Debt help

[Bubblehide]

Ha, props on your assumption. Is it that obvious?

While I don’t necessarily think society would collapse, i would certainly agree that we would have some big problems if everyone lived beyond heir means and then filed BK. But you could say that about a lot of things, including hunting. If everyone in the US hunted, we would either have zero game left, or essentially zero opportunities to hunt.


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If creditors would establish limits on what they lend, so that individual were not extended credit beyond their means, this would not be an issue. Unfortunately, credit card companies do lend people money well beyond their means.

So are you an attorney or not? I suspect not since you did not directly answer the question.

 

[fngTony]

Hello everyone. Looking for some advice here with our financial situation. My wife and I both have two newer cars she leases in paying to own. We each have school loans which are deferred at the moment. And a bunch of credit card debt which were only making the minimum payments on. We don’t really have much left over after everything is paid to pay extra on CC. we have be thinking of doing some debt consolidating or somethjng of that nature. I’m not sure if I should downgrade in vehicles and get something cheaper or with no payment at all I’m sure it’s possible with having some equity in my Tacoma. We are just ready to get out of this debt and be free of it. Any thoughts????

I would consider the vehicle downgrade. Do you NEED a truck? Not only the cost of the truck but the maintenance. Tires and fuel are much less in a car/crossover suv. I know you’re asking this on a hunting forum so you obviously have use for a truck. What I’m saying is that there are ways around it. For example I went from an f150 to a forester, the few times that I need a truck I know people or can rent one. Real friends will have no problem letting you ride with if you’re trying to better yourself. I went from a vehicle with 125k miles 14mpg, $800 for tires, $250 annual registration to one with 29k miles 26mpg $450 tires $170 annual registration. I made this move without any new debt with money from selling my camper. The camper was paid but not being used enough to justify the $75 a month storage.

Reconsider your career and where you live. Sometimes the pay vs cost of living is better somewhere else.

Do have things to sell? Are you toy poor? Boat, atv, a snap on tool box, home theater, multiple bows and rifles, any expensive gear that might sell on here? It won’t pay off a student loan but might cover the costs of switching vehicles.

 

[Coopsdaddy]

Lot of people dont like dave but i like his general principles for getting out of debt.
Im 43 and haven’t had a car payment nor has my wife for 15-20 years.I drive a 2000 4runner thats super clean (I really want a truck!)and she drives a 2014 lexus es350 that we paid cash for.We are blue coller with 3 kids and also dont have a house payment,been in the same house i bought when i was 21.Granted all our friends have homes that they will probably be paying for till they retire and have nicer vehicles but we dont have the stress.Its tough because everyone has awesome vehicles and homes but in my opinion its the Fake american dream,have all the stuff,the 800 credit score,the huge mortgage but cant afford nosler partitions so you settle for core lock and just tell everyone you shoot the noslers!
Stay focused

 

[MattB]

Ha, props on your assumption. Is it that obvious?

While I don’t necessarily think society would collapse, i would certainly agree that we would have some big problems if everyone lived beyond heir means and then filed BK. But you could say that about a lot of things, including hunting. If everyone in the US hunted, we would either have zero game left, or essentially zero opportunities to hunt.


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If you are fact a lawyer, some introspection may be warranted. My career unfortunately requires me to work with lawyers frequently, and your amoral approach to bankruptcy code is reminiscent of some of those interactions.

 

[willy]

As has been said you made a great first step in asking for advice. I'm impressed that you have the mental toughness to ask for help. I think many people in that situation couldn't do that.

A few sayings my parent's always said growing up were living within your means, don't borrow, and pay with cash. If you borrow pay it back as soon as possible. We also rarely ate out, max 3 or 4 times a year. We didn't have much but we didn't know it.

These ideas have worked well for all in my family.

I've listened to Dave Ramsey many times on the radio the past few years and I like what I hear. The dedication needed to follow his advice certainly takes some conviction to change one's lifestyle but if that can be done I think one couldn't help but be successful in becoming financially independent.

 

[maddmartagan]

If creditors would establish limits on what they lend, so that individual were not extended credit beyond their means, this would not be an issue. Unfortunately, credit card companies do lend people money well beyond their means.

So are you an attorney or not? I suspect not since you did not directly answer the question.

