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SASSISPRING's Photo SASSISPRING Posts: 10,948
8/17/09 5:30 P

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Tks. With the smoking I was still young, only 19/20yrs old. My roommate hated smoking and said either I quit or she'd leave. She was fantastic and after bad experiences, no way was I losing her! So we struck up the deal, it worked. :)

I hear you on the going crazy. I was there one time too, where I didn't go into full debt, just went part-way and enough to remind me that its time to pull back the reins. For sure.



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NATURALSTYLE's Photo NATURALSTYLE Posts: 558
8/17/09 3:27 P

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Congrats on quitting smoking and know that getting out of debt is a process. I once was out of debt, but got a little crazy with the spending. No I am not behind, but I do want the credit card debt gone.

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SASSISPRING's Photo SASSISPRING Posts: 10,948
8/16/09 8:01 P

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Appreciate the clarification Sophie as it did have me confused because consolidation is financially a very smart move - if as you said, you do not overspend, you do not use credit and you learn to stay on budget. Thanks for sharing your story that I'm sure is familiar to many. Sometimes it takes us a couple times before learning and I know that's been me a few times on different things.

When you consolidate through credit counsellor you cannot use credit cards and you cannot apply for credit. You cannot purchase a car or a home. The moment you do, the agreement is null and void. It shows up in the credit report. I am allowed one card and if I go over or it goes to credit bureau, I will lose everything. That's pretty good incentive to stay on track. :)



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SOPHIEMAE2007's Photo SOPHIEMAE2007 SparkPoints: (52,863)
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8/16/09 2:44 P

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Guess I didn't make myself too clear. I didn't learn the first time to put my credit cards away and kept spending. When I consolidated a 2nd time, I still kept spending, therefore still increasing my debt. So I guess what I am saying is, if you are going to consolidate you need to make sure you aren't going to continue spending and increasing your debt. I have the 2nd mortgage and a huge cc debt, plus all my medical bills to pay off. So with all of it, it is a struggle.

I can see doing it do lower interest rates and making one pymt and I know I have transferred balances etc. It just comes down to stopping the spending! Be smart about it if you decide to consolidate or transferring balances.

Kim

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SASSISPRING's Photo SASSISPRING Posts: 10,948
8/16/09 2:30 P

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Sophie, I'm confused, you say consolidation isn't something you'd consider again and at the same time, mentioned that you didn't learn after doing it twice. What is the reason that you felt it doesn't work? Is it your mind set after its complete or something else? Is it because you are mortgaging your house to obtain the consolidation loan, did that create difficulties?

From all I researched, consolidation is financially smart. It takes everything, places it into one payment and has one interest payment. I went from 5 separate debts with a combined interest rate of over 100% to one debt with zero interest rate. I fought for almost 2 decades to consolidate my debts without success because banks refused to take this on without having collateral. As a result, interest rates killed me and I continually fell deeper and deeper into debt. Consolidation has been my light at the end of a very long dark tunnel. I'm curious to hear more from you on your experiences and the reasons you felt it wasn't productive for you.

SUZYQ, read the board regarding bankruptcy as many members have shared it has been an absolute lifting to finally get the process completed. And at the end of a set number of years, your credit returns.

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As for credit counselling and debt consolidation there are differences in countries. I'm not sure where you are from. In Canada it is a viable choice and many folks are using it to move out of debt, including myself. In the USA it appears to be more of a system that has scammed from folks than something that is viable. I also don't know your situation. Can you go onto medical disability? Can you apply for hardship? Do you have collateral that you can use for a consolidation loan from a bank? Its a really tough one when you lose your job due to illness, just curious if you have gone the route of applying for disability or even if you can.

Edited by: SASSISPRING at: 8/16/2009 (14:34)

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8/16/09 2:07 P

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I have done consolidation twice and really haven't learned my lesson in quitting spending money. I refuse to do it again. My first consolidation was while I was in my first house. I had to sell my house for a price to cover that loan because it was a 2nd mortgage. My second time is after I bought my 2nd home and left a good paying job. I didn't want to do it, but it made sense to me at the time, to only have one pymt. Now I am struggling to make sure I have that pymt in my acct so it will be there when it is automatically deducted. There have been a few times it hasn't, but the bank seems to work with me. Again, this is a 2nd mortgage on my home. If I go to sell this house with the way the market is, I would be screwed. My house is worth way less than what I owe.

