I have around 5,500 in credit card debt. I am not proud of it and I am absolutely working on controlling my finances but Im in a tough situation this week.
I have been really good the last couple months.. i promised myself id never use the card again and ive been making payments and controlling my finances.
The problem was before... I would pay off some... and then end up with not enough money that month so id put the same amount back on!
This week... i slipped up.. its not like i buy alot of stuff.. but money was just extra tight. I literally have 35 dollars until next friday. and no food. which is nuts. But, i really took that stand that i would never use my credit card again.
Im having a tough time b/c i know if i put groceries on my credit card... i could make a payment next friday and id be the same as it was now.. but not lower.
But it just doesnt make sense also to starve for a week :( What would you do? Should I keep my foot down ? or use the card?
Credit Card Debt/ No money this week? what would you do?
Perhaps you should go to a food bank. I was reading an article that with the economy the way it is, more and more people were having to ask the food banks for food, even people making what *had* been a decent income.
The other option, and it%26#039;s not a pretty one, is that you simply stop paying the card. Right now, *if* your interest rate is reasonable, say 14%, you%26#039;re paying probably almost $100 a month in interest. If you%26#039;re not making payments of twice what you%26#039;re paying in interest every month, if you%26#039;re only paying the minimum, it will take you over 25 years to pay off that card and they will charge you somewhere in the neighborhood of $9000 in interest! Check out the calculator below...it%26#039;s an eyeopener.
http://cgi.money.cnn.com/tools/debtplann...
Yeah, you%26#039;ll have seven years of bad credit, but you won%26#039;t be digging yourself in deeper and deeper, which is what you%26#039;re doing right now. I remember learning this the hard way too. Been there, done that.
You could also see if you could negotiate some sort of payment plan with them, so that you would have an end in sight to the madness. These card companies are usually greedy though and want every last penny of that exhorbitant interest out of you. You could try debt couseling. Couldn%26#039;t hurt.
Credit Card Debt/ No money this week? what would you do?
First thing i would do is cancel the card.
second start a written budget.
I would make sure I bought food off the top of the budget and made the house payment and utilities. Credit card last if you have the money!! You need to eat and you need a home. The credit card company is not gonna take your house if you dont pay them.
You might want to take a second job until you get the debt payed off.
I%26#039;d check out daveramsey.com and listen to his radio show. He has lots of great advice on money and debt. It doesnt cost a dime to listen to the radio. He keeps a 10 day archive of his radio shows on the website.
He%26#039;s all about living debt free.
No payments = cash in the bank.
Credit Card Debt/ No money this week? what would you do?
Honestly, I would go to McDonald%26#039;s and have a #2 which is a quarterpounder with cheese, fries and a Coke for less then $5.00 and only eat one meal a day.
It%26#039;s like 1,500 calories so you won%26#039;t starve and you won%26#039;t use your credit card either.
About the last thing I would do is quit paying and ruin my credit over a $5,500.00 debt, that%26#039;s not even enough to qualify for bankruptcy or credit counseling.
Credit Card Debt/ No money this week? what would you do?
Ditto Spifiman1.
Credit Card Debt/ No money this week? what would you do?
Pay no attention to the first two posters they simply do not know what they are talking about.
Spifiman1 gave you the best answer.
And the #2 is great by the way.
Credit Card Debt/ No money this week? what would you do?
1)I would say food shelf is a good idea
2)do not drive if possible. Maybe car pool the rest of the week and see if you can drive a coworker next week on payback. Keep it up and you may save lots of gas
--- walk it if possible
---- bike it if you have one
--- ride the bus
3) great idea, I dont see why more people do not try this. Get a group of coworkers or classmates. On Friday of each week, make a lunch theme. Each person can bring a portion of the meal for that theme and eat lunch at your desks, in your work kitchens or a common area. You will find alot of your coworkers are in the same position as you. No need to go out and spend 7 dollars at lunch. Think Nachos at a sit down place are lik 6 bucks plus tax and tip (like 9 dollars). If you brought the bag of chips, other person brought the shredded cheese, another brough a 2 liter of soda, another brought a head of lettuce and tomatoes and another a can of salsa. You will all get a decent lunch for about 2 bucks each. You can do the same thing with sandwiches. Grocery stores have good sized individual rolls of bread for less than 50 cents a piece. You buy 4 or 5, another person brings pop or koolaid or juice, another buy a packet of ham or 2, another bring lettuce, tomato, and their mayo or mustard for home, and another brings chips or apples. Another lunch for 2 or 3 dollars each. Get creative. As long as 1 person brings some pop or juice and another some fruit or a snack, and 2 or 3 of you work on the main meal you will spend well under 15 bucks a month on lunch and get to hang out with your friends.
Other ideas
Pita bread and tuna
Eggs (cook at home and microwave at work) with tortillas and vegetables and or some sandwich meat
A nice salad with cut up sandwich meat and cheese in it.
But, swallow your pride and go to a food shelf one time that is what they are for.
Try your best not to use that damn card. And, after this week, cut it up and open a free savings account somewhere and put at least 10-20-30 dollars a paycheck into it... And, dont get a check card/atm card with it. And, even make it inconveinent to get to. So, you can mail your deposits in. And, have to really think about going to take the money out. It has worked for me. Now I always have atleast 1000 dollars in that account - because I cannot withdraw the money from ATM, I have to go the bank in person when it is open. If I am short money on my primary checking account, I think
%26quot;Is it worth going to my credit union to sit in line and take out 20 or 40 bucks to get me through the rest of the week, or can I suck it up, not rent a movie, not go out to eat, not go to the bar for a few days and live off ramen and left overs?%26quot;
After a while you forget the money is even in the savings.
Also, look into a second job. I have a part-time job. It is the difference between living on credit cards - or paying them off. I paid off 10,000 in credit card debt in less than a year. I took all of the money from my part time job and paid it ontop of the minimum payment each month. So the minimum payment plus my part-time job checks. I ended up getting out of debt in about 9 months. I was able to then save that part-time job money to take a trip to NYC, then another trip to Turkey and Ukraine. I am going to visit my sister in San Francisco in January and to Puerto Rico in April... Now that I dont have to make those card payments... I use that part-time job for travel money...
SO STICK WITH THE PLAN YOU CAN DO IT. I USED TO BE IN YOUR SITUATION... YOU CAN BEAT THE CARD COMPANIES. STICK TO YOUR PLAN. AND ENJOY THE SMALL THINGS IN LIFE... A good home made meal, relaxing on the couch with a book, sitting around talking with friends - you dont have to go out. Borrowing a good movie from a friend or family - you dont have to go to blockbuster. And, if you want to buy something that is not a necessity, get it used - Blockbuste sells used DVDs for over 50 percent less than new and they all come with 30 day trade in if they are scratched are dont work. I got 4 dvds for 20 dollars last week at blockbuster and these are all newer movies that came out in 2006 or 2007.
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