Helpful Advice Needed

I have a good friend that lost his job 5 months ago. He is still unemployed and having a hard time finding work. He has gone on several interviews so at least he is trying. The problem is he has several bills that cannot be paid due to his unemployment. What can he tell these creditors so that they will stop calling? Should he write a certified letter explaining his situation? Please give some advice because I want to help out as much as I can. I am paying some of his small bills, but the larger ones I cannot pay.

They can call all they want, but calling still won’t get the bills paid. So in essence they are wasting their time calling. I am sure there is something he can do. No one should be harassed by the phone constantly even if they are behind on bills. Alot of these creditors think that consumers don’t know laws, but lots of us do. Alot of these creditors do illegal things to collect that are downright rude. I am telling him to document every call and who he spoke with and also tell them that he is taping the conversations. I am going to tell him to take everyone’s advice here and send a certified letter to them. All of us will hit hard times at some point, even the rude creditors that call. No one’s job is guaranteed………

I am glad that you got your CC company to work with you. That’s the way things should be handled. But when you have already tried that and they still keep calling, thats when you have to take matters a little further. I will help my friend all I can and it pains me to see him going through this. That’s why I am on this group to find out what I can do and I have seen lots of great advice. I have seen several people on this forum that got the creditors to stop calling, so it is possible……..

I’m so sorry about your friends situation. We have been in the same situation for a year now. We only pay the necessities (home, utilities, food,basic phone line and transportation) until we can do more. It’s awfully hard to pay for something when you have no job. Is he trying for any state assistance for food or anything? We hated to do that but we can now eat and not worry about that expense until mt first paycheck.

As far as the phone calls, I’m looking for the same information. We ended up turning the phone off and reconnecting with a new one.

Drastic…isn’t it? But we were getting no help from the creditors. No matter what we told them, they just kept harrassing us. I’m not telling you to do that, we felt like that was our only option.

There’s nothing worse than getting 40 phone calls in a day and not one of them being a potential employer, but bill collectors. I know he’s frustrated but it will get better.

I hope someone here has better advice for him.

Savings accounts question

Does anyone have any recommendations for savings accounts?

Any idea on how to start saving when on a budget too would help. I am thinking I need to start saving a few hundred a month even though I have some credit card debt. Is it better to pay that off first before saving? I just think I’d feel better if I had some savings.

I started a savings with ING recently. It does, like you said, have a good interest rate. I liked the fact that it was a very small minimum to start, as opposed to some accounts.

CapitalONe advertises on these online banners about a direct savings also, which they say is 5.00%. But I don’t know any other details about it. Also, HSNB (Household) has an online savings, too.

I like ING very well. No complains, only praises. This is a good place to start for a savings account. You can also try emigrantdirect.com, which is one of ING’s competitors. Both offer high interest rates and are easy to start online; they sometimes offer promotions, like $25 for opening an account. Check them out and see. Just don’t get tempted to keep moving your money from one bank to another, chasing the higher rates. It’s just not worth the effort.

If you have no savings at all, you should definitely start building up a cash reserve for emergencies, even if you have credit card debt. Give yourself a modest goal to start, say $1000. Then get in the habit of paying yourself first, that is, having a set amount (it can be small $10, $25, or $50) automatically deducted from your paycheck or checking account after each payday and put into your savings account. (Both ING and Emigrant offer this feature, called automatic transfer). Only use the savings for emergencies that require a lot of immediate cash, such as if your car breaks down or the refrigerator goes on the fritz. Once you reach your goal, celebrate! Then shoot for the goal of building up 3 to 6 months of living expenses. When you achieve that, you’re really on your way to true financial freedom.

As for the credit cards, pay the monthly minimums on all of them, but additionally pay as much as you can on the one with the smallest balance first. After you pay that one off, continue paying the same amount you paid to the paid-off card, but apply it to the one with the next highest balance. That way, you are paying a higher and higher amount each month to a single card, effectively “snowballing” your debt payments until you get the cards all paid off.

