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SiGmA_X posted:Never. The penalties make it not worth it at all. Followup: Other than "pay them with every cent you have" what are some ways to reduce credit card debt impact on my life without wrecking my credit score?
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Jul 17, 2015 15:41
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I had good results with selling stuff. You could ball out and get a 401k loan but that's really not a good option either. Bailouts don't help you fix the behavior that caused the situation.
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Jul 17, 2015 16:18
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signalnoise posted:Followup: Other than "pay them with every cent you have" what are some ways to reduce credit card debt impact on my life without wrecking my credit score? How much debt do you have, what's the interest rate, and what's your current monthly contribution to retirement or other savings?
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Jul 17, 2015 16:41
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Sit down with your budget and make a serious plan for paying off the debt as quickly as possible. Then stick to that plan. Stop using the cards in the meantime so that you are only reducing your burden, not adding to it. If you don't have a budget, now is a good time to make one.
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Jul 17, 2015 16:43
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signalnoise posted:What's the best bet for a large monitor (27" or so) IPS with a VESA mount for 1920x1080? I have been enjoying my 1440 monitor but it's a pain in the rear end when it comes to recording games. Nerd bullshit I know but am I going to be dealing with blurry text or some poo poo on a large monitor with only 1080 resolution? By the way, if you have credit card debt that you can't figure out how to pay off you are too poor to afford buying new high quality computer monitors for the purpose of recording yourself paying video games.
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Jul 17, 2015 16:50
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pig slut lisa posted:By the way, if you have credit card debt that you can't figure out how to pay off you are too poor to afford buying new high quality computer monitors for the purpose of recording yourself paying video games. Yeah man nothing happened to my financial awareness in the past 5 days I assure you pig slut lisa posted:How much debt do you have, what's the interest rate, and what's your current monthly contribution to retirement or other savings? All debt or just CC debt?
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Jul 17, 2015 17:00
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Might as well post it all. Monthly income and spending too if you got it. The more details you provide, the easier it will be to provide useful advice.
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Jul 17, 2015 17:07
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I don't have a monthly spending number right now, because my monthly spending is about to change considerably to a number I don't know. I have 25k private student loan 6.5% 100k federal student loan 6.5% 6k CC 15% 4k CC 14% 8k CC 0% (for now) 4k Car loan 3.8% 160k House loan 3.8% I have about 10k in a 401k from my last job that I no longer contribute to. I don't know offhand how much I contribute to my new 401k, nor do I know offhand how much money my wife has in savings. Combined my wife and I make about 85k a year before taxes and poo poo
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Jul 17, 2015 17:17
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signalnoise posted:my monthly spending is about to change considerably to a number I don't know. You have quite a disaster here. How is it possible that you don't know things like whether your wife has savings, or how much you put into your 401k? Also, how is your monthly spending about to change to a new mystery number?
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Jul 17, 2015 17:23
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Droo posted:You have quite a disaster here. How is it possible that you don't know things like whether your wife has savings, or how much you put into your 401k? Probably cause I'm bad enough with money that I'm asking the internet quote:Also, how is your monthly spending about to change to a new mystery number? Just bought a house, mate
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Jul 17, 2015 17:24
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 Go on...
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Jul 17, 2015 17:26
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Are you American?
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Jul 17, 2015 17:26
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Now I see how this thread works, ok nevermind I guess
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Jul 17, 2015 17:26
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What is your savings situation? You don't know what your wife has (which is troubling considering you just bought a house) but do you have savings? Or is the 401k all you are saving/have saved?
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Jul 17, 2015 17:28
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Ashcans posted:What is your savings situation? You don't know what your wife has (which is troubling considering you just bought a house) but do you have savings? Or is the 401k all you are saving/have saved? We have about 8k cash on hand for some reason
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Jul 17, 2015 17:29
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signalnoise posted:Now I see how this thread works, ok nevermind I guess Money is tough because there is not really a strong education about how to be good with it. Having a budget and sticking to it is very important and helps you see where your money is actually going. There is a thread about making budgets - check that out. You do have a very high debt to income ratio, and do need to start taking since significant steps to reduce the debt. Make a budget and try to be spartan with it, with extra cash going towards highest interest rate loan. Once that is payed off, put the money towards the next highest interest. Through all of this make sure you make every minimum payment on time. edit: that 8k is an excellent emergency fund that you should save should an unexpected expenses come up
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Jul 17, 2015 17:31
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Sorry about the assholes. Your situation is totally manageable if you and your wife make a plan and stick to it. The plan doesn't even have to be perfect, it just requires full commitment from both of you. There are a lot of ways to go. Dave Ramsey's baby steps worked for me. You can decide what works best for you but eliminating that credit card debt should be Priority One.
