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saraH
happy birthday sweet kate!
Member since 5/05 16555 total posts
Name:
I know that God exsists, I held her in my arms...
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true life: i'm in debt (mtv)
if you were 22 or 23 and making abot $450 every 2 weeks and you had over 20k in debt, would you file for bankruptcy or do debt consildation.
discuss
i just watched true life and the girl was 22 and filing bankrupcy.
this is not me, just thought it would be interesting.
Message edited 3/10/2007 10:15:39 PM.
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Posted 3/10/07 9:52 PM  |
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05mommy09
Family of 5!
Member since 5/05 15364 total posts
Name:
<3 Mommy <3
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Re: debt at a young age
debt consolidation...
I would have to be doing ABSOLUTELY TERRIBLE to make me file bankruptcy... unless of course I already had horrible credit... than I *might* be more open to consider it...
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| Posted 3/10/07 10:02 PM |
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CHRISTINEL
My lil Princess... ;)
Member since 7/06 1590 total posts
Name:
Christine
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Re: debt at a young age
Well, have you contacted a debt consi. program ? If you like I have a Great one that I found for a friend ?
What they told her was look at the Aprs they work well with all the companies.
The maximum time they tell you is 5 yrs.
The most important is that you make youre monthly payments and dont skip any payment or that when they contact youre credit bureau.
They let you keep 1 or 2 credit card off the program ...
I would try with this company first see if they can help you and if not then go to the next step.
You are young and you dont want to mess up youre credit for the next 10 yrs.
CUT THEM UP NOW.... KEEP 1 FOR EMERGENCIES.
FM if you want the name and the number of the co.
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| Posted 3/10/07 10:05 PM |
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babyhopeful
LIF Adolescent
Member since 1/07 542 total posts
Name:
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Re: debt at a young age
 Did you just finish watching True Life? I was watching it too.
I personally would do my damndest not to file bankruptcy - IMO it amounts to shirking your responsibilities. That said, I also wouldn't get myself 20K in debt so I'm not sure my answer is really a valid one.
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| Posted 3/10/07 10:05 PM |
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Kate07
Feel better my little guy!
Member since 5/05 4476 total posts
Name:
Kate
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Re: debt at a young age
Link
Link #2
You really should look into credit counseling and debt consolidation. They will help you consolidate.
Message edited 3/10/2007 10:08:41 PM.
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| Posted 3/10/07 10:07 PM |
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saraH
happy birthday sweet kate!
Member since 5/05 16555 total posts
Name:
I know that God exsists, I held her in my arms...
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Re: debt at a young age
Posted by babyhopeful
Did you just finish watching True Life? I was watching it too.
I personally would do my damndest not to file bankruptcy - IMO it amounts to shirking your responsibilities. That said, I also wouldn't get myself 20K in debt so I'm not sure my answer is really a valid one.
yep, i was yelling at the tv. so, no, its not me. i have been down the credit card road and i cleaned it up with help from debt consolidation.
i really think she saw it as a quick fix and that she would save enough in a year to move out and be stable.
to me its sad.
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| Posted 3/10/07 10:08 PM |
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babyhopeful
LIF Adolescent
Member since 1/07 542 total posts
Name:
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Re: debt at a young age
Posted by BNL2005
Posted by babyhopeful
Did you just finish watching True Life? I was watching it too.
I personally would do my damndest not to file bankruptcy - IMO it amounts to shirking your responsibilities. That said, I also wouldn't get myself 20K in debt so I'm not sure my answer is really a valid one.
yep, i was yelling at the tv. so, no, its not me. i have been down the credit card road and i cleaned it up with help from debt consolidation.
i really think she saw it as a quick fix and that she would save enough in a year to move out and be stable.
to me its sad.
Ditto on both accounts. When I was about that age I lived in the city making $28K a year w/ a buttload of student loans. Needless to say, I needed cc's to keep up. Never any where close to $20K (prob about $6K at the max) but debt consolidation is so the way to go.
I saw that too about her planning to live home for a year to move out. If you had to file bankruptcy, maybe you should get a little more in the bank before you decide to move out  Although unless her parents will enable her by cosigning, she's never getting an apt a year after filing bankruptcy at 21!
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| Posted 3/10/07 10:12 PM |
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saraH
happy birthday sweet kate!
