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InvisiblePsicomb
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Registered: 01/13/18
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Taking care of credit card debt
    #26601488 - 04/14/20 07:55 PM (3 years, 9 months ago)

I owe about $800 to 3, maybe even 4, different credit card companies for credit cards I took out years ago and wasnt able to pay off.  All the cards had $3-500 limits but they all have collected another $300+ in interest. 

What should I do? Should I seek a debt consolidator?  I can make payments each month but I am getting demands to pay large amounts from all sorts of weird agencies and I dont know where to start really.

Any input is super appreciated. Thanks


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When we constantly pull things apart trying to see how it works, we may end up with only an understanding of how to destroy something
- nick sand


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OfflinePatlal
You ask too many questions
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Re: Taking care of credit card debt [Re: Psicomb] * 1
    #26601491 - 04/14/20 07:56 PM (3 years, 9 months ago)

get a minimum salary job and you will beat that 800$ debt.


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InvisiblePsicomb
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Re: Taking care of credit card debt [Re: Patlal]
    #26601495 - 04/14/20 07:57 PM (3 years, 9 months ago)

I wrote that funny.  It is $2500-3000 altogether now. 3 different accounts that now are at $800ish.  I have a job but with rent and everything else it is hard to do over $100 a month to all of them and then interest makes doing that meaningless


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When we constantly pull things apart trying to see how it works, we may end up with only an understanding of how to destroy something
- nick sand


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OfflineThe Influence
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Re: Taking care of credit card debt [Re: Psicomb] * 1
    #26601499 - 04/14/20 07:59 PM (3 years, 9 months ago)

Thats really up to you. If they have all went to debt collection agencies, I would call each one and tell them your willing to make payments. They will work with you happily. Most people that get to that point never try to pay, so they are very receptive to those that do. Plus it will help your credit score tremendously. My wife when I got married made me pay back my old debts and Im happy I did. Now that Im more responsible pretty much any lender will give me money if need be.


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InvisiblePsicomb
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Re: Taking care of credit card debt [Re: The Influence]
    #26601509 - 04/14/20 08:01 PM (3 years, 9 months ago)

For sure man.  Thanks for the inspiring words, glad it worked out well for you.  They are with agencies, these debts are old.  I just got a document from the court's saying the credit card company is trying to take me through the legal process over one of the debts.  I have student loans too but those are another animal and honestly I'm more concerned about these old debts right now. 

I think this is a good opportunity to use my $1,200 dont-revolt-on-us check when it comes


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When we constantly pull things apart trying to see how it works, we may end up with only an understanding of how to destroy something
- nick sand


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OfflineBikerfool
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Re: Taking care of credit card debt [Re: The Influence]
    #26601513 - 04/14/20 08:03 PM (3 years, 9 months ago)

Yeah what The Influence said. Make a budget for yourself then arrange a monthly payment plan with the collections agencies. It's not worth not paying and trashing your credit over $3000..


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Just an angsty teen contributing to the pubs decline with contentless posts.


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OfflineNorthernerM
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Re: Taking care of credit card debt [Re: Bikerfool]
    #26601641 - 04/14/20 09:24 PM (3 years, 9 months ago)

Negotiate a reduction in interest accrual in exchange for full payment with each provider, consolidate into a lower interest personal loan and pay it off. $3k isn't a lot, and if you get a half decent personal loan over 5 years it's probably only $10 a week, you will hardly feel it. Will dodge a lot of fees by consolidating too.

In a year or two you feel a bit more flush you can make extra payments, kill it quicker. Save that $10 for more fun stuff.


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The nearest we ever come to knowing truth is when we are witness to paradox.


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Invisiblebudmanman
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Re: Taking care of credit card debt [Re: Northerner]
    #26601720 - 04/14/20 10:14 PM (3 years, 9 months ago)

Statute of limitations is between 2-10 years depending on state.  If you make any payment at all it resets the statute of limitations, if morally you feel obligated to pay them, then you can set up payment arrangements with the collection agencies.

You can also ask for settlement options for lump sum payments, though paid in full boost your credit more than settled in full.

