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10_16_97_ Credit & Debt
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2014-12-23
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MW No Debt: Howdy Alty.... sorry I am late...
ALTY218: HI I must be the only one with problems tonite
MW No Debt: LOL.. Well I was supposed to be here a few minutes ago...
MW No Debt: So what do you need help with..??
ALTY218: well...you probably dont remember me emailing you but....
ALTY218: I have too many bills and cannot get caught up
MW No Debt: Let's see.. refresh me a bit
MW No Debt: Ok, and you were deciding wether or not you should file BK...
ALTY218: I am the one that doesnt want to tell the husband NO I cant file BK
MW No Debt: You don't want to file?
ALTY218: I have a consolidations loan for 20000 and credit cards around 12000
MW No Debt: Whoa. Okay what are you thinking about doing??
ALTY218: I could never do something like that and my husband would never!
ALTY218: I want so much to get straighted out and pay these things off but I
cant get caught up
MW No Debt: Have you negotiated with you creditors to get lower payments?
ALTY218: to get started.... We live paycheck to paycheck plus more
ALTY218: yes I got one to lower for 6 months
OnlineHost: WNash31877 has entered the room.
MW No Debt: Well I can understand that.
MW No Debt: Uhmm, let's see..
MW No Debt: Tell me some more.. about bills, amounts...
ALTY218: what I need is to get caught up and then figure out how and when to
pay what
ALTY218: consolidation loan is 300 a month (big mistake) Im sorry I ever did
this
OnlineHost: Frijoless has entered the room.
MW No Debt: Hey Frijoless!
ALTY218: then I have credit cards they are about 150 or more a month
OnlineHost: Beelines has entered the room.
MW No Debt: Okay, have you considered talking to Consumer Credit Counseling?
ALTY218: no because I couldnt afford the payment they would make me pay
MW No Debt: They usually will work with you.
MW No Debt: Hey Beelines! Welcome to tonights chat!
ALTY218: we deposit around 1700-1800 a month and have 707 house payment and
all else that goes with
MW No Debt: They work with your budget amounts, and do the best they can
OnlineHost: MBSAK has entered the room.
Beelines: is a second morgage a good way to pay off dept hi
MW No Debt: Well that depends.. I don't recommend it, unless you are positive
you will not use the
MW No Debt: credit cards anymore
MW No Debt: Alty all else goes with what?
ALTY218: from experience its not a good idea
ALTY218: like household bills electric phone ect
OnlineHost: RedMstng96 has entered the room.
MW No Debt: Hey RedMstng! Welcome to chat!
RedMstng96: Hey
MW No Debt: Well, what I would do if I were you Alty...
MW No Debt: Have you cutr up those credit cards yet??
MW No Debt: If not, that is a good first step..
RedMstng96: It is hard to do that
ALTY218: no but im not using them
MW No Debt: LOL Red.. yes, but worth the effort.
MW No Debt: Well get rid of them ALTY, keep one and get the limit lowered
RedMstng96: I have thought of taking them out of my wallet
MW No Debt: And then, there are two ways to handle this..
ALTY218: We have had to use them recently for my husbands father going into a
nursing home (help)
MW No Debt: You could start paying the most you can on the card with the
lowest balance..
MW No Debt: And when that one is paid off, move to the next one..
MW No Debt: This way you will see them being paid down, and will be more
likely to stick with the plan
MW No Debt: A secondary way to handle this is to pay the one with the highest
interest rate first..
MW No Debt: so that way you will be saving money on interest.
MW No Debt: Welcome to chat MBSBAK!.. Anything that I can help you with??
Beelines: lowest ballance or highest interest witch should be payed off first
MW No Debt: That is up to you Beelines.. which ever way you feel would best
suit your need
MW No Debt: When I was trying to do it, I paid off the highest interest rate
card first.
MW No Debt: But to some, they want to see progress right away..
MBSAK: thanks MW ..just reading ur good advice
MW No Debt: then in that case, go with the lower balance.
MW No Debt: Why thanks MBS
ALTY218: I need help with knowing when to pay what in accordance with my
deposits to get back paying
MBSAK: MW most of what u are saying has worked for me in the past
ALTY218: my bills on the due date and not the grace period date
OnlineHost: RClem76617 has entered the room.
ALTY218: im sorry ill wait
MBSAK: ALTY when i was in debt i started with my lower balance cards and paid
them first
MW No Debt: Uhmm Alty, unless you want to email me with all the specifics..
bill amounts, due dates...
