Tagged With "debt reduction"

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Re: Payday loans - essential or evil?

Stephanie Weisman ·
Yeah I have three that I'm behind on, now. Everyday, two to three times a day calling. Don't answer my phone these days. I need help. Also, live in Texas, I do believe this is the worst place.
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Re: Hello, to all

Joyce Taylor ·
I know what you mean by struggling with bills. I have Medicals bills, I am trying to pay off, I just keep on working online until. i have some money to send my creditors.
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Re: SUMMONS

Moore Income ·
@Sango could you elaborate more on what you are referring to when you say a "summons to pay off debt"? Are you referring to someone being ordered by a court to pay off debt?
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Re: SUMMONS

Sango ·
A debt collector has sent a server to my home to give me a summons from a debt collector. I need help in providing an Answer to the summons. That is my concern. How do I reply to said summons?
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Re: SUMMONS

Moore Income ·
@Sango this is not an issue I am very familiar with and I of course am no lawyer. But there is hope! Google to the rescue! I found this article detailing how to respond in 3 easy steps . Also this one about answering a civil summons . Hope this helps somewhat! If you need more info, just type this search term in google: " how to respond to a summons from a debt collector "
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Re: SUMMONS

Sango ·
😮 WOW...thanks so much.
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Re: Payday loans - essential or evil?

Moore Income ·
I personally have never used a payday loan. However, I think they ultimately are hurting people when it comes to managing money. I can see how in some cases there may be a need for one but I don't think they should become something that anyone should rely on. The idea of getting your money now instead of waiting creates an attitude of instant gratification and if you are not careful, can lead to much deeper financial issues. Developing a mindset of getting everything "now" will only...
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Re: Payday loans - essential or evil?

Nicole ·
I have never taken out a payday loan & never intend to, as I believe that they are EVIL. I have heard that the interest is extremely unreasonable & it seems that these places pray on people that are unable to get credit for various reasons that need some sort of immediate help. It seems that they are located in some of the poorest areas of town with a lot of vulnerable people in the neighbourhood. That & cheque cashing places that charge extremely high fees. The government...
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Re: Payday loans - essential or evil?

Former Member ·
I was listening to The Indicator podcast the other day, which focused on payday loans. It shared the story of a woman who got a payday loan when she had a financial emergency, but then it spiraled out of control when she could never catch up after taking out that one loan. She explained that she would use a credit card to pay off a loan, then a new loan to pay the credit card, and so on and so forth. She's in a better situation now, but it helped put into perspective how an emergency...
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Re: Payday loans - essential or evil?

Vivienne Stephen ·
These loans are absolutely predatory and evil. They are concentrated in poor minority neighborhoods to take advantage of people who historically, have little or no access to credit. They are yet another tax on the poor. I include the rent-to-own stores and the buy-here pay-here car lots in that category as well.
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Re: Payday loans - essential or evil?

Arthur Pember ·
I have never had to take a payday loan, but I believe they are a financial tool that serves a need for un-banked or under-banked persons. The purveyors of these loans do not and could not remain in business by servicing customers who use the loan products to provide a stop gap in an emergency. The purveyors prosper by enslaving the customers to long periods of indenture paying increasing interest to service the loans. I actually compare the companies to drug dealers, bar owners, and casino...
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Re: Payday loans - essential or evil?

Bonnie Squires ·
I never had to use a pay day loan but fro hearing my daughter store. I would never use them. It took her about 2 to 4 months to pay her loans off. to me they just use people that are poor or can't get a real loan.
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Re: Payday loans - essential or evil?

Caroline Jones ·
I have used payday loans,unfortunately. However they got me out of a difficult situation..My goal is always pay it off asap.
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Re: Payday loans - essential or evil?

KerryE ·
Years ago I was stuck in a vicious cycle of payday loans. The only way I got out from under it was to borrow less and less each time I repaid/reapplied. Took me several weeks but I got away from them and never looked back. They are like escaping an abusive relationship. LOL
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Re: Payday loans - essential or evil?