You didn’t consider corporate power

Corporations, which as legal creations actually have rights above humans, didn’t exist yet.

Voting for a candidate simply because he’s a member of your party or because he appears to be a man of faith is always the wrong thing. Faith isn’t enough. Throughout recorded history it’s been said in many ways that those who hide behind the cross or wrap themselves in the flag are typically scoundrels and we have to dig much deeper than that to get to the truth of a person’s honesty and commitment to a civilized life.

We’ve lost our Republic (many think it’s a Democracy). We’ve actually arrived at a point where corporate lobbyists write our laws, elected representatives don’t even read the bills they vote on, to say nothing about an executive, a man who proclaims his faith, who actually said about the Constitution that “it’s just a goddamned piece of paper” and signs nearly every new law with a statement saying that it doesn’t apply to himself. We’re in big trouble.

A society of sheep must in time beget a government of wolves.

Bertrand de Jouvenal

That was quite interesting. I went onto the Larry Winget website and listened to one of his interviews. I don’t have cable TV so I’ll probably never see the show. He makes a lot of sense – but in a lot ways of ways -it’s the same stuff… different guy… different day. I mean liked it, but the interview I heard was about taking personal responsibility for problems in your life and I’ve been telling that to people I try to help for years now. Especially with the consequences of getting into bad credit card debt and how changing their attitudes about that can also be directed to many other areas of their lives for a free-er, more happy lifestyle. Unfortunately I don’t have the money – for mass media marketing! LOL.

Update on Things and a Thank You!!!

Since 6/6/15 I have decreased my debt from $12,602 to $11,832! I use the debt analysis chart for balance, interest rate, finance charge, date due.

My overtime money and every dime I can spare now goes to the debt monster.

I managed to get my interest rate lowered from Citi from 31% to 23.34%!

I never knew what I owed until I made the chart! I was always late with payments not realizing the overlines and late fees. Now I am current with everyone. I initially almost went with a credit counseling service but decided to go it alone. I built a cushion so I pay bills when they are due, on the websites of each creditor so I know they got their payment before the due date.

I enjoy reading everyone’s experiences in this website! I look forward to getting all the e-mail from adidamseattle!

You guys have been a lifesaver to me. I appreciate all of you stories thoughts and insights and from the bottom of my heart, I thank you all.

WTG!!! That is such a good chunk you did in such a short time!

I also didn’t realize how much debt we had and where we had it till i made a chart. Since I made the chart I have paid much more on our accounts!

Keep up the good work!

Where is the debt analysis chart? This video explains US debt changes in general:

I got the job!

I got the job! i applied and i had my interview yesterday for the regular part time position. Same job, same store (diff location). only diff is i’m not temp. and i can earn time off, sick pay and 401k. same hours so i’m psyched. The manager contacts HR and they’ll contact my store about when i switch. I’m so happy and i just had to share. Marc was the first person i told. 🙂 He happened to just be online! I”m thrilled! Same pay and hours and store just a different location and i get benefits! 🙂

Congratulations!!!!!! Fantastic news for you!!!!

Simple math

OK, because of Barclaycard being so hard nosed, my fella is going to put them into his Credit Union’s Platinum card at 12% APR so I currently owe $1638,00 on Barclaycard’s bill.

What is roughly the interest and how much per month would be good to be rid of the debt in say a year or less?? Barclaycard’s APR worked out their finance charges are $39.20 a month. So my fella’s card will be about $18.00-$20.00 a month.

Barclaycard had hiked me up to 26.40%APR, so this is under half that. The balance over 12 months is $136.66 a month. So I’m thinking $160.00 a month would cover it… about $80.00 per payday.

He isn’t putting the year timeline on it, *I* am.