But your credit score will be ass for 3-7 years after you are done paying them all off anyway.


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Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal.

And I am mentally unstable.


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Invisiblebudmanman
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Re: Taking care of credit card debt [Re: Psicomb]
    #26601723 - 04/14/20 10:17 PM (3 years, 9 months ago)

Quote:

Psicomvb said:
For sure man.  Thanks for the inspiring words, glad it worked out well for you.  They are with agencies, these debts are old.  I just got a document from the court's saying the credit card company is trying to take me through the legal process over one of the debts.  I have student loans too but those are another animal and honestly I'm more concerned about these old debts right now. 

I think this is a good opportunity to use my $1,200 dont-revolt-on-us check when it comes




Well that sucks, if they're taking you to court, make sure its real that they are you have to actually be served papers for that to happen, then they only did that because they know where you work and that you make decent enough money to be worth per suing legally because it cost a lot of money to sue you.

When I was in my late teens early 20's I was a bill collector, I worked at over 10 different agencies, some had us pretend we were lawyers, others had us just lie our asses off about what we were gonna do.

Only 2 of them I worked for actually sued people and had a legal department.

The one that had us pretend we were lawyers all the debts were over 10 years old and were illegal to pursue action on, even a phone call was illegal because they were all past the statute of limitations, none of the bills were on any of their credit or anything. 

The lawyer sspeel got one guy to settle a 15k debt for 5k and the owner of the company just embezzled all the money for the company we were collecting from.

The owner eventually wound up all over the news and eventually wound up overdosing on drugs and dieing.

I only worked these shit jobs because it was the economic crisis and it was literally the only places I could find work.

I was young and thought working at these places meant I was moving up in the world cause we had to wear dress clothes and ties. 


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Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal.

And I am mentally unstable.


Edited by budmanman (04/14/20 10:21 PM)


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Invisiblecannabinated
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Registered: 01/03/13
Posts: 14,743
Loc: Outside Flag
Re: Taking care of credit card debt [Re: budmanman]
    #26601726 - 04/14/20 10:21 PM (3 years, 9 months ago)

go in to debt the world is ending


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InvisibleLSDollar
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Re: Taking care of credit card debt [Re: budmanman]
    #26601727 - 04/14/20 10:21 PM (3 years, 9 months ago)

Pay it off, there is a reason they only give you 300-500$ limit on the cards. I still have one of my first cards I got years ago and it has 7000$ limit. I maxed it out more times than I should of, but it is paid off and they always get their money.


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Invisiblebudmanman
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Re: Taking care of credit card debt [Re: LSDollar]
    #26601731 - 04/14/20 10:23 PM (3 years, 9 months ago)

I got 3 cards, my highest cards limit is just under $19,000


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Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal.

And I am mentally unstable.


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Invisiblebudmanman
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Re: Taking care of credit card debt [Re: cannabinated]
    #26601737 - 04/14/20 10:25 PM (3 years, 9 months ago)

Quote:

cannabinated said:
go in to debt the world is ending




This is probably terrible advice, but I mean, with all the free money that is about to be pumped into the system, 1,200 for all, + possibly more payments in the future,

The extra 600 a week unemployment, this is all gonna be new fresh money,

meaning it automatically devalues the dollar, so say a 3,000 dollar debt today, in a few years might feel like only a 3,00 dollar debt when say 10 dollars today is the equivalent of 50 dollars tomorrow.

But debt is always a risk and holding onto debt over time is highest of risk.


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Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal.

And I am mentally unstable.


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Invisiblecannabinated
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Re: Taking care of credit card debt [Re: budmanman]
    #26601738 - 04/14/20 10:27 PM (3 years, 9 months ago)

:strokebeard:


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Invisiblebudmanman
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Registered: 02/07/07
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Re: Taking care of credit card debt [Re: cannabinated]
    #26601741 - 04/14/20 10:29 PM (3 years, 9 months ago)

:strokebeard: indeed, I absolutely hate the paper money system, but I use its shitty flaws to my advantage.


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Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal.

And I am mentally unstable.