Ha, yes I’m an attorney. I really was giving him props.


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[unclericco]

I recommend you go all in on Dave Ramsey’s plan. It’s helped millions of people like you. It’s a marathon not a sprint
Here’s my story

That is an amazing story. No idea how you were able to stick with it and knock out that amount of dent in so little time but congrats!

 

[Bubblehide]

Ha, yes I’m an attorney. I really was giving him props.


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Oh, I have no doubt that you were.

 

[maddmartagan]

If you are fact a lawyer, some introspection may be warranted. My career unfortunately requires me to work with lawyers frequently, and your amoral approach to bankruptcy code is reminiscent of some of those interactions.

Thanks for the suggestion, but I’m okay. There’s nothing amoral about my approach. All I have been saying is that bankruptcy is a financial tool, and should be considered as an option when dealing with a serious financial hardship. I’m sure it makes you feel better about yourself to accuse others of being immoral for going that route, though.

And as to your comment about “unfortunately” working with lawyers...I would doubt you actually work with them. Sounds more like you are just repeating the stereotype that you see on tv and in movies. Or you might have worked with one lawyer who was an ass, and now you just assume all lawyers are the same as the one you worked with. Either way, it was a pretty ignorant comment.


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[HookUp]

Make more money. I have always worked a full and part time job. turn off netflix and hustle.

 

[Bubblehide]

...

And as to your comment about “unfortunately” working with lawyers...I would doubt you actually work with them. Sounds more like you are just repeating the stereotype that you see on tv and in movies. Or you might have worked with one lawyer who was an ass, and now you just assume all lawyers are the same as the one you worked with. Either way, it was a pretty ignorant comment.


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I for do get your points. But then I do actually work with attorneys quite often, as my employer requests me to review, organize, summarize, and point out our strengths and weaknesses in litigious cases; in addition to my normal duties. Although it is additional work in which I receive no extra compensation for (I could if I just asked), I view it as an ultimate complement, a great learning opportunity, and I actually love doing it; but then, keeping up with legal changes and trends within my field and beyond is important to me.

Sometimes I wonder if those that claim high morals would break those morals by killing someone if a person were about to kill a loved one. I mean, isn't thou shall not kill, not only the sixth commandment, and the ultimate moral value.

 

[Marble]

Hello everyone. Looking for some advice here with our financial situation. My wife and I both have two newer cars she leases in paying to own. We each have school loans which are deferred at the moment. And a bunch of credit card debt which were only making the minimum payments on. We don’t really have much left over after everything is paid to pay extra on CC. we have be thinking of doing some debt consolidating or somethjng of that nature. I’m not sure if I should downgrade in vehicles and get something cheaper or with no payment at all I’m sure it’s possible with having some equity in my Tacoma. We are just ready to get out of this debt and be free of it. Any thoughts????

Dave Ramsey

Google him

Follow plan

You have done got yourself into a big mess. But its fixable. Just learn from it.

Debt is not rarely a money problem. It is behavior driven. Learn the bad behaviors, then don't do them.



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[hodgeman]

Again....Go to Dave Ramsey's website, enroll in FPU, read Total Money Makeover, get mad as hell and change your life.

Simple...yes, Easy...no.

 

[Mr. October]

There is some good advice on this thread. Don't feel bad about this. I know it sucks but many of us fell into the credit card/debt trap at one point. Know this. You CAN and WILL solve this over time. You need to be patient and disciplined. I haven't listened to Dave Ramsay but see his advice parroted here and agree with it. Pick your highest interested card, and start applying a little extra to it each month until it is paid off. You CAN find a little extra as long as you are working and have income.

Meanwhile, stop spending money that isn't there. Make sure you learn lessons from this. A good one is to never buy non-necessities on credit. If you can't pay cash, or don't have the money to immediately pay your credit card, don't buy it. I see some of my young friends running out and buying all the gimmicky, fancy hunting and fishing stuff that the Outdoor Channel convinces them they need. It costs thousands and it isn't necessary. Choose wisely. Spend smartly. You will get there. Just be patient.

 

[30338]

Great responses from the Roksliders on this thread. Good luck to the OP, you can definitely get there if you can team up with the wife on this. You'll look back and realize you hated leases on cars.

