The Light at the End of the Tunnel

This certainly has been a productive last seven days.  As was reported in the last post, I had trimmed my debt from $70,000 on 11 cards to $30,000 + on three.  It gets better:

With interest, the largest one had grown to over $34,000 and I was given the opportunity to settle the debt for half of the balance.  Excitement grew until I attempted to get a loan from the three banks with which I have accounts.  I was sadly disappointed that the credit union I belonged to since 1980 would not give me a signature loan.  There has never been a loan with a late payment with them.  I was sadly disappointed.  Sure, the realization is that the credit union is a business and has to answer to the shareholders, but I, too, am a shareholder.  That account will be closed soon.

Back to the settlement: I was able to secure $8,000 to offer as a settlement and called them up with the offer.  I believe it was all in the presentation.  At first they balked as my offer saying that it was less than 25 cents on the dollar.  I presented the fact that they haven't been able to collect even one cent on the dollar lately and that I was sadly considering bankruptcy as an option.  If bankruptcy was pursued, they would get nothing, as this is an unsecured debt.  They then offered to take my $8,000 as a down payment and to pay $900 a month for nine months. 

Unacceptable.

I stood firm on the $8,000 as it was a "take it or leave it" offer.  They took it.  Of course I have to pay $100 a week until the $8,000 is paid off.  If there is overtime available at work, it will be paid off much sooner. 

My other card balance of $1,720.08 was paid off with an offer of $1,032.05.  It is done. Finished.  I have paid over $9,000 in the last week, but I was able to erase over $26,000. 

What a relief!

If I can, so can others...keep the faith!

Have a great day!

Back to it!

After a while away, I am returning to what I love to do:  I love to write about things and want to share my struggles and successes in getting my financial life back to where it belongs.  I started out over three years ago with 11 credit cards, over $60,000 in debt and seemingly no way out of the bad situation in which I had gotten myself.  Fast forward to now and the situation is not great, but it is definitely better than what it was.

I am down to roughly $37,000 in debt (I am rounding off the numbers) and only three cards.  The smallest is less than $2,100 and will be paid off in full by the end of 2013.  This was negotiated for a monthly payment and no interest so as to not further myself in debt in the process.  The second one was dismissed with prejudice by the circuit court as the company dropped the case (although they could retry suing me for the $6,000).  The other big one (for over $28,000) stands unpaid and uncollected and is currently awaiting my summons being served. Once it is, I will get my attorney to fight it for me as I have yet to receive valid proof that this debt is mine. 

My lifestyle has changed dramatically as I have largely forgone eating out (cooking at home save a ton of money), going to movies, wasting money on trivial things, and I drive an 18-year old car that is owned outright. 

I want everybody to know that nothing is impossible and can be done with determination and a plan.  Stick with me and the plan that I am using will be brought to life.

Have a great day!

Eat Drink and Be Merry

There are times when people ask me why I am making such sacrifices now (like eating a lunch that costs less than $0.50) when it isn't going to matter when I die.

True.

But...it may matter to those I leave behind. There is no wish on my part to leave a mountain of debt for somebody else to deal with. Although they are not personally liable for any of it, there is all the vultures, I mean lawyers, and other undesirables to deal with. I got myself into this situation, and I will take responsibility and get out. My mother used to say "if you are going to dance, you gotta pay the piper". I should have only danced with what I could afford, but, like too many people, I only thought about the immediate pleasure that I got that didn't even last long enough for the next statement to arrive. Now I am older (and hopefully wiser) and pay for things out of my checking account (or cash). If I can't afford it, I don't get it.

Have a great day!

Bucket List

Yesterday in the training class at my day job, we had a new trainer for the week. As is tradition, there is an ice breaker that gives us a chance to know more about the trainer and for the trainer and the class to learn more about yourself. Yesterday, ours was to create a five item "bucket list", or a list of things that you wanted to accomplish before you "kick the bucket".

One person stated that one of their items was to have more money, at which point, I stood up, walked over to that person and handed them a nickel. I stated that they could now cross that item off their bucket list because they now had more money.

