Debt

[TheGodfather]

I know alot of people have debt of all sorts nowadays, how is everyone doing on theirs?

I myself have recently caught up finally on 2 credit card bills I had been paying finance charges out the ass on.

I have other bills of course, but am caught up with everything since I don't have any student loans or car payments.

How about everyone else? Caught up? Still behind?

[red08passat]

still behind. Trying to get 2 credit cards payed off and one medical bill, damn intrest rates skyrocketed on my credit cards.

[David88vert]

Always behind. Spend way more than I should.

[TheGodfather]

Yeah interest rates went way up, and some without notice.

I started to cut back spending quite a bit. Tried to think about things here and there, just saving when I can. It really starts to add up.

I kept tracking of spending and earning trends in my life over periods of time and found simple ways to fix my debt.

Writing down things to visualize, helped me, I'd recommend it.

[ItsBlack]

behind, I caught up on one but then used it to buy my mom a laptop for her birthday.. oh well, it was worth it

[David88vert]

Yeah interest rates went way up, and some without notice.

I started to cut back spending quite a bit. Tried to think about things here and there, just saving when I can. It really starts to add up.

I kept tracking of spending and earning trends in my life over periods of time and found simple ways to fix my debt.

Writing down things to visualize, helped me, I'd recommend it.

Same here. I started actually using Quicken so I can see where the money is being spent.

[BanginJimmy]

I got myself into a bunch of debt when I was unemmployed but now that I am working, I am knocking off nearly $800 a month even after you add intrest back in.

[ironchef]

Pretty much debt free aside from student loans, but I haven't graduated yet, so they're not due for now. I plan on having them paid off in full before I graduate.

[AnTi-PooN]

hmmm credit card 1000 past limit, bank account negative, owe verizon like 600 and no job!!! FML...

[§treet_§peed]

i am fucked currently because i am now behind on two credit cards since loosing my job.

[1SICKLEX]

You want to pay off anything with the higher interest rate first. Also don't CANCEL anything, it can screw up your credit score as it could end some good credit history (depends on how long u had the card) and your avil credit ratios...

Will this be a lasting trend or just a spike? We all know the paradox of thrift....

http://news.yahoo.com/s/ap/20090908/ap_on_bi_go_ec_fi/us_fed_consumer_credit


Fed: consumers cut debt by record $21.6B in July
AP

By JEANNINE AVERSA, AP Economics Writer Jeannine Aversa, Ap Economics Writer – 49 mins ago

WASHINGTON – Consumers slashed their borrowing in July by the largest amount on record as job losses and uncertainty about the economic recovery prompted Americans to rein in their debt.

The magnitude of the drop surprised analysts. Some thought the Cash for Clunkers program — which began in July and aided auto sales and car loans — would have blunted cutbacks in other lending areas.

The Federal Reserve reported Tuesday that consumers ratcheted back their credit by a larger-than-anticipated $21.6 billion from June, the most on records dating to 1943. Economists expected credit to drop by $4 billion.

Demand for non-revolving credit used to finance cars, vacations, education and other things fell by $15.4 billion, also a record decline. That 11.7 percent pace was on top of an 8 percent annualized decline in June.

Consumers' appetite for revolving credit, primarily credit cards, declined by $6.1 billion in July, an annualized rate of 8 percent that followed a 6.4 percent drop in June.

Economists predict that consumers will be spending less, saving more and trimming debt to get their household finances — which have been decimated by the recession — into better shape.

July's retreat translated into an annualized decline of 10.4 percent. That followed a cut of $15.5 billion in June, or a 7.4 percent annualized drop, and the most since a 16.3 percent decline in June 1975.

The latest cut left total consumer credit at $2.47 trillion.

[EM1toEVO]

My wife and I have a lot of debt. However, I am about to graduate. Hopefully then I can get a decent job.

[Bigt8aford]

Right now all I owe is about $100 to the bank, which should be paid off sometime today. I've realized that its is much easier to write everything down that you're spending/have to spend/or want to spend on. It's just much easier to make a list before you buy and compare prices. To those who do any kinda shopping at Ingles - Don't not buy anything other than groceries there. I would know cause I work there. We over charge on such things as: soaps, shampoo, clothing, and some school supplies. I go to Target to get things of that nature, their prices are always fair with a real nice selection. Sorry for the prices rant. :rolleyes:

[1SICKLEX]

My wife and I have a lot of debt. However, I am about to graduate. Hopefully then I can get a decent job.

Debt for Education is the best debt...good job and congrats.

[rehab]

Money isn't a fucking issue when you're fucking ballin' like me, kid.

Stay in school.

[1439/2000]

Yeah interest rates went way up, and some without notice.

Nope. Learn what an arbitration provision is. You got notice, you just didn't pay attention. Kinda like when you got into the hole you're in.

[lanning]

always been lucky with debt, i sold the car that i had payments on and just bought an integra to daily ao i could afford to live alone. no debt other than monthly bills

[Bigt8aford]

Well guys, I'm joining the party. I signed up for my first credit card today. Its only a $500 limit, so I can't really F it up, but it'll help get my credit up! I'm taking any advice, but keep in mind I'm only 18 so I'm new.

[Humphrizzle]

lol.. fuck BOA.

i got a credit car over a year and a half ago..

still owe like 600 bucks on it.

should pay it off before the year's up.

other than that, im good.

[MistaCee]

I wouldn't dare take a credit card. If you don't have the cash to buy it you sure as hell shouldn't be crediting it. Cash only is the best way to me.

[JennB]

Having some debt is just fine if you are responsible and manage it correctly. If you're happy only driving cars you can pay cash for, renting or buying houses with cash then that's your thing but for me, no. It would be nice to pay cash for a home but that's just not possible for the vast majority of people.

[BanginJimmy]

I wouldn't dare take a credit card. If you don't have the cash to buy it you sure as hell shouldn't be crediting it. Cash only is the best way to me.

Until this stupid CC legislation bill passed and the CC companies reacted I wouldnt agree with you. Since then, CC companies have started raising rates and adding fees to make their money.

[Bigt8aford]

Well, I really don't make all that much, which makes it hard to save up. So, credit is the way to go for me. If I can still get the car or whatever it is I want and have to pay some interest on it. It's worth it for me.

[1SICKLEX]

Read "the Richest Man in Babylon"

[keevo54]

Well guys, I'm joining the party. I signed up for my first credit card today. Its only a $500 limit, so I can't really F it up, but it'll help get my credit up! I'm taking any advice, but keep in mind I'm only 18 so I'm new.
Who'd you get the card from? I'm suprised you qualified with no credit history

[soplocar]

im filling chapter 7!!!! and be debt free for good, but without any credit wasoever, lol..... im young and will be back on my feet in about 2 years, i can wait.......

[1SICKLEX]

Who'd you get the card from? I'm suprised you qualified with no credit history

You can make up ANYTHING, ANYONE can qualify for an Orchard Credit card for example....