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09-20-2009 07:38 PM  11 years ago
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RICH.L

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gentry arkansas

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drowning in debt!!
I need some advice from my fellow runryder members.

I am drowning in debt and just barely making ends meet even though I am having the best year of my life as far as work is concerned.

I have 2 mortgages and about $30,000 in credit card debt and not sure if I can refinance beacuse of the housing market due to the poor economy.

I really don't want to touch my 1st mortgage as I am down to 5 years left at $1,000 a month payments and have already paid most of the interest on the loan already in the last 7 years!

Anyone out there been in a mess like this and how do you dig yourself out of it?

I am a hard worker and have been working six days a week since spring but just the minimum payments keep me from getting ahead of the game,I have not missed a payment on anything but I can see in the next few months where it is going to get worse and now is the time to figure this out.

The last straw was today when I opened my citicard bill and saw that we were over the limit by $21.00 and they jacked the interest from 14.99 to 29.99 percent!

That is way to treat the customer,jack the f**king interest rate up when they are the ones that let you charge more than what is on the card!

I know that it's my fault for letting the cards get up that high but there were some troubles a few years back that I cannot discuss that caused me to run them up this high.

we still have good credit becuase we always pay our payments on time but not sure what the heck to do?

sorry for the long post but I am really down in the dumps trying to figure this out!(HELP PLEASE)!!

rich
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09-20-2009 08:05 PM  11 years ago
Seablade

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earth

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Hey, go get some credit counseling, it's free and they can get things sorted in a way you can't think of to get you were you need to be to get yourself out of the hole. Good luck."Vini, Vidi, Velcro"
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09-20-2009 08:27 PM  11 years ago
ErichF (RIP)

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Sutton, NH

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Pay Attention to this guy, Dave Ramsey. Brutally honest and effective.

I've had my own issues in the past, but the help of a good wife and a run of good luck, I'm debt free sans one CC and a mortgage.

Good luck,
Erich
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09-20-2009 09:50 PM  11 years ago
jcrack_corn

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End of Time

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yes, you need credit counseling. regardless of the situation if you didnt KNOW you would be over the limit you are not managing you credit properly (different from having no choice but to go over the limit due to emergency, etc).

its the little things, the fundamentals.

to help answer the purpose of your post, you probably need to cut up all the credit cards (dont close the accounts, but cut the cards), give one to a family member to hold for you for emergencies only...and consider getting some of your (what sounds like) massive home equity out and pay off that high interest debt....(dont take this advice from me though, talk to someone, but doing it my way you *could* lose your house!)

29.99 percent isnt gonna cut it though!
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09-20-2009 09:59 PM  11 years ago
stanc

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Conroe, TX

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Dave Ramsey would tell you to get a second job and then he would suggest delivering Pizza. I've heard many people call back after a couple of years and tell him they took his advise, got a job delivering Pizza and they were now debt free. With the price of gasoline now days, that might not be that good of an idea unless you had a vehicle that got extremely good mileage.Stan
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eAvro90
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09-20-2009 10:20 PM  11 years ago
tnreefguy

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scotts hill, TN. USA

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Dave Ramsey is the way to go. Go and buy his book the Total Money Makeover and get on a budget. It takes some diciplin and staying home on weekends but give it a few years and you will be back in the stress free zone.

Pro builder, rookie flyer
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09-20-2009 10:39 PM  11 years ago
cannibal440

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cookeville, tennessee USA

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dave ramsey knows his stuff. back when i was 18 (10 years ago) i listened to him for a whole summer while working for a man. i followed his rules. im 28 now, no credit cards or any form of debt. all my 4 wheelers vehicles and motorcycle have titles stashed away in my safe and i have around 40k equity in my home. it certainly does make life very stress free to have no bills other than a mortgage and utilities.

i put $300 a week in a checking account, that pays my mortgage and all my other utilities. my mortgage is set up so $200 a week goes in automatically. i am paying $80 extra each month towards the principle this way and after having my mortgage for 5 years its knocked off the amount tremendously. youre in a very bad spot my friend. you have been living above your means in a bad way. you have to do some major changes in your lifestyle and even though your work is steady DONT COUNT ON IT! just keep on keeping on, sell any possession you can do without...even if you take a loss. its going to get worse before it gets better, chalk it up and just bare with it.
only way ill ever make the jack is if i work at a cheese factory
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09-20-2009 11:11 PM  11 years ago
Ktbone

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NH

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I would talk to a bankrupcy attorney. It may be your best option.If you don't know where you are going any road will take you there.
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09-20-2009 11:53 PM  11 years ago
HeliWatcher

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Frozen Tundra

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Sorry, it sucks. I know.

First and foremost, cut up your cards and STOP using them. Dave Ramsey is great for information.

I'm working on fixing my situation as well.

Good Luck.
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09-20-2009 11:54 PM  11 years ago
jcrack_corn

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End of Time

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lol...bankruptcy is almost NEVER the best option, especially with the new rules.

it doesnt sound like you have a cash flow problem, it sounds like you have a spending problem.

Remove high interest debt now, period. CUt the credit cards, period....talk to a debt counselor!
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09-21-2009 12:45 AM  11 years ago
RICH.L

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gentry arkansas

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I built my own house about 12 years ago by myself and took me 3 years to build it on nights and weekends in between working two jobs and rasing a family.

