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Adam~ | In debt and looking to get out the right way. Please help with personal advice.? |
Total Debt: $37,163
Interest Rates: 8%-25%
Total Credit Cards: 6 (2 are Care Credit Cards)
Car Loans: 2 (probably getting rid of 1)
We're really serious about this. I've been listening Dave Ramsey and Larry Winget. I'm tired of the chains and bonds that come with debt and it taking up pretty much all income!
A couple of things:
1) What are your opinions on debt-consolidation programs? Pros and Cons?
2) For those of you that have "bargained" with your debtors? How do you suggest the conversation go, what do you bring up and ask for? Can you bargain on not only interest rates, but also debt balance?
3) What are the biggest improvements and changes you made to free up extra cash (coffee & dining out, etc) ... Did you buy at Costcos or Kroger? Did that make a difference?
4) I know that as Americans, we are "spoiled" with entertainment, but I think it is good to experience it every now and then, obviously not as much, but in your experiences what are the cheapest and best ways to do this?
I know this is a lot, but trust me, your answers are very much appreciated!
Additional Details
biller29, the $37k amount is the total amount without the $7,700 that I owe on the car I'll probably get rid of.
Lauren, great advice on the daily payment. I never thought of that.
Thanks a lot so far guys! |
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mldjay
 |
I love Dave Ramsey. We have been on his plan for about 3 years and it has helped us more than we ever dreamed.
First, read his book The Total Money Makeover and start there.
Debt-consolidation programs are a complete rip off and you can do it yourself. Plus it doesn't change your behavior. Many also look like a bankruptcy on your credit report. If you are done using credit you don't want to ding it further by using a debt consolidation program. Follow a written budget and that will be your own consolidation program.
Also, do what Ramsey says, go with smallest debt amount first, not interest rate. That psychological boost when you pay something off is what will keep you going.
Bargaining with debtors- they will only barter when you are behind, if you aren't behind they won't barter. They barter because they figure you are noncollectable and so something is better than nothing. This will hurt your credit but better than not paying anything. Also, don't get behind just so you can barter- not worth the stress!! You can barter the interest rate and the amount. If you aren't behind you may be able to still negotiate a lower interest rate. Since you have some large interest rates, you may want to consider an unsecured loan from your credit loan just so you can pay off more on principle. But you have to watch out for the loan fees, etc to see if it is worth it. Dave says only do this if you are positive you are changing your behavior and you are getting totally ripped off.
Biggest changes- a budget, every single month. Some months we have 5 friday's some we had 4. Some months we have health insurance taken out, some we don't. Some months we pay car insurance, some we don't, etc. Next, we reduced eating out. We still do but we keep it to a MINIMUM!!! We will ask family for gift cards to resturants so we can have date night every so often. I also shop sale ads. Depending on who has what I need on sale is where I shop. My husband is a hunter so we have meat and that is a huge expense we don't have to shop for. Watch Costco/Sam's club, some things are bargins, some aren't. Sometimes you can get a better deal with coupons and a sale. If we want a coffee or coke during the day, then it comes out of our blow money (see Dave's book). Debit card is only used for gas (because of kids, I am not unbuckling them to go and pay), we pay bills through the credit union on our free bill pay and we write checks for daycare/preschool and then we withdraw the cash- ONCE PER WEEK (pay period).
Entertainment: We rent movies, we have free digital cable for a year which came with HBO, when that is done then we will get rid of it, we go for walks, we watch for coupons to go to the zoo, we also have a free musuem in our area. As for movies, it is a special treat for us and we dont' take the kids...can't sit still and not worth the price for them to be squirley.
Good luck! You can do it! |
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biller29
 |
$37k isn't too bad depending on your income and you should be able to start making a dent in it quickly. If you can get rid of one of those cars, you will make a big dent right off the bat.
Debt-Consolidation is a rip-off. Most of the companies tend to take a fee for themselves and they usually don't do anything except give you a single payment. I've never bargained with creditors so can't really give advice on that.
I personally think that just doing a budget is a good way to free up extra cash. Most people would be surprised how much money they spend on things they don't even need to.