MrKatharsis fucked around with this message at 17:44 on Jul 17, 2015 |
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Jul 17, 2015 17:32
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signalnoise posted:Now I see how this thread works, ok nevermind I guess Sometimes the thread develops a kind of vulture feeling because people love to spectate on other people's problems. If you can overlook that, there is good help to be found in BFC. As above, you should check out the budget thread and work out how to put together a good budget that you can stick to. I know you said that you have changes coming up, but that actually makes this a good time to shake things up - you are going to make changes anyway, so make sure you are changing for the better. You may find out that you have made some mistakes, and that's ok - the important thing is understanding where you are and making good decisions to get to a better place. Once you put together a budget that addresses your minimum payments, you can work out what you have left over and decide what to pay off first - probably some of that CC debt. You will need to do this with your wife, and make sure that she is on board for the changes - its ok if one person is doing the organizing and bookkeeping, but everyone needs to support the decisions. You might also have to trim your spending for a while to get things under control, but I guarantee that it is worth it for when you are out from under consumer debt that is gnawing away at you all the time.
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Jul 17, 2015 17:43
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signalnoise posted:Now I see how this thread works, ok nevermind I guess To put it in terms you might better understand based on your post history, suppose someone comes up to you and asks what color iMac they should buy to get started gaming? Your initial reaction is: "NOOOOOOOOOOOOOOOOOOO, wtf are you doing?!?!" And then they get all pissy because you're upset, but I mean, really, come on, an iMac? Are you for real? That is the thought process of a lot of posters in this thread when someone comes in with six figures of debt and another six figures of house debt and they're asking "when should I take money out of my 401k?" and "how do I not wreck my credit score" and it's just NOOOOOOOOOOOOOOOOO. Hopefully that explains some of the reactions you have seen here in a way you can understand.
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Jul 17, 2015 18:14
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signalnoise posted:Now I see how this thread works, ok nevermind I guess I crossquoted your post about buying a gaming monitor because your recent post history indicated that in addition to your credit card debt you had massive student loans and had just bought a house, that you were installing business grade wireless infrastructure in said house for purely personal purposes, and that you were recently considering spending $200 on a tabletop gaming thing. I was trying to understand how serious you are about attacking your problem. My initial take was that you weren't. But then you replied that something changed with your financial awareness in the last five days. That's great! I'm happy to be proven wrong! I hope that that change includes a recognition that you don't have the money to spend on new gaming stuff. With $300K in debt, every dollar you spend on a gaming purchase should make you wince at the knowledge that you are prolonging your indebtedness. I think you're a great candidate for your own thread. As the people above me indicated, money is difficult to understand and we often aren't taught well about it. It can be embarrassing to reveal money problems to people, even strangers on the internet. I certainly got embarrassed and angry when I posted my BFC thread and people told me what I was doing wrong. But I came out of it much more educated and confident about my financial future. If you make your own thread you will probably get divebombed by jerks now and again, but if you stick with it and make good faith efforts towards fixing your situation then helpful people will stick with you all the way. Ashcans' advice is all on point. That's a great post. I hope you stick around. Finally, I suggest reading this post to get in the proper mindset about your debt: it's bad news, but with determination and commitment you'll be able to put it in the past much sooner than you think.
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Jul 17, 2015 18:16
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pig slut lisa posted:I crossquoted your post about buying a gaming monitor because I don't give a gently caress about your justification for looking through my post history in hopes of finding something juicy Anyways I'll probably start a thread like you said, once I get more intel on the situation moana posted:"when should I take money out of my 401k?" and "how do I not wreck my credit score" and it's just NOOOOOOOOOOOOOOOOO. Hopefully that explains some of the reactions you have seen here in a way you can understand. I understand them just fine but " Go on..." is pretty fuckin stupid you have to admit and offers zero help
signalnoise fucked around with this message at 18:28 on Jul 17, 2015 |
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Jul 17, 2015 18:20
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The big issue is that it makes absolutely no sense to buy a house when you have six figures of debt already.
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Jul 17, 2015 18:33
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That's so helpful to me right now, thank you.
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Jul 17, 2015 18:37
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just tell me how to install WoW on my iMac, you unhelpful fucks
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Jul 17, 2015 18:39
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This is why a good first step for you is to get as full an accounting as possible of your financial assets, current spending, anticipated spending after your upcoming change, etc. You were in a debt emergency before the house purchase and then you doubled it. Of course you can't go back and change that, but it raises the importance of getting the finances right going forward. By the way, don't let perfect be the enemy of good when you're estimating your spending. Just get as close as you can.
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Jul 17, 2015 18:41
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signalnoise posted:That's so helpful to me right now, thank you. One of the important things you need to do now is analyze WHY you made that decision and thought you could make it work. If you don't do that, the fundamentals that drive bad financial decision making will always be at play. edit: Make a budget, for sure, but do not just let this decision slide under the "What's done is done!" umbrella.
