Great lesson. Plastique... What a neat tool. I showed my Wife this concept and asked what she thought about it. She said that she wondered if some folks would balk at "spending" $228 to save 1000s of dollars in interest? Hmmm. I wonder, too, if there are some pushback objections from folks seeking help from debt? TY for sharing.
If u can’t make your min payments on all credit cards ? How would u be able to park your money on one and still pay others that are all maxed out ? Interest will put u over the limit over time ?
That is where you would have a negative cash flow. You can do one of three things. Look for a zero percent credit card and pay off the other cards or as many as you can. Then you use that zero percent card as your Debt destroyer and put all of your available income into it. 2nd option is to try for a Personal LINE of credit. But if you have not been paying on the cards your credit may be damaged so both of these could be difficult. A 3rd option, could be to take look at your employer and see if you can take a loan out of your 401k plan (not my favorite option, but you pay back yourself not the bank). If you can get a 401k loan to pay off one or more of the debt that gives you the most cash flow, at that point you can then put your income into one of your cards and work them down. 4th is if there is no other choice, pick the card that gives you the most cash flow and work it down by putting income in and expenses out. Your other cards will tank your credit, but you can try and negotiate them later. Think about how else you can trim expenses to buy you time to work down your current debt. Email us if you want a more comprehensive look at your situation. Jen
"When you are passionate about something, you will it to work! Thank you for that.
It is absolutely true! I am so stubborn I have willed many things to work! LOL!
Great lesson.
Plastique...
What a neat tool.
I showed my Wife this concept and asked what she thought about it.
She said that she wondered if some folks would balk at "spending" $228 to save 1000s of dollars in interest?
Hmmm.
I wonder, too, if there are some pushback objections from folks seeking help from debt?
TY for sharing.
Thank you. Some do...and it baffles us! I would spend 228 all day long if I know it will save me from the stress and anxiety of prolonged debt.
If u can’t make your min payments on all credit cards ? How would u be able to park your money on one and still pay others that are all maxed out ? Interest will put u over the limit over time ?
That is where you would have a negative cash flow. You can do one of three things. Look for a zero percent credit card and pay off the other cards or as many as you can. Then you use that zero percent card as your Debt destroyer and put all of your available income into it. 2nd option is to try for a Personal LINE of credit. But if you have not been paying on the cards your credit may be damaged so both of these could be difficult. A 3rd option, could be to take look at your employer and see if you can take a loan out of your 401k plan (not my favorite option, but you pay back yourself not the bank). If you can get a 401k loan to pay off one or more of the debt that gives you the most cash flow, at that point you can then put your income into one of your cards and work them down. 4th is if there is no other choice, pick the card that gives you the most cash flow and work it down by putting income in and expenses out. Your other cards will tank your credit, but you can try and negotiate them later. Think about how else you can trim expenses to buy you time to work down your current debt. Email us if you want a more comprehensive look at your situation. Jen