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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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49805231 No.49805231 [Reply] [Original]

can we get a "how to get out of debt" thread for this awful fucking crash
i'm down $10k
sorry it's not specifically a crypto thread bros

>> No.49805251

>>49805231
Rates and where they from?

>> No.49805311
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49805311

>>49805251
uhhh desu it's a credit card with a $15k limit and i have $10k on it and it isn't accumulating any interest until march of next year
but i'm retarded and even if i put $1k on it a month i won't be done till the interest starts

>> No.49805362

>>49805231
Get job
Eat cup noodles
Pay denbts

>> No.49805423

>>49805311
Do you have about a year where you need to make an extra 1,000 a month. There’s a couple ways out: side gigs to earn some extra income. You’ll probably need to work about an extra 40 hours a month or so.

You could also cut back on expenses, stop eating out, learn to cook, etc.. lastly, don’t pay off your credit card until the month of March. Put your money into either CD’s or bonds that matures during March.

>> No.49806101

>>49805423
> lastly, don’t pay off your credit card until the month of March.
That would be a good idea... for people with the discipline to not go into debt in the first place.
>Put your money into either CD’s or bonds that matures during March.
I looked into CDs once. Shit yield, and the only punishment for pulling the money is you lose the pennies earned as interest.
Bonds will give better interest, but you might lose the capital if there's a market upset.

>>49805311
Just put the $1k a month on it that you can. Yes, you'll pay some interest, but that's only about $30-70.
>sorry it's not specifically a crypto thread bros
Honestly, the crypto threads are all hot garbage anyway.

>> No.49806274

>>49805311
Just don’t pay it. What’re they gonna do, kill you? Just pay like $2 a month so they can’t take you court

>> No.49806444

>>49806274
They might still take you to court, and garnish your wages. Outright refusal to pay is only a good idea if you're fully committed to being a poorfag for a decade or so.

>> No.49806504

>>49805311
I hope this gives you lesson to only use pre-charge credit card from now on

>> No.49806562
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49806562

>>49806444
CHECKED, let's go boys

>> No.49807449

>>49805231
is it unsecured debt?

here have greg help you out
https://www.youtube.com/watch?v=MaAlc4YjAoc

>> No.49807491
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49807491

>>49807449
huh
i will watch this

>> No.49807506

>>49805231
10k is rookie numbers faggot

>> No.49807512

>>49806444
>take you to court, and garnish your wages
nonsense, make them settle.

>> No.49807529

>>49805311
borrow the remaining 5k, buy bitcoin
https://www.youtube.com/watch?v=wIhTGB3wqV0

>> No.49807548
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49807548

>>49807529
one look at /biz/ tells me i shouldn't do that

>> No.49807581

>>49807449
Sam's advice is better
https://youtu.be/oD2gXY4piF4

>> No.49807641

>>49807581
> <$2000
lol
lmao

>> No.49807817

>>49807581
the idea is similar, you pay pittance for good faith whilst you build capital, then make them settle for fraction of the balance when you finish accumulating 20~40% of the balance

>> No.49807889

Run up more debt then get a lawyer to declare chapter 7 bankruptcy then start over a year later. Probably cost around $1500 or less.

>> No.49808580

>>49807889
Bro declaring chapter 7 bankruptcy takes month and although it isn't a big deal, my Dad declared it and didn't lose the house, he owed over $200k. Advising people to declare chapter 7 bankruptcy over $10k debt that has no interest until more months is awful advice. He can easily pay off 10k.

>> No.49808644

>>49807581
sam is wrong, if you have 2k of debt just ignore them

>> No.49808652

What if the hyperinflation that the pmg schizos have been waiting for actually happens and all those "600 units, 75M dollars BOOM" housingbros have their denbts inflated away to nothing and end up owning outright all their real estate?

>> No.49809008

>>49807449
Cool video. My only debt is student loans sadly

>> No.49809044

>>49807581
Sam literally gives the same advice just less professional. They both say "tell them you can pay $5" and then "save up cash, and when they keep contacting you offer them something like 25-40% or the principle".
It's literally the same advice, Sam is unprofessional and funny, Greg is professional and goes over other aspects such as credit score and taxes.