I don't know what anyone else's opinions is about consolidating, but I know some are advocates to credit counselling. I personally would not do consolidation again. I have tried credit counselling, but was told to file bankruptcy and that for me was not a choice, so I am doing the best I can at this point. I thought I was going to have my finances together last month, but it didn't work out that way. I still had a few bills that were behind. Maybe next month will work out!

Good luck in your decision!!

Edited by: SOPHIEMAE2007 at: 8/16/2009 (14:09)
Kim

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SUZYQS1's Photo SUZYQS1 SparkPoints: (0)
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8/16/09 1:09 P

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I don't want to go bankrupt - I've been ill and lost my job - has anyone found success with consolidation- I'm getting older and may need good credit.

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SASSISPRING's Photo SASSISPRING Posts: 10,948
8/13/09 2:58 P

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Excellent Sophie, creativity is definitely the key!

Sounds like how I dealt with smoking, my roommate hid my cigarettes and then gave me one when she felt it had been long enough between - as I was attempting to quit a over 2 pack a day habit. It worked. Took me 2 weeks and I was free of cigarettes. I know if I had tried to do it alone, I wouldn't have suceeded. So I can see how that would work with credit cards too!!



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SOPHIEMAE2007's Photo SOPHIEMAE2007 SparkPoints: (52,863)
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8/13/09 1:25 P

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My sister once took my cards and hid them in her room at her house!

Kim

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KRESKA's Photo KRESKA Posts: 493
8/13/09 10:38 A

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Lol that is something I need to think about! I haven't been using my cards except the one that still has money on it, but once I start paying them off and I can't resist the urge to use them again I will have to cut them up.

Thank you for the warm welcome all!

Victoria

"You were once wild here. Don't let them tame you." - Isadora Duncan
"Shoot for the moon. Even if you miss, you’ll land among the stars!" - Les Brown


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SASSISPRING's Photo SASSISPRING Posts: 10,948
8/12/09 11:35 P

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welcome Victoria. :)

When I had cards that I couldn't cut up, no matter what I told myself, I took them to my bff's home and gave her children each one card. They were the ones cutting them up and had fun doing it. LOL!

That way I couldn't back out. LOL!!



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LATVIAN_SANDY's Photo LATVIAN_SANDY SparkPoints: (159,186)
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8/11/09 10:45 P

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emoticon We WILL get through this!

Sveiki!
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BELTONWALKER67's Photo BELTONWALKER67 SparkPoints: (118,049)
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8/11/09 8:30 P

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Hello Victoria & Welcome to the team! emoticon

Make this a Healthy Choice Day!
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SOPHIEMAE2007's Photo SOPHIEMAE2007 SparkPoints: (52,863)
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8/11/09 7:01 P

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Good for you for trying to quit smoking. Get rid of the credit cards or all but one. Cut them up or freeze them in water...like some people have one. This way you cannot use them.

Good luck on getting your debts down and out of the way and also congrats on losing the 10 lbs.

Kim

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KRESKA's Photo KRESKA Posts: 493
8/11/09 6:49 P

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Hi everyone!
My name is Victoria and I am in debt on my credit cards, with my mother and I'm almost done finishing paying off a friend for the renovation he did for me. Next come the credit cards which will be the worst because they are my total weakness, I can't seem to just not use them (or one as the rest are full), but I will start paying more than the minimum beginning October. I rent out a house (which is paid in full luckily) and work part-time, so I don't have too much money, and now we are most probably going to get a car (it is just necessary as we don't have one)so I will have even less $$. I've been on SP since Feb 8th, I lost 10 lbs so far but I'm trying to incorporate more exercise every day now that I quit smoking. I'm looking forward to share ways to save and curb your spending on this team! Greetings,
emoticon

Victoria

"You were once wild here. Don't let them tame you." - Isadora Duncan
"Shoot for the moon. Even if you miss, you’ll land among the stars!" - Les Brown


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