She did.

The problem was that this was not a SMART goal. For those of you familiar with SMART goals, you know that goals need to be Specific, Measurable, Achievable, Realistic and with a Time table. If not, they are just wishes. To achieve a goal, you have to know what you are going for. This takes a little bit of time, but it is worth it to have your goals specifically lined out, especially when working toward eliminating debt from your life (at this moment, I have $56,493.23 in debt and I keep several spreadsheet on my laptop to chart the progress).

Have a great day!

Credit Card Debt And You: Choices Abound

There doesn't seem to be any one, single path to get to freedom from credit card debt: you can get there by just saving money on your everyday things and pay more on your credit card balances. You can cut up your credit cards so that you are unable to use them. You can cut back to one credit card for emergencies only...the possibilities and solutions are seemingly endless.

You have to find the way that works best for you.

There are countless programs out there as well, each has its own merits. There are regular books, tapes, CDs, e-books and the like. Some programs are very strict in their approach and they state that there way is the only way. I have looked at many of the programs and books and websites out there, and they all have a little something that could be used. That is why I wrote the e-book Never Surrender!! as a way to help you to get out of your credit card debt. Why was the e-book format chosen? It is easily transported from one place to another. You can print it out if you like. There isn't any shipping or packaging costs involved in production, and you can get it at any time without leaving the comfort of your home.

One thing is certain: in order to get out or stay out of credit card debt is to charge/spend less than you bring home. Find a way to do that, and you will be successful in your effort to eliminate credit card debt. Have faith that it can be done, and it shall be done.

Have a GREAT day!

How Can I Possibly Save Any Money?

It is all in your mindset.

In one of my previous lives, the girl that I was dating at the time had a knack for finding four-leaf clovers. When asked, she would simply state that she had the ability to find them because she was looking for them. When I tried, it didn't work. Maybe it was because I didn't believe that any four-leaf clover could be found simply by looking for them, but it didn't work for me.

It all comes down to belief.

You have to have faith that you will be able to do something, and, amazingly, you do. When looking for ways to save money, you will be able to do so. If you believe. If I can find ways to save money every day (which is used in turn to pay down credit card debt) I have every ounce of faith that you can do so yourself. Just turn your mind to finding the simplest of ways. It may be that the next time that you are at the grocery store that you decide to buy a case of soda that is on sale and take a can of soda with you to work. Instead of paying 75 cents at the break room soda machine, you pop open your can of 25 cent soda (they are identical except for the point of service: a machine or the checkout lane of the grocery store). It is these little things that will snowball into bigger things that will free up some serious money for you to make a dent in your credit card debt.

Have a GREAT day!

Wednesday Is A Great Day to Work on Your Credit Card Debt Elimination

Not just on Wednesday, of course, but every day is a great day to work on your plan to save money, pay down your credit card debt, and find ways to live your life more affordably and rewardingly. This is a venture that does require some effort on your part: nobody is going to do all of your work for you. One of the first steps is to sit down and figure out the plan for what you will do. You will need to write down every expense (you may have to track these for a while, but you will get the hang of it after a while) and every source of income that you have.

Have you set aside the time to plan?

There is no time like to present to do so. Just simply set aside a few hours that you can work on this uninterrupted. Once you get into the flow, things will come more easily. Sometimes it is difficult to think of all of the things that you spend money on. There may be the occasional soda at work. Or a candy bar at the gas station where you fill up your tank.

The idea is to write down everything.

You may need some help in getting out of your credit card debt. That is why Never Surrender!! was written: to help you get out of credit card debt. There was not the book when I began my journey, so I wrote it down for your benefit.

Have a GREAT day!

It's Tuesday, How's Your Positive Mental Attitude?

Positive mental attitudes are not just for New Year's Day or Mondays, but for every day of the year. Like a campfire that has a good bed of coals to it, you don't need to have a ten-foot blaze of flames shooting forth at all times, but once the flames have gone down to embers, all you have to do to keep it hot is to add a little bit at a time. Our attitudes are the same. Being "on fire" all the time can be done, but it is work, and can get a bit irritating to those around us.

