A bit of an odd question.
My brother has some debt that is pretty bad. He owes around 40 grand in total between debt on a car, school loan, and general credit cards. He is also unemployed and can't pay anything on any of them right now. Because of the virus outbreak, he lost his job and it won't be coming back because the restaurant closed. How much debt do you need to have in order for the collector to take you to court over it?
If you have a gym membership, tied in with Netflix or Hulu, or even have a Prime account... Just be aware what money is going out for what you spend. I looked over my bills and I had all three and was rarely using any of these. I got rid of them and saved myself nearly $50 a month in total.
Some say after 5 years, some say 6 or 7, I have read as many as 10 years and others have said never.
It is very confusing. I have a large debt that has been with me for nearly 6 years and if it will just be cleared, I won't worry about paying it. How long does it take for debt to clear on its own?
I figured I would make a thread for this since people seem to always be asking for tips. Something that helped me out big time last year with paying off debt was getting rid of cable. I kept my internet and phone but axing cable saved me nearly 70 dollars a month which I used to pay off a credit card. I have since switched to a new provider for my internet and saved an additional $20 a month so it all adds up!
Seeing the hell my wife and I went through because of our debts and knowing that this country is in debt by trillions baffles me. How is the US even functioning with all this debt? I heard they were printing money recently too.
In your experience, what are the best tips you can give someone who is trying to pay off their debts as fast and smart as possible?
One tip I can give is to budget by the 50/30/20 rule. With this, 50% of your monthly income goes to necessities, 30% goes to things you want, and 20% goes to paying off your debts. You can also flip the last two if you have more debt. The idea is to allow yourself to have enough money to get things you need and want while still being able to pay off your debts.
I am guilty of it, especially in my younger years. I had 4 credit cards by the time I was 21 and got overwhelmed. I ended up using one card to pay for another because I couldn't afford to pay the minimum of that one for the month. I actually did this several times and it can be helpful but you have to make sure you don't do this with all your credit debts or you will end up with a big mess!
My brother had to go to the hospital a year or so ago for an emergency. The bill ended up being nearly $20,000. He doesn't have the income to pay that kind of bill back. He hardly has enough to get buy with other debt and issues within his family. What if he doesn't pay this back? What will happen?
I know in order to get better credit scores you need some level of debt but if debt itself can make your scores worse, doesn't this defeat the purpose?
Debt consolidation programs make it easier to eliminate high-interest credit card debt by reducing the interest rate and lowering monthly payments to an affordable level. The primary goal of debt consolidation programs is to help you eliminate debt and save a little money in the process. But how do i get affordable debt consolidation?
A debt consolidation mortgage is a long-term loan that gives you the funds to pay off several debts at the same time. Once your other debts are paid off, it leaves you with just one loan to pay, rather than several. To consolidate your debt, ask your lender for a loan equivalent to or beyond the total amount you owe.
If you are unable to meet multiple credit card payments as your interest payments increase or if you simply want to move from a credit lifestyle to a savings lifestyle, it may be time to consolidate your credit card payments so you can erase your credit card debt. Debt consolidation means to bring all of your balances to a single bill and it can be a useful way to manage your debt.