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Topic : Debt

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Created on : Thursday, July 07, 2005, 09:21:14 am
Author : dataimport
Are you struggling with debt? Have you successfully managed your debt? Share tips and strategies with others.
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allend
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October 3, 2007, 6:29 am PDT

Debt

 Dr. Phil, I have worked very hard to get my credit score where it is and all of a sudden I lose my job. I have worked very hard on getting another job but with no luck.  Can you help?
 
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debbie07
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October 5, 2007, 9:12 pm PDT

stressed out about refinace

ive never done this before, i am one that is over my head in debt, my main problem seems to be no one wants to refinance my house ,i am in an adjustable rate, my husband is in construction industry and because of all the foreclosers his income has dropped  because homes arent selling . companys are always calling me i explain my situation to them and they tell me that yes they can help me but they run our credit and our scores drop and then they tell me they cant help me  we have had at least 10 different people from countrywide saying they can help us then we tell them that we talk to someone else with that company and they couldnt help us  and how they figured that they could do something  i am at my wits end  ,i feel like im drowning in debt, i do have cc debt and car payments and i cant seem to get out of this hole i dug for my self and family. we have drained all of the savings we did have trying to make up the income we did loose. now i dont know what to do. Do i pack up and walk away, my mortgage company wont even consider the interest rate i had before they wouldnt even negotiate with me . Now every six months it goes up 1.5% .Yes i know most of this was in my controll but some was not........
 
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proudtexasmom
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October 10, 2007, 9:41 am PDT

Debt

Quote From: leahngonzalez

I'm a retired 42-year old retired Marine who is 50% disabled and have been struggling with finances lately because I am bi-polar and have chronic headaches.  I've already made a number of mistakes, causing overdrafts. My husband is  very busy with work and has no time to deal with finaces and doesn't really have a head for them.  He won't go to an accountant, but lately, I feel like I'm losing control and am afraid one day I'm going to go out and spend all our money on QVC.  Dr. Phil, my husband said that he would go with what you say about this one.  So do we go to an accountant or not?  Also, please know that I have good health insurance for the family and have a great psychiatrist and neurologist.

I'm sorry you're in that situation.  I'm a CPA and I can tell you that, Accountants are VERY expensive.  So if I were you, unless you really just don't know how to handle something, I wouldn't go to an Accountant.  I don't know how private you are with your finances, but I'd see if you can get a close friend or family member help you figure stuff out so you can get back on track.  If it's tax or investment issues, then yes, you'll probably have to penny up for an Accountant, but if you just need help figuring out what to pay off first, which credit cards to keep and which to ditch, and getting your checkbook in balance, I'd see if you know someone who is financially savvy first that you can have help you out for free.  A lot of people are just too embarrassed to do that, but trust me, it could save you even more money.
 
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pearlhanna
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October 10, 2007, 11:41 am PDT

Sorry to hear

Quote From: montana43

I can't stress enough--DO NOT GET INTO CREDIT CARD DEBT!!!!  It happens so quickly and so easily and, before you know it, there is no way out.  I was told that I could not pay mine off in my lifetime.  I was also told that my debt is low compared to the national average.  I have gotten myself in a terrible bind and THERE IS NO WAY OUT!  I do not believe in filing bankruptcy (although many have told me that is what I chould do).  So, is all I can say is--DON'T DO IT!!

God bless,

montana43

Did you try a credit card debt company to pay off your bills?  CCCS is very good and they only charge $25 a month.  I was in debt $17,000.  It took me 4.5 years to pay off.  This was many years ago.  In my depressed mind, I felt compelled to keep up with the Jones's.  Now, I drive a hyundai and rent an apartment thru affordable housing.  I don't have credit cards anymore.  Still taking the wellbutrin so no credit card for me; I can't be trusted.  I do use a debit card.  I get one point for every two dollars I spend.  I got a few gift cards, which was nice.

 

Pearl
 
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pacluvr
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October 22, 2007, 8:17 am PDT

I agree with I agree

Quote From: sugarcane2

 

i agree with you 100%!!!  i too am in debt with cc's.  i am doing everything i can to not file

 

bankruptcy. 

 

good luck to you!!

 

keep your faith high!!!!!

To everyone who is in debt, to get out of debt you must crawl before you can walk!!!  I can suggest a good

book to read.  It's called "The total money makeover" by Dave Ramsey,  or checkout his show online at www.daveramsey.com  He has a good plan for getting out of debt. A lot of people call in and share their debt stories and how they got out of debt.  Some of these stories sound impossible, but it can be done.
 
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pacluvr
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October 22, 2007, 8:27 am PDT

I agree with montana43

Quote From: montana43

I can't stress enough--DO NOT GET INTO CREDIT CARD DEBT!!!!  It happens so quickly and so easily and, before you know it, there is no way out.  I was told that I could not pay mine off in my lifetime.  I was also told that my debt is low compared to the national average.  I have gotten myself in a terrible bind and THERE IS NO WAY OUT!  I do not believe in filing bankruptcy (although many have told me that is what I chould do).  So, is all I can say is--DON'T DO IT!!

God bless,

montana43

oops , I meant to say I agree with montana43, DO NOT GET INTO CREDIT CARD DEBT!!!!!!!!!   That is the best way not to get caught in this credit net!!!! 
 
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evilelmo
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October 23, 2007, 9:11 am PDT

Financial FISH.

 My FISH had a secret Gold Card and spent all his FISH savings on cat toys.
I had to remove her fluid support system for three days,
Then pHIL stole my pencil in retaliation...
 
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evilelmo
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October 23, 2007, 9:12 am PDT

Debt

 CUrSE you pHIL!
 
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evilelmo
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October 23, 2007, 10:15 am PDT

Enough gibberish about fish.

 Man! just read some of these posts...

It's not "your sisters/prospective employers/doctors/welfare cheats/ druggies/lazy peoples/colleges/the systems" or anyone else's fault but your own. Accept the consequences of your actions.
And if you don't understand how interest rates work, don't borrow money!
And if you can't repay said monies, DON'T BORROW MONEY!

$4000 FOR A CAR??? Do some research people!
 
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pearlhanna
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October 23, 2007, 11:57 am PDT

Agreed

Quote From: pacluvr

oops , I meant to say I agree with montana43, DO NOT GET INTO CREDIT CARD DEBT!!!!!!!!!   That is the best way not to get caught in this credit net!!!! 

I owe $200 to a credit card.  I'm mad at myself.  I ripped up the card.  Its not worth it; incentives or not.

 

LOL, they want us to spend $5,000 for a $5 gift card............ geeze what was I thinking.  All I can say is coup ala in half.
 
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