Author Topic: I Owe Chase $25k from CC  (Read 6512 times)

Offline EMCC

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Re: I Owe Chase $25k from CC
« Reply #30 on: February 01, 2018, 01:30:40 PM »
I'm sorry to hear that. That happens, I hope your spending was on necessities.

Personally, I wouldn't default on only $25k. It's a lot but I know you've been around these forums long enough to know that your credit is worth far more than that over a few years.

Honestly you should read this:
https://www.mrmoneymustache.com/2012/04/18/news-flash-your-debt-is-an-emergency/

Sure there are many ways to get the debt annulled but it won't solve the underlying issue. Paying off debt (I had far more than this in student debt without a job) is like exercising. It builds strong habits for the rest of your life. $25k isn't that bad. It's $200 a week over 3 years including interest.
Iím taking it to the extreme, Iím not buying anything aside for food, toiletries, low rent, and low cost transportation.the rest goes to the debt. Still, it will take a long time to pay back.
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Offline AJK

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Re: I Owe Chase $25k from CC
« Reply #31 on: February 01, 2018, 01:37:41 PM »
That's life, my friend. People take 10, 20, or even 30 years to pay off mortgages, student loans, and credit card debt.

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Offline Mountain Man

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Re: I Owe Chase $25k from CC
« Reply #32 on: February 01, 2018, 01:38:32 PM »
Iím taking it to the extreme, Iím not buying anything aside for food, toiletries, low rent, and low cost transportation.the rest goes to the debt. Still, it will take a long time to pay back.
I've been there in 2009-2011. I owed around $40k with nothing to my name. I think many of us here have. You're in a good economy with a lot of options. You're on DDF. Many people here make far more than what you owe per year from side hustles. I don't know your situation but I don't think it's as bleak as you're making it. Find a side a hustle. The cost of defaulting on $25k is not worth it IMHO.

I have a friend who owes well over $100k in unsecured debt with a wife and kids and can't hold a job. That's bleak. From what it sounds like you still have options.
Quote from: JTZ link=topic=10531.msg1695873
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Offline ChaimMoskowitz

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Re: I Owe Chase $25k from CC
« Reply #33 on: February 01, 2018, 01:54:20 PM »
I would head over to creditboards.com and get some excellent NON-JUDGEMENTAL advice.
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Offline avromie7

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Re: I Owe Chase $25k from CC
« Reply #34 on: February 01, 2018, 01:56:48 PM »
Can you downgrade to a lower rate card?

I'm sorry to hear that. That happens, I hope your spending was on necessities.

Personally, I wouldn't default on only $25k. It's a lot but I know you've been around these forums long enough to know that your credit is worth far more than that over a few years.

Honestly you should read this:
https://www.mrmoneymustache.com/2012/04/18/news-flash-your-debt-is-an-emergency/

Sure there are many ways to get the debt annulled but it won't solve the underlying issue. Paying off debt (I had far more than this in student debt without a job) is like exercising. It builds strong habits for the rest of your life. $25k isn't that bad. It's $200 a week over 3 years including interest.
Over $800 a month is quite a lot.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline Mountain Man

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Re: I Owe Chase $25k from CC
« Reply #35 on: February 01, 2018, 02:05:00 PM »
Can you downgrade to a lower rate card?
 Over $800 a month is quite a lot.
Of course it is. But you have to get real about life. Hypothetically, someone (Not necessarily @EMCC )with $25k debt likely has no long term savings. No 401k or IRA or HSA. Nothing to fall back on. They are on the precipice of disaster. So it wouldn't matter if the $25k was forgiven, something else would come up and they'd be back in the same hole. If you get creative and can generate the extra $10k a year suddenly the debt isn't so ominous and then you have a path to squirrel away some money in case you ever need it in the future.

I'm not saying this will be easy. I am saying that this will become a recurring issue.
Quote from: JTZ link=topic=10531.msg1695873
If you never had to eat crow then you lived one boring life.

Offline avromie7

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Re: I Owe Chase $25k from CC
« Reply #36 on: February 01, 2018, 02:12:55 PM »
Of course it is. But you have to get real about life. Hypothetically, someone (Not necessarily @EMCC )with $25k debt likely has no long term savings. No 401k or IRA or HSA. Nothing to fall back on. They are on the precipice of disaster. So it wouldn't matter if the $25k was forgiven, something else would come up and they'd be back in the same hole. If you get creative and can generate the extra $10k a year suddenly the debt isn't so ominous and then you have a path to squirrel away some money in case you ever need it in the future.

I'm not saying this will be easy. I am saying that this will become a recurring issue.
I think your math is off too, he would need an interest rate of ~11% for that to add up.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline Dr Moose

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Re: I Owe Chase $25k from CC
« Reply #37 on: February 01, 2018, 02:14:15 PM »
You can get a personal loan from a bank like discover. Yes, you'll be paying high interest. But your credit will shoot back up after a month being that your credit utilization has gone down.
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Offline saw50st8

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Re: I Owe Chase $25k from CC
« Reply #38 on: February 01, 2018, 02:15:14 PM »
Can you take on some extra work to pay the debt down faster?

Offline EMCC

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Re: I Owe Chase $25k from CC
« Reply #39 on: February 01, 2018, 02:15:21 PM »
You can get a personal loan from a bank like discover. Yes, you'll be paying high interest. But your credit will shoot back up after a month being that your credit utilization has gone down.
My utilization is well under 25%
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Offline avromie7

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Re: I Owe Chase $25k from CC
« Reply #40 on: February 01, 2018, 02:19:00 PM »
You can get a personal loan from a bank like discover. Yes, you'll be paying high interest. But your credit will shoot back up after a month being that your credit utilization has gone down.
It should be much lower than the CC rate.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline ADG

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Re: I Owe Chase $25k from CC
« Reply #41 on: February 01, 2018, 02:19:03 PM »
That's life, my friend. People take 10, 20, or even 30 years to pay off mortgages, student loans, and credit card debt.

I bless you to have so much Gvurah in your Chesed...

Online farmbochur

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Re: I Owe Chase $25k from CC
« Reply #42 on: February 01, 2018, 02:19:08 PM »
Risk is opportunity

Offline Mountain Man

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Re: I Owe Chase $25k from CC
« Reply #43 on: February 01, 2018, 02:20:14 PM »
I think your math is off too, he would need an interest rate of ~11% for that to add up.
I was guesstimating but you got me curious. @ $800 a month it's ~11%. @ $200 a week which I was referring to is 16%. I guess if you're being nit-picky  then lets say $230 a week over 36 months should do it at 25%+.

But that all assumes that none of it can go onto a 0% or promo rated card which I doubt is the case given a 25% credit utilization.
« Last Edit: February 01, 2018, 02:24:14 PM by Mountain Man »
Quote from: JTZ link=topic=10531.msg1695873
If you never had to eat crow then you lived one boring life.

Offline ADG

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Re: I Owe Chase $25k from CC
« Reply #44 on: February 01, 2018, 02:20:25 PM »
My utilization is well under 25%

So try move your available credit lines to 0 APR cards within the same banks... or keep trying new banks...