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Credit Card Debt - What to do?

June 18th, 2011 at 09:46 am

I have about 3 credit cards which are all current at the moment. The 2 have small monthly payments and the 3rd has a monthly payment of over $250 a month.

Lately I've been feeling like I'm still stuck in the beginning. I try to pay more than what is due but each month when the bill comes, the monthly payments are still the same. I've been thinking about not paying this card anymore. I am fully aware of the consequences (phone calls, late fees, collections, etc). I've been thinking more and more about letting it go to collections. I feel that if I stop the payments, I can start saving and when that day comes, I can make settlement.

I've been talking to friends to get their story. One friend defaulted on 4 cards which she settled later. She said she never paid taxes and once she paid her credit went back up. I'm at a lost as to what really happens in the process. If I continue paying, then I will be digging us deeper in the hole.

Can anyone give me insight into your story?

Mystery Shopping

August 12th, 2010 at 07:03 pm

I was reading about mystery shopping and I was wondering if it worth the time and money? Has anyone out that done this? Does anyone have any suggestions on where to start? I've been trying to look for something to do on the side but lately it's really hard to find anything that can fit into my schedule. Your opinion is much appreciated!

What to do?

June 8th, 2010 at 12:44 pm

Ok I just called the credit card company of where I bought my furniture. The account currently has a balance of $2042.48. I had a hard time paying this card at the end of 09 so I had let the card go for about 2 months. I caught up on payments in Jan and since then, I had been on a temporary hardship plan with them where I pay each month $75.00. Before, it was a monthly payment of $140.00. It was initially a 3 month plan but I called in March for an extension til July. So today I called to double check when the plan ends and the rep confirmed that it will be in July. I asked her if we can extend that again since it was a reasonable amount that I can make. She said no, they can only approve for a 3-6 month plan in a year. I went on to explain that I cannot afford the $140.00. She suggested that I use a credit card to pay it off or to consolidate which I explained that I can do neither. After a minute of silence, she tells me that there is no other options for them. I wish they were like Chase who is allowing me to pay my balance at $75 for 5 years interest free!

So now I wonder what to do. I don't use this card anymore. I got it so we can get furniture for our first apartment. So I can't use it on anything else but more furniture lol. Part of me just wants to use at least one paycheck to pay half and make small minimum payments later. The other part of me wants to use my 401k and pay it off entirely. Or just deal with it as it is and struggle to pay the $140.00 each month. What to do? Which is the best choice?

Patience is virtue.

May 23rd, 2010 at 02:42 pm

Thank you to all who read my initial blog. I really enjoyed reading all of yours and hope that I will make this into a daily habit!

My husband and I have different attitudes when it comes to money. As I said before, he is a spender and I'm the saver. I take care of the finances for the family. I always tell him what's going on, what we can or cannot do. I believe our attitudes are due to the way our parents raised us. His family are very live now-spend now. My parents were immigrants and spent their entire lives being extremely frugal. They still go to the local flea markets in hopes that they will "win" something good, as my mom would put it haha. I've always been a saver and always looking for some kind of discount. For example, for my wedding, my dress was only $100 and my shoes were only $5. We had the wedding at my parents house and all the food were homemade. I just believe that any extra money we save I can use for something bigger and better. Nowadays we don't have much of a saving because all the money goes to daycare, the house, the car, and medical bills. I guess all I really want is to have some security again and not have to worry about the surprises for tomorrow. I'm patiently waiting for 2011 when my car is finally paid off :-)

Hello :-)

May 22nd, 2010 at 07:22 pm

Ok, what is there to say about me? I'm your simple everyday person. Personally, I've got the cutest baby boy ever (as all moms say that about their kids, lol). I've been with my husband for 5 years and married for two. Professionally, I've been working in the insurance industry for almost six years. My husband works in the safety and health management field. We live in a modest home in New Jersey. We're both hard workers and take lots of pride in the things we have.

I created this blog to help me stay on track with our finances. This past year has been rough on us financially. It seemed like every time we turned around, there was a new challenge to face. We had just bought a house when we discovered we were having a baby. Then due to some pregnancy complications, I had to be out of work for awhile, therefore less pay coming in and lots of medical bills. Then at the same time, we had to use all our savings to fix the water heater. There was so many issues that we had to rely on our credit cards. Then earlier this year, we were still getting it with new surprises: we needed a new dryer, my husband got into a minor accident, and we had to fix the plumbing - all happening at once! When it rains, it pours. A year later, the water heater is finally paid off. I hope that this dark rain cloud has lifted.

I created a budget list of all our debt and I'm going to start putting aside some emergency funds again. Hopefully I will beable to build something up again. It's hard because we are still catching up on some bills. Plus I'm the saver and my husband is the spender.

That's all for now. Please let me know what you think! Best wishes to all!