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 Posted: Fri Jun 01, 2007 11:09 am Subject: the circle |
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I moved out when I was 18. I had saved some money was pretty good with accounting and actually helped my boyfriend get out of debt.
I save enough for us to buy a house. On top of all the extra bills and getting married a few months later we ended up with some debt.
We consolidated on one credit card but slowly again we opened others. Then our debt was back up.
We consolidated with a bank loan once again and canceled all but 1 credit card. Our loan amount is pretty high but our credit card has hovering between $100-200. Which is doable, not the $12,000 plus on one credit card. Not even getting into the 6 other cards we had.
We are trying to scrape by so we don't end up going a 3rd time around with having to consolidate because every time we consolidate the amount is higher.
Trying to break this cycle!
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surveygrrrl
Joined: 01 Jun 2007
Posts: 152
Debtcc Points: 3612
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| Posted: Fri Jun 01, 2007 11:28 am Subject: |
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Good luck to you. I know from my experience that I was getting into a circle too-- and it wasn't fun. Once you know how to fix the circle and budget, everything works out.
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sullivana
Joined: 01 Jun 2007
Posts: 171
Debtcc Points: 3145
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| Posted: Fri Jun 01, 2007 11:31 am Subject: |
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What we decided to do was to just settle our debts instead of trying to make the minimum payments or consolidate. We did it early enough on to where we are getting the most savings. It's almost 75% savings of what we actually owe. If you use a company there is a fee. Just make sure you find one that is reputable. I found a company called Clear Debt Results from the Ameridebt website. They seem to be pretty reasonable. Even with the fee that you pay for their help it is still considerably less than what you owe and you will be completely debt free after the program.
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Billysgirrrl
Joined: 12 May 2007
Posts: 127
Debtcc Points: 2665
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| Posted: Fri Jun 01, 2007 11:52 am Subject: |
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Thanks for the tip!
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surveygrrrl
Joined: 01 Jun 2007
Posts: 152
Debtcc Points: 3612
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| Posted: Fri Jun 01, 2007 1:03 pm Subject: |
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If you can afford with the payment plan set in consolidation, go for it. This program will be in your file for as long as you are enrolled in it. Once you complete the plan in a few years, it will be removed from your credit. Go for settling on your debts only if you can't manage up any other plan and bankruptcy is thought to be the last recourse.
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Ruby
Joined: 08 Mar 2006
Posts: 120
Debtcc Points: 2104
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