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Thread: Is it worth paying off debt with inconsistent income

  1. #26
    God/dess sexysusie's Avatar
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    Default Re: Is it worth paying off debt with inconsistent income

    Don't know if you've heard if it but there's an effective little technique called 'the debt snowball'. It's very simple in that you start by making a list of all your debts then you start paying them one by one from the smallest to the largest.

    When you have debt sometimes it can all blend into one massive black mountain and working out how to deal with it can seem like an impossibility. An impossibility which is compounded when your $500 that you worked hard all month to make just seems to disappear into that mountain without even making a dent!

    So start with the small debt and work upwards. Every time you see a bill disappear it'll make you feel good and give you the motivation to keep at it and see that things are not hopeless x
    "If you want to earn more, learn more" ~ Zig Ziglar




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  3. #27
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    Default Re: Is it worth paying off debt with inconsistent income

    I live in Florida where they cannot sue you after 5 yrs for credit card debt. At the end of the year I will be at the 5 yr mark. Waiting it out!..Of course I still have marks on my Credit REport for 7 yrs.. but at least I cannot be sued.. .. But I have a lot that I do pay like Mortgage, personal loan, paid off my car loan, I have a secured credit card and 2 credit cards with my son.. so I have good credit for the last 4 yrs on all that stuff but my credit score still sucks!


    Quote Originally Posted by SarahTime View Post
    Damn glad I live in Texas! The laws here are very consumer friendly, it's very difficult for a creditor to get a judgment against you here and can not garnish wages or bank accounts (except child support debt) so even with a judgment collecting on it can be pointless effort and added cost for the creditor so they really don't even bother to sue here (according to my federal law professor who was an attorney for creditors before teaching).

    Always remember to check your own state laws because laws regarding debt, and pretty much everything else, vary greatly from state to state.

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    Default Re: Is it worth paying off debt with inconsistent income

    This is why I never bothered to get a credit card, EVER. I never went to college either, so no student debt. No mortgage either. I'm glad I never fell into the interest trap. FUCK interest with a chainsaw in the ass with no lube.

    Sorry I can't be of more help. But I know that the cost of living in Toronto makes for one of the most expensive cities in North America. Have you considered moving to a city that has a lower cost of living? If you are camming anyway, you can live anywhere and make the same money, I imagine.
    "Dancing tables, making deals with devils like a drunk beauty queen"

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  6. #29
    God/dess anonymous camgirl's Avatar
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    Default Re: Is it worth paying off debt with inconsistent income

    They are scary, but now i have a very defined budget, so i only use them for what my budget allows.. basically I am using them to earn points to travel and buy holiday gifts for free.. I do not pay any INTEREST because I make multiple payments everytime a site pays me.

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  8. #30
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    Default Re: Is it worth paying off debt with inconsistent income

    Quote Originally Posted by anonymous camgirl View Post
    I live in Florida where they cannot sue you after 5 yrs for credit card debt. At the end of the year I will be at the 5 yr mark. Waiting it out!..Of course I still have marks on my Credit REport for 7 yrs.. but at least I cannot be sued.. .. But I have a lot that I do pay like Mortgage, personal loan, paid off my car loan, I have a secured credit card and 2 credit cards with my son.. so I have good credit for the last 4 yrs on all that stuff but my credit score still sucks!
    It feels like it takes forever, which it does, but you will get back to a good score if you stick it out and keep all your current stuff positive.

    I trashed my credit when I got pregnant with my twins, only because I ended up broke and had no choice, but it's FINALLY starting to all fall off my credit reports and my score is going up and up. Once I was able to get a secured card that helped a lot, and now I have 2 other non secure cards with $1k limits and a few store cards. That has helped too, having current credit that is positively reporting.
    xoxo ~ Sarah




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  10. #31
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    Default Re: Is it worth paying off debt with inconsistent income

    yes indeed, those 5 yr sentence I have almost already served has flown by.. but I am not young anymore.. this is the 2nd 7yr sentence I have served...LOL.. The first one started at 23 and it is ALWAYS because of a man.. but that will never happen again.. alot smarter and wiser. And I have 4 yrs of good credit 100% on time payments. The whole time I have had a mortgage and personal loan and I used to have a car loan.. so I paid on all that while I am waiting for my score to go up. And I have had a secured card for a year and authorized user on 2 of my son's cards and they are reporting on my credit report also. which i thought was strange but if it helps my credit great!

    Quote Originally Posted by SarahTime View Post
    It feels like it takes forever, which it does, but you will get back to a good score if you stick it out and keep all your current stuff positive.

    I trashed my credit when I got pregnant with my twins, only because I ended up broke and had no choice, but it's FINALLY starting to all fall off my credit reports and my score is going up and up. Once I was able to get a secured card that helped a lot, and now I have 2 other non secure cards with $1k limits and a few store cards. That has helped too, having current credit that is positively reporting.

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  12. #32
    Veteran Member Pearl_Sugar's Avatar
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    Default Re: Is it worth paying off debt with inconsistent income

    I have five credit cards right now.
    All are 2-3 payments behind.
    Two I can easily pay off in two weeks.
    One of them is a larger line of credit but I can manage it still.
    Another is from my wedding and I'm paying it off, but I already closed the account.
    And the last one is CareCredit, which is behind but I use this card religiously for medical and whatnot so I can't just "let it go" and pay it off in 6 months to a year with a settlement.

    So I find it scary that if I keep paying on these cards that it'll be derogatory for 7 years from the last payment, as I want to buy a house within the next year or two. :/ I'm hoping that even though they'll be 'bad' accounts on my credit report, if I use them properly by charging about 30% a month and paying it off before the next billing cycle, it'll help build my credit instead of harm it from keeping the account open.

    I do hope that with my $40,000 in student loans that are not yet due for payment begin to be paid, they'll skyrocket my credit despite the delinquent accounts. Maybe taking care of like $20,000 of it in the first year of payback will help me out.

    Mrrr. Just my train of thought about stopping the paying of the cards in order to help. I feel you with the debt, Minnie. It's scary. I have utility bills in three states that I need to pay. I'm hoping for a "pay to remove" on two of them. I'm only 22 so I can still fix the damage to my young credit, but I know that might be more difficult for everyone.
    Quote Originally Posted by Procrasturbator
    Can we use "cramming" as the official new word for when you procrastinate too long and try to cram a whole pay period's worth of work into the last couple days?
    Quote Originally Posted by TheTiffanyTracy
    Like, I'm happy having my sexy pr0n everywhere, but I don't really want a bunch of clips of me popping balloons in diapers all over the place XD

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