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What would you do? (consumer debt related question)

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I really like all of the suggestions regarding paying off debt at all cost. CC debt is the bane of our 21st Century existence, IMHO.

After reading this thread (again) earlier this morning I got into my checking account and paid all (three) of my credit accounts down to (within $1.00 or so) ZERO.

I'm in the process of rebuilding a destroyed credit score so I pretty much HAVE to carry some debt, but managing it wisely has paid dividends in an improved number over the last couple of years.
 

Aero Denezol

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Monthly payments are wealth building stealers.

Search out a guy named Dave Ramsey, he has books and a radio show and with the knowledge gleaned from him I was able to get out of all debt besides my mortgage. It took 18 months, but it was well worth it.

Good luck walking that road, the juice is worth the squeeze.
Another vote for Dave Ramsey. When I was in my early 30's I had a lot of Credit Card debt and I wiped it out within a couple of years using the Dave Ramsey methods. But you have to be willing tighten your belt and live like a pauper for a while.
 

NW Backpacker

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Many good suggestions above that Dave Ramsey would approve.

Dave on the radio in Portland:

970 AM: M-F 9:00 AM TO 11:45 AM and 10 PM - 12 AM Saturday

On 101.1 FM Sunday: 2 PM to 4 PM

Possibilities Dave might approve:
1 - Sell guns you will not miss, don't really need, and which have no sentimental value.
2 - If you have an expensive vehicle, sell that and buy a less expensive, reliable used vehicle.
3 - Breakfast food: Big box of Quaker Oats (42 oz size) - add raisins, honey, etc for taste.
4 - Dinner - rice and beans, beans and rice, eggs, salads, etc. To splurge, eat Red Baron (or similar) frozen pizza - helps heat the house too.
5 - Only see the inside of a restaurant if you are working there.
 
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^^^ Eh, maybe. Too generic of information.

For instance, the transaction costs of selling and buying or trading vehicles (you lose on the sale and pay a premium on the buy), and licensing, taxes, etc. often eat away at any profits you are thinking may materialize. Also, a known vehicle with known issues is often better than a used vehicle with hidden (and often expensive) issues. It may make sense sometimes, but run the numbers first.

For instance, an acquaintance who has to commute 2 hrs per day in a reliable 20 year old dodge diesel pickup asked my opinion of trading for a like-value Honda civic. We ran the numbers. The answer was no. Trading a known reliable pickup which is more versatile for an unknown compact car would cost too much and be too risky and less versatile and gobble up any minor fuel savings he was trying to capture. He also had the versatility of using about 30 gallons of old diesel fuel I had stored and no use for, simply adding some fresh kerosene. Something he'd have been unable to do with a gas car. And he's able to get side work or help moving with his truck...

So that flat advice isn't always good. It's situational.
 
I have a substantial amount of credit card debt. The total of my balances is equal to about 20% of my yearly gross income. I also have a relatively substantial gun, ammo and accessories collection. I would fairly value my collection to be about equal to the current total of my credit card debt balances. My balances are almost strictly on low interest (less than 3%) card offers and I juggle them around to keep them that way.

I am considering liquidating a bunch of my collection to speed up my debt repayment and get these cards paid off for good. Then I could rebuild my collection with cash only purchases after my debts are all paid off.

What would you do if you were in my shoes?

I make it a policy to NEVER tell someone what the should do concerning their personal lives, outside of advising them to balance their “needs” and “wants”. When one outweighs the other... your life is out of balance. :rolleyes::D

From my perspective, you’ve answered your own question. ;)
 
Many good suggestions above that Dave Ramsey would approve.

Dave on the radio in Portland:

970 AM: M-F 9:00 AM TO 11:45 AM and 10 PM - 12 AM Saturday

On 101.1 FM Sunday: 2 PM to 4 PM

Possibilities Dave might approve:
1 - Sell guns you will not miss, don't really need, and which have no sentimental value.
2 - If you have an expensive vehicle, sell that and buy a less expensive, reliable used vehicle.
3 - Breakfast food: Big box of Quaker Oats (42 oz size) - add raisins, honey, etc for taste.
4 - Dinner - rice and beans, beans and rice, eggs, salads, etc. To splurge, eat Red Baron (or similar) frozen pizza - helps heat the house too.
5 - Only see the inside of a restaurant if you are working there.
Not 100% sure he'd say #1. Dave really, really likes guns.:s0060:
 

scrandall01215

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I have watched many of his videos on youtube. If I called in to his show, I know exactly how he would answer my liquidation question. "Sell so much stuff the kids think they're next."
Not necessarily true! He says NOT to sell guns it’s one of the only things he says not to touch!
Stacy
 

scarlo

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Good evening ARAKBOSS....how about a little challenge...now through the end of October we don't buy any firearm related items, except for only one small purchase if it is absolutely necessary or range time. That small purchase must be easily paid for within 48 hours if it is on a credit card and range time in cash. As mentioned earlier if there is the desire to acquire, clean firearms. Also, a little run could be done and if you don't run, a brisk walk. Also, sit-ups and push ups...furniture like sofas and heavy coffee tables work good for holding the feet down for sit-ups. Do a check in on the 10th, 20th, and 31st of Oct...are you in?
 