MW No Debt: it is hard to say, why don't you get your bills together.. and
put it all in an email, and I
MBSAK: I could actually see my debt going down and it helped me to stick to
the plan
MW No Debt: will work on it and see what we can work out?
MW No Debt: Red.. you should get rid of those cards.. <G>
ALTY218: thats what I will do but when I email you you dont seem to get it
MW No Debt: Are you sending it to MWNODebt?
ALTY218: yes but I think you were out of town one time
MW No Debt: That would have been MW Bkrpt1c.. Paula..
ALTY218: I talk to mwfreedom all the time
MW No Debt: She host chats every other week
MW No Debt: Here
OnlineHost: AH2JH2 has entered the room.
MW No Debt: Hello AH2JH2!
ALTY218: no you emailed me back once and said that you had to get your lap
top expressed to you
ALTY218: you were on a plane
AH2JH2: HELLO MW
MW No Debt: Alty, I am sorry that wasn't me.. I am kinda new to the Money
Whiz Group.
ALTY218: oh well I thought it was you Im sorry
MW No Debt: So, feel free to email me. We'll see what we can come up with.
ALTY218: ok thank you very much
MW No Debt: I answer emails all the time.
MW No Debt: So AH. what can I help you with tonight??
OnlineHost: RClem76617 has entered the room.
MW No Debt: Welcome to chat RClem!
AH2JH2: I WOULD LIKE TO GET SOMEWHAT OUT DEBT!
OnlineHost: MCDAD 777 has entered the room.
MW No Debt: LOL. That is why we are here.. Where do you want to start??
AH2JH2: I'M CURRENT AND RECENTLY MARRIED--- AND MY DEBT IS INCREASING EVERY
DAY.
OnlineHost: BANKGUY1 has entered the room.
MW No Debt: Where is all you debts coming from? Credit Cards?? Do me a
favor?? push the caps key...
MW No Debt: all caps is considered shouting online.. <G>
AH2JH2: sorry! yes!!!!!!!!!
MW No Debt: Welcome BankGuy!
BANKGUY1: hi
MW No Debt: Okay, first things first.. get rid of the credit cards..
MW No Debt: keep one for emergencies only..
MW No Debt: peferrably the one with the lowest interest rate.
MW No Debt: Ok?
BANKGUY1: pay off mortage or invest the money?
MW No Debt: invest the money MoneyGuy, you don't wnat to lose that tax write
off do you?
AH2JH2: I have, however that doesn't work well for my wife.
MW No Debt: Well, AH, tell her, that she is going to have to help.
MW No Debt: In a marriage it takes two people to get in and out of debt
MW No Debt: RClem.. any questions??
BANKGUY1: pay off car loans as well?
AH2JH2: she spends---spends--- and forget about those bills. i've tried
talking to her--- ends up in
AH2JH2: fights,
MW No Debt: BankGuy.. car loans I would pay off..
MW No Debt: Uhmm, not good AH.. do you both work?
OnlineHost: TKBUF has entered the room.
AH2JH2: yes
MW No Debt: Welcome to chat TKBUF!
AH2JH2: she makes a lot more than i do too.
MW No Debt: Have you tried the you pay what you charge routine?
AH2JH2: but that is not a problem for me.
OnlineHost: GBruck3025 has entered the room.
MW No Debt: AH?
RClem76617: retired(medical). ira $70,000 . income 2,200 montht, debt 2,500.
should i borrow from ira
AH2JH2: no because she makes arrangements to pay them later... i
AH2JH2: believe in charging what you can afford
MW No Debt: Uhmm sounds like you need to both sit down, and discuss this
rationally.
AH2JH2: and paying the cards on time every time....
MW No Debt: RClem.. I would borrow only if you are certain you are going to
keep the debt gone or down
AH2JH2: there is no rational ... she insists that i'm negative about
everything
OnlineHost: Manovar has entered the room.
RClem76617: also credit card debt of $10,000
MW No Debt: Well, are all the bills paid on time??
OnlineHost: Manovar has entered the room.
MW No Debt: AH?
MW No Debt: Welcome to chat Manovar!
AH2JH2: the bills that are in my name only but my instant cash reserve is
increasing....
AH2JH2: we've been married for about 7-8 months
MW No Debt: Increasing?
AH2JH2: increasing each and every week.
MW No Debt: RClem, I'll say it once, twice, a million times.. get rid of the
credit cards, take a loan
MW No Debt: from the IRA only if needed..
MW No Debt: AH, I am confused..
AH2JH2: about what???
MW No Debt: what do you mean your instant cash reserve is increasing?
