Category: Paying bills

Being laid off the best thing for debt reduction?

The biggest motivators for most of us are FEAR and ANGER. I guess the cold water in the face from me being laid off last week has made my hubby and I both scared and angry at our current situation. We are taking drastic steps now to getting debt free (we were just kind of dragging our feet before). Many of the things we are doing just make me flat out sick but its a game of survival now.

We are in process of selling my car. We should make 1500 or so off the sell as well as getting rid of that 250 payment. We’ll put the excess into savings until we feel secure about our new situation. Using all of my severance package to pay off our only credit card that is left. Use whatever is left over to pay down on my hubby’s truck. Gosh we should be debt free by the beginning of next year! And with none of those payments I won’t even have to go back to work full time if I chose not to.

Why couldn’t they have laid me off a year ago? I guess I had no idea what we were truly capable of. Kind of cool.

Just wanted to share some hope that even what seems like an awful situation can turn out to be one of the best things to happen.

That is so true. As the late Norman Vincent Peale once said, Sometimes life’s darkest moments can be blessings in disguise.

Thanks for sharing that. That’s inspirational! Boy,when you got going, you really went to town! I sure can relate to the fear and anger as motivation—-thanks for sharing and reminding! Oh—-and congratulations! This is exactly the kind of “help” that does me no good. If I got laid off tomorrow, there would be no severance package or partner to help me out and I’d probably be on the streets in a month. Congratulations to Daisy but this kind of info is not general enough to the whole group IMHO.

Not general enough for the whole group? Speak for yourself. The post was encouraging and uplifting and “HELPED” me tremendously, personally. Everytime somebody contributes a story of success, they can rest assured you’ll quickly respond with a bitter, post about how it doens’t do you any good. Support is both good and bad. Yes, you are probably right. If you got laid off, there probably would be no severance and you might be on the streets in a month. If I got laid off tomorrow, I would be on the streets, too—and probably no severence package. But you are not the only one on the board, and the majority of us are here for support of all kinds, and are mature enough to be happy if someone else has a good thing happen.

Please, realize that he does not speak for all of us. Your news is wonderful, and keep the good ATTITUDE. It makes all the difference in the world.

And to you – I wish I had tons of money, and was high-powered in the corporate world. Because I truly do feel bad for you and your situation, and I’d do everything in my power to help you get into a better situation so that you could utilize your talents and skills in a company that would compensate you for it. I really mean that sincerely.

Read More Being laid off the best thing for debt reduction?

As long as they don’t send you a bill, you’ll be fine!

Seriously, I am not surprised they asked for a donation. That seems to be what everyone does who has a cause.

I have written to many Congress people and Senators and get email, regular mail and phone calls asking for donations. And then there are all those other places asking me for money or donations like Purple Heart, Cancer and Heart Associations, and Police and Firefighter associations!

I always tell them I will sell them some of my art at a good price, then they can have a raffle or auction and sell it. So far, my idea has gone over like a lead balloon! LOL
But a few people have said they like my idea, and will pass it on. Who knows if they really did though.

I really think these places asking for money need to come up with some creative ways to do it. There are alot of artist/craftspeople in this country who would donate their creations or sell them at a reduced price for the exposure at a political event.

And it’s a horrible shame that our government is allowing the credit card companies to go so far. But they are extremely wealthy and powerful and have a lot more sway than we do. How sad.

On the other hand – I hate to give in to it, though. Because the right we as citizens have to be able to have credit should not be jeapordized. Grant it, we could raise a huge voice by not using it and boycotting the companies. In fact, an article posted on another group stated that the companies were hurting because so many customers were paying the accounts off and closing them (I love that!).

While that is effective – I still hate being forced into forfeiting my freedom to have credit if I want it by this sort of power. Reform IS necessary, just simply for the fact that it’s not fair for us to have to deny ourselves credit because of their practices.

