Bankruptcy attorney will clean up this mess so they can move forward with there life.
This. A reasonable bankruptcy attorney will likely do a free consultation and run some quick calculations to make suggestions.Pay for a couple hours of a bankruptcy attorney's time.
Like a few others have mentioned above, this is sort of a Dave Ramsey approach, if his methods mean anything to you. Tackle the easiest (lowest balance) first and work your way up for the reasons you mentioned.Other than the great advice on this thread, what helped me a lot with bad habits was concentrating on paying off at least one credit card first vs tackling all at once. That showed me that "I can do it" and "it feels great to be out of debt."
Good advice. In Texas no one can take your home, musical instruments, work car for bankruptcy except for unpaid taxes, some student loans. After that just learn to do without. Pay off cards every month. I have taken 3 months to pay off big ticket items. No LongerThis. A reasonable bankruptcy attorney will likely do a free consultation and run some quick calculations to make suggestions.
That's because Walmart wants their card holders to make minimum payments, so they can make a killing on interest payments.Not recommending this but both of my ahem relatives just quit paying their credit cards. 7 years later he got a car loan on his own. Card all gone. Me, I've got an 800 credit score but can't get a walmart card because I don't owe anybody. Go figure.....
Pay for a couple hours of a bankruptcy attorney's time.
That's because Walmart wants their card holders to make minimum payments, so they can make a killing on interest payments.
Don't be offended!!!
You are right-they don't. But there are those who use reputable consolidation companies that with their help get out of debt. Many-if they had the discipline to do it themselves-wouldn't be in debt in the first place.Cut expenses, increase income, pay it off using the "snowball" method. It requires great discipline and balancing of interests.
For some, bankruptcy is the answer. Large medical debt and small income, for instance.
Stay away from debt consolidation companies, they don't have any magic wand.
I'm far from a Dave Ramsey evangelist, but I think he does have some good ideas/principles and this is a lot of the reason why he advocates for the so-called debt snowball.Other than the great advice on this thread, what helped me a lot with bad habits was concentrating on paying off at least one credit card first vs tackling all at once. That showed me that "I can do it" and "it feels great to be out of debt."
I'll grant you, there may be some good ones.You are right-they don't. But there are those who use reputable consolidation companies that with their help get out of debt. Many-if they had the discipline to do it themselves-wouldn't be in debt in the first place.
I'm far from a Dave Ramsey evangelist, but I think he does have some good ideas/principles and this is a lot of the reason why he advocates for the so-called debt snowball.
Paying off highest interest will get you out of debt faster, but his argument is that starting with the smallest balances allows you to see results faster. I think there's a lot to be said about the psychology of attacking a $500 credit card and seeing it get paid off in 3-4 months or whatever rather than attacking a $5000 one that might take 3+ years to pay off. Once you're seen the first go away, you have the confidence that you can actually do it.
While I don't agree with no credit cards, some have benefit of cash back which is why I use the Apple card, but I think that's for those that don't have self control with cards.I have no issue with Mr. Ramsey methods of getting out of debt. His zero tolerance credit cards policy is another matter.......
As I mentioned earlier-I got a $1,000.00 rebate check from my Costco credit card this past February. Balances paid in full every month.
I'm far from a Dave Ramsey evangelist, but I think he does have some good ideas/principles and this is a lot of the reason why he advocates for the so-called debt snowball.