By EntRP on Nov 23, 2008 in Finance | comments(0)
I’m a year out of college, and I thought I would have all the options and my entire life in front of me. Instead, I feel like I’m completely trapped in a shell of my own making. I’m significantly in debt. I don’t regret any of it; part of it paid for my master’s degree and part of it paid for countless amazing and unique experiences that I wouldn’t ever trade for something else, much less financial security. I also didn’t realize that follow my passions and living my life in an authentic way would mean that I don’t have a steady job and I can’t support myself.
So with almost $20,000.00 in debt, I’m slinking back home, terrified. It’s the last resort: I tried getting a debt consolidation counselor and loan, and I tried a payday cash advance. Unfortunately, I didn’t actually have a payday upcoming, and I am screwed. I barely make enough to pay the bills, and not the rent. Unfortunately, I didn’t realize in college just how painful it could be to just breezily pass the credit card through the machine, and I especially did not realize that the ultimate cost of it might be my dreams, my passion, my options, my choices.
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By EntRP on Oct 20, 2008 in Finance | comments(0)
By ER&I on Aug 11, 2008 in Finance | comments(0)
By EntRP on Jan 1, 2008 in Finance | comments(0)
After the first year I spent on my own, out of my parents’ home and the comforting embrace of student loans and a 15 hour a week part time job, I had little idea just how much would eventually change for me. Sure, I had my fair share of credit cards starting to pile up from the years I had spent in college, but I did not realize just how much more I would end up owing before I turned 30 years old.
But, surely enough, no more than 8 years after I had graduated, started my first ‘real’ job and tried to start paying back my student loans and credit card debt, I noticed that the bank accounts were not covering everything like they once had. Now, instead of four bills and a weekly take out budget, I had a car, insurance, my house, my loans, and a dozen other bills that would hit me every month.
Don’t let anyone ever tell you not to plan significantly before you head out into the real world. I can attest right now that, had I planned effectively, I would have been much better prepared for the onslaught of new bills. You can do the same – but make sure you start by keeping track of what you owe and what you make. It all starts with responsible budgeting.
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By EntRP on Dec 31, 2007 in Finance | comments(0)
It doesn’t matter if you have run up a high credit card (tarjetas de credito) balance, defaulted on a loan, or lost a bank account. The result is all the same. You have ugly consumer debt, and it is time to get rid of it. Though it sounds simple on the surface, getting out of debt really isn’t that easy. These are a couple of easy steps to help with the process, though.
Cut up all of the bad credit cards. This doesn’t mean that you have to get rid of everything plastic, but if you got a free credit card (tarjeta de credito gratis) with a 20% APR, it is probably time to throw that one out of the door. Stick to paying off the cards that you do have.
Make sure that all open bank accounts (abrir cuentas bancaria) are updated and ready to go. Not only must you have these bank accounts in order to keep a decent credit score, but also they will play an essential role in serving as the mode of payment for your consumer debt. If you get in trouble with the banks, you will struggle to make payments for an extended period of time.
In addition, it is best to sit down and outline a budget. Think about how much you are going to pay and which accounts you plan to pay down first. This will ultimately help you to dig out of debt more quickly, taking the worry off of your nervous mind.
Technorati Tags: credit card, free credit card, open bank accounts, tarjetas de credito, tarjeta de credito gratis, abrir cuentas bancaria
