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gettinganewlife

(sigh) My rent check bounced

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Talk about stress .. in 2001 I was making 65k was married but in deep debt .. car loan - credit cards - student loans .. I was even paying my ex's student loan ... stupid of me I know... My gold digger EX wifey never worked and we had 10 months old daughter. The first few month of that year she left the house with my daughter to Canada. During that time as I was dealing with divorce attorneys I lost my job. She actually took me to the cleaners and was demanding for more. It was so overwhelming I used get panic attacks at night, my blood pressure was up to the roof. I used have this weird thoughts that I am going to end on the street. Somehow I survived .. I struggled not to file BK .... but it got to point were there was no way to stay afloat without filing. Right now my is 80K and hoping to hit the 6 figure income very soon .. no debt ... It's great to be alive. it took me almost 4 years to get over that bug hump.

 

It will get better.. not easy though but you need to stay strong and never quit. Control your life never let it control you. think of it this way.. It is like going through the eye of needle.

 

Best of Good luck to you!

Edited by horizon67

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I know it might seem hopeless, but with TIME things will improve. If you are in a position to look for a better paying job, then do so.

 

I just spent the last 5 years paying down on two credit cards. I removed all excess spending, got rid of the cable, did not eat out, stuck to a strict, strict budget. I stuck to my plan, and this year it FINALLY paid off. I can now invest a little, and do more. Just take it one day at a time, and eventually you will see the light at the end of the tunnel.

 

Please, please, please do your 401K!!! Even if you only put a small amount in, that's better then nothing at all.

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all very good advice. I called my landlord and worked out a payment plan, half now and half in two weeks, since the fees ate up part of my acct. Very humiliating. I wish i could say I was young and naive, but I will be 40 this june. Lets just say i have spent many years in stupidity and im finally growing up....a little anyway. Thank you again.

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In 1999, I had two car loans, my wife's student loan, house mortgate, $20K in debt from a failed business and was working a dead-end job, and $10K in CC debt, absolutely no retirement of any kind and $200 to my name making 40K per year.

 

Now I am completely debt free, have a retirement fund that is growing by leaps and bounds, three paid for good vehicles and am putting $1000 away additionally a month on $75K per year income... and I just got back from two weeks in Hawaii (paid in advance).

 

Lots of planning, lots of hard work, lots of sacrifice and career development lead me from hopeless to where I am today.

 

It's tough to be where you are. Frustrating, painful and no fun at all. But this money management stuff REALLY does make a difference, and if you begin to do good things with money, then good things will start to happen in your financial life.

 

A lot of folks here freak out when Ramsey's name is mentioned, but he has some good ideas (and, frankly, some I don't agree with -- especially when it comes to investing).

 

But the basics of money management is very simple.

 

1) Do a written budget, and track your expenses.

2) Live on less than you make.

3) Get out of consumer debt, and stay out. If all your money goes out to make payments, then you are constantly broke.

4) Live on less than you make.

5) Put money aside for a rainy day, because it is going to rain.

6) Live on less than you make.

7) Invest so that you won't have to eat Alpo when you are old.

8) Live on less than you make.

9) If you are not making enough money to live on, cut your lifestyle or make more.

 

Working my way out of debt, I was working 80 hours a week at three jobs. I did that for two solid years, and let me tell you it was NO FUN at all. Nada. I was working 14 hours during the week with a half hour break between jobs, plus 10 hours each day on the weekends. I was getting six hours of sleep a night, and it was NOT A GOOD TIME. I did what I had to do for a period of time so that I could win later, and that's exactly what has happened.

 

Hang in there, and keep the faith. Use what you are feeling right now when looking at that bounced check notice... keep that anger deep within you and let it fuel the fire that is going to power you out of the hole you are in. It will get better now that you have a plan, and we are rooting for you to win!

 

Exellent post.......... Good advice given!

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6 years ago, my 10 year old daughter was diagnosed with bone cancer--tumor in her hip. 10 days later I was fired from my job (small car dealer--no FMLA). Later that year, dh and I divorced. We were relying on family, friends, church and spaghetti fundraisers to help with the bills. We didn't have to file BK, but there were plenty of lates and collections.

 

Now, 6 years later, my daughter has beaten cancer---after 14 months of chemo and many surgeries--she is a normal 16 year old, beautiful and thinks she knows it all---next month will mark 5 years post-chemo! Hubby and I are co-parenting fairly effectively and I just got a promotion that will double my salary, working in sales for a health care company. I have learned to keep a rainy day fund handy, live within our means (cash!!) and know that some things are far more important than a couple late payments.

 

Life does get better---we were helped by our families, friends and our faith!!! Hang in there, it will get better!!! You have recieved very good advice and support on these boards!

