Letters to the Editor
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Dave Ramsey
Dave Ramsey's book Total Money Makeover helped me pay down a huge chunk of debt. His debt snow-ball really worked for me.
Good luck!
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I have been there: A few Tips
Congratulations to Ms. Hepola for digging herself out of trouble. I've been there, myself, for twice as much as she was! I have a few responsible tips for people in her situation, given my own experiences:
- Excuses are useless.
- Talk to a debt counselor. You can often find ones that will talk to you for free. They will force you to enumerate your expenses and income. It hurts, but you have to know the numbers. If there's no way you can make your payments, they'll help you find a solution. However, I was informed, to my surprise, that I should be able to make my payments, in spite of my sense of crushing doom.
- Debt consolidation may not be available. I, for one, couldn't even qualify for a debt consolidation loan when I applied. Moreover, they're dangerous. Some people run up more credit card debt while they're paying off their debt consolidation loan. You don't need a band-aid. You need a lifestyle change.
- Minimum payments are for chumps who can't get out of debt. That's not you. If you're on your own to sort out a payment plan, figure out 10% of each of your credit card balances. If you can't afford to pay that much, figure out the closest number to that you can afford. Set up automatic payments to pay out that amount every month.
- Do not carry your credit cards. Do not use your credit cards. If you need a credit card for everyday purchases, carry one card with a very small limit, and pay off the entire balance every month.
- Get your credit report. Make sure there are no errors. Check your report at least once a year, to mark your progress, and make sure nothing odd turns up.
- Don't be afraid to cancel credit cards, but if you are still paying off a balance, be sure to try to negotiate a lower interest rate, first. If you haven't canceled your card, you still have some leverage for negotiating interest rate adjustments. However, if you have canceled, they have no reason to cut you a break.
- When each balance is paid off, continue paying the same amount total into debt that you were previously, but rebalance it across the remaining debts.
- When all your balances are paid off, auto-deposit the amount you were previously paying into debt into your savings account every month. From now on, you buy only things you can pay off immediately. Never split up your payments. Never ride that debt. Just suck it up and pay. You'd be amazed what you can afford when you're squirreling that much money away. I figure, if I can pay off $20K in debt, swimming upstream against monthly interest the entire way, then I could save up for something as big as a car.
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missing the point
All the letters that criticized Sarah because her debt wasn't large enough, or her road to recovery wasn't arduous enough, are missing the point. Her article is compelling because it is a genuine mea culpa -- rare these days. Without varnish or excuse, she confesses that the cause of her plight was her own immaturity: she wasn't adult enough to live within her means, or even try to determine what the real limits of her means were.
In the age of Oprah there is no shortage of confessions, but almost all of them blame someone or something else for the authors' transgressions, are merely salacious, or confess to vices that the authors secretly believe to be virtues. It takes a big person to own up to a character flaw and then try to correct it. Congratulations on that adulthood.
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Nobody missed the point
The point was the author claiming that getting money from daddy was a personal rite of passage into adulthood.
Any other points notwithstanding, that particular point is pathetic. In the extreme.
Are all Salon's editors similarly untethered to modern reality? Are they all similar children, playing make-believe?
(and why do I feel this letter is unlikely to become an "Editor's Choice"?)
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To those decrying freelancers
Freelance writing is not a dead-end endeavor. I've been one for the last 8 years in Manhattan. Last year I made $86,000, and this year I will top $100,000, and that's just one company I work for. While it's true when I first started out the money wasn't great---I made something like $15,000 for the first few years and had a very understanding wife---if you write great stuff, turn it in on time, are pleasant and easy to deal with, you'll do fine eventually.
Last week atelevision writer contacted me, wanting to turn an article I've written into a screenplay, and we closed a deal for me to get a co-writing credit. No guarantees in any field, obviously (and there are a LOT of screenplays out there) but I'm just saying---freelancing ain't the devil necessarily. You either tap into some great