In debt & Stressed out

[robinb]

Did you Oprah's Debt Diet segments a few months ago? She covered how to get yourself out of debt. Here is a link to the suggestions made by her guests: http://www2.oprah.com/money/debtdiet/money_debtdiet_main.jhtml

 

[sameyeyam]

Sounds like some of the problem is not lack of money, but stretching the money and the due dates of some bills not coinciding with their paydates.

Some states have utility laws that require utility companies to change your due date if you request them to, so it will coincide with your paydate. Check on the internet under your state's utility commission or utility board and find out the laws. This might help you out.

Also, you might try calling some of the companies directly and say - my paydate is now on the 15th of the month, can I change my due date from the 10th to the 18th? It can't hurt to call and ask, many companies are very accomodating. I recently had my mortgage company change my house payment from the 20th to the 25th, because my paydate falls on the 22nd. .

Have you also thought about depositing half of your paycheck into checking, put the other half into a savings or xmas club account? Then the following week transfer out the other half? This might work better for your budgeting purposes and would be more like getting paid every week, instead of semi-monthly.

Just a few things to think about.

 

[Stein]

Don't forget that those low or zero interest cards are just waiting for a reason to slam you with 28% interest. We transfered a bunch several years ago for all of the reasons stated above. For some reason, Citibank applied one of our payments to somebody else's account, thus we "missed" a payment. The next day, we receive an express letter stating blah, blah, blah, we are jacking up your interest to 28% and assessing fees, blah, blah, please send us $400 PLUS the monthly minimum to get your account active again.

We got everything straightened out eventually, but we spent several stressed out hours on the phone. Plus, we were scared out of our mind that we really would accidentally miss a payment. We simply could not afford the minimum payments if the interest jumped to 28%.

If you play with snakes, they eventually will bite you. Don't try to borrow to get out of debt, get on a budget and pay off your debts.

Seriously, get The Total Money Makeover and you will never regret it.

 

[Chicago526]

Don't forget that those low or zero interest cards are just waiting for a reason to slam you with 28% interest. We transfered a bunch several years ago for all of the reasons stated above. For some reason, Citibank applied one of our payments to somebody else's account, thus we "missed" a payment. The next day, we receive an express letter stating blah, blah, blah, we are jacking up your interest to 28% and assessing fees, blah, blah, please send us $400 PLUS the monthly minimum to get your account active again.

We got everything straightened out eventually, but we spent several stressed out hours on the phone. Plus, we were scared out of our mind that we really would accidentally miss a payment. We simply could not afford the minimum payments if the interest jumped to 28%.

If you play with snakes, they eventually will bite you. Don't try to borrow to get out of debt, get on a budget and pay off your debts.

Seriously, get The Total Money Makeover and you will never regret it.

That's exactly why I pay my CC's online the day the statement becomes available, and then track it an make sure the payment goes through AND is credited to my accounts. I don't trust those CC companies farther than I can throw them. It could just be an innocent mistake, but sometimes I wonder...

 

[MrsPete]

Don't forget that those low or zero interest cards are just waiting for a reason to slam you with 28% interest . . . If you play with snakes, they eventually will bite you. Don't try to borrow to get out of debt, get on a budget and pay off your debts.

Yep. These people are not trying to help you out of the goodness of their heart -- there is a catch. No one is going to help you except YOU.

 

[KA011005]

Thankyou all so much for your heartfelt responses and advice. This is my new plan. I will go to scholl part time (2 classes instead of 4) and get a pt job. I am going to call my cc companies to see what they can do to help. My major problem is that I missed payments on the cc and minimum payments are way too high. ($300) That's what it boils down too. WE've cut our direct tv for now and I always cook at home. Frivilous spending was probably the culprit but I am really going to do everything I can to be rid of temptation. I will make a budget and place things like gas money & food shopping $ into envelopes and pay bills as soon as we get paid. I know I can do it. Thanks so much!!

Sincerely,
Kelly

 

[karynnix]

GOOD LUCK!!!

 

[Chicago526]

Thankyou all so much for your heartfelt responses and advice. This is my new plan. I will go to scholl part time (2 classes instead of 4) and get a pt job. I am going to call my cc companies to see what they can do to help. My major problem is that I missed payments on the cc and minimum payments are way too high. ($300) That's what it boils down too. WE've cut our direct tv for now and I always cook at home. Frivilous spending was probably the culprit but I am really going to do everything I can to be rid of temptation. I will make a budget and place things like gas money & food shopping $ into envelopes and pay bills as soon as we get paid. I know I can do it. Thanks so much!!


Sincerely,
Kelly

That's great! With only taking two classes, school will cost less, and add that to the money you'll earn working part time, it should be a big help. And the envelope system should work well for you too. Good luck, and if you need more advice or encouragement, let us know!

 

[deekaypee]

Thankyou all so much for your heartfelt responses and advice. This is my new plan. I will go to scholl part time (2 classes instead of 4) and get a pt job. I am going to call my cc companies to see what they can do to help. My major problem is that I missed payments on the cc and minimum payments are way too high. ($300) That's what it boils down too. WE've cut our direct tv for now and I always cook at home. Frivilous spending was probably the culprit but I am really going to do everything I can to be rid of temptation. I will make a budget and place things like gas money & food shopping $ into envelopes and pay bills as soon as we get paid. I know I can do it. Thanks so much!!

Sincerely,
Kelly

I know you can do it, too. It sounds like you're putting a plan in place without forgetting to keep an eye on your long-term future (a college education). Congratulations on making some important first steps and remember, only look back so that you can move forward. (No self-recriminations!)

 

[Barbers2005]

Before you change your student status from full time to part time, make sure you check with the financial aid office to see how many credit hours you need to receive financial aid. You don't want to go to part time to save money, then find out you lost your financial aid.