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Offlinesusurrador
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Registered: 03/31/19
Posts: 1,446
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Re: Taking care of credit card debt [Re: budmanman]
    #26601906 - 04/15/20 01:33 AM (3 years, 9 months ago)

Quote:

budmanman said:
Statute of limitations is between 2-10 years depending on state.  If you make any payment at all it resets the statute of limitations, if morally you feel obligated to pay them, then you can set up payment arrangements with the collection agencies.

You can also ask for settlement options for lump sum payments, though paid in full boost your credit more than settled in full.

But your credit score will be ass for 3-7 years after you are done paying them all off anyway.





This. ^

If it was years ago and you haven't made any payments or contacts or acknowledgments with the collection agencies, you may be better off letting statute of limitations pass and then requesting the credit bureaus remove the old info from your credit file.

Say it was 4 years ago, you have likely 3 more years left (assuming 7 year limit on collections and 10 years for judgements which I believe is fairly standard) before you can request it be removed. But if you pay it, contact the agency, or acknowledge the debt, it resets the 7 year statute of limitations.

Look up the FDCPA, and the FACT Act. Those are federal laws pertaining to debt collection and reporting.


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"If it doesn't work, you can always hit him with it."



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InvisiblePatrickKn
I'm a teapot

Registered: 07/10/11
Posts: 20,584
Re: Taking care of credit card debt [Re: budmanman]
    #26601915 - 04/15/20 01:43 AM (3 years, 9 months ago)

Devalues the dollar initially, but the Federal Reserve also destroys money that it recoups from loans it's giving out to balance it. Likewise, with people not working and unable to spend money, the dollar is actually more likely to deflate. A dollar may be worth slightly more in purchasing power as wages tighten up and goods lower in value.


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OfflineLoaded Shaman
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Re: Taking care of credit card debt [Re: susurrador] * 1
    #26601919 - 04/15/20 01:46 AM (3 years, 9 months ago)

Quote:

susurrador said:
Quote:

budmanman said:
Statute of limitations is between 2-10 years depending on state.  If you make any payment at all it resets the statute of limitations, if morally you feel obligated to pay them, then you can set up payment arrangements with the collection agencies.

You can also ask for settlement options for lump sum payments, though paid in full boost your credit more than settled in full.

But your credit score will be ass for 3-7 years after you are done paying them all off anyway.





This. ^

If it was years ago and you haven't made any payments or contacts or acknowledgments with the collection agencies, you may be better off letting statute of limitations pass and then requesting the credit bureaus remove the old info from your credit file.

Say it was 4 years ago, you have likely 3 more years left (assuming 7 year limit on collections and 10 years for judgements which I believe is fairly standard) before you can request it be removed. But if you pay it, contact the agency, or acknowledge the debt, it resets the 7 year statute of limitations.

Look up the FDCPA, and the FACT Act. Those are federal laws pertaining to debt collection and reporting.




NEVER ADMIT TO ANY DEBT AND ALWAYS ASK FOR A MAILED FORM PROVING WHAT DEBT YOU OWE TO WHOM, WHERE, WHEN, AND WHY.

The clock thing is 100% accurate.

Trust me. Small business owner, been through it all. This is accurate.


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"Real knowledge is to know the extent of one’s ignorance." — Confucius


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Invisiblebudmanman
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Re: Taking care of credit card debt [Re: PatrickKn]
    #26601922 - 04/15/20 01:49 AM (3 years, 9 months ago)

Quote:

PatrickKn said:
Devalues the dollar initially, but the Federal Reserve also destroys money that it recoups from loans it's giving out to balance it. Likewise, with people not working and unable to spend money, the dollar is actually more likely to deflate. A dollar may be worth slightly more in purchasing power as wages tighten up and goods lower in value.




There is almost an equal amount of USD in circulation, as there is US national debt, exactly how would a debt of this magnitude ever get paid off or even just reduced if what you just said was true?

https://www.usdebtclock.org/


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Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal.

And I am mentally unstable.


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Invisiblecannabinated
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Re: Taking care of credit card debt [Re: budmanman]
    #26601923 - 04/15/20 01:51 AM (3 years, 9 months ago)

perfect timing for da poclypse


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