How to Get Out of Debt and become a FREE THINKER--ASAP

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Permalink Reply by TeaAddictedGeek on January 6, 2012 at 4:08am

I refinanced my student loans back in the day and pay pennies on them per month now. If you're in the US, that's one option to take that will NOT screw up your credit rating. Believe me when I say you do NOT want to declare bankruptcy, EVER.

Also read two books: The Slight Edge by Jeff Olson and Total Money Makeover by Dave Ramsey.

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Permalink Reply by Derek on January 6, 2012 at 4:45am

Bankruptcy is not a bad thing. Depends on what your goals are in life. If you want to follow the rat race, then bankruptcy is a bad idea. 

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Permalink Reply by Derek on January 7, 2012 at 2:35pm

hahaha I love your outlook!!

I recently just stopped paying my cell phone bill. I had 8 months left on my contract... and since I've already declared bankrupty within the past few years, I doubt I could make my credit any worse lol

I do have a question for you Harrison but I'll send you a private message about it :)

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Permalink Reply by Greenmama on May 1, 2012 at 6:36am

I use a lot of Dave Ramsey's work in my job (minus the Christian teachings).  Frankly, if you want to fit into the system, and do slightly better than the average schmuck who spends all his money on consumer trinkets and sky-high interest on the debts he incurred on said trinkets, then read Dave Ramsey.  But frankly, I wanna do a LOT better, personally.  The whole system is corrupt and unsustainable.  Bring it down or at least drop out of it...  Says the lady whose job is to use the teachings of Dave Ramsey to counsel people on how to improve their credit so they can "buy" a house (on credit).  LOL!

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Permalink Reply by kindvibe on May 1, 2012 at 1:42pm

Haha! Gm, I actually quoted Dave Ramsey "save now so you can spend later" in my comment but deleted it cause I thought it sounded preachy! I like his financial advice a lot!

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Permalink Reply by L on April 30, 2012 at 2:55pm

Any more opinions would be great! I am still in the process of becoming a free thinker! ;)

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Permalink Reply by kindvibe on May 1, 2012 at 12:39am

Deep breath...There is no better feeling than being self sufficient and going to sleep each night knowing you fulfilled your responsibilities.  It feels great---more than great---to create a debt and pay it off (it feels even better-much better to never have created it in the first place-- To fulfill your end of the deal-live up to your promises.

First of all, you cannot file bankruptcy on student loans in the U.S.  BUT:

We are not talking about a hardship beyond your control, such as extreme illness or long time job loss...

YES, this system SUCKS, but you are young and healthy and with a few years of hard work you can get those loans down. $20,000 is NOTHING!  Use that time to be sure you don't create new debt and work toward your future goals.  

Thats my not so humble opinion.  Hope you do awesome and graduate next month! Theres a recent thread on this. Ima try to find it for you.

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Permalink Reply by kindvibe on May 1, 2012 at 12:43am

http://www.30bananasaday.com/forum/topics/how-i-paid-off-a-college-...

Here it is...excellent advice IMHO

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Permalink Reply by Greenmama on May 1, 2012 at 1:07am

What is the degree you are graduating with?  Do you have a lot of other debts?  

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Permalink Reply by Jon Fergus on May 1, 2012 at 3:22am

Any advice as to how to pay it off quickly and as painlessly as possible?

My advice would be: work, work, work, work. And live minimalistically while you do. I work as a server (when I work), and last year I was able to put aside $10,000 without sacrificing lifestyle, and with only working 3 or 4 shifts per week (3-4 hour shifts). You could easily pay off your entire loan if you work fulltime for a year serving.

$20,000 isn't that much money when you really start working on paying it off.

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Permalink Reply by Dovima on May 1, 2012 at 4:41am

      A spirit of willingness goes a long way.  I live rent free, no utilities and get a monthly stipend of $500 for living with a woman I've come to love and adore.  She's severely developmentally disabled.  I'm basically getting paid to sleep there at night, five nights a week, I'm off duty from 8 a.m. til ten at night, plenty of time to go work another job.  And weekends totally off!

       My friends are always asking for help, demanding that other people let them live with them, there's a recession, they can't find a job.  When in reality I've mentioned this company to several people and they won't pursue it.  They won't compromise, won't change a diaper, just aren't willing to work.  

        I'm  a massage therapist and dream about going feral in the tropics, using that skill to get by on.

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Permalink Reply by Greenmama on May 1, 2012 at 6:21am

This is so cool!  What I run into is that most of the opportunities are more suited to single people without children... Otherwise I would be WWOOFing in the tropics every winter!

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