 

[Mr. October]

Great responses from the Roksliders on this thread. Good luck to the OP, you can definitely get there if you can team up with the wife on this. You'll look back and realize you hated leases on cars.

Definitely . . . unless you drive the exact mileage of the lease, leasing has never been great. Especially at modern car prices. Find something you can afford and pay for it outright or as quickly as you can and then keep it as long as possible.

 

[Nomadx2]

A good friend of mine who is a Wealth Advisor & fund manager, told me there are generally 2 types of people, those that make $150k a year and live like they make $45k, and those that make $45k and live like they make $150k.

When the average car loan length at 72 months, people are living way beyond their means. Stop rationalizing the "equity" in you Tacoma. Sell it and buy a simple cheap car and pay off some debt.

Learn to live on only 1 of your paychecks per month. Use the other paycheck to pay down debt and build a 6 months cash reserve (in a separate bank that you do not have access to with a check book or ATM). Get down to 1 credit card between the 2 of you.

Put a $20 bill in your pocket on Monday am and live on that for a week. Can you and your wife carpool to work?

While it may sound crazy, still max out your 401k especially if your employee matches. Paying your investment self 1st leaves less discretionary money available for other things.

Get rid of all the apps that let you buy entertainment (movies, books,) and satellite TV. Go to the local library where you can get books & movies for free. If you have Amazon Prime, look for the free to read/listen books/movies. I have bought one from them in 4 years.

Go grocery shopping on Sunday and set a budget of $100 for the week. Learning to cook vs buying prepared meals can be a lot of fun. A 9 lbs pork shoulder is about $20. You can braise that on Sunday and make Tacos, burritos, enchiladas, chicken tetrazzini, pork or chicken fried rice, put it in chili, etc. Same with roasting 2 whole chickens. A bag of dry rice & beans will cost about $8 and should last a couple of weeks. Fresh fruit & vegies are heaped and far healthier.

If you like a couple of beers, stop buying the local $3/btl craft beer and get a Busch light 30 pack for $0.50/can. Nothing wrong with wine in a box.

Take your lunch to work, an apple and small pack of tuna or salmon is about $2, a visit to Qdoba $12. A big bowl of Ramen noodles (with chix or pork from above) is about $1.50.

The biggest challenge you will have is the mental adjustment to stop thinking you need something or deserve something (impulse spending) to just saying no, your are good where you are at without it, and walking away. All about self discipline

This will be hard and you and your wife will have to be on the same page and be a team. If you hit your goals for the week, let yourselves have a cheat dinner night where you order take order but limit is to $30 for both.

As stated above, Dave Ramsey can be a great motivator to listen to and get involved with his programs.

I know the above works, by age 50 my wife and I were debt free, had max'd our 401k's for 30 years, and owned 3 homes with no mortgages. Saved cash for our vehicle purchases and usually drove them 8-10 years. BTW, I still listen to Dave Ramsey

It worth it if you are strong enough. Good luck!

 

[HoytHntr4]

You and your wife need to get a budget app on both of your phones and track every penny that goes in and out of your account. Once you have a budget you’ll be amazed how much money you’re spending on useless things. Dave Ramsey’s app is called Every Dollar, it’s what the wife and I use but I’m sure there are other good ones out there as well

 

[GreenNDark Timber]

I sold my new fancy black truck after we got married and paid cash for Ol’ Blue. The old 7.3 IDI rattled me around for 5 years. Gave me the chance to pay everything off, save for a newer one. Only reason I sold was because it was getting hard to start in the cold, cutting into certain hunts. Needed a injector pump, more than the truck was worth so sold it to a mechanic. It’s kinda nice not worrying about scratches too haha.

I always wanted a bumper sticker on it that said I took financial peace university and all I got was this beater!

You can do it!

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I can't add much to the great advise already given.....but does anyone else like "Ol' Blue" more than the new truck or is it just me?

 

[EastMT]

I can't add much to the great advise already given.....but does anyone else like "Ol' Blue" more than the new truck or is it just me?

Yup, if it wasn’t for Alaska cold weather and hard starts during hunting season, I’d still be rattling around in it! That thing would haul a yard of gravel, 2 yards of dirt. Was before trucks were grocery getters. The guy loading the truck with 2 yards of dirt was like no, too much. I said dump it! It squatted like2” hahaha, he was amazed!


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