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Bankruptcy now... or never???
FractalWalk:
--- Quote from: mr.Curmudgeon on March 09, 2005, 03:02:22 pm ---
--- Quote from: missioncontrol on March 09, 2005, 02:42:03 pm ---Just remember it takes 14 years to rebuild your credit after filing bankruptcy....
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GAAAAAACK!! This is the sort of thing that has, up until now, kept it off the table.
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I worked in the high-risk lending industry for 5 years, so I have a lot of experience with this.
GGKoul:
I know some that claim bankruptcy in 2000. They got squeezed on a margin account in 2000... 4 years later, he was able to get a mortgage at 1.5% higher then the posted rates and he even lease a car.
So while it's tough in the beginning, as long as you learn better credit management in the future.. you shouldn't have too much to worry about in 4 to 5 years from now.
fredster:
Once you clear your debt, why go back and borrow? That's what gets you to the point in the first place. Sure you need a house and a Car, but past that stay debt free. Otherwise you risk of making the same mistake twice.
I paid off my bills (except for house and car) and I don't do credit. If I don't have the cash to pay for it, that means I can't afford it. Simple as that.
Credit / Debt caused me fear and made me a slave to the man. If you have no debt, then nobody can take away what you have because it's yours, not the bank's.
The bank owns my house and my truck. But I'm working on that. Since I don't pay interest to credit card companies anymore, it means I have more money to put down on the house and car. I'm almost done with the car, the house is will be next.
I have more money and my pocket and I save the postage to all those sob's.
DrewKaree:
I've heard about this "man" before...fredster, do you have an address for "the man", because I wanna buy a house, and I heard that guy is gonna keep me down! ;)
Do the old trick - have one credit card for emergencies. Fill up a bowl half full with water. Freeze it. Pull it out, put that emergency credit card in there. Fill it all the way up with water. Freeze it.
Leave it. If you need it for something, now you've gotta do some work to be able to use it, and maybe in that time, you'll realize you don't REALLY need what you were considering to be such an "emergency".
itismejs:
--- Quote from: DrewKaree on March 09, 2005, 05:11:40 pm ---I've heard about this "man" before...fredster, do you have an address for "the man", because I wanna buy a house, and I heard that guy is gonna keep me down! ;)
Do the old trick - have one credit card for emergencies. Fill up a bowl half full with water. Freeze it. Pull it out, put that emergency credit card in there. Fill it all the way up with water. Freeze it.
Leave it. If you need it for something, now you've gotta do some work to be able to use it, and maybe in that time, you'll realize you don't REALLY need what you were considering to be such an "emergency".
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Might wanna put the CC is a baggie...dont wanna "break the ice" to find that the ink has ran!