What to do with life when it has no meaning or purpose?

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dxkj

Lifer
Feb 17, 2001
11,772
2
81
Originally posted by: Patt
Always try to save, even when you're paying down massive debt. Even $20/month, $40 per month. Try to build something (even if small) at the same time as you pay down. It'll help in the long run. That is the situation I'm in right now, but we're still able to save aggressively, so that once our debt is paid off, we'll still have some money to work with.

Horrible advice IMO unless this debt is below 6% interest (which i doubt it is). By paying off the debt he is saving more money than he would in a savings account.... plus the worst case scenario is that he uses theCC again for an emergency he didnt save for, and he is no worse off than before (minus a few months that he wasnt paying an outrageous interest rate on)

 

dxkj

Lifer
Feb 17, 2001
11,772
2
81
Originally posted by: SouthPaW1227
You screwed up by getting INTO DEBT.

At this point you should consider bankrupcy and attempt to start over. Living life paying off debts is horrible. Next time just don't get into debt.

MORE horrible advice. he is in a place to pay off his debt and be good to go in 2 years... what are you are proposing will !@#$ him over for 7 years , much longer than the 2 years
 

tami

Lifer
Nov 14, 2004
11,588
3
81
i thought you had $31,000 credit... is this credit card debt now? those little cards are very dangerous things.
 

91TTZ

Lifer
Jan 31, 2005
14,374
1
0
Originally posted by: tami
i thought you had $31,000 credit... is this credit card debt now? those little cards are very dangerous things.

Yeah, he had a lot of CREDIT. Too bad he had to pay it back, lol

Applying for credit card- $0
Raising credit and spending it all- (-$31,000)
Reading the post from someone who realized that you need to pay that money back- Priceless

Some things money can't buy. For everything else, there's MasterCard. To put you in debt.

 

BigToque

Lifer
Oct 10, 1999
11,700
0
76
Originally posted by: 91TTZ
Originally posted by: tami
i thought you had $31,000 credit... is this credit card debt now? those little cards are very dangerous things.

Yeah, he had a lot of CREDIT. Too bad he had to pay it back, lol

Applying for credit card- $0
Raising credit and spending it all- (-$31,000)
Reading the post from someone who realized that you need to pay that money back- Priceless

Some things money can't buy. For everything else, there's MasterCard. To put you in debt.

Lol... I've got $16,000 debt on my student loans @ 6.25%

 

RJR2006

Member
Jul 17, 2005
44
0
0
welll, I am learning personal finance, and it is not that easy, but everybody still needs to take care of money, and PLEASE REMEMBER that life is very difficult.
 

CrimsonChaos

Senior member
Mar 28, 2005
551
0
0
The important thing is you recognize you have a problem -- there are plenty of those in debt who haven't even come to this point of self-realization yet.

The next step, as suggested in this thread, is to make a budget. Simply outline your monthly income vs. your monthly expenses. Be sure to include ALL of your expenses, even those that seem trivial (i.e. haircuts, household items, lotto tickets). See if there are any areas you can reduce, then apply those funds towards one of your credit cards.

If you find your expenses heavily outweigh your income (or even if they don't), you should consider getting a second job. Apply all extra income from your second job toward your debts, and you'll be amazed at how much quicker they'll be paid off.

Should these strategies fail, you may have to borrow from a friend or family member. Yes, it is still debt, but at least (hopefully) it will be interest free. Your last resorts are credit consumer counseling and bankruptcy. Don't screw your credit up with these options unless you absolutely have to.

Good luck.


 

TGS

Golden Member
May 3, 2005
1,849
0
0
Originally posted by: EKKC
can i ask why you guys are in debt the first place?

spending too much? providing for parents/family?

im just wondering.

When I was on my own, I didn't have any savings to buy *anything* with. I had to pay for furniture, cars, baby supplies, etc.

Using either same as cash, or credit was my only option. Both cause my monthly cash flow to be restricted, IE not going to savings.


Originally posted by: EKKC
did he ever say why he was in debt?

Originally posted by: Stefan

Lol... I've got $16,000 debt on my student loans @ 6.25%

Among other things?

I plan to actually educate my children on how credit works, and should be used. Credit is one of those things that is fairly easy to get, but can seriously bite you in the butt if you don't manage it correctly.

IIRC my first car I bought, was 15% interest. The car was a piece of crap too, such are the fun lessons you have to learn on your own, when nobody informs you on the process.
 
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