I honestly wonder if there are any representatives who would stand against them and fight for reform, though. Money talks and gets votes. And that DOES leave us with only that option—-to just not have credit.

No, I don’t think you’re wrong. To a certain point, too, a person has to not be surprised at such interest when they default on payments, etc. Credit card companies have always relied on that to recoup for slow payments, etc. But the “universal default” the credit card companies practice, allows the interest to be raised without warning if the creditor sees something on your credit report they don’t like, with another creditor. Which has no bearing whatsoever on their account with you. They should just not have that ability.

That’s true. I did have one error last december, but when I made up for it and always paid more… I was surprised they would be so spiteful.

I agree… If I didn’t default to them directly, they shouldn’t be able to come at me for something else.

I would need to sell some more shirts and such, as I’ve tried the eBay route, and no one thinks as much of my things as they are really worth so I’m working most that I can and plodding along paying things down. Never defaulting (Other than that foible in December) on any of them.

I will be so happy to be rid of this stuff.

Read More As long as they don’t send you a bill, you’ll be fine!

When do you finally stop paying your bills?

You’ve probably heard this, but here goes: stop using the credit cards. Get rid all of them. It’s that simple and the vicious cycle will be put to an end. That’s the easy part. The trick is to figure out a set budget based on your income of how you will pay off the exsisting debts while trying to maintain needed cost of living expenses. You don’t want to stop payment on any of them if you can help it. You are right, that you do not want higher interests, late fees, or worse yet debt collections. You can get control over it before any of that happens. It can be done. I tell this to people over and over again.

I don’t know any of your other circumstances to be able to tell you detailed ways of saving money on nearly everything, but there are literally millions of ways to stretch your dollars on a tight budget. Look into some frugal tips all over the internet. You may even have to do without some items or services for temporary amount of time. But I always say it’s better to give up on some luxuries temporarily, get out of debt, and finally know the peace and the freedom of living within your means. That is a happiness that NO material items, or costlier food, or updated gadgets can replace.

Now that I’m out of debt, I enjoy my life so much more than most people who have tons of STUFF, are living paycheck to paycheck and brag about what they have. It’s all smoke screen.

Have a goal that one day you will splurge with CASH you saved up! It’s a worthwhile goal! When you finally pay off all the debts you will feel like a pure champion. Then only keep one credit line open for extreme emergencies. I know it’s very difficult to imagine that ending now, but the best way to get to the end is have that plan to get there and have a vision of it.

Keep reading the posts on this group! It will help you, to start your own budget and stick to a plan to pay it all off. It can become an adventure, at least it’s easier with that kind of attitude. I’ve been there.

I feel for you in your situation. I think you are lucky in a lot of other ways where you get to raise your kids yourself with your values, discipline and the fun you can have together as a family.

Money doesn’t replace that. I assume that some of your kids have to be of school age, if so, once they are back in school for the entire day, maybe you can baby sit other toddlers/babies in your neighborhood to make money. If you got a couple regular customers, that may help. Post up some hand made flyers in grocery stores, libraries… etc…

There may even be some opportunities for you to work from home – couple hours a day… a lot of stay at home moms do it. It may be worth checking into and it’s easier to do with a computer and internet access in your home. You may have to get creative with something that could easily be done from home for a small local business that needs help…ask around, you’d be suprised at some ideas people might come up with.

I’m expecting a baby soon. My husband and I made a decision, even before I got pregnant, that I was going to be a stay at home mom and do my vocation from home, whenever I could. It makes things tight, but we manage.

What are your kids ages? Is there an oldest one who can possibly start working part-time soon (legal age 14-15 in most states)to help the family?

Are there any food banks through local churches in your area, where you could receive some help with some basic food staples? That may be worth looking into.

Don’t let that CC bill scare you. It’s really a low priority, compared to being able to make ends meet physically right now. In Linda’s post (I think) she said something like find a way to pay yourself first! There are a lot of things she wrote that are really great!

Read More When do you finally stop paying your bills?