topic Re: NEED ADVICE NOW!!! in General Credit Topics

NEED ADVICE NOW!!!

Anonymous — Mon, 30 Apr 2007 03:37:00 GMT

I am new here and hope to get some advice. I have a shopping addiction and am bipolar on top of that. I have gotten myself pretty deep into debt and don't know where to start to fix this problem. I am seeing a therapist for the bipolar and addiction. She just can't help me with financial advice like I need. I have too many accounts open, too high of limits and right now I don't know how I am going to pay my bills this next month. Because of the bipolar, I have trouble concentrating and remembering when my bills are due so I have been late on two of them recently. I tried to have my APR lowered on one card but was denied because of a typo when I put in the amount due last month. I was told it would take six months before they would consider my request again. Please, someone try to help me get on the right track and where do I begin.

Re: NEED ADVICE NOW!!!

Anonymous — Mon, 30 Apr 2007 06:10:46 GMT

1. call all your CCC and find out your totall amount you owe. ( STOP SHOPPING).

2. Take away your credit cards away from you. You might even give it to anyone who knows your situation. so, that will keep it away from you since you are addicted. ( BUT REMEMBER NOT CLOSE ANY OF YOUR CREDIT CARDS UnLESS YOU HAVE MORE THAN TWO CC's; in that case if you have more than two CC close the once you dont have good credit history on it)

3. Set up all your payment on Line, or you can buy a calendar. Write down on the calendar a week advance on each CC due date. Try to send your payments the date you marked down on the calendar. usually, it takes USP 4 to 5 business days to deliever it.

4.. Try to pay much money every month on the CCs that has lower debts on it. And try to pay only the mini amount on your CC's that has bigger debts on time so, that when you finished paying off the lower debt then you can focus on the larger debts.

5.Try to set up a budget a week on how much you willing to spend. 40 to 60dollars..no more than that everyweek. Make sure you buying things that you knew that you have the money already in your bank or else try to pay by cash.

6. Try and cook instead of eating outside.

I hope these will help you solve your debts problem.

Message Edited by keneyone on 04-29-2007 11:10 PM

Re: NEED ADVICE NOW!!!

Anonymous — Mon, 30 Apr 2007 13:08:37 GMT

susan6 wrote:
I am new here and hope to get some advice. I have a shopping addiction and am bipolar on top of that. I have gotten myself pretty deep into debt and don't know where to start to fix this problem. I am seeing a therapist for the bipolar and addiction. She just can't help me with financial advice like I need. I have too many accounts open, too high of limits and right now I don't know how I am going to pay my bills this next month. Because of the bipolar, I have trouble concentrating and remembering when my bills are due so I have been late on two of them recently. I tried to have my APR lowered on one card but was denied because of a typo when I put in the amount due last month. I was told it would take six months before they would consider my request again. Please, someone try to help me get on the right track and where do I begin.

First of all cut up those cards. You don't need access to credit until you get your addiction under contraol. I would never reccommend canceling a card unless yu just cant resist the temptation to use them and some banks will charge fees for closed accounts with balances. If you still find a need to order a replacement card, close the accounts and take the consequences until you have more control. That being said get as far away from plastic as you can right now.

Start by paying no less than minimum amounts due on all cards. I know its hard not to shop but use all your extra cash to get those balances down even if it means picking up a small part time job.

The biggest thng that needs to be addressed is the need to shop because without cards you may wind up spending cash you should be putting towards these bills on unnecessary things.

Re: NEED ADVICE NOW!!!

Anonymous — Mon, 30 Apr 2007 14:20:09 GMT

Thanks for getting back with me so fast. Your advice sounds good. I will do as you suggested. It will be hard because I seem to be able to remember the account numbers and expiration plus security code. Would it be a good idea to transfer balances on another card and consolidate and just have one payment instead of several?

Re: NEED ADVICE NOW!!!

Anonymous — Mon, 30 Apr 2007 14:26:32 GMT

Thanks for the advice. It sounds like a good plan. I will get started right away.

Re: NEED ADVICE NOW!!!

Anonymous — Mon, 30 Apr 2007 14:35:39 GMT

susan6 wrote:
Thanks for getting back with me so fast. Your advice sounds good. I will do as you suggested. It will be hard because I seem to be able to remember the account numbers and expiration plus security code. Would it be a good idea to transfer balances on another card and consolidate and just have one payment instead of several?

In that case, transfer all balances to a new card if possible. If your limit is higher than your balance call and have the limit reduced to the amount on the card. Close all other open accounts. That should make it difficult to shop whether you remember the numbers or not. I would reccommend until you get the addiction under control that you reduce the limit on the new card until it becomes manageable no matter how much you shop. You could always have all the limits reduced to prevent shopping now.

Re: NEED ADVICE NOW!!!

Anonymous — Mon, 30 Apr 2007 15:11:50 GMT

If you are having trouble remembering when due dates are and setting up a budget, there are a number of programs you can use to help you get straitned out and on track. For example I have Bank of America and their online has buget programs, etc. you can purchase Quicken which is a great program that will set up your budget and send you reminder's of when certain debts are due. If you have Outlook use your calender in their that will also send you reminders of when things are due.

good luck.

Re: NEED ADVICE NOW!!!

Anonymous — Mon, 30 Apr 2007 16:36:16 GMT

I have transfered two high rate balances to one with 0% APR. I am also working on to see if I can consolidate the cards into one account and have just one payment. If that isn't a wise step, please let me know. I am also trying to stop watching the shopping network stations which is where I do most of my shopping.