Entertainment is still important once in a while. Rent DVDs, go to the cheap theater if your city offers one. If you are doing a budget, remember to include a little entertainment money.
Good luck. |
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SmartA$$
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I love Dave Ramsay and I think you're on the right track.
1. I would never use one for a few reasons. First of all they usually charge you a fee and rip you off. All they do is turn several payments into one payment. They collect your money and distribute it to the different companies. If they do actually consolidate your debt with a new loan, you have the disadvantage that your payment is fixed so you can't free up extra income by paying off just one of the debts.
2. I've never negotiated a loan, but here's my 2 cents. Start with your credit cards. If you have any cards that have lots of back penalties like interest, late fees, etc, try to bargain but I don't know where you will get. Research new credit cards and find out what they offer for introductory rates on balance transfers. Then call your credit card companies one by one and threaten to transfer the balance to a different card if they don't beet the interest rate you could get elsewhere. It won't reduce your debt, but less interest means more of your payment goes to principle and you pay it off faster.
3. Biggest improvement I made was getting a written budget. Now I can do things like spend money on clothes or shoes that I need without feeling guilty about what I'm doing to my financial goals. Plus, a written budget helps identify all forms of wasteful spending, which includes your daily coffee and everything else you blow money on. I've also found that using coupons for groceries adds up fast. My wife gets coupons everywhere she can get them (including online) and saves them in envelopes. Then, we wait until items are on sale and combine the sale price with the coupon to get big discounts.
4. Entertainment is fine, as long as its not breaking your budget. I like the idea of renting movies $5 per movie for the whole family instead of $10 per person. Look for cheap recreation and free options like a bike ride at the park.
My advice for you is to start by looking at your cars. If you can, sell them and get rid of the car loans. This instantly reduces debt and frees up room in your budget to pay off the credit cards. Even if you can't eliminate the loans, you could reduce your debt by downgrading. If you sold a $20k car and paid off a $20k loan, but had to by a $5k car on a loan, you would have reduced your debt by $15k, plus lowered your payments so you can attack the credit cards.
I also recomend you save about $1000 to $2000 before you start attacking your debt. this way if something unexpected happens you aren't forced to use credit cards and take a step backwards.
Pay the smallest balance first, then apply that payment to the next smallest balance and so on. Good luck and I look forward to hearing you on Dave Ramsay's radio show yelling "I'm debt free!!!!!!!!" |
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Lauren F
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One of the best pieces of advice I ever got was to set up online bill pay (the no cost direct pay option), and then figure out a daily amount that I could pay against my largest interest rate account. For example, in the beginning, I started with $5 a day, and paid that faithfully every single day. It was easier to do that rather than pay $150 a month (which always seemed to have a better use than to pay a bill. It helped lower the average daily balance more quickly, reducing my interest cost. Once that large bill was paid off, I then took that same $5, added another $3, and paid it against the next largest card. The key for me was small, consistent, chipping away at debt. If I was ever tempted to skip the $5, my friends talked me back into the plan. |
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bud68
 |
1. Don't go to debt consolidators. They don't do anything that you can't do yourself.
2. Make your request to the creditors in writing.
3. Forget dining out. Eat at home, save leftovers, etc.
4. Eliminate cell phones, premium cable service and other nonessentials. |
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Tim C
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I think you are going to succeed. The #1 thing you can do for yourself is have the desire, and drive to do it.
You know about Dave Ramsey, do it the Dave Ramsey way. that means:
1) no, don't use a debt consolidation loan. Use Dave's Debt Snowball method.
http://www.daveramsey.com/etc/cms/index.cfm?intContentID=4055
2) I didn't bargain, as my rates were pretty good, and I didn't figure I could do better. But, what works is that you call your high-rate cards, and tell them you are getting 0% offers in the mail, and you are going to transfer your balance to them and close your account unless they can get your rate down. Be ready to call their bluff if they say no. Once you tell them you are definitely going to transfer your balance, they'll send you to a special person that tries to keep you as one of their customers, and that person will probably offer you a lower rate.
3) I stopped eating out, stopped junk/vendo food. Stopped buying "toys" (computer stuff & gadgets). Follow a budget, and "sacrifice" the unnecessary "I want" stuff.