Instead of going "gang-busters" all the time, add a bit of fuel every day.

* Have a bit of quiet time to reflect each morning or evening before you head to bed to take assessment of where you are and how you are going about to get there.
* Find the good things to think about. If you are tired from working all day, be thankful that you have a job. If you are exhausted from mowing your yard, be thankful that you still have a home with a roof over your house. If your clothes are becoming more snug lately, have a grateful heart that you have plenty to eat.
* Hang around with other positive people. If all you do is hang around hateful, sullen folks, you too will soon become hateful and sullen. Other people can become an influence to you, so choose your friends wisely.

Keep the faith and keep working on getting out of credit card debt because you CAN do it! Have a GREAT day!

The Weekend is Over And It's Back To Work

Did YOU have a good holiday weekend? Some people had and extended weekend for the Fourth of July, some people had to work, and some people had a blend, particularly those that hold more than one job. Today, however, things should be falling back into their normal ebb and flow. A lot of time was spent contemplating what is to be done next in the quest to eliminate credit card debt, and there are, of course, decisions still to be rendered.

Sadly, this holiday weekend saw more people swallowed deeper and deeper into credit card debt: they charged hundreds of dollars of fireworks, they charged at the grocery store for the best cuts of meat, they went out for fancy desserts after the fireworks had nothing left in them, and they woke up this morning with a higher credit card debt and are struggling right now to make a minimum payment.

Don't despair because there is something that can be done, even if you find yourself deeper in debt today than you were on Friday morning. You have to take ACTION! Find a way to pay for something in cash (or without using a credit cad), save some money and earmark that toward a higher payment to the credit card, heck, you can even sell some unwanted things in your home to raise the capital.

But...

...you have to do SOMETHING and do it NOW! Build your strength by starting small and working your way to Independence from credit card use and toward using only the money that you have on hand. Budget so that you don't spend needlessly.

If you need help, you can always pick up a copy of Never Surrender!!. In this ebook, you will find proven strategies to forever eliminate your credit card debt. Many have already saved thousands of dollars, and you could too!

Have a GREAT day!

The Frugal Fourth

So, today is not the Fourth of July, but it is a day that the company that I work for during the day gives us so that we can have a three-day weekend. This is actually looking like it is going to be a wonderful day, I don’t have to work anywhere (I am even off from my part-time job) and there is nothing planned. That, of course, doesn’t mean that there is a vacation from the struggle to save money in order to eliminate my credit card debt. We are staying at an RV park (but it isn’t really the traditional RV parks that one saw in the Robin Williams movie), but our cost for the week (we come down on our days off and when we are done working for the day) is minimal: We have brought our own food and soda and we are just enjoying nature far from the hustle and bustle of suburban living or urban working.

Although my book, Never Surrender is complete, time will be spent today refining the landing page. The book gives practical advice and guidance on how to eliminate your credit card debt.

One thing to help you save money (for credit card debt elimination, or survival, as far as that is concerned) is to keep an eye out for the ads for grocery stores. Here in the St. Louis region, there are three large grocery store chains that regularly advertise. Fortunately, we live close to all three and drive by them on the way home from work. When we plan, we try to go to the one that offers $10 off a purchase of $50 or more. I will take a list and keep track to make sure that I get as close to $50 as I can so that the savings is 20%. Look for coupons either in the local paper or even online (like at coupons.com).

Have a GREAT day and a wonderful Fourth of July!

Oatmeal Is Better Than "No"-Meal

This is one of my favorite sayings that I have picked up from my wife. There have been times in our lives together that the money has been flowing not at freely as others and times that I have taken some menial job despite the fact that I have an MBA or working at minimum wage. Some might not even take the job, but I have always appreciated having the ability to work. When you are on a quest to eliminate your credit card debt you might have to take on a second job. Right now, my second job is as a cashier at a home improvement warehouse where I make as much as the high school graduate doing the same job.

Why?