MW No Debt: You mean withdrawls from CC's??
AH2JH2: this is an " over draft " on my checking account.
MW No Debt: Oh, well that is not good, have you shown this to your wife?
Manovar: if you pay 6-8% & invest in the market get a return Of more than
30-40 % on covered calls
AH2JH2: yes as before fights!!!!!
MW No Debt: Uhmm, I am not a investment specialist Manovar...
MW No Debt: Uhmm AH, I am not sure what to reccomend. If the bills are
strictly in your name, close the
MW No Debt: accounts before it gets too far out of hand
AH2JH2: i recently had a cc with her name on it but i closed it out already.
she also spends most
OnlineHost: WLaw2410 has entered the room.
AH2JH2: of her money on silly things yet doesn't care about the bills as i
do.
MW No Debt: MB, Alty, do you have any other questions?
ALTY218: I will email you after the show so please look for it ok?
MW No Debt: Well AH, tell her you want her to be responsible for the bills
and sit down with her every
MW No Debt: month and go through the budget with her, and show her where the
short falls are
MW No Debt: Maybe if she see's it in black and white, it will sink in.
MW No Debt: Okay Alty.
OnlineHost: JANJT has entered the room.
MW No Debt: I will look for your email
OnlineHost: Cageytwoo has entered the room.
MW No Debt: I will probably have time to sit down and go over it tomorrow
OnlineHost: BANKGUY1 has entered the room.
MW No Debt: Make sure you include income and outgoes
ALTY218: thank you very much you are too kind!!! I may wait until morning its
11:00 here
MW No Debt: Hey Jan!
AH2JH2: i'm currently fill out budgets but she would rather spend and forget
about the bills as i w
AH2JH2: worry myself to death.
MW No Debt: Well AH, I don't know what to say, if you can't get her to see
it, than you are going to
MW No Debt: have to handle it one way or another..
MW No Debt: I think closing the accounts will show her you are being serious
MW No Debt: Close all Credit Card accounts.
AH2JH2: thanks for the uplift. no she thinks i a controling SOB and getting
back at her.
ALTY218: AH maybe you need a new wife!!!LOL
MW No Debt: Alty, do you have any ideas for AH??
MW No Debt: Well that might work.. LOL
AH2JH2: maybe. i have thought about it more and more!!!!! lol
MW No Debt: Well, AH, I do wish you the best of luck, for you sake, make a
stand, and tell her, this is
MW No Debt: it.. You have to draw a line somewhere.
ALTY218: well sooner or later it will hit her as it did me and its not too
much fun being this way
AH2JH2: SERIOUSLY---- i do love her with all my heart and believe we can get
through this
OnlineHost: BRIAN RUM has entered the room.
MW No Debt: Or else you may end up at a point where you might end up losing
more than you bargained for.
AH2JH2: that's true
MW No Debt: Well folks.. time is almost up.. anyone have any last questions??
BRIAN RUM: MW....yes, please hold....
MW No Debt: Ok Brian
BRIAN RUM: MW...I am about 11,000 in credit card debt, 17,000 in student
loans (Shippensburg U)
MW No Debt: Ok..
MW No Debt: go on....
BRIAN RUM: and only have one "active" credit card which I have had since I
was 18...Every month I
AH2JH2: mw---- if you have any other ideas please E-MAIL thanks
MW No Debt: Ok Ah.. I will think about it.
BRIAN RUM: pay the minimum due, but find myself using up the credit available
immediately, thus
MW No Debt: Brian, first things first..
BRIAN RUM: finding myself in the same situation every mos...
MW No Debt: STOP USING THE CREDIT CARD!!!!!!!!
MW No Debt: Cut it up, bury it in the yard, freeze it in water.. \
BRIAN RUM: But it provides an extra 200/mos in spending...and i dont want to
cancel it because
BRIAN RUM: 'what if i need it later for something important.....
MW No Debt: if you keep it accessible, you are never going to get out of the
habit of using it
BRIAN RUM: How can I start getting out of all of this debt and begin planning
for my future..retirement
BRIAN RUM: family, etc....
OnlineHost: KitPaul has entered the room.
MW No Debt: You have to be willing to stop using the card.
MW No Debt: If your not willing, because you want that extra cash, go get a
part time job.
BRIAN RUM: My Masters in Computer Science is more imp. than a part time job,
but I see what you mean.
MW No Debt: Well folks.. time is up.. I have to run.
BRIAN RUM: Thanks for the help...
MW No Debt: Thanks for stopping by.. Brian.. join us net week from 10 to 11
MW No Debt: next week..