I could very easily combine my 2 mortages into one and take them out for 20 years and be in good shape,and the payments would be super cheap but with only 5 years left at $1,000 a month I am trying to hold out and pay the first mortgage off and then concentrate on the rest!!

I am going to take a half day off this week an go talk with my local bank and see if there is something I can do.

I can't get a second job as I am already working 6 days a week now,I leave for work at 7 a.m. and don't get home till 6 p.m.

I did call the credit card company and we did not go over the limit like I thought,what happened was they jacked the interest rate up on purpose and by doing so the finance charges took us over the limit!(f**king bastards)!!

turns out they sent me a notice a few months ago saying they were going to increase the rate to 29.9% and I must have ignored it.

They ended up giving me my $39 back and lowered the rate to the 14.99% I was paying and closed the account,I can't charge anything anymore but at least it will stay the same rate!

my wife thought it was me spending too much on heli's but this year I have spent a total $50 on heli stuff and that is it!

thank's for the responses and I will have to check into this dave ramsey guy,sure sounds like a porno name!

by the way my name is rich lockard and the guys at work say my porno name should be dick rockhard!(gotta make the best out of a bad thing)!
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09-21-2009 12:53 AM  11 years ago
GimbalFan (RIP)

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Big Coppitt Key, FL

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They ended up giving me my $39 back and lowered the rate to the 14.99% I was paying and closed the account,I can't charge anything anymore but at least it will stay the same rate!
Good for you. Wise choice.

The last card co that jacked my interest for no reason like that lost out on $10k+/yr in purchases -- which was probably earning them 2-3% in merchant fees even without occasional interest charges. They wouldn't negotiate the vig back down so I closed it, payed it off the next day and haven't done biz with that bank (Wells Fargo) since. Greedy bastards get greedier every year.

Good luck on your restructuring. Looks like you're off to a good start.
op-thwop-thwop-thwop-thwop-thwop-thwop-thwop-thwop-thwop-thwop-thwop-thwop-t
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09-21-2009 02:19 AM  11 years ago
JJMAN (RIP)

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Chesapeake, Virginia - USA

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Since you asked.

Unless you have a rich uncle, ask for a raise or win the lottery, looks like you only have 3 choices:

1) Pay as much as you can on the cc and endure the higher interest rate until you pay it off.

2) Refinance the 1st and 2nd at like 5% for 15 years and pay the savings on the cc until its payed off, then put it toward the mortgage to pay it off early.

3) Or include the cc in the refinance and pay everything you can to the one payment until its all gone.

There is a 4th option, do nothing and nothing will change.
JAY HIGGS
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09-21-2009 02:35 AM  11 years ago
stanc

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Conroe, TX

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If you want to pay off your house sooner, then pay half of your monthly payment every two weeks. You can pay off a 15 year mortgage in less than half that.Stan
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eAvro90
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09-21-2009 02:53 AM  11 years ago
rupps5

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columbus ohio

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I have been where you are but a worse and now I am almost out.

All I did was listen to this guy
Dave Ramsey is the way to go. Go and buy his book the Total Money Makeover and get on a budget. It takes some diciplin and staying home on weekends but give it a few years and you will be back in the stress free zone
and followed his super simple steps to a T and the debt just starts going away.

Every now and then I download a few of his radio shows and start listening to them when I am doing stuff on the computer.

http://www.mininova.org/search/?sea...ve+ramsey&cat=0

I used to listen to him on the radio, but now he is on at a different time. But I always try to pick him up when driving in the car.
Jeff
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09-21-2009 03:15 AM  11 years ago
BOOGIE

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LAFAYETTE LA

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Credit cards are a rip off and get so maney people in trouble ita a shame. I will never have a credit card? If I dont have the money I dont spend it! These credit card companies give people more credit than they can afford and when they cant pay the bill they crank up the interest rate and hit them with all kids of fees. I have a few buddys that are in the same place as you. I hope it gets better for you!!MSH USA / Lynx Heli Innovations
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09-21-2009 03:18 AM  11 years ago
A. Bundy

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Aurora,IL. 30W/SW of Chicago

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Cut the budget to the bone.The most important thing in your life now is getting that high interest debt payed off.Pack lunches and don't do anything........And F them credit cards when you get back straight.They are nothing but an anchor to way you down.
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09-21-2009 08:30 AM  11 years ago
NZ_Nitro

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New Zealand

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It is hard to do but I have budgeting nailed
I have a spreadsheet that I use.... now here is a bunch of tips to start
1 work out how much you need to pay all your bills per week my case $550 a week, then set up a pay split so that $550 goes into an account you cant touch but you can see via internet access, the residual cash goes into an account you can use via a card (use for food, fuel ect)
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09-21-2009 08:34 AM  11 years ago
NZ_Nitro

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New Zealand

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now then
the account the fixed goes into pays all your bills, like your mortgage, power phone insurance, the bills if you look closely follow a fixed pattern every month with a few changes here and there, now this would be ok if you knew how much money you needed in the account? but really you don't as it does fluctuate from week to week and if you do any overtime you may have more spare cash
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09-21-2009 08:41 AM  11 years ago
NZ_Nitro

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New Zealand

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next thing
The account you can access and take money out of, only take out grocery money and fuel money by CASH that way when the money is gone THATS IT you starve and walk to work..... , next CUT THE DAM CARDS UP I did it last year and it was so empowering!! if you seriously get in the poo you can always ask for another card but only in extreme situations I will mod my spreadsheet to remove my info and post it here
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