GWS

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Cut the cards
At most, keep one for emergencies seal it in an envelope. Write "Is this really an emergency?" on BOTH sides of the envelope and lock it up in your gun safe and and adopt must sell one to get one attitude on future gun purchases. That will make you assess that new gun as well as how much you really value the old gun. Keep in mind that with new legislation, you may never be able to replace that sold/traded gun once you are flush again
Pay the bills that keep a roof over your head and keep the lights on
Do you really need cable/satellite TV? That's usually $100+/month that can go toward your debt. Allow yourself one dining out per week but otherwise eat at home and brown bag your lunches. Other monthly luxuries? Gym? Stop them Go walks, do PAR courses to stay fit. Use the savings to put more $$ against your debt.
Treat yourself once in a while but only if you can pay cash.
Trim the fat out of your budget and ALWAYS remember all the crap you went through to get out of debt when you want to splurge again.
 
OP
A

arakboss

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Good evening ARAKBOSS....how about a little challenge...now through the end of October we don't buy any firearm related items, except for only one small purchase if it is absolutely necessary or range time. That small purchase must be easily paid for within 48 hours if it is on a credit card and range time in cash. As mentioned earlier if there is the desire to acquire, clean firearms. Also, a little run could be done and if you don't run, a brisk walk. Also, sit-ups and push ups...furniture like sofas and heavy coffee tables work good for holding the feet down for sit-ups. Do a check in on the 10th, 20th, and 31st of Oct...are you in?
I'm in. Remind me on check in dates.

I am also going on a $4 a day diet plan until I can get Baby Step 1 completed ($1000 emergency fund). I only have $214 of the $1000 saved so far but I have an extra paycheck coming in Nov. so I should be able to complete baby step 1 by then. $4 a day might not seem like a struggle but I am aiming for 200gr of protein each day which will cost around 60 to 70% of that $4. Lots of oatmeal and rice may be in my future. I already have cupboards full of food that needs to be used up anyways so it won't be that bad.

I have worked out at the gym everyday since Tuesday Sept 17th. 4 days a week of lifting and 30 mins of light cardio (100 to 120 heart rate). And three days a week with 1hr of light cardio and a little ab work thrown in.
 

Camelfilter

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I'm in. Remind me on check in dates.

I am also going on a $4 a day diet plan until I can get Baby Step 1 completed ($1000 emergency fund). I only have $214 of the $1000 saved so far but I have an extra paycheck coming in Nov. so I should be able to complete baby step 1 by then. $4 a day might not seem like a struggle but I am aiming for 200gr of protein each day which will cost around 60 to 70% of that $4. Lots of oatmeal and rice may be in my future. I already have cupboards full of food that needs to be used up anyways so it won't be that bad.

I have worked out at the gym everyday since Tuesday Sept 17th. 4 days a week of lifting and 30 mins of light cardio (100 to 120 heart rate). And three days a week with 1hr of light cardio and a little ab work thrown in.
Nice!

Now, is the gym a membership, or part of a not-out of pocket benefit package?

Not saying to necessarily drop the gym if it is an out of pocket expense.

However consider doing so...Only If it is out of pocket AND you WILL continue working out.

If paying for the gym, AND it’s a part of your enjoyable socializing & truly keeps you working out, then yah MIGHT be worthwhile expense.
 

Reno

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Not me. My youngest is almost 16.
Thought it was you, it was Tacolean. I knew someone on here was expecting...

As for financial stuff, a bit more to add from my experiences.

Gym membership, cable, internet, telephone (cell service), water bill, electric bill, insurance, grocery runs, coffee, fast food, etc can and should be looked at.

My wife and I do this almost every year. Since we are extremely conscious of our spending we have been able to pay off brand new cars within a year of two of them purchased.

However we don’t have many nice things outside of the house and vehicles. We don’t really have expensive furniture, or clothing and things like electronics.

We are working on buying a new home, and we did it so that we would be getting an even lower monthly mortgage payment. That was sort of the dealbreaker.

Point being. If you have an app or internet access to your finances. Get on it with a notepad and right down all your outgoing expenses. Go back a few months and do the same thing. Compare and make an average for at least three months that are at least two months apart.

Take a look at all of them. Especially ones that are not “needed” like gas and electricity type thing.

Those that are required but not monopoly run, like insurance companies. Call them, especially if you haven’t spoken to your agent in more than two years. If you are accident free and such and have been paying the same or an increasing rate over the last five years. There is definitely a less expensive option, or you threaten to leave them. We have switched a couple of times, yet we also call or go in every year to see if our rates can be lowered.

Internet, maybe you can switch to another provider, or a lower speed. In our new home we are going to switch to Frontier, thank gosh, as where we are now it is not available but much less expensive.

Cell service, my wife and I went from $140 a month to $50 by switching providers. I have a thread on it here somewhere.

Gym membership, if you are the type that needs a membership to be motivated to work out, keep it, it’s worth the health benefits. If you are motivated otherwise, loose it and buy some used equipment off Craigslist.

Chicken, rice, and spinach. Chicken rice and spinach. I repeat, chicken rice and spinach. It’s cheap, healthy, and has lots of protein. If you have a Costco membership, chicken can be had for less. Chicken thighs are more nutrient rich and tastier due to their fat content, not to mention usually less expensive than breasts. Rice can be had at $10 for a 50# bag. Chopped or fresh spinach is not expensive, nutrient dense. Switch it up between spinach and or avocado. Buy avocados when on sale. Food is a huge monthly cost, so the better you look hard at what you are eating and or are willing to eat, the better it will be for your finances.

Water and electricity, not a whole lot you can do, other than be conscious of them. Things like not taking hour long showers come to mind.

Best of luck dude!
 

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