AnnieB ·
Payday loans prey on the poor and minority population. They are evil. Source: I used to work for one. Quit the job because I could no longer live with myself. We were taught to battle objections for paying back the loan. We had an entire BINDER on collections practices. I have seen employees take checks to the bank to convert the check to a cashier's check when clients did not come in to pay the loan. I have seen employees who would ask the questions of bank tellers, "Is this check good? If...
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Re: Payday loans - essential or evil?

Adam ·
I would like to see post offices adopt more financial services so that payday loans would become obsolete
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Re: Payday loans - essential or evil?

Former Member ·
@Adam I love that idea, except our post office locations would have to increase their hours and their counter staff to make that work without frustrating the masses! I recently learned that some check-cashing/payday loan stores are open 24 hours. No wonder busy, stressed people go there - it's convenient as heck.
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Re: Payday loans - essential or evil?

Adam ·
I'd love to see the USPS expand its staff. I think it's also a good way for the USPS to respond to technological changes in the industry. I don't know if they would have to necessarily increase hours. I didn't check, but aren't banking hours and USPS hours pretty much the same already? The biggest reason I think those payday loan providers exist is because they are in areas where banks don't want to operate.
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Re: Hello, to all

Moore Income ·
Hello @Karen White nice to meet you! I understand the struggle of trying to pay off debt! Just when things seem to be getting under control, something else seems to come up and set you back. I just encourage you to not give up hope! It will take a lot of work and effort but it is possible. If there are any specific areas you could use help with or need any tips or pointers please don't hesitate to reach out here on the forum. There are lots of friendly folks who are willing to be of help in...
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Re: Payday loans - essential or evil?

Arthur Pember ·
Payday loan companies are responding to a market. They charge the high interest, because they can. Other than the unusually high rate they are not too much different than other companies that offer credit and loans. They all charge what ever the market will bear. Think of the actual rate of interest you pay on a credit card, if you only pay the minimum required amount. People who use their credit cards for convenience paying them off in the grace period or as quickly as possible pay little...
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Re: Payday loans - essential or evil?

Moore Income ·
@Arthur Pember I think the USPS already has their hands full enough trying to stay in business delivering packages and competing with other companies! You are right in the fact that they are similar in concept to a traditional loan. Unfortunately, the people who use payday loans consistently do so generally because they just don't have a good grasp on their finances. Without realizing it, they end up falling deeper and deeper into financial problems. I do believe there needs to be a little...
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Re: Payday loans - essential or evil?

AnnieB ·
The post office does not need to be in the payday loan business. Do we really need the government involved in another industry? They have enough problems. My issue with payday loan companies has nothing to do with interest. Remember, I said up thread that I have worked in the industry. My issue is with the collection practices. If you default on a credit card, you're receiving annoying mail and the occasional phone call. You may even end up receiving a judgment and a garnishment. Do the...
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Re: Payday loans - essential or evil?

Moore Income ·
Wow! That is pretty crazy @AnnieB ! That definitely sounds a lot worse than if someone were to simply fall behind on credit card payments!
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Hello, to all

Karen White ·
My name is Karen. I am 69 years old, retired, and deep in debt which I am trying to pay off so I can be debt free. Not getting any where fast. When I worked I had no problems now that I am retired it is a struggle to say the least.
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Payday loans - essential or evil?

