantly, so in the end, the person just files to make it all stop!!!!

I can understand that.

The video below explains your rights against debt collection agencies:

I have not filed bankruptcy myself, but I can see how a person would be led to do so. I love that those same creditors went out of their way to get the new laws changed to make it tougher to file, more expensive to file, more restrictive to file. These same companies hate to “work with you” to repay the debts.

Yes, you charged whatever, but if you fall onto a state of having $200 a month to live on and feed your kids and nobody will help you with any kind of assistance because “you make too much money” and you have to decide RIGHT NOW – feed your kids, pay the mortgage or the credit card bills???? Easy choice?

I can see bk looking like a real viable option. It happens.

Getting a second job at night after my full-time job would not work. I would spend all of the money on paying the nighttime babysitter to watch my kids. That would defeat the purpose. I stopped using the cards, so that helps. At least there will not be any new debts.

Bankruptcy, Graduation

Bankruptcy isn’t discussed here very often

Bankruptcy isn’t discussed here very often, but I am glad that it was.

Almost everyone I have corresponded with online who has gone thru BK say the same thing you do.. that they wish they had filed sooner. Amazing how these predators don’t even wait til one has their discharge papers before they start stuffing the mailboxes full of offers for credit.

Some of them are just dreadful with fee after fee. I guess they are hoping some people are desperate. Of course one of Capital Ones Vice President said the “newly bankrupt are itching to get their mitts on plastic and would swallow high interest to get it. Ha! Capital One is itching to get THEIR mitts on everyone’s money. They are not in my wallet! None of them are. I don’t trust them.

I was listening to a financial expert on the radio yesterday. She talked about credit cards. Then she reads what sounds like a laundry list of all the dirty tricks that may trap a person. Somethings just not right about the whole thing!

After reading the various posts I realize there are situations for which BK is a reasonable or the only option for some people. And I imagine that he was just referring to a list of famous people in the veign of saying, “Don’t worry if you have to file for BK, these people have done soo too.” No harm done.

You say Tom, that I don’t offer any advice. Well if I may offer some advice, here it goes. I hope you see this as constructive advice. You’re welcome to delete the email as well. I’ve only been on this list a few months and I recall correctly, you are bitter because you completed advanced education in a degree that at the moment has not yielded a satisfactory and well-earning job in the field.

In my opinion, being angry about it and angry with the school, its management, and the professors, is not going to make you happier. I believe you have expressed that the school did false advertising by implying that your future financial success was guaranteed. Well, it may be that you’re living in a city where the field you studied is crowded and competitive. You could look at moving to another city where there is more demand for people in your field. It could be that the industry is in a lull.

If you love what you studied, you can still work in it part time -even on a volunteer basis for a limited amount of hours a week – to get the experience that you can put on your resume, while working in another job. You can also work in related fields until your field gets better, if the economy is diminishing the demand for the field you studied.

I studied a field related to design and construction and graduated when the economy was bad. I moved to a part of the country where the bottom fell out of the real estate field and was forced to figure out how do redefine my career. I worked in another field, and after seven years, my field stabilized and actually needed the new skills I acquired in the other industry I which I worked. I have since been working in my field. Not everyone lands in a job in their field right out of school. Schools that offer internship programs before a person graduates increase the chances of students getting a job. My school did not have such a program.

I myself experienced times years ago when I was behind in credit card payments. Some credit cards where very aggressive in collections. It made me more resolved to succeed in my chosen field of study.

Just my two cents worth.

Bankruptcy

Bankruptcy isn’t called “protection” for nothing!

Bankruptcy isn’t called “protection” for nothing!

Have you ever noticed on a newscast if they annouce a big co has filed bankruptcy? They always say “Delta Airlines filed for BANKRUPTCY PROTECTION today”.

Can you imagine some CEO sitting at his desk crying and beating himself / herself up as a “terrible” person because they are in the hole !

Do they start eating a diet of beans and rice to save the business? Do they hold a yard sale and start selling on ebay? Do they go out and deliver pizzas?
Hey, I don’t think so!!!

They look at the numbers and do what they have to do to protect their business and that is exactly what people need to do. Protect themselves and their family and consider filing bankruptcy if they can’t pay off debt in a timely manner.

That’s really a bummer the way you were treated. I can’t say I am surprised though.
I don’t think you are the only one.

According to a book I just got called Maxed Out, one the the biggest supporters of the new bankruptcy law , James Sensenbrenner guesstimates the percentage of those who file fraudulently is around 5 to 10 percent. Not a lot.

The day Bush signed the bill into law former Senator Bill Frisk, with a straight face, gets on TV and says, the bankruptcy bill was passed so people would be responsible. How about old Bill telling his buddies in the CC business to be more responsible? This from a Dr. who grew up in a family of doctors and surely knows many people who have had to file because of unforeseen medical costs.

Oh well, what can one expect from a Dr. who would make a diagnosis on a patient from viewing a video!

I’d rather take care of myself and necessities prior to taking care of the big bank corporations. Being “responsible” and “paying what you owe” goes out the window when you are in several mode. Besides, folk, bankruptcy is there for us to use when times get tough!!! Why not use it?!?!