Member since 5/05 16555 total posts
Name:
I know that God exsists, I held her in my arms...
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Re: debt at a young age
i know and they explained to her over and over again that the bankrupcty would ruin her credit score for at least 10 years.
why not just pay the $400 or whatever for 3 years and be done??
they should do a follow up in a year and see if she racked up more debt.
the girl in florida was fine. i think she needed a real job, but she had her head on her shoulders.
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| Posted 3/10/07 10:15 PM |
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CaseyGirl
Mommy to 3 Boys :)
Member since 5/05 19978 total posts
Name:
Jen - counting my blessings...
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Re: true life: i'm in debt (mtv)
I just kept thinking, if she is 21 now..and declares bankruptcy and wants to buy a house a car, etc - when she is 31 she will finally be able to do that? Does not seem worth it! I would have to just suck it up and pay it off.
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| Posted 3/11/07 10:41 AM |
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Kate07
Feel better my little guy!
Member since 5/05 4476 total posts
Name:
Kate
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Re: true life: i'm in debt (mtv)
Her interest rates will be insane
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| Posted 3/11/07 10:42 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: true life: i'm in debt (mtv)
I saw that show, that girl was an idiot. She didn't want to go with the consolidation and work with the credit counselor because she didn't want to have to pay whatever the amount was per month because she didn't want to change her lifestyle (going out with friends, etc.) She had no sense of responsibility at all GUARANTEED she is already back in debt, or well on her way to it.
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| Posted 3/11/07 10:53 AM |
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saraH
happy birthday sweet kate!
Member since 5/05 16555 total posts
Name:
I know that God exsists, I held her in my arms...
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Re: true life: i'm in debt (mtv)
Posted by SweetTooth
I saw that show, that girl was an idiot. She didn't want to go with the consolidation and work with the credit counselor because she didn't want to have to pay whatever the amount was per month because she didn't want to change her lifestyle (going out with friends, etc.) She had no sense of responsibility at all GUARANTEED she is already back in debt, or well on her way to it.
ita. she would have cleaned it up in about 3 years, vs high interest rates and virtually no credit until she is in her 30's.
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| Posted 3/11/07 11:02 AM |
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EmmaNick
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Member since 12/06 16001 total posts
Name:
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Re: true life: i'm in debt (mtv)
Posted by BNL2005
i know and they explained to her over and over again that the bankrupcty would ruin her credit score for at least 10 years.
That's not true at all. BK actually looks better on a credit report than Debt Consolidation programs. I'm a paralegal for a BK attorney, and you can get credit within 6 months of your BK being discharged. Also most can get a mortgage within a year of your BK being discharged.
Most Debt Consolidation places are a rip off and end up hurting you in the long run. If someone wants to go the "pay the creditors back" route, they can file a Chapter 13 BK and pay back their creditors over a period of 3-5 years with no added interest, late charges, debt consolidation fees, etc.
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| Posted 3/11/07 12:37 PM |
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KateDevine
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Member since 6/06 24950 total posts
Name:
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Re: true life: i'm in debt (mtv)
Posted by Summerrluvv
Posted by BNL2005
i know and they explained to her over and over again that the bankrupcty would ruin her credit score for at least 10 years.
That's not true at all. BK actually looks better on a credit report than Debt Consolidation programs. I'm a paralegal for a BK attorney, and you can get credit within 6 months of your BK being discharged. Also most can get a mortgage within a year of your BK being discharged.
Most Debt Consolidation places are a rip off and end up hurting you in the long run. If someone wants to go the "pay the creditors back" route, they can file a Chapter 13 BK and pay back their creditors over a period of 3-5 years with no added interest, late charges, debt consolidation fees, etc.
I saw the show too and I think she was filing for Chapter 7, not Chapter 13 and as part of it, she had to go speak to a credit counslor and they worked out the program for her.
I would have gone the consolidation route myself as well if I were here, the worst part of it in her opinion was that she would have to live with her parents for another couple of years? So what? I mean, if that helps you and they are ok with it, then deal with it. It just seemed very extreme to me to declare bankruptcy so young.
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| Posted 3/11/07 12:50 PM |
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saraH
happy birthday sweet kate!
Member since 5/05 16555 total posts
Name:
I know that God exsists, I held her in my arms...
