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Question of the Month:
Question of the Month is yet another effort by the debtcc team to enhance the community knowledge bank. It’s a monthly contest and every month a challenging question will be thrown before the members for responses. The best answer will be chosen collectively at the end of the month by the debtcc members and the admin panel of the site. The winner of this contest will receive a handsome reward of a $50.
The purpose behind this idea is to encourage the members to share their real life experiences in dealing with the financial challenges.
Though different financial issues are being discussed across the debtcc board, but it doesn’t leave much scope to the members to share their personal experiences. Here is the place where it can be done, and also that the new members can get the innovative ideas to deal with their debts along with the conventional ones.

Latest Question

Question 4: What is your New Year resolution regarding debt?
Managing Debt is one of the priorities for all of us. How do you plan to get out of debt in the coming year 2009?

Winner Post

Answer 1: Savings, savings, and more savings!!!! Savings is a word that used to always sound to me like something the rich and powerful do. But me, a person who makes a decent salary, drives a decent (haha) car, but yet has a pile of bills…savings is like something I hear and think, “unobtainable.”
Well I have learned quite the contrary in 2008 and will continue to apply what I learned in 2009. The first thing that everyone who is in debt needs to do immediately (if they have not done so already) is to get a checking account and a savings account. Earlier this year I thought that was impossible for me, especially since I was black-listed on the ever popular (yet not so likable) chexsystems. Then in the later part of the year I joined this bank mentioned on here numerous times…Transportation Alliance Bank. This was the key for me to start savings. They have both an interest-bearing checking and savings account. As of today the checking account yields 0.75% apr and the savings yields 3% (That APR is one of the highest in the country). ANYWAYS…with these accounts I can monitor my spending and stop spending haphazardly. With my paychecks I am able to put about $300 into savings a month. Of course Christmas this year killed that…but thats why Im looking forward to 2009

Now back to the question…with the money I put away in Savings I can tackle my debt a little at a time. My goal for 2009 is to get out of debt. I have monitored my spending in 2008 and have cut back on the things that arent necessary for me and now I can approach 2009 and put my money to use! I want to put some money into savings and also apply some of that money to my debts. After the holidays are over and I have made use of 2 checks (in other words refilled my savings account after the holidays have passed) I will send letters to my creditors via certified mail return receipt requested. I will offer a settlement of 10% of any balance owed (this is after I have validated the debts with the leaches…I mean creditors). If a certain debtor does not accept 10% then Ill move on to someone who will! After I settle with the creditors who accepted 10% then I will come BACK to the ones who didnt the first time and reoffer the 10%. Maybe I will get lucky, with the ones that I dont get lucky with I will offer 11% (hey they annoy me so why cant I annoy them). In the end I will keep offering settlement after settlement until I either annoy them until they just cave in or they give me a fair settlement that is feasible to me and my paycheck. Hey I work for my money so you know that these debt collectors are going to have to make my money work for my “debt” in a way that doesnt burn my pockets!

Lets face it the economy sucks right now. Im very lucky to have a job. But think about it. Economists and politicians are predicting the economy is going to worsen in 2009 (yes they do tend to lie, but Ill take their word for it in this case). My interpretation of an economy that is going to continue to fall downhill is that more and more people than EVER are going to be falling into debt. This means that these 3rd Party Scum Sucking Agencies are going to be BLOWN AWAY with new accounts. People are losing their jobs and their homes so I doubt their credit scores will even be better. As long as I have a job and an income I will take advantage of the fact that these collection agencies are going to be inundated with more accounts than ever and lets face it these people who work for the Collection Agencies are not exactly the brightest stars in the evening sky (another plus for me who actually has some intelligence…I think).

The way I will take advantage is that with all these new accounts these agencies will have more than they can handle. If I offer them any amount of money as far as settlement, they may be more likely to take it because there are going to be so many newer debts that will be expending their energy on. My debts are old…they have cobwebs on them, theyre taking up too much space int he RAM of their debt collection computer memories and they need the space for these newer debts which they may actually see as being collectible. I see it happening already!

Ill give you an example. My sister has an American Express Card. She is 2 days past due. That is not a typo…two days. Today (Sunday) at 10 AM (Breakfast), they called wanting her money and saying she is past due. This is happening with other creditors as well.

For me, it has been over 5 years since I had an American Express card or any credit card for that matter. But back then they did not even attempt to call me until I was 30 days past due. I could be wrong, but this is my experience.

Now by the end of 2009 I plan to be completely out of debt. If (God willing) I have my job I will put all my extra money into savings. I will collect interest and then the final part of my “debt resolution” will fall into place…and that is STAYING OUT OF DEBT!

No credit cards, no payday loans…NOTHING! If I cant afford it, I wont buy it!

This is my resolution regarding debt and I plan to stick to it. If you are still reading this then God bless you! You have more patience than me

Answer Posted by |brian446fsu

The other answers worth mentioning are:

Answer 2: My New Year Resolution will not be too much different than I am already doing. Under no circumstances will I purchase anything that I can not afford or I do not need When I do go to the store, I will use a list and stick to only what is on my list. I have also learned to say NO to my children when they come to the store with me. I also tell them, No it is too expensive, I am not paying that price for that, we cant afford that right now, you do not need that. I am hoping that this instills the value of not just buying things and working for what you want in them. For me, the hardest thing has been telling people I work with or my friends, No I cant go out to lunch/dinner. All these little things add up to alot. So, with every little bit of extra money I can save by doing all these things, I then put that into paying extra on my debts. I believe that if anything positive comes out of these economic times we face today, it is that people will go back to living on what they can afford. It is not easy to tell people, “I dont have the money or I cant afford that” but I have to ask myself why? Success is not what you have or how much money you make – sucess is how you live your life.

Answer Posted by |spatterson_40

Answer 3: First plan on getting a budget set up. I dont do New Years resolutions, I do goals. I set down before the end of the uear and write down what goals I would like to see accomplished. I set short term goals like getting five or ten dollars, or more if I can afford it, extra when I buy groceries. At the end of the month, I put it in a savings. I also try to add a little more here and there. At the end of the year I have a little extra money, whether it is to pay toward a bill, Christmas, etc.

I next will only pay cash in the comming year. If I dont have it, it doesnt get charged on a credit card.

The long term goal being, that not only out of debt, but have a comfortable nest egg for emergencies. That is the one goal I am shooting for. If I have a nest egg, then if something financially comes along, I wont be tempted to charge, get loans,etc.

Answer Posted by |Bossy4455
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