Something is better than nothing. If I waited until I got a second job that paid what I was worth, I would still be waiting after five years (which is how long I have been working there). It isn't much, but it adds up. I have earned about $32,000 in five years (before taxes and all), and there are some important things to remember when you take on a part-time job, the most important has to do with many people's favorite subject:

Taxes.

If you aren't careful and have enough tax taken out on the front end, you will be in for a big surprise on the 15th of April the following year. You see, your second job doesn't figure taxes as if you were making any other money except for the job that they are paying you for. That means if you are making $8,000 in a year for your second job, they will only tax you as if you only made $8,000, and that is little if no tax, particularly if you have any dependents that you claim when it is time to fill out your taxes. Personally, I have them withhold at the higher single rate (since I am happily married) plus an extra $25 for federal and $20 for state tax. That may be a bit excessive, but I would much rather get a refund at tax time than owe anybody one stinkin' cent! You may not care and would rather have the money now than later. It is all a personal choice, but I figured that you would e best off knowing ahead of time.

Whatever you do, keep the faith and keep working off your credit card debt, it will be worth it!

Have a GREAT day!

Small Victories Add Up!

When we get a small victory, take note and celebrate (if only in your mind). Recently, I reached a milestone on my online adventures. I participate in a program from Inbox Dollars that gives me a few cents for every email that I read, usually two or three every day. I have to run through my inbox every evening anyway, so it doesn't take up more than a minute of my time. When the account reaches $30, you can request a payout and that is precisely what was done the other night. I have reached it twice in one year. Now, $60 doesn't sound like much ammunition when you are attempting to eliminate your credit card debt, but it will be over $300 in five years. Would it make a difference if you got the lump sum of $300 on the front end? They way that I view it is that in the long term I am getting that money and it makes a difference. You can click on the banner at the bottom of today's post and join.

Inside that is a small victory. There are many small victories that are earned each and every day, but in the long run, they will add up to make a huge difference! As it is said that the journey of a thousand miles begins with but a single step, you have to decide to get on the path of ridding yourself of credit card debt and begin the task. It may seem a bit overwhelming when you finally confront it, but as you gain strength in dealing with it and look back, the task was not that difficult.

When you find a way to save $0.10 per can of soda by buying a case (which you will end up drinking in the end anyway), celebrate! When you decide to order a free glass of water at a dinner out instead of the $1.79 glass of soda, celebrate. When you decide to pay a bill online and save the $0.43 cents (or whatever postage stamps are today), celebrate. Add them all together and you have saved perhaps $5.00. Do that every week, and you have saved $260, and over five years you have saved $1,300! CELEBRATE!!

Have a GREAT day!

Credit Card Debt Isn't The End of the World

But sometimes it can bring it closer.

If you have a ton of credit card debt, digging out and ridding yourself of this beast can be a life-changing event. You may feel powerless to do anything about that debt. You are constantly being called by creditors that want their money. You leave your mail in piles (or throw it away) in fear of seeing how much your credit line has diminished, how many late fees have been added, and how many over-the-limit fees are tacked on as well. You get less sleep at night, and it is beginning to affect your personal life. People notice the change in you and begin to avoid you.

Take control of your life!

There is help and information available out there. The formula is simple: spend less than you make and use the extra cash to eliminate your credit card debt. When you combine saving with getting more money (visit my website) with saving money, it begins to gain momentum and you see your balances diminish and slowly disappear.

Be strong!

Know that you can do it and that others have eliminated their credit card debt as well. See what works for them and try it yourself. You may have to customize it to meet your particular needs, but do something. If it doesn't work: do something else!

Have a GREAT day!

Saving Money In a Way You Don't Think About Often

The quest to save money in order to pay down credit card debt hopefully has you thinking of creative ways to think of saving money. You, of course, know about the use of coupons, watching for the best deal, and even asking stores if they will give you a lower price. You are also beginning to buy some things in bulk when you know the per-item price is lower. One opportunity presented itself a few days ago, and it is realized that this way may not be the way that best works for your particular situation. This is an area that not everybody thinks about and not everybody does. It does for me...

