Comments on: Help! Too Much Debt! http://www.mint.com/blog/goals/help-too-much-debt/ The blog of the free, simple personal finance solution. Track all your spending automatically, find the best deals, save more money. And save the world. Sun, 12 Feb 2012 05:07:51 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: Tiffany http://www.mint.com/blog/goals/help-too-much-debt/comment-page-1/#comment-50340 Tiffany Fri, 04 Jun 2010 17:39:43 +0000 http://www.mint.com/blog/?p=10340#comment-50340 The last lines best sum this up. Make sensible choices and don't buy things you can't afford! Thanks for this breakdown. The last lines best sum this up. Make sensible choices and don’t buy things you can’t afford! Thanks for this breakdown. ]]> By: Randall Beadling http://www.mint.com/blog/goals/help-too-much-debt/comment-page-1/#comment-50192 Randall Beadling Thu, 03 Jun 2010 22:45:48 +0000 http://www.mint.com/blog/?p=10340#comment-50192 Couldnt be written any better. Reading this post reminds me of my old room mate! He always kept talking about this. I will forward this article to him. Pretty sure he will have a good read. Thanks for sharing! Couldnt be written any better. Reading this post reminds me of my old room mate! He always kept talking about this. I will forward this article to him. Pretty sure he will have a good read. Thanks for sharing! ]]> By: Financial Bondage http://www.mint.com/blog/goals/help-too-much-debt/comment-page-1/#comment-48682 Financial Bondage Sun, 16 May 2010 13:41:08 +0000 http://www.mint.com/blog/?p=10340#comment-48682 good points everyone. good points everyone. ]]> By: FinancialBondage.org http://www.mint.com/blog/goals/help-too-much-debt/comment-page-1/#comment-48677 FinancialBondage.org Sun, 16 May 2010 07:00:42 +0000 http://www.mint.com/blog/?p=10340#comment-48677 They don't have debtors prison, but the 2005 bankruptcy laws congress passed are pretty close. Benefits the credit card companies and does nothing for the consumer in debt. Getting a chapter 7 is much harder now, and most people default on their chapter 13... 75% in fact... so you never get debt free and the cycle just repeats itself every two years... sounds like prison to me. They don’t have debtors prison, but the 2005 bankruptcy laws congress passed are pretty close. Benefits the credit card companies and does nothing for the consumer in debt. Getting a chapter 7 is much harder now, and most people default on their chapter 13… 75% in fact… so you never get debt free and the cycle just repeats itself every two years… sounds like prison to me. ]]> By: juanita http://www.mint.com/blog/goals/help-too-much-debt/comment-page-1/#comment-48395 juanita Sat, 08 May 2010 13:02:00 +0000 http://www.mint.com/blog/?p=10340#comment-48395 3 major types of help available? you forgot 1. what about "get advice from someone who has been there?" I am doing it myself. i was 46K+ credit card debt 2 years ago, now i'm at 25K. i called my credit cards to lower the interest rates and i opened a few 0% transfer cards. its important that your credit score is good in order to do this, therefore, do not be late! i got a freelance job to help me along and i withdrew some retirement money earning a measly 1.5% in order to pay off a 10% credit card. I pay a third of my monthly paycheck to my credit cards and I dont create any new debt. my out of credit card date is April 2012 i also use mint to keep my monthly budget under control. when i go over budget, i tighten up the purse strings. changing habits is a really big one, but knowing where you are, and negotiating with your creditors is key. i suppose if you cant do it for yourself, you can hire a credit counselor, but your credit report will record this, and you might as well say bye bye to the best interest rates for the next 7 years. 3 major types of help available? you forgot 1.

what about “get advice from someone who has been there?”

I am doing it myself. i was 46K+ credit card debt 2 years ago, now i’m at 25K. i called my credit cards to lower the interest rates and i opened a few 0% transfer cards. its important that your credit score is good in order to do this, therefore, do not be late!

i got a freelance job to help me along and i withdrew some retirement money earning a measly 1.5% in order to pay off a 10% credit card. I pay a third of my monthly paycheck to my credit cards and I dont create any new debt.

my out of credit card date is April 2012

i also use mint to keep my monthly budget under control. when i go over budget, i tighten up the purse strings. changing habits is a really big one, but knowing where you are, and negotiating with your creditors is key. i suppose if you cant do it for yourself, you can hire a credit counselor, but your credit report will record this, and you might as well say bye bye to the best interest rates for the next 7 years.

