US card issuers eye unlikely group: new bankrupts

[bkfiler]

ok you aint the same sweet girl in that picture! i know it for a fact now!

please respost one with your grumpy face so we can see the real you

[StaciMM]

I'm not the grumpy one, LOL.

You're here, reading these boards, taking it all in. If you end up back in debt-whose fault is it? Don't come crying/posting here in 6 months: "I'm overlimit and they won't waive the penalties and I can't file BK for another 7 1/2 years. BooHoo-its so unfair."

Of course, you can file ch. 13 in just under 4 years to get rid of that Pacer bill of yours.

Ps-its the recent BK'ers that are not here, or somewhere else, learning about what to do/not to do that will be in hot water possibly...

[bkfiler]

I'm not the grumpy one, LOL.

You're here, reading these boards, taking it all in. If you end up back in debt-whose fault is it? Don't come crying/posting here in 6 months: "I'm overlimit and they won't waive the penalties and I can't file BK for another 7 1/2 years. BooHoo-its so unfair."

well that ruins my plans! now what am i gonna do!

(she is so harsh on us isnt she? )

[StaciMM]

I'm doing my best to give you some ideas-check the 60 day club thread!

[FoolAndHisMoney]

While this was funny, it SURE is one way to teach your children that old saying "Never a borrower, nor a lender be"
Well, that was back when people held their cash in their homes..Funny thing, I think theft by breaking and entering was probably pretty low..After all, the smallest punishment is a hand chopping..Which is still done today! Good for them!

Actually for the sake of our economy I don't believe in this. When it comes to business loans, mortgages, cars, these are very good things. Their backed by some sort of security and business loans and risk grow business and creates most of the jobs. Credit cards are just a big pain in the @ss for everyone. People spend a fortune on items and vacations that never last as long as the payments and the use of credit artifically inflates consumer prices. If the average family has about $2000 a year of disposable income and spent only "real money" then goods and services wouldn't be so expensive. Instead almost everyone charges like we are "going to the chair" and spending "fake" money causing the prices to increase.

[Genenco]

I'm doing my best to give you some ideas-check the 60 day club thread!

Staci? What you have said all along I agree with. And for me, I really SHOULDN'T even be here! After all, this is Round 2 and I darn well should have seen the writing on the wall (Or studied why I did what I did and how not to) and now I am back and in debt again...But I do blame myself for letting my ignorance of things trap me again, but I willingly walked into the trap..So, I am only glad it's my foot and not on...Ummm...You know....

[FilingOnMyOwn]

US card issuers eye unlikely group: new bankrupts

Bankrupt? Want a credit card? You're golden.

After reading this, I went through all the credit card offers I got AFTER I filed. Phrases on the front of the envelopes like "Problem credit? No problem.", "Bad Credit? Great X-Card.", "You deserve a second chance." LOL! I ignored them before, but went and opened them now just for the fun of it. I was pleasantly surprised. Most had annual fees of $59 and interest around 15%. The starting credit limits were low, several hundred dollars, but its better that way so you can pay your balance in full every month! Back when I had good credit, credit cards were an excellent cash management tool for me. Paying for everything to the exact penny, no change to lose. Always getting the best deals on buying essential items by buying in the quantity that was cheapest per unit, etc. Although debit cards do the same thing, I was never a fan of having a credit card number tied directly into your bank account. I just don't trust that. I have always been a responsible and frugal spender and never splurged on my credit cards. It was medical bills and the unemployment drought after 9-11 that put me in the place to file chapter 7. Its just good for me to know that I do still have some form of credit. I guess this goes towards the 'there is life after bankruptcy' theory.

[Minnymouth]

Folks,
StacciMM is right about falling back into the "pit" of relying on credit cards for everyday living.
Around my home its always been "if you can't afford it, then you don't need it"....... (the "I want" and "I gotta have" and "you can't afford this" FIGHT all the time...)

Be "realistic" about what you can afford...... and cannot afford.....

Many folks have had to file BK due to job loss, medical bills, severe illness where they have had to depend on a cc for everyday living...
It is wise to have a backup emergency fund if you can... if not, have a least one cc that you can use in an emergency (car repairs etc).... but only use it for emergencies!!!! It in itself, will help boost that credit score back up again, little by little.

Nothing is wrong with credit cards until you get caught in the trap of everyday use and high interest rates, penalties, and overuse fees.

Minny

[StopNAF]

BKFILER

I am in the process of aiding there 4th quarter losses!

It astonishes me that credit card savvy is not taught in schools.

[FilingOnMyOwn]

Theres alot of things they don't teach you in school. Theres never been a course (that I know of) called Common Sense 101. I know plenty of college graduates who don't know their ass from their elbows. People are pretty much on their own in life when it comes to most things, and until someone understands that, they are just another lost soul, regardless of education.

[bkfiler]

BKFILER

I am in the process of aiding there 4th quarter losses!

lol

i agree. credit cards should only be used for 3 things.

hookers, booze and gambling...

oh wait, sorry wrong forum!

severe emergencies, items that require a credit card to sign up for and then paid at end of month and to establish credit scores (aka. play their game) so that you can get a better APR on a car loan and a house loan.

what other things should we use them for? if you cant pay cash then why are you buying it.

i took a credit and savings management course this week, even though i filed under old laws and learned things that i just really never thought of to be honest. have short, middle and long term savings planse for one thing. i honestly onyl had the 'save as much as i can and dont spend money' plan but that wont last long term. so i will set out to create and write down a 3 phase plan toward savings that is well defined and if i cant meet it then either its unreasonable or i have to cut out some expenses. also, learned to go ahead and keep updating my bk budget by tracking what i really do spend each day, week and month. if you want to save money and manage your expenses then do this and you will be successful.

p.s. go take the courses provided by the non-profit companies. they are simple but give you very solid tools and framework in which to use. yes some things you already know. but others hit you in your gut and say "geeez, thats a no brainer. i gotta do that from now on!"

want a better life? then you have to do this. remember that it helps you get everything you really do want and is important to you and keeps you from getting things that just seem like you need at the time.

side comment: $1000 loan at 16.5% paid minimum each month is $20/mo and will take 7 years to pay off! at which time you will have paid $750 in interest!

flip-side comment: take $1000 and put it into a 10% interest giving accounts and also just put $45 each month into the account (intead of paying $20 each month to the credit card company) and you will have well over $7,000 in 7 years to show for it.

good luck to me and you all as well. i hope this helps.

[StaciMM]

Good points BKFiler.

I'll be in the 'play the game' camp. I have not used a credit card for well over a year, and see no need to get back into the habit! I will, however, open accounts for the sole purpose of building good history, to benefit FICO, and stop paying rent.

I have a savings account at ING Direct. (Not much in it right now, but that's another story!) They are up to 3.75% interest on savings. I like putting my savings there because it would take a few days to get access to it, meaning no impulse spending.

[bkfiler]

I have a savings account at ING Direct. (Not much in it right now, but that's another story!) They are up to 3.75% interest on savings. I like putting my savings there because it would take a few days to get access to it, meaning no impulse spending.

very good! they said that is one of the best ways to handle your savings. put it in places where you can get to it. a far away bank account. hard to acces bank accounts. money market accounts. CD account where you get penalized if you take it out and gov bonds where you no way shape or form can you take it out until it matures.

i always put mine in an envelope. i think its time to more to a MM account to start, so i can still have access and put in each month until i build bigger but get interest off my money like the creditors do off of credit cards. after that i can move to a CD account instead.