Maxed out New Card in 1 Month!

[mmz]

[mmz]

***bump***

[HRx]

Hi,

Because your Best Buy line of credit is considered "secured". And based on the time of year you made all these purchased, and the speed in which you did this. File one year from now. I hate to tell you this, but you're in an ugly predicament to try and get away hands clean.

Additionally, don't open up anymore lines of secured credit to make purchases, if you hope to have your debts completely discharged.

Good Luck!

[mmz]

Todd,

How are items purchased from Best Buy secured? Is it because the items can be repossessed? If so, how can they repo items that are not in my possession? They were all gifts...they're not in my home.

Also, why wait 1 year to file as opposed to say 6 months? Also will making only 1 payment put me in the bad predicament or the fact that I spent it in one month?

Thanks!

[HRx]

Credit cards from the likes of Best Buy and Circuit City are secured, because the majority of products they sell are "luxury" items. e.g. tv's, computers, washing machines, stereos, etc. Which they can typically repo. Even if they were gifts, they can pursue to have you take the gift back.

The reason I suggest waiting at least one year, is because you want to allow time to work in your favor. One year means greater depreciation, in the products you purchased. As more time elapses, it becomes less, and less fiscally logical for the creditor take any repo action against you. The best course of action you can take is to make the minimum monthly payments for at least one year.

Let me know if this doesn't make any sense.

-Todd

[mark234]

Irresponsible

So let me get this straight? You are in debt up to your eyeballs, but decided that you should go into more debt to show off for Christmas, all along planning to file for bankruptcy?

I'm sorry buddy, but you are just digging yourself a hole. Good luck with your future. I hate to be in your shoes when you are married with kids.

[Dawn1970]

I hate to be in your shoes when you are married with kids.

You probably shouldn't be running your mouth until you have walked a mile in his shoes. Your 'advice' is unnecessarily mean-spirited, which does not help the person seeking support.

[mark234]

Don't blame the messenger

You probably shouldn't be running your mouth until you have walked a mile in his shoes. Your 'advice' is unnecessarily mean-spirited, which does not help the person seeking support.

Boo hoo, c'mon stop with the melodrama and focus on putting your financial house together. The past is done, now go speak with a credit counselor and move forward.

[Dawn1970]

Enjoying yourself, aren't you? I wonder what little pitiful inadequacy about yourself and/or your life you are compensating for by coming here and making fun of people who have had financial problems.