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Nice to meet some reasonable folks who read DR but don't feel compelled to push every word he says down everyone's throats. :)

 

I have one other beef with him, same one I have with the credit counseling folks. They make their money off people's financial troubles. We could never do that. It would keep us awake nights.

 

:dntknw::huh:

Breeze,

 

I am a little disturbed at your opinion on the credit counseling industry. From your statement, I take from it that you have NEVER met a good CCO and that is very disturbing to me. I hope that is it, because if that's not the case then it sounds like you are making a very broad statement that "anyone that helps another and earns a living while doing so is a theif". ???? Please tell me this isn't the case. I know my industry hasn't really gotten alot of GOOD publicity lately, but there are several legitimate, good and whole hearted CCOs out there that are making a difference in people's lives everyday and love doing it.

 

I'm not meaing to be in an attacking mode on your comment, but I know that you are big part of this creditboard and you have alot of great advice to give. I just hate for someone as highly respected as you to paint such a broad, ugly picture on the industry as a whole instead of on the CCOs out there that really deserve the bad publicity.

:D

 

 

CCC

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THIS IS A PRO-CREDIT BOARD LAST I KNEW...

 

Start your own web site cashboards.com

 

WHO BROKE DIY AGAIN!!!

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THIS IS A PRO-CREDIT BOARD LAST I KNEW...

 

Start your own web site cashboards.com

 

WHO BROKE DIY AGAIN!!!

 

 

 

 

the DIY lifeblood is still alive here...... I'm not pushing any individual into a CCO.... nor pushing it's propaganda.... I'm just simply making sure the tar and feathering isn't getting out of hand... ha ha :dntknw:

 

take it easy.... it's Friday and tonight the Spurs will take back the best record in the West.... ahh...

 

CCC

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Breeze,

 

I am a little disturbed at your opinion on the credit counseling industry. From your statement, I take from it that you have NEVER met a good CCO and that is very disturbing to me. I hope that is it, because if that's not the case then it sounds like you are making a very broad statement that "anyone that helps another and earns a living while doing so is a theif". ???? Please tell me this isn't the case. I know my industry hasn't really gotten alot of GOOD publicity lately, but there are several legitimate, good and whole hearted CCOs out there that are making a difference in people's lives everyday and love doing it.

 

I'm not meaing to be in an attacking mode on your comment, but I know that you are big part of this creditboard and you have alot of great advice to give. I just hate for someone as highly respected as you to paint such a broad, ugly picture on the industry as a whole instead of on the CCOs out there that really deserve the bad publicity.

:glare:

 

 

CCC

 

I agree with you that there are some good CCO organizations out there.

The problem is, while some are good, others are not- and we normally only hear about it after someones' suffered a CCO-disaster and they come here to try to fix it, lol.

It's hard for the consumer to tell the good from the bad. Can't exactly call former customers for references, lol.

That's largely why I hesitate to point people to CCCS organizations, even if they might benefit from one. There's just no way to tell if they'll get a good one, or a predator.

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I have read Dave Ramsey's book Financial Peace and have listened to his radio show as well. I have mixed feelings about his philosophy. I do agree that we all need to be debt free - that is a given and we all need emergency funds - that is a given as well. What I dont agree with him is NO credit card at all. We dont have thousands of dollars in our account for emergencies. Suppose you are stranded somewhere and need a part for your car...what to do then? I believe he has the best of intentions but what I always wondered about his story was I get the part he filed BK but how did he move on post-BK? Every time I have heard him he is diametrically opposed to credit cards....he has choice words for them. He has been on financial shows and gone one on one with financial experts. He remained adamant not to use them.

 

As for credit counseling services - I work for the BBB in Tennessee and we only have a few CC agencies who are legit. The rest of them extort money from people already drowning in debt and make rash promises of what they can do with their credit card companies. A lot of consumers end up paying a lot of money upfront and monthly and eventually end up even deeper in debt. The non-profit credit counseling agencies would be the only ones I would even consider.

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I have read Dave Ramsey's book Financial Peace and have listened to his radio show as well. I have mixed feelings about his philosophy. I do agree that we all need to be debt free - that is a given and we all need emergency funds - that is a given as well. What I dont agree with him is NO credit card at all. We dont have thousands of dollars in our account for emergencies. Suppose you are stranded somewhere and need a part for your car...what to do then? I believe he has the best of intentions but what I always wondered about his story was I get the part he filed BK but how did he move on post-BK? Every time I have heard him he is diametrically opposed to credit cards....he has choice words for them. He has been on financial shows and gone one on one with financial experts. He remained adamant not to use them.

 

As for credit counseling services - I work for the BBB in Tennessee and we only have a few CC agencies who are legit. The rest of them extort money from people already drowning in debt and make rash promises of what they can do with their credit card companies. A lot of consumers end up paying a lot of money upfront and monthly and eventually end up even deeper in debt. The non-profit credit counseling agencies would be the only ones I would even consider.