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Re: true life: i'm in debt (mtv)
Posted by KateDevine
Posted by Summerrluvv
Posted by BNL2005
i know and they explained to her over and over again that the bankrupcty would ruin her credit score for at least 10 years.
That's not true at all. BK actually looks better on a credit report than Debt Consolidation programs. I'm a paralegal for a BK attorney, and you can get credit within 6 months of your BK being discharged. Also most can get a mortgage within a year of your BK being discharged.
Most Debt Consolidation places are a rip off and end up hurting you in the long run. If someone wants to go the "pay the creditors back" route, they can file a Chapter 13 BK and pay back their creditors over a period of 3-5 years with no added interest, late charges, debt consolidation fees, etc.
I saw the show too and I think she was filing for Chapter 7, not Chapter 13 and as part of it, she had to go speak to a credit counslor and they worked out the program for her.
I would have gone the consolidation route myself as well if I were here, the worst part of it in her opinion was that she would have to live with her parents for another couple of years? So what? I mean, if that helps you and they are ok with it, then deal with it. It just seemed very extreme to me to declare bankruptcy so young.
uit was chapter 7 and they told her it would stay there up to 10 years...it could be less. my point was she had another option and chose to ignore it b/c the $400 a month was "too much" for her.
i did the debt consonlidation b/c my debt was pretty bad, not 20k, but it was up there. it hurt me for a short period of time, but my debt was cleaned up fast and my credit back on track.
Message edited 3/11/2007 2:07:21 PM.
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| Posted 3/11/07 2:06 PM |
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nyteacher13
Three Under Four!!! :-)
Member since 8/06 6405 total posts
Name:
~ THERESA ~
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Re: true life: i'm in debt (mtv)
Debt. Consolidation... I've heard horror stories about bankruptcy. It never really leaves you...
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| Posted 3/11/07 2:20 PM |
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saraH
happy birthday sweet kate!
Member since 5/05 16555 total posts
Name:
I know that God exsists, I held her in my arms...
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Re: true life: i'm in debt (mtv)
i just thought that bankrupcty at 21 was extreme. and i don't get why her parents let her go through with it.
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| Posted 3/11/07 2:22 PM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: true life: i'm in debt (mtv)
I would never have done th4e bankruptcy. I think she was reallyt just trying to keep up with the Joneses. Isn't she the one who bought a bag, and upgraded her tanning bed, etc? That's why $400 a month is too much for her. She doesn't want to have to cut backa nd she figures she can just live off of cash for the next ten years and is obviously not thinking about the future. I have some debt, FH has a LOT of debt, but as long as you have earning potential, I don't see why you would ever want to declare bankruptcy. It might be difficult and take a long time to pay off, but you just have to do it.
I think she figured bankruptcy was a free ride and wouldn't really hurt her
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| Posted 3/11/07 3:57 PM |
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saraH
happy birthday sweet kate!
Member since 5/05 16555 total posts
Name:
I know that God exsists, I held her in my arms...
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Re: true life: i'm in debt (mtv)
absolutely. how will she get by with just cash when she takes home $450 every 2 weeks? yes she is not paying bills, but that is not a lot even for a 21 year old living at home.
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| Posted 3/11/07 5:18 PM |
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SupportACop
Momma's Boy & Lovin' it!!
Member since 5/06 2579 total posts
Name:
C
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Re: true life: i'm in debt (mtv)
I think she did what was best, I would not want to file to be bankrupt but she is only 21 or 22. In ten years she will be cleared. She is going to have issues though since her mommy still collected her money and she went out tanning...DUH!!!!! Gotta love that, she didn't seem to care still so I guess she didn't learn her lesson.
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| Posted 3/11/07 5:30 PM |
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Booklady1017
Information Goddess
Member since 5/05 4149 total posts
Name:
Michelle
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Re: true life: i'm in debt (mtv)
That's really sad that these people did this to themselves and have to make that sort of decision at that age.
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| Posted 3/11/07 5:32 PM |
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saraH
happy birthday sweet kate!
Member since 5/05 16555 total posts
Name:
I know that God exsists, I held her in my arms...
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Re: true life: i'm in debt (mtv)
Posted by Booklady1017
That's really sad that these people did this to themselves and have to make that sort of decision at that age.
i agree, i don't think she learned a lesson at all.
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| Posted 3/11/07 5:45 PM |
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