4) Depending on your income, I would budget a small amount each month for entertainment. If its really tight, you might have to cut out entertainment, and find free ways of entertaining yourself. Mine would be playing at a park with my kids. Maybe yours is hanging out at a friends house .. don't know your situation. |
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Junebaby
 |
I am not sure if I can answer all of your questions but this is all I know from personal experience.
I thought I was doing well with the debt consolidation. I got a loan on my house and consolidated all my credit cards. I was making about $500 a month in payments and it reduced my payments to about $192 a month. Great concept if you are discipline enough not to get yourself in the debt problems again. Unfortunately several circumstances put me back into a similar situation. Now I am back to not only having one mortgage payment but two and about three credit card payments. So I would be very careful if you take this route. I would suggest shredding all of your cards except maybe one or two cards for emergencies (and I mean real emergencies).
You can always call the companies and tell them you are considering switching your balance to a different card because their interest rate is too high. I have had them lower it. I am not sure about the negotiating what you owe. I have never had them to that.
The biggest improvements I have made is cutting out buying stuff like food and drinks from restaurants. I make my own lunch and coffee at home and take it to work with me. I rarely buy anything used anymore and I go to craigslist if I am looking for something I need. If I have not used something in awhile I sell it on craigslist.
As far as entertaining goes we have two little ones that keep us busy doing inexpensive outings like the park and the library. We live near a river and a lot of springs that are free during the summer. We do lots of cookouts and have friends to the house and do potlucks where everyone brings a dish. I also use Netflix for movies and have stopped going to the movies. We also check out the paper for free activities like festivals and such.
I have also had to learn to stop trying to keep up with society and the need for so many material things and realize that all I really need are my husband, kids, family and friends to make me happy. |
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Cynthia M
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Cut back to the bare minimum. Everything you pick up and purchase ask yourself is this essential?? Do I NEED this item?? I would defiantly get rid of a car payment. Especially when cars (unlike your house) do not appreciate. You dont really have an investment with a car you just have a toy to drive around in. Get a part time job on top of your full time job. Something that you can do from home like selling avon or raking leaves in yards or running scrap metal to recyclers. Every penny saved is truly a penny earned. Its a life style really spend time looking at what your buying like shampoo toilet paper you dont need fancy toiletries. Its like a diet. Everything you do is going to contribute to your ultimate outcome. You want to stay thin you eat less and exercise more its the same with spending. |
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johnme7
 |
I can tell you that I am the perfect person to answer this question. I worked for the collections dept of a major credit card company for about three years and there is nothing that I have not seen.
I can tell you that there are good DMPs (Debt management Programs) and there are bad DMPs... I don't have the number but there is an 800 number with a list of reputable ones. The issue with them is a lot of them charge a fee for their services. If you are going to get a DMP you should try to find a Non-Profit one. If you pick a bad one (and there are a lot of them) your account balances could double with fees and your credit could be damaged. Your credit will be damaged regardless due to the banks reporting that the account had to be closed by creditor (due to DMP).
The better option I think is to call the card companies and see what hardship programs they have. For example... we had a long term and short term... the short was good for 6 months and gave you a 6% APR for those six months and the long term was for the life of the balance at 0%... a DMP will be around 6% for the life of the balance.
A credit card company will not do a settlement unless your account is at least 30 days past due... the later you are the more they are willing to cut off... I used to negotiate up to a 40% settlement (60% off) but this is reported to the credit as "Legally paid for less than the full balance" and will stay on your credit report for at least 7-10 years.
Don't be fulled with a debt settlement company claiming to be a DMP... they are the worst thing you can do for your credit... the take your monthly payments and don't pay on your accounts until your accounts are just about to charge off (around 120-150 days deliquent) and then they call up and do a settlement for around 40% like I was talking about earier... the bad part is your account balance can grow leaps and bounds when it is not paid for six months ($39 late fees and $39 OCL fees * 6 months = about $500 per card or about $3000 for your six cards)
I would try to work it out with the companies first but if that doesn't work and if you are not past due on your accounts a DMP can still get you on to a program. Good luck I hope this has helped |
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