 

My take on DR is that he appears to be afraid of credit. He was bitten by it in the past and realizes that he cannot handle it, and he is expanding that to 'all credit is bad'. I really like a lot of what he has to say. Several years ago I got in trouble with credit. Over the past couple years (before hearing of him) I have gotten totally out of debt except for my mortgage and accumulated a healthy emergency fund. BUT - I believe in credit cards and use them regularly. I love getting a 5% discount on gas, especially when the price is rising like it is now. I get the free loan for a month and can keep that money in interest bearing savings instead of having spent it. I can keep all of my emergency funds in savings instead of checking, because I know I have the credit to cover it, then I can repay the cards from savings. I'm also looking at getting into investment real estate, which I believe can be done at any level of risk.

 

I know that my risk choices are not the same as those of others, but I'm not going to go telling everyone who disagrees that they are wrong.

 

I can certainly see where following his plan exactly may be essential for some, but it seems much too black-and-white for me.

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I agree with you that there are some good CCO organizations out there.

The problem is, while some are good, others are not- and we normally only hear about it after someones' suffered a CCO-disaster and they come here to try to fix it, lol.

It's hard for the consumer to tell the good from the bad. Can't exactly call former customers for references, lol.

That's largely why I hesitate to point people to CCCS organizations, even if they might benefit from one. There's just no way to tell if they'll get a good one, or a predator.

 

 

Radi8,

 

You do make an excellent point. Unfortunately, there have been many CCO's that are simply in the business for private enurement and practice under "deceptive trade". For example, just look at the FTC's civil action filed against Ameridebt and Debt Works Inc. FTC CIVIL ACTION AGAINST AMERIDEBT

 

After reading that, it makes me sick and really P/O'ed for what they have done to our industry.... and unfortunately they are not the only ones.

 

I do have good news though in regards to the CCO industry getting it's waters cleaned up again. Currently, the FTC, IRS, Executive Office of the U.S. Trustee and individual states are pressing strick regulations and enforcing all CCOs to play by the rules and follow their 501 ©(3) charter. Currently under the BAPCPA of 2005, the Exec. Office is examining all CCOs that submitted an application for approval for bankruptcy counseling which also may lead into a DMP. On that application, they examine the DMP requirements and policies of the CCOs to ensure consumer protection is in place.

 

To find a list of approved CCOs in your state... go here.... Approved CREDIT COUNSELING AGENCIES

 

In conclusion, a truely good CCO will offer to assist with financial education, budgeting advice, and counseling. ITS A LEGAL OBLIGATION. And this should all be done irrespective of the clients ability to pay and at no time should a FEE or DONATION place that client further into debt. I know as for my organization, I personally have counseled with numerous clients throughout several states over the phone for over one hour, and at no time did we receive a dime from that client for our service. We then would hear back from them months later on how much we changed their lives by just taking an hour out of our day to try to invoke a change in their lives.

 

For future reference.... the FTC has published a darn good article on what a GOOD CCO should consist of and do. FTC List of What a CCO should do

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I have read Dave Ramsey's book Financial Peace and have listened to his radio show as well. I have mixed feelings about his philosophy. I do agree that we all need to be debt free - that is a given and we all need emergency funds - that is a given as well. What I dont agree with him is NO credit card at all. We dont have thousands of dollars in our account for emergencies. Suppose you are stranded somewhere and need a part for your car...what to do then? I believe he has the best of intentions but what I always wondered about his story was I get the part he filed BK but how did he move on post-BK? Every time I have heard him he is diametrically opposed to credit cards....he has choice words for them. He has been on financial shows and gone one on one with financial experts. He remained adamant not to use them.

 

As for credit counseling services - I work for the BBB in Tennessee and we only have a few CC agencies who are legit. The rest of them extort money from people already drowning in debt and make rash promises of what they can do with their credit card companies. A lot of consumers end up paying a lot of money upfront and monthly and eventually end up even deeper in debt. The non-profit credit counseling agencies would be the only ones I would even consider.

 

 

In regards to CCs. They could easily be referred to fire... Use them correctly and it can give you many advantages... use them poorly and .. well... you get the point...

 

Just as a small example... even though there are numerous others I could make about CCs.

You have a much greater protection that is in place when paying for costly auto repairs or other products with CCs. If you pay with a CC for auto repairs that were done by a scammer garage.... you can revoke payment up to 30 days.... if you paid by check..... guess what? You are stuck!! --- that's just one way a CC can assist...

 

As for any CCO that isn't a 501 ©(3) non-profit corp...... I would not waste my time on... there are several good non-profits to go to way before you try a for-profit....

 

:rolleyes:

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BECAUSE "DR" HAS GONE BK ON MANY $1,000,000's HE IS REAL IMPORTANT TO LISTEN TO???????????

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