...shaving.

I have the habit of shaving everyday (despite the fact that I have a goatee). I already save money by not purchasing the expensive razors or shaving cream. I figured that I spent$30.55 per year on shaving. You may spend more, but I was using my figures, tax not included. I bought an electric razor. They run in price from $29.99 all the way to $179.99 at the store that I was shopping at during my lunch hour from my weekend job. I erred on the side of lower cost and didn't buy the least expensive one, but I bought one that cost $39.99. I figured that if it lasts for 15.71 months, it will pay for itself. Since there was a two-year warranty on it, I saved $21.11, or $10.56 a month. Had a more expensive one been purchased, it would have taken longer to break even.

Is there something that you could purchase to replace something else that if disposable? Perhaps.

Have a GREAT day!

Belief: The Secret Ingredient

Yesterday, we talked about how a positive mental attitude is a great tool to help you achieve your goal of eliminating your credit card debt. It isn't just a tool that will serve you to achieve that goal, but it can bleed over to any aspect of your life. When studying positive mental attitude in my life, I have noticed one key ingredient:

Belief.

You have to first believe that you will achieve what you are going to achieve. It may be a goal of losing a certain amount of weight, it may be to have a certain amount of money in your checking account, it may be what we have talked about here at this blog for the past 100+ days, eliminating your credit card debt. There is a saying that goes, "whether you believe you can, or believe you can't, you are right."

It seems that when you believe something, subconsciously you begin to align yourself with actions, habits, and surroundings that will make it more of a reality. For example, if you believe whole-heartedly that you can write a book. you will start to notice how others write their books. You may read more. You may notice an article on ezinearticles.com. Perhaps you submit an article there and you get the idea on what you want your book to be about. You start to keep a notebook about the points that your book will cover. Then you create a rough sketch outline. Then you fill it in. The next thing you know, you have a book on your hands (mine will be available soon at www.money-for-my-life.com ).

You see, you gotta believe, and the rest will "magically" take care of itself. Be careful and do not mistake "like" with "belief". There is a difference between saying "I would like to earn $1,000" and "I believe I will earn $1,000." Can you spot the difference?

Have a GREAT day! Believe in yourself!

Can Credit Card Debt Elimination Happen In A Timely Matter?

That's a question that is answered by: "It Depends." It depends on a combination of things:

*Your Ability To Pay at Least the Minimum Monthly Payment in a Timely Matter - If you are having a difficult time making your minimum payment on all of your credit cards, you might have to look at getting a higher paying job, getting a second job, getting a loan from a bank (with poor credit, that may be easier said than done), getting a loan from family (unless they have none to loan), getting a loan from friends, or, when all else fails, seeking professional help

*Your Ability To Stay Employed - In these tough financial times, it may be difficult to keep your job. There have been times where I have not been as fully employed as I could have been, but I have always been willing to work, even if it meant that I was doing something "below" my abilities. After all, "Oatmeal is Better Than No Meal".

*Your Desire To Get Out of Credit Card Debt - Sometimes you have to keep a PMA (positive mental attitude, but "Where There's a Will, There's a Way" has never rang more true. Once you decide to do something, subconsciously, you cut yourself off from all other possibilities and you find ways to make it happen.

Hang in there, Have a GREAT day!

We All Have The Same Amount of Time

Yet, time seems to be the one thing besides money that we never seem to have enough of. As people most of us seem to have mastered the art of multi-tasking, or doing more than one thing at the same time. There are times when we take our laptop to the dinner table to finish reading or researching something interesting on the Internet while we mindlessly shove some food into our mouths. Or we catch up on our e-mail on our mobile device in a meeting at work or on our break at work.

In striving to eliminate our credit card debt it has been mentioned that we need to develop a single-mindedness of purpose, but seeing that many of us do more than one thing at the same time, perhaps we need to devote one or more of our streams of consciousness for that goal. While shopping, for example, there should be a steady stream of thought of how money can be saved that can, in turn, be used to pay off credit cards.

