Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
Re: This Board Seems like it's Filled with People That...
[ Edited ]

Friendly reminder to all to be friendly, supportive, and respectful, lest post(s) get deleted.

 

I'll throw out that ....YMMV. Those rebuilding aren't from the same cookie-cutter mold. Everyone is different as pointed out already. Life events happen like death in the family, divorce, job losses, disability, prolonged illnesses, corporate downsizing, etc. You might be 100% faithful in paying on time but many folks are a 30 days away from a 30-day late because of a situation like these.

 

Moreover, it's largely unavoidable too. Sure you can have savings, but if you loose your job, you better make sure that everything else is paid first like utilities, mortgage, food on the table, etc. before MasterCard gets used and paid. Or maybe you lose a child (God forbid). If the funeral is tomorrow at the same time Discover is due, you might not be too eager to rush a payment in, if you know what I mean. Things happen. Lates happen. And slow repair isn't the right answer. It's better to be aggressive and send letters out now than extend the pain. It's better to yank off a bandaid than it is to slowly peel it off. I'll agree that there should be several months' worth of cushion for rebuilding, but sometimes that's unavoidable. Maybe the debtor wants to do the right thing and downsize their home to make it more affordable after a job loss and needs to get a new mortgage or apply for a new residence ASAP. Slow rebuilding isn't the answer.