edi902
New Member
Cash: $ 1.10
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Joined: 08 Jul 2005
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| need some advice |
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It's been a while since i have been back, but i need some advise. With all the financial sites out there, it is hard for me to determinie what's right or not. I found this site, www.bigbadcredit.com and its provided me with a lot of good insite on credit, and i wanted to know from you guys if you can provide me with any other information that could help me manage my credit (and money) better.
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Tue Feb 21, 2006 9:22 pm |
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edi902
New Member
Cash: $ 1.10
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Joined: 08 Jul 2005
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I went back to the site I mentioned earlier and was looking through it closer and found some pretty interesting articles such as http://bigbadcredit.com/get-out-of-debt.htm and they seem credible. I have seen the information that is throughout the site in other online articles elsewhere, I just want to make sure it is things that have worked for others and not companies only looking out for themselves.
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Thu Feb 23, 2006 4:54 pm |
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rockhound
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Location: West Virginia
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| question? |
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Did you have any specific questions regarding managing your finances, or were you just trying to direct some traffic to that site?
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Thu Feb 23, 2006 10:34 pm |
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edi902
New Member
Cash: $ 1.10
Posts: 5
Joined: 08 Jul 2005
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| Advice |
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Actually, no, I have no specific question. Only that that I am trying to find effective resources to help me out with getting out of debt. Books, websites, anything that I could use to help me out. I have bills out the wazoo. Hospital, credit card, inbetween jobs, I just need some help.
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Tue Feb 28, 2006 6:44 pm |
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eyeontheprize
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Joined: 09 Feb 2006
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| Try These... |
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edi
I would check out the Dave Ramsey website and his books. I got one of his books at the library.
Also I would check out Crown Financial Ministries website and books.
These two also have their own radio shows.
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Tue Feb 28, 2006 8:36 pm |
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rockhound
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Cash: $ 26.45
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Location: West Virginia
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| in general.... |
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I'm willing to bet that the last time you visited the site, somebody pointed out that there are no easy answers, and I'm sure that you've heard that in other venues. Getting lots of advice from books, talk shows, etc. can be a good idea, as long as you accept that nobody is going to give you the magic bullet to suddenly increase your income and make the bills magically go away. You have probably already learned that, but I only belabor it a little in case you are "still looking for somebody who has the answer". Actually my schtick is limited to the simplest advice possible. I have no advice to give on high finance, how to make a million in 3 months in real estate, or how to make 300% in the market. I am just a guy who is careful with money, lives modestly, and is by that method able to maintain a pretty livable financial situation. In the realm of personal finance, all I can say is that if you subtract a large number from a smaller number, the result is negative. As simple as that is, too many people lose sight of that, somehow. I also tend to believe in slow, gradual changes adding up over time to larger results. A lot of people get into debt this way, or become overweight this way, etc., and the same method can be reversed to your advantage. The first piece of general advice is to cut your spending. The farther in debt you are, the more your spending needs to be cut to bare subsistence levels. And I mean bare. No cable, no morning latte, thermostat no more than 63 degrees, conserve water and electricity, etc. If you have car payments, that is the next killer for so many people: my philosphy would be that if you don't have a job then you don't need a car, or you don't need one any better than something that will get you to the grocery store once a week. The next thing would be the credit cards: they must go! Credit cards are not a way to supplement your income, and they are not extra money to use as discretionary spending. My suggestion would be consolidation and then cancellation of credit cards--you are essentially cutting your throat and watching your lifeblood run out on the floor every time you charge something on a credit card that is not paid off. Sorry to be so graphic, but it's an attention-getter to make a point. In general, my approach would be as follows to tackle this: 1) cut spending to nothing except starvation living; 2) sell things (including your boat, snowmobiles, household furniture, etc.) on e-bay to get money; 3) pay off your lowest balance credit cards, working your way up to the bigger ones, and then cancel them; 4) if you have a car payment(s), sell the car if it's enough to pay off the loan because you won't need a car until you get a job again anyway. The one thing it takes is discipline. It isn't easy, it may take an iron will, and you may have to do without a lot of things that you have become accustomed to, but it's the only way I know to reverse yourself out of this hole. One thing that might help is to always right down the figures, maybe on a spreadsheet. Much spending is phychological to cheer a person up, so writing down in a running column how much your saving, and how much interest you're wiping out by paying off credit cards can show you that you're making progress. I'm sorry if I haven't provided any painless answers. I might further suggest that the sooner you begin the "austerity measures" the sooner you will see results, rather than continuing to look for answers. Maybe it seems like things are so overwhelming that it's hard to know where to start, but that would in general be my strategy. I wish you the strength to implement this.
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Tue Feb 28, 2006 10:37 pm |
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JCook
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I'll try to make this as simple as I can.
Spend less than you make.
Do not borrow money on anything except a house and do not do this if you are in a lot of debt.
Getting out of debt takes sacrifice, there is no painless magical method.
You must live on a budget, know exactly where your money is going.
While getting out of debt put about $1,000 aside to keep you from using credit again when one of those "things" comes up.
Pay off the debt as fast as you can by limiting your other spending.
Be mad enough that you will do these things, because if you are not then you will lapse right back into your old spending habits.
By the way, you don't manage credit it manages you. Stay away from credit you want to manage your money.
Get interest working for you instead of against you. In other words, earn interest instead of paying it and then you will win the financial battle.
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Fri Mar 03, 2006 8:32 pm |
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