The more that you can save, the sooner you can be out of debt. The sooner you are out of debt, the sooner that you can begin to live your life wisely and freely. There will be challenges, but save that nickel here, that dime there, and those cents will grow to dollars which will help you to live your life the way that you want.

Have a GREAT day! and be successful!

Credit Card Debt, Don't Let It Get You Down

Sometimes it is easier said than done. When it seems overwhelming, it is hard to stand up and stand your ground. This has been a trying time lately for me. The possibility of filing for bankruptcy, which has been avoided for the last ten years, is looming ever larger and ever more powerful.

If I can help it, I don't want to go down that road.

Bankruptcy stays on your credit for seven years. My credit already leave a lot to be desired, and, if you have ever missed credit card payments, overdrawn your checking account, or any other financial stumble, your credit score is probably less than stellar. I have resisted asking for debt because I am a proud man. A pride cometh before a fall.

I am not a loser, except when it comes to managing my own finances. Always secretive, it has come around to bite me in the butt (so to speak). My intention has always been to take care of my own, but I am not as able to continue as I once was. Bob Seger summed it up in Against The Wind "We're just older now and still running against the wind.". Perhaps one of the darkest things I can ever recall is the speech that Chief Joseph of the Nez Perce gave at his surrender "..I am tired. My heart is sick and sad. From where the sun now stands, I will fight no more forever."

That is why I have written Never Surrender, A Practical Guide to Forever Eliminating Your Credit Card Debt. It will be available next week. Sign up on the right of the blog to be notified of its availability. Have a GREAT day!

Say Brother, Can You Spare A Dime?

Every penny, every nickel, every dime can add up to help you in your quest to eliminate credit card debt. When you can save a few cents, put those few cents aside to pay off the credit card debt. Added up, over time, you realize that the money could have made a huge difference. Here is a case in point:

On the way to work (about a 25 mile commute) I pass by many gas stations. Three of them are gas stations that participate in the Upromise program in which it will deposit into my account, that is set up for my son, one cent ($0.01) for every gallon of gas purchased. I have had it for about seven years. It has added up to be over $50.00. It would have been more, but I didn't always purchase my gasoline there. Because I rarely carry cash, I had been passing off another gas station that give a $0.03 cent per gallon discount for cash. I definitely pass this gas station every day, so a point has been made to have $30 in cash around fill up time. That would add up to $588.00 over 20 years. If I could twenty things to save a few cents (3) on each week, in that same 20 years, I would have an extra $11,760.

That isn't chump change. Every little bit helps, don't let people kid you into thinking that it doesn't. One of the things that I learned while working for a major telecom as a consumer sales agent was to present a feature as costing just a few cents a day. The customer didn't realize that we were, in fact, milking hundreds of dollars a year from consumers. That's how companies do that and manage to stay viable.

Be vigilant, be thrifty, and have a GREAT day!

Negotiating Credit Card Debt Help

There may come a time when a credit card company is tired of waiting for your money and they will sue you. You may have been asking them to provide substantiation of the debt, but they hadn't been responding. One day, a stranger may come calling on you and give you a summons to appear in court. At that point you may feel a bit overwhelmed.

Help is actually around.

I had earlier gotten a letter from a mediation firm stating that there was to be a court action against me soon. I fished out that piece of mail and gave them a call. Seems there was a company that was representing a credit card that I had once used that was now actively pursuing the money from me. They stated that the balance owed was $9,000 and were taking me to court about it.

I showed up to court and asked for a continuance (especially since I had just been given the summons a few days prior). Visions of wage garnishment and such were running through my head. It was a total feeling of panic.

That's where the mediator came in.

We met and discussed my earnings, my expenses, etc. The mediator put together a proposal (after a fee was paid) and there was a voice mail a few days later that they would settle for a lump sum payment of $5,600. I was saved, after taxes and expenses, around $1,500. It wasn't exactly what I wanted, but better than the alternative.

My advice: Be careful, be open to all options, and use your head. Have a GREAT day!!