Forums
New posts
Search forums
What's new
New posts
New profile posts
Latest activity
Internet Search
Members
Current visitors
New profile posts
Search profile posts
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Forums
General Discussions
The Watercooler
Need your advice on $ problems
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="hearts and roses" data-source="post: 159614" data-attributes="member: 2211"><p><span style="font-size: 12px"><span style="color: indigo">I would be inclined to use the cash to buy a small, efficient, economy car by a good solid company that has a nice reputation for making good cars, such as the Toyota Yaris. It averages about 36 mpg and since it's made by Toyota - you know it will last. The base models are roughly $16,000. Then, I would take that $4000 and do one of two things.</span></span></p><p> </p><p><span style="font-size: 12px"><span style="color: indigo">First option: Figure out which one of your credit cards has the highest interest and call them and see if you can work a deal with them to 'settle'. Then contact Consumer Credit again and working with a lower number, you may get a lower monthly payment. However, with my personal experience, when I started with a credit management company almost 5 years ago with only $9000 in debt to pay off, it still took me 4 years!! But, my monthly payment was only $225. I just made my last payment May 16th!! Yippee!</span></span></p><p> </p><p><span style="font-size: 12px"><span style="color: indigo">Second option: Hide the $4000 cash balance following the purchase of the car and then file bankruptcy. I know, I know, the dreaded bankruptcy! BUT! I know several people who have gone that route and within 2 years their credit is restored. One friend of mine bought a 3 bedroom home in a very nice area only 18 months after filing. Another friend of mine received credit card offers after only 6 months! And my brother was able to secure college loans for his daughters BECAUSE of the bankruptcy (beforehand his income to debt ratio made it virtually impossible for him to get college loans for his daughters).</span></span></p><p> </p><p><span style="font-size: 12px"><span style="color: indigo">I am not passing judgement and please hear me out...I have found that there are very different reasons why some people file bankruptcy. There are those smarmy people who rack up debt without a care as to how it will play out in the end or affect others. As is their M-O, without a care they file bankruptcy and then walk away only to rack up debt with some other creditors (again, without a care). They put their families at risk as well as their name. It's bad karma. </span></span></p><p> </p><p><span style="font-size: 12px"><span style="color: indigo">BUT, then there are the people who either fall on hard times or for circumstances beyond their control, such as due to medical needs, a family emergency or tragic event. They rack up credit card debt and find themselves unable to keep up. For that unfortunate group, then I really feel that bankruptcy is there as a viable option that should not be looked upon as shameful or unscrupulous. It is what it is. Figure out which group you fall into and decide what will work best for you in the long run.</span></span></p><p> </p><p><span style="font-size: 12px"><span style="color: #4b0082">Good luck~</span></span></p></blockquote><p></p>
[QUOTE="hearts and roses, post: 159614, member: 2211"] [SIZE=3][COLOR=indigo]I would be inclined to use the cash to buy a small, efficient, economy car by a good solid company that has a nice reputation for making good cars, such as the Toyota Yaris. It averages about 36 mpg and since it's made by Toyota - you know it will last. The base models are roughly $16,000. Then, I would take that $4000 and do one of two things.[/COLOR][/SIZE] [SIZE=3][/SIZE] [SIZE=3][COLOR=indigo]First option: Figure out which one of your credit cards has the highest interest and call them and see if you can work a deal with them to 'settle'. Then contact Consumer Credit again and working with a lower number, you may get a lower monthly payment. However, with my personal experience, when I started with a credit management company almost 5 years ago with only $9000 in debt to pay off, it still took me 4 years!! But, my monthly payment was only $225. I just made my last payment May 16th!! Yippee![/COLOR][/SIZE] [SIZE=3][/SIZE] [SIZE=3][COLOR=indigo]Second option: Hide the $4000 cash balance following the purchase of the car and then file bankruptcy. I know, I know, the dreaded bankruptcy! BUT! I know several people who have gone that route and within 2 years their credit is restored. One friend of mine bought a 3 bedroom home in a very nice area only 18 months after filing. Another friend of mine received credit card offers after only 6 months! And my brother was able to secure college loans for his daughters BECAUSE of the bankruptcy (beforehand his income to debt ratio made it virtually impossible for him to get college loans for his daughters).[/COLOR][/SIZE] [SIZE=3][/SIZE] [SIZE=3][COLOR=indigo]I am not passing judgement and please hear me out...I have found that there are very different reasons why some people file bankruptcy. There are those smarmy people who rack up debt without a care as to how it will play out in the end or affect others. As is their M-O, without a care they file bankruptcy and then walk away only to rack up debt with some other creditors (again, without a care). They put their families at risk as well as their name. It's bad karma. [/COLOR][/SIZE] [SIZE=3][/SIZE] [SIZE=3][COLOR=indigo]BUT, then there are the people who either fall on hard times or for circumstances beyond their control, such as due to medical needs, a family emergency or tragic event. They rack up credit card debt and find themselves unable to keep up. For that unfortunate group, then I really feel that bankruptcy is there as a viable option that should not be looked upon as shameful or unscrupulous. It is what it is. Figure out which group you fall into and decide what will work best for you in the long run.[/COLOR][/SIZE] [SIZE=3][/SIZE] [SIZE=3][COLOR=#4b0082]Good luck~[/COLOR][/SIZE] [/QUOTE]
Insert quotes…
Verification
Post reply
Forums
General Discussions
The Watercooler
Need your advice on $ problems
Top