$32K in credit card debt at 28% interest..... - Page 2

Blueface · 01-03-2009, 07:50 PM

Quote:

Originally Posted by papichulo

Hmmm, I was debt free until my father in law had was ran over by a bus on his motorcycle in South America. I am $50K in debt on three cards, because where he lives there is not any health insurance. So what do you do? I had to do the right thing and now he is walking again. Yeah it sucks and I am stressed out to the max. When it comes to a family crisis, I had to do the right thing. Presently, I am check to check in hopes of never being in debt. I guess cigars are an outlet for my stress. Do I purchase cigars, yes, but not often. Thanks for listening to my dilemma. Chao.

Brent,
That is the kind of debt that while you may worry about it, your heart should feel good that it is for the sake of a human life as opposed to that of my friend.
His is attributed to nonsense spending that was totally avoidable. He didn't need to have those toys but just didn't know how to hold back.

papichulo · 01-03-2009, 09:08 PM

Thanks for the support Carlos and I was not trying to thread jack this thread, but wanted to point out that many people find themselves in debt to medical emergencies. I have been downsizing the cars and things. I know all will be well.

I failed to mention this happened a year and one half ago, maybe a little longer; however, I have been taking a beating. I took control of my issues and contacted my creditors to reduce my interest rates. For the record I will eat beanie weanies before I miss a payment.

Cheers

Scottw · 01-04-2009, 12:40 PM

If anyone needs some help with this stuff, I am in the business. PM me an I will get back with you shortly with some help. I have done over 1000 restructurings where credit card and lease debt was involved. You will all pay the current BOTL rate which is all the advice you need for $0.00. (in other words, free).

Yazzie · 01-03-2009, 06:37 PM

Quote:

Originally Posted by Blueface

.....that is what a friend told me he owes.

I ALMOST DIED!!!

I cannot imagine sleeping at night under those circumstances.
That translates to approximately $10K per year in interest alone.

I recognize life's events take one on a bad ride sometimes and those credit cards help out but, in this case, it is all attributed to trying to live a life he should not have.
This debt is due to living larger than the means to pay the debt.

I truly hope this guy is the exception rather than the rule but sadly, with today's economy, many seem to be on the same ride.

Use those cards wisely folks!!!
They are a vicious cycle if not managed properly.

Bummer! Did he get in trouble with the crazy cigar deals?

BigFrank · 01-03-2009, 09:23 PM

28% that is unreal. Seriously unreal.

01-04-2009, 02:02 AM

so just out of curiosity, what did he buy with 32k?

Blueface · 01-04-2009, 08:37 AM

Quote:

Originally Posted by j-easy

so just out of curiosity, what did he buy with 32k?

Not any one thing.
Just used the card to subsidize what he needed but more like, wanted.

M1903A1 · 01-04-2009, 10:28 AM

Quote:

Originally Posted by Blueface

Not any one thing.
Just used the card to subsidize what he needed but more like, wanted.

Famous last words....

mosesbotbol · 01-04-2009, 08:39 AM

He should close the accounts and negociate a lower interest rate. Even if his credit takes a hit, he could rebuild that later on.

fxpose · 01-04-2009, 12:55 PM

Quote:

Originally Posted by mosesbotbol

He should close the accounts and negociate a lower interest rate. Even if his credit takes a hit, he could rebuild that later on.

You can't close the account if there is outstanding balance.
I once bailed my wife out of her $20,000/25% account. They closed the account only after I paid the entire principle in full which I did. Subsequently, I made her close all other charge accounts. All has been well since.

NCRadioMan · 01-04-2009, 02:00 PM

Quote:

Originally Posted by fxpose

You can't close the account if there is outstanding balance.

Sure, you can. I've done it twice in the last 10 years.

Scottw · 01-04-2009, 02:37 PM

Quote:

Originally Posted by fxpose

Who took care of the balances or did you declare bankruptcy?

You can close the account yourself or in most cases the creditor does it for you. It doesn't alleviate the outstanding balances though.

fxpose · 01-04-2009, 02:40 PM

Quote:

Originally Posted by Scottw

You can close the account yourself or in most cases the creditor does it for you. It doesn't alleviate the outstanding balances though.

But technically you still owe money associated with that account.

King James · 01-04-2009, 02:51 PM

I'm still under my 18 month 0% interest and when that ends I think I go up to 6%. I also keep my limit low so that I don't even give myself the opportunity to fall into debt, especially this early in my life.

01-03-2009, 09:08 PM	#2
papichulo Diablo Canoso Join Date: Oct 2008 Location: Burque Posts: 344 Trading: (2)	Re: $32K in credit card debt at 28% interest..... Thanks for the support Carlos and I was not trying to thread jack this thread, but wanted to point out that many people find themselves in debt to medical emergencies. I have been downsizing the cars and things. I know all will be well. I failed to mention this happened a year and one half ago, maybe a little longer; however, I have been taking a beating. I took control of my issues and contacted my creditors to reduce my interest rates. For the record I will eat beanie weanies before I miss a payment. Cheers __________________ it is all about the onion

01-04-2009, 12:40 PM	#3
Scottw Going Commando Join Date: Oct 2008 First Name: Scott Location: Sussex, NJ Posts: 2,815 Trading: (6)	Re: $32K in credit card debt at 28% interest..... If anyone needs some help with this stuff, I am in the business. PM me an I will get back with you shortly with some help. I have done over 1000 restructurings where credit card and lease debt was involved. You will all pay the current BOTL rate which is all the advice you need for $0.00. (in other words, free). __________________ "Ray when someone asks you if your a GOD you say yes."

01-03-2009, 09:23 PM	#5
BigFrank 5 3 1 Join Date: Nov 2008 First Name: Frank Location: Gym or Sofa. Posts: 1,896 Trading: (25)	Re: $32K in credit card debt at 28% interest..... 28% that is unreal. Seriously unreal.

01-04-2009, 02:02 AM	#6
j-easy Guest Posts: n/a	Re: $32K in credit card debt at 28% interest..... so just out of curiosity, what did he buy with 32k?

01-04-2009, 08:39 AM	#9
mosesbotbol That's a Corgi Join Date: Oct 2008 First Name: Moses Location: Boston Posts: 6,171 Trading: (6)	Re: $32K in credit card debt at 28% interest..... He should close the accounts and negociate a lower interest rate. Even if his credit takes a hit, he could rebuild that later on. __________________ Port Wine & Claret \| British Cars \| Welsh Corgi's

01-04-2009, 02:51 PM	#14
King James Regard Me! Join Date: Oct 2008 First Name: Jim Location: Dark Side Of The Moon Posts: 2,565 Trading: (2)	Re: $32K in credit card debt at 28% interest..... I'm still under my 18 month 0% interest and when that ends I think I go up to 6%. I also keep my limit low so that I don't even give myself the opportunity to fall into debt, especially this early in my life. __________________ Mob Herfin' Since 2006