Re: NEED ADVICE NOW!!!

Tuscani — Mon, 30 Apr 2007 17:04:44 GMT

Sounds like you are on the right track! Good luck!

Re: NEED ADVICE NOW!!!

Anonymous — Mon, 30 Apr 2007 17:10:08 GMT

Thanks. I am doing my best right now. Please send more advice as needed.

Re: NEED ADVICE NOW!!!

smallfry — Mon, 30 Apr 2007 20:33:01 GMT

Cut up the cards and pay at least the minimum when you get the bills in the mail. Keep a monthly log now of all the household bills with their due dates in a notebook. Check off the bills as you pay them. Stop watching those shopping channels or you will forever be a slave to debt. Good luck.

Re: NEED ADVICE NOW!!!

Anonymous — Sat, 05 May 2007 20:53:07 GMT

It looks like I am going to have to start a book with due dates and payments. It seems to be the only logical thing to do.

Re: NEED ADVICE NOW!!!

Anonymous — Sat, 05 May 2007 21:25:37 GMT

My friend is bipolar also and I know what you're going through. Knowing the right thing to do isn't always enough. Years ago when he was first diagnosed he would swing from manic to depression regularly. Honestly, he would rather be depressed. It's sad and hard to deal with but when he was manic the effects were more long term. He would spend like crazy, vacations, clothes, cars, you name it. You need to get on the right meds and get stabilized. You can have a normal life...he found it.

Re: NEED ADVICE NOW!!!

Anonymous — Sat, 05 May 2007 22:53:51 GMT

Thanks for the advice. Unfortunately, I cannot take any meds. It seems I am in the 1% of people that have the very rare side effects. I have tried everything. I am seeing a therapist though and that does give me someone to talk to. I am happy for your friend for being able to get his life back. I am going to have some trouble doing so. I am doing the best I can and that should count for something. If you have any other advice, please feel free to post to this thread. I need all the advice I can get.

Re: NEED ADVICE NOW!!!

MercyMe — Sun, 06 May 2007 02:03:28 GMT

You poor dear. We'll all do all we can to get you through this, one step at a time. Assuming you have cable TV, of some sort, I might suggest having someone -- a friend or family member, or the cable company that provides the service, block the Home Shopping Networks from your TV, This can be done through the remote, I believe. You don't need to know the code. Also, you might set up online banking with bill pay and schedule payments to be made to your creditors every month. Your creditors, as well, may have websites you can access to set up automatic recurring payments, from your bank account. That way you'll never forget and you'll never be late. You'll just have to make sure you have the funds in your account to cover the automatic deductions for your bills.

Re: NEED ADVICE NOW!!!

Anonymous — Sun, 06 May 2007 02:57:49 GMT

Good luck. I know what my friend went through before he got on the right combination of meds, it almost cost him his marriage. One thing he and his wife did was make sure everyone around him knew about the bipolar and the spending sprees. He could always find a way to spend money and the way he would justify it was unreal. But it was much harder on him when everyone knew he was not supposed to have a new expensive watch or stereo or leather jacket. Everytime he thought of buying something, he knew everyone would chastise him for it. Don't hide your disability, it's no worse than diabetes or high blood pressure. I've read up on it and it's a physical problem. Also, I agree with the other post...get a 2nd job. You're earning extra money to get you out of your problem and it gives you less shopping time. Just don't get a job at a retail store that sells anything you want. Bait shop or 7-11 might be best.

Message Edited by red on 05-05-2007 07:57 PM

Re: NEED ADVICE NOW!!!

Anonymous — Mon, 07 May 2007 17:17:01 GMT

Thanks to both of you for your advice. I think I will have my son lock out the channels so I won't know the code to unlock. I am unable to work because of my disability. I am trying though to find some kind of work I can do from home. I will keep seeing my doctors and talking to them about what is going on.

Re: NEED ADVICE NOW!!!

Anonymous — Mon, 07 May 2007 17:30:09 GMT

susan6 wrote:
It looks like I am going to have to start a book with due dates and payments. It seems to be the only logical thing to do.

Another possible solution: Forget about the due dates. Just pay your bills the day they arrive in the mail.

Re: NEED ADVICE NOW!!!

Anonymous — Mon, 07 May 2007 18:19:56 GMT

You may want to seek the help of consumer credit counseling if you cannot afford all of your minimum payments.

Re: NEED ADVICE NOW!!!

Cory — Mon, 07 May 2007 21:11:53 GMT

I couldn't seem to find the "Start a Topic" button so I'll just have to post here.

I would like some advice. I am in the process of repairing my credit back to normal, but I'm not sure where to start. I have an idea, so I think and I think my thinking is on the right track.

Anyway, my question is what would you guys do in this situation. Right now, I have nine thousand dollars in debt($9,000.00).

Right now, I'm making about $29,000.00 a year. And my debts are as follows.............

Four Thousand dollars (4,000.00) on one collection account that keeps reporting to the credit bureau.
Twenty Nine hundred ($2,900.00) which is a charge-off account. Should I pay this in full even though it's charge-off? I mean would it make any difference regarding my score?
Ninteen hundred dollars ($1,900.00) for a collection account that keeps reporting.
Four Hundred Fifty dollars ($450.00) to a collection account.
Three hundred Fifty dollars ($350.00) to an collection account.

And that's all of my negative debts. I am thinking about getting a personal loan from my CU for $23K to pay off these balances. $15K is for auto, and the rest will be to pay off collection accounts.

My intentions are to pay all of these accounts in full. Let me know what you think.

Thank you in advance for you help.

Cory Lee