ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Drowing In Credit Debt

Updated on March 26, 2012
Words of Wisdom
Words of Wisdom | Source

Our lives would be so much easier if we had a never ending supply of money. If only those infamous money trees our parents used to talk about really existed it would be so much simpler. There would be no reason for budgets, unpaid bills, credit card debt, past due notices or the never ending, it's time to pay up phone calls.

As overwhelming a task it was I had to list my car loan, major credit card's, store credit cards and movie club in one column and my balances in the next, then came the interest rates of each, I then contacted their credit departments trying to negotiate either a lower interest rate or a fixed monthly payment. Some of the creditors were easy to work with and tried to give me the best possible deal. When asked why I had been missing my payments I told them straight out that there were emergencies that took precedence over those bills. When my boiler system went it took a little over $10,000 to replace and in the middle of a winter in New England heat takes preference. That wiped me out financially so the beyond the daily living expenses I wasn't able to make my payments. I even had to arrange a fixed payment on others bills like gas, electric, water and sewer. A few of the creditors made arrangements to have the late fees waived and gave me fixed monthly payments. The creditor who held the loan on my car couldn't change my interest rate yet was able to back end the past due payments if I was able to make my payments monthly, no late payments for 3 months. This extended my loan for 6 months. During that time I had to cancel my cable and internet. We would be watching dvd's at home and going to the library to use the internet.

So, I created a chart listing my take home pay, the standard living expenses and the monthly payments. I budgeted my grocery bill to $75.00 per week less if it were possible. I began buying the store brand items which were much cheaper than the name brands. I listed the credit cards and the new payment arrangements that were made. Added my car payment, made a side bar note - no late payments for 3 months.

I then reviewed what I owed to what I brought home and there was no wiggle room. I had to stick to my budget. There would not be any extras. I broke down what each payment was and determined what that would be if I paid weekly. Made a column listing the weekly payments, made a game plan that each Thursday night I would make my payments on line before grocery shopping and what was left over if it was less than $75.00 that was what I had to use. If it was more I could only spend the $75.00 and either make an extra payment if it allowed or put it in the savings account in hopes of building it back up.

I am not completely debt free but have managed to pay off one of my major credit cards, 3 of my store credit cards and have cable and internet back. I still budget on the groceries because the extra junk we used to buy we really didn't need. When budgeting for groceries make sure you check out local flyers, make a list of what each has on sale that you use or need, then make a road map of the stores you will go to and in what order. Also, check out the Sunday paper for coupons, surf the web for sites that provide free coupons and if you have a special brand that you prefer sign up for e-mail notifications and check out their website for coupons and free samples.

Also, if anyone has a credit card that they are in good standings with or may make late payment but still have credit available keep that card active. I found out that if you ever apply for a loan they don't see that you paid off loans, they see your credit score, payment status and what your debt is currently based on your outstanding or current debt.


Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: "https://hubpages.com/privacy-policy#gdpr"

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)