I’m new to the blog, and I guess I thought it would be a group with great ideas for saving money and such.

As for the bankruptcy conversation….. I filed about 3 yrs ago, best thing I ever did. What a relief! ugh! the creditors calling, all that stress, I’d do it again in a minute if I had to do it all over again….. only I’d do it much sooner. What is amazing is that after only one year, the same credit card companies were already sending me offers for credit cards in the mail. They think that now that you are debt free, they want to be first on the list to be the card in your wallet. I do have a credit card. But I pay it off every month. I will never have to file bankruptcy again, I’ve learned so much since then.

But I have no regrets. Shoot, I’d still be paying those guys the minimum amount and still getting calls about those who never got their money…..how depressing. And no one can make me feel guilty, I did what was best. And as far as credit being ruined, with all the offers we still get, you’d never know our credit was ruined!

Debt collectors

Credit companies write/off your debt plus interest in 180 days

Just to let you know the credit companies write/off your debt plus interest in 180 days. thats i believe thats the law. if they dont get a payment. then they sell to a collector.

this stays on your credit report for seven years and then it has to come off. but if the collection agency can get you to pay even 10.00 the seven years starts over again. just alittle info.

My mantra (keeping it as clean as possible) these days is “To hell with the bill collectors!” As I’ve mentioned a number of times, despite my writing to these crooks, they continue to harass me regarding my mother’s debts even though she died four months ago.

Cuss at them on the phone, hang up when a recording tells you to wait, hang up when you hear silence after answering the phone, ask them who they are. These folks calling are nothing but a bunch of illiterate morons who can’t get a job doing anything else. I’d rather try and sleep at night and live with myself knowing I’m doing the best I can for my fellow man rather than contributing to the pockets of the millionaire and billionaire stockholders of Citibank, Visa, Mastercard, the gas companies, etc.

A loud whistle (or air horn) blasted into the phone might do some good as well.

The difference between running up debt and other issues is that gay men are not calling you up screaming at you to stop being gay; overweight people are not calling other overweight people screaming to lose weight; etc.

What is immoral (in my opinion) is the constant haranguing, empty threats, phone calls and other tactics that people use to try to get you to pay a debt you may be willing to pay but circumstances prevent you. I’d love to pay off all my debts.

However, in my loyalty to work for one company, the owner would lay us off a few days at a time rather than hire a salesperson to bring in more business. While the school I work at now is getting hundreds of millions of dollars in donations, it does not appear in our paychecks. The abusive debt collectors should be harassing our employers to have them pay us more money than bothering those of us who would be happy to relieve our debt but only have so much to go around.

By the way, I don’t see you sharing any helpful advice. You’re just proselytizing. How many children do you have to feed? And others’ “helpful” advice involves getting paid six figures or a nice inheritance. Anyone want to include me in their will it is o.k. by me.

Bankruptcy, Saving plan

Just a little personal note here

Just a little personal note here…. Several years ago I was looking at in the ball park of $30,000 in debt (credit cards, personal loans, medical bills,etc) because of no one’s fault but my own. I built of the bills and lived a very free spending life style. Well then I lost my job and was suddenly without any way of making my minimums or paying anything else.

I tried very hard to, I went and talked to a lawyer about bankruptcy and was going to file for it, just to get a clean start and turn my life around (I was only 24). Well unfortunately my father suddenly passed away and I came into enough money to pay off all my debts, and I did. I called each creditor explained that I could pay them off, got current balances, did check by phones and mailed checks.

What ever they wanted just to get it done. And I felt good about it. I didn’t cheat anyone, I paid what I owed. And now 9 years later I wish that I had filed bankruptcy. I got a call 2 weeks ago from a creditor that I had paid off then wanting me to pay the bill again. Thankfully I have all my documentation still. It is ridiculous. I went through a divorce a few years back and all that stuff was still listed on my credit report I had a horrible time finding anyone to refinance my house because of it.

And it was PAID OFF. I am not trying to persuade anyone to file bankruptcy because I do think too many people use it as an easy way out, but paying off creditors that have charged off your accounts or that have been bought & sold by credit collection agencies doesn’t always make things right either.

I forget the other members name (the one who espouses being responsible, etc.) but some people would rather see everyone pay all credit bills & to heck with your being able to have a roof over your head, food in your stomach, much needed medicine to keep you from having a seizure so you can drive to work to get your paycheck. Sorry, but I pay what I can as I go along. My main concerns are rent, medicine & car payment & insurance. And then everything else falls into place after those!!

I’m sorry about the loss of your father at such a young age, but it did give you what was supposed to be a fresh start. When my dad died, (we shared this house) I was plummeted to only SSI to live on.

OK, things are better, but I did look into bankruptcy. I do not see it as an easy way out, but sheesh… If things happen and you can’t help it… What if you father died leaving you NOTHING? What then?

Your point about keeping all documentation and it coming in handy NINE years later is well taken 🙂 I have all my bumph as well.

Have a good day 🙂