Getting started

I went through and started by listing everyone that I owe. It’s kind of humbling to find out that you have 42K in debt and don’t make that in a year. I have 3 kids, work 2 jobs and am trying to go to school. While that debt does include my house and car, I messed up with getting those Pay Day loans and am now trying to pay those off. Another thing that I have had to do that may sound silly is constantly watch my bank account. (I didn’t do this before!). Money goes everywhere. What suggestions do you have for saving $$$ that can be put into lowering your debt. We have downgraded to basic cable, basic phone, and done the average billing on utilities. What else can I do?

I’ve seen /heard interviews by the author of this book this week. Sounds interesting. I haven’t bought it though.. may check it out at the library.

https://www.amazon.com/gp/product/031235522X/sr=8-1/qid=1153911402/ref=pd_bbs_1/104-0001140-7723152?ie=UTF8

Yep, that’s another reason why many folks can’t find a reasonable job in the USA. Our companies send the jobs over to India, China and other places. The biggest kick in the pants? Many of the soon to be displaced workers are ordered to TRAIN their replacements…!

I had never heard of those words “military industrial complex”

I had never heard of those words “military industrial complex” until my husband mentioned it. He is a retired Army officer with 28 years of military service. It’s scary.. makes me think about the war in a whole new light. Bottom line is always money!

Something funny just came to my mind, Lisa. Speaking of her – maybe I should follow in her footsteps as far as her way of getting out of a predicament – latch on to and marry a guy with money! LOL!

I hear ya!!! Nah, I’m WAAAAYYYY to independent now to do that! But she was a smart one wasn’t she?

Doesn’t always work… sometimes the guy is a tightwad! !! LOL

That Dr. who started that fire in NYC to destroy the building that his wife would get in the divorce settlement sounds like he was a real winner! Funny though…she’ll get that property now and it is worth a lot with that building gone… and he’s gone too!

That would be my luck! LOL. Boy, did his plan backfire on him!

Yes, she was! She had, what Margeret Mitchell said of the character, “gumption”. But, you know – if you really think about it, it is a story of collapse then fighting and clawing your way back out. At least she had more gumption than that ol’ sissy Ashley Wilkes! LOL.

Thanks for all your efforts. Wish all employers were the same way. As I mentioned, my employers that I have had have taken profits, etc and put them into income property for themselves leaving us without health insurance, retirement, or anything else.

I’d love to open a retail shop but of course with the prices in SF it is too prohibitive without incurring more debt.

Ironically if I were starting some software or hardware company and could convince some venture capitalists it was a good idea, they would gladly turn over a bunch of money to me and it wouldn’t matter if I paid it back or not.

As a small business owner for over 30 years

As a small business owner for over 30 years, I never got a handout or even a low interest or government guaranteed loan to help me enrich the economy, employ people and create something from nothing. Instead, I signed personal guarantees and secured loans. I’ve employed over a hundred people and paid for their health insurance, overtime and vacations. If we want a culture that encourages people to do the same as I’ve done, then we should provide more of a safety net for people like myself who find themselves in hard times through no fault of their own.

I don’t believe that the government OWES people the things you mention.

This is a very rich country however, and we have the CHOICE of how we can spend our riches. For too long I think, the decision has been to starve real social needs and investment in people, entrepreneurship and infrastructure while we spend unlimited funds on what Eisenhower warned would be the ruination of our country – “the military industrial complex” – this from a man who knew both the military and the government from in insider’s perspective.. It’s a matter of priorities and core values. It’s worth looking up his words. Another not so famous quote is the following:

President Dwight Eisenhower, Republican, uttered these words on November 8, 1954:

“Should any political party attempt to abolish social security, unemployment insurance and eliminate labor laws and farm programs, you would not hear of that party again in our political history. There is a tiny splinter group, of course, that believes that you can do these things. Among them are a few Texas oil millionaires, and an occasional politician or businessman from other areas. Their number is negligible and they are stupid.”

“Incidentally, I notice that everybody seems to be a great Constitutionalist until his idea of what the Constitution ought to do is violated–then he suddenly becomes very strong for amendments or some peculiar and individualistic interpretation of his own.”