Former Member ·
Have you ever taken out a payday loan? These short term loans have been discussed a lot in the news lately because federal plans to restrict payday lending (basically, a lender would have to prove you can probably pay the loan before giving it out) have been shelved for now. A lot of people say payday loans are evil because of their fees - some have interest as much as 700% . But others say they're essential for people who are unbanked or underbanked, meaning they manage their money outside...
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SUMMONS

Sango ·
Does anybody know of a book that one can use to give an answer to a summons to pay a debt?
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Re: SUMMONS

George Simons ·
@Sango also, here's a list of forms you can use to respond to a debt lawsuit. Just the form for the state you live in; fill it out and file it with the court.
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Re: SUMMONS

George Simons ·
@Sango also, here's a list of forms you can use to respond to the debt lawsuit. Just choose the form from the state you live in; fill it out and file it with the court. https://www.solosuit.com/posts/9
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Re: The Snowball Method for Paying Off Debt

Robert Kidd ·
Debt reduction
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Re: The Snowball Method for Paying Off Debt

Melissa ·
I'm a fan of the avalanche method too, but I would love to hear how people like use the snowball method. Pros vs Cons? As for helpful tips, I would say it helps me to physically write down every transaction I spend money on: groceries, gas, lunch out. This way I don't forget about the purchase and I can add up the totals at the end of each week. It's almost like a competition to see how little I can spend and the left over money does towards paying off my debt.
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Re: The Snowball Method for Paying Off Debt

Savvy Susie ·
The avalanche method is best. Why? Because the goal is not only to reduce your debt but to pay the least amount for carrying that debt. The snowball method can cost you more to use depending on your combined debt and the monthly interest payments you accrue.
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Re: The Snowball Method for Paying Off Debt

jenakle ·
Vertex42 has a great spreadsheet for comparing which method is going to save you more long term, and includes the ability to customize it (like paying a small one off first, then tackling a higher interest rate). I've tweaked it by copying the estimated pay off dates to the bottom and enjoy seeing the pay off dates reduce as I add extra money each month. I also love their monthly budget and checkbook register spreadsheets! https://www.vertex42.com/Calcu...tion-calculator.html
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Re: The Snowball Method for Paying Off Debt

Former Member ·
I've used both methods, and have found that when I REALLY need the motivation to keep going, the snowball method works best for me. While I might end up paying slightly more than if I used the avalanche method, the snowball method helps me see wins faster - which helps me stay motivated to roll that amount over to another debt once the first bill is paid off.
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Re: The Snowball Method for Paying Off Debt

freensp70 ·
Hi, I am new to the site. I am deeply in debt and going through a divorce. I am trying to figure out basically how to get back on track and where to start. My husband handled the finances and I am trying to figure out how I am going to pay off my debt and keep my head above water. Any suggestions of where to start would be great. Thanks.
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Re: The Snowball Method for Paying Off Debt

MsKimberly ·
I have never tried it. I cannot afford to have debt. My bills consist of rent, electricity, rental insurance, and the Internet. They are paid on time every month--the amount that I am required to pay. One exception is rental insurance. I pay that once a year in full. If I could afford to I would do the rest that way.
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Re: The Snowball Method for Paying Off Debt

Moore Income ·
@MsKimberly I agree, it would be nice if we could pay off some of those bills in full rather than monthly!
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Re: The Snowball Method for Paying Off Debt

MsKimberly ·
@Moore Income Jon, I am determined that once I am moved into my new apartment, the next bill I want to pay at least 3-6 months in advance is the Internet.
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Re: The Snowball Method for Paying Off Debt

Moore Income ·
@MsKimberly That sounds like a good plan. Will they let you pay ahead on internet bills or does it vary by company?
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Re: The Snowball Method for Paying Off Debt

MsKimberly ·
@Moore Income Jon, I have not asked. However, if the cost is the same each month, I think they would be thrilled to have their money upfront whether or not a contract is involved. Who doesn't want their money yesterday?
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Re: The Snowball Method for Paying Off Debt

TinaS ·
Ive heard of both of these, but haven't begun to use them. I have three credit cards, two retail and one medical. However one went from retail card to a real credit card through Citi. Allows me to use it anywhere now, not just at the store I originally got it from...yeah me. NOT. Anyhow, I don't feel our family makes enough money to do either one of these debt reduction tactics (even though I'll look into it more), but I do pay a little more each month just not a great deal more. What I am...
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Re: The Snowball Method for Paying Off Debt