]]> By: John http://www.mint.com/blog/goals/help-too-much-debt/comment-page-1/#comment-48157 John Sat, 01 May 2010 18:07:58 +0000 http://www.mint.com/blog/?p=10340#comment-48157 Well at least they don't have debtors prisons anymore. Well, at least not yet. Well at least they don’t have debtors prisons anymore. Well, at least not yet. ]]> By: Brent http://www.mint.com/blog/goals/help-too-much-debt/comment-page-1/#comment-48088 Brent Wed, 28 Apr 2010 21:45:24 +0000 http://www.mint.com/blog/?p=10340#comment-48088 While there is nothing really wrong with this little cartoon, you could also say there is nothing really right with it either. The worse part is the only real solution to too much deblt is the very last frame that is there almost as an after thought. If you don't change your behavior, you will go through all the pain and work of playing the shell game with with debt (settlement, consolidation, bankruptcy) only to find yourself in the same boat down the road. The reality is, if you want to get out of debt, you have a choice to do two things and if you can do both so much the better: spend less and/or earn more. If you continue doing what you have been doing, then the writing is on the wall. Set a workable budget, live within your means, pay down debt, and then save. It might not be sexy, but it is very effective. Mint helps us do this every week, which is why we like it! While there is nothing really wrong with this little cartoon, you could also say there is nothing really right with it either. The worse part is the only real solution to too much deblt is the very last frame that is there almost as an after thought. If you don’t change your behavior, you will go through all the pain and work of playing the shell game with with debt (settlement, consolidation, bankruptcy) only to find yourself in the same boat down the road. The reality is, if you want to get out of debt, you have a choice to do two things and if you can do both so much the better: spend less and/or earn more. If you continue doing what you have been doing, then the writing is on the wall. Set a workable budget, live within your means, pay down debt, and then save. It might not be sexy, but it is very effective. Mint helps us do this every week, which is why we like it! ]]> By: dvdcarportable http://www.mint.com/blog/goals/help-too-much-debt/comment-page-1/#comment-48078 dvdcarportable Wed, 28 Apr 2010 10:14:16 +0000 http://www.mint.com/blog/?p=10340#comment-48078 Indeed, I once saw Mohammed yelling at some guy who had chrome spinning rims on his Escalade but needed food stamps to feed his family. It was pretty intense. You could say he... blew up at the man. Indeed, I once saw Mohammed yelling at some guy who had chrome spinning rims on his Escalade but needed food stamps to feed his family. It was pretty intense. You could say he… blew up at the man. ]]> By: Tony http://www.mint.com/blog/goals/help-too-much-debt/comment-page-1/#comment-48072 Tony Wed, 28 Apr 2010 00:27:38 +0000 http://www.mint.com/blog/?p=10340#comment-48072 Tom, Good luck at school. Educate yourself on this the colleges do not teach it. Learn the ins and outs of finance yourself. Tom,

Good luck at school. Educate yourself on this the colleges do not teach it. Learn the ins and outs of finance yourself.

]]> By: Tony http://www.mint.com/blog/goals/help-too-much-debt/comment-page-1/#comment-48071 Tony Wed, 28 Apr 2010 00:26:39 +0000 http://www.mint.com/blog/?p=10340#comment-48071 The only two debts you must make sure you pay are IRS debts and student loans. Neither are bankrupt-able and both have the ability to garnish your wages. Don't think they don't care because they don't bother you about the debts much. They know you have to pay them, they can wait and collect plenty of interest and penalties in the meantime. The only two debts you must make sure you pay are IRS debts and student loans.

Neither are bankrupt-able and both have the ability to garnish your wages. Don’t think they don’t care because they don’t bother you about the debts much. They know you have to pay them, they can wait and collect plenty of interest and penalties in the meantime.

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