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Jul 17, 2015 18:44
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I didn't mean to be (too much of) an rear end in a top hat. You offered some very relevant information in a very abrupt manner, with none of the useful info - saying things changed because you just bought a house is useless. How much did you put down? How much are your payments? Do you have renovations planned that require getting a line of credit? Is that why your credit score matters to you? My bad for using rear end in a top hat short hand, but I will be interested in your thread. BFC is the right place for perspective and sometimes that perspective is "this surely is a nice hole you've dug yourself, mind if we shake our heads a little while we help you construct a ladder?" But yeah, I will be nicer in the future, I know money is very personal and twangs some very defensive nerves.
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Jul 17, 2015 18:45
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I blame SloMo for making it OK to relentlessly crap on people in BFC. No future poster will ever match his head up the rear end awfulness or tolerance for abuse no matter how much we want it. He started posting again by the way. MrKatharsis fucked around with this message at 21:13 on Jul 17, 2015 |
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Jul 17, 2015 19:17
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KYOON GRIFFEY JR posted:One of the important things you need to do now is analyze WHY you made that decision This isn't E/N and I won't subject you to it
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Jul 17, 2015 19:44
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signalnoise posted:This isn't E/N and I won't subject you to it
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Jul 17, 2015 19:48
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How do you not have any idea of what your spending will be when your house payment starts? Do you think they spin a wheel and wherever it lands is what you pay?
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Jul 17, 2015 19:59
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Hashtag Banterzone posted:How do you not have any idea of what your spending will be when your house payment starts? Estimate my power bill for me
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Jul 17, 2015 20:01
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signalnoise posted:Estimate my power bill for me What? That's not remotely the same. You signed a contract with a lender with terms. You closed, where's your HUD? It should have your final loan amount and rate. Here: http://www.mortgagecalculator.org/
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Jul 17, 2015 20:07
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Rurutia posted:What? That's not remotely the same. You signed a contract with a lender with terms. You closed, where's your HUD? It should have your final loan amount and rate. Not to mention the fact that there are several ways someone who isn't a moron could estimate their annual power/gas bills in advance of actually getting them.
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Jul 17, 2015 20:09
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signalnoise posted:Estimate my power bill for me You know it's possible to search and find estimates for how much power a family of X size uses, how much power a house of X size uses, and then you can even refine that further and find out what the average family in a house similiar to yours in the town your house is in pays for power. Having a ballpark estimate even if it's a little off is better than just shrugging your shoulders and saying "It is a mystery to me!" So providing vague and incomplete information and expecting an intricate and detailed plan of a attack isn't going to happen. The more information you provide, the less snark and more detailed the answers will be. But, since you asked. I'm going to estimate $2530 a month. Better look into selling a kidney.
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Jul 17, 2015 20:10
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signalnoise posted:This isn't E/N and I won't subject you to it I'm sorry for the shitposts, it's pretty brave to talk about something as personal and emotional as finances in such an informal environment. I think BFC is really helpful if you can keep a cool head (again, really not the easiest thing to do with do around money issues) and have some level of insight regarding your values, goals and behaviors. A new home purchase with a spouse can be very stressful. But I think now is the best time for you both to sit down and have a very long, no blame discussion about your financial assets and your goals. Once you've identified your goals you can create strategies to achieve them. Even if you decide not to keep posting in BFC there are good resources recommended here that you can take advantage of. Good luck to you and your spouse.
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Jul 17, 2015 20:11
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Call me crazy, but every time I've been in the market for a new place to live I've asked the landlord/seller to give me a feel for the utility costs I can look forward to.
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Jul 17, 2015 20:13
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signalnoise posted:Yeah man nothing happened to my financial awareness in the past 5 days I assure you Pregnancy test was positive?  Anyway, you should start a thread. Don't mind the barbed comments, there's lots of good advice to be had here too.
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Jul 17, 2015 20:22
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So there's two popular debt repayment schemes, 1) Avalanche where you pay off your highest interest debt first, and 2) Snowball where you pay off your smallest debts first. Why not pay off the debt that is costing you the most money every month first? If you have 75% APR on a $1 debt, who cares about that if you're bleeding $200/mo on a 10% car loan? Or is this already another fancily named method that I haven't heard of? e: wow didn't mean to jump in the middle of the signalnoise stuff. signalnoise I'd recommend making a thread if everyone is recommending it, speaking as someone with one. Knyteguy fucked around with this message at 20:27 on Jul 17, 2015 |
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Jul 17, 2015 20:24
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Right, but it's usually a range, vs a mortgage payment which you should know pretty exactly at least the day before you close. Nevermind after you close. Choosing to sign to buy a house without paying attention to what your payment is is indicative of the problem which got you to the place you are right now with your debt.
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Jul 17, 2015 20:24
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