Moore Income ·
@TinaS Both of these methods are simply a way to pay your cards off quicker in a strategic manner. Even if that means a little bit at a time. Whatever you can do, by applying one of these methods, the results can be much better. I have done what you are thinking about doing. I transferred my balance from one card that was going to start charging interest to a card with a no interest sign up bonus. The only things you need to make sure of is that the card you transfer too includes the no...
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The Snowball Method for Paying Off Debt

Moore Income ·
I am curious to know if anyone here has used the Snowball Method for paying off debt and what the results were. I personally have done it a little differently (more like the avalanche method), only because certain credit cards I owe on are still under a "no interest" sign up bonus. To me the snowball method seems like a pretty effective way to do it. What are your thoughts? Have you tried any of these methods? What are some helpful tips you have used to pay off debt?
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Re: The Snowball Method for Paying Off Debt

Prince_Alarming ·
I'm currently using the snowball method of paying debt off. Lucky for me I have no debts that incur interest or otherwise I would use avalanche method. I have 3 of 8 paid off, by using snowball. What's difficult about paying the debt off is, being on a fixed income and having a crapload of responsibility to endure and then another unexpected expenditure pops up. Also too, trying to work on raising my credit score(eg. Credit Builder Loan or a secured credit card)and budgeting for it. Makes it...
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Re: The Snowball Method for Paying Off Debt

triplea87 ·
The higher number of debts you have to pay off, the more effective the snowball method becomes. Its main advantage lies in breaking down these debts into the manageable chunks and the corresponding psychological payoff of crossing debts one by one (even if you have to pay a little more interest over time when compared to the avalanche method). Regardless of the methods, they are all directly correlated to the level of budgetary discipline; just like going to the gym. I found one tool to help...
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Re: The Snowball Method for Paying Off Debt

GinaH ·
Last year I had 7 different debts of all sizes, retail cards, student loans, dental, etc. I used the Snowball method at first because I need the motivation of seeing a win, no matter how small. I got a part-time job and used all that money toward the debt and now I am down to the last 3. Yay me! However, here's what I learned re: your credit score and paying off debt. Paying off my Student loan debt felt SO good; getting that weight off my back after 12 years. My payments increased every...
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Re: The Snowball Method for Paying Off Debt

Swayla Monche ·
you paid off your student loans and your credit went down? How is that possible?? Sound like a scam to me! If that's the case, I might as well not even pay my student loans off.
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Re: The Snowball Method for Paying Off Debt

Swayla Monche ·
Aww ok, what about when you get the secured card to buy things on credit and pay if off on the due date... for example if I get qualified Dr a secured card that has $1000 loaded on there and I can only spend 30% ($300) when it's time to pay that back, do I just pay the $300 or would I have to pay the whole $1000 back?
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Re: The Snowball Method for Paying Off Debt

GinaH ·
The Snowball method is where you pick the debt with the smallest balance. You make minimum payments on all of your other debts and put every penny you can manage on the smallest debt to pay it off fast. Then when that debt is paid off, you take the payment from that debt and start applying it to the next largest debt. The theory behind this method is that seeing quick wins will keep you motivated. You might pay a little more in interest overall but the motivation of seeing a "win" keeps you...
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Re: The Snowball Method for Paying Off Debt

GinaH ·
Don't give up! It turns out the drop in my credit score was temporary. And as I pay more down on my credit card and other bills, my score keeps getting better. The point I wanted to make was if you have money and are making a choice as to what bill to pay off first, choose a bill like a credit card to keep your credit used/available credit ratio in good shape. When you pay off a car or student loan, that available credit is closed and reduces your available credit amount, which also has an...
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Re: The Snowball Method for Paying Off Debt

Leon ·
Can someone explain the snowball method? I have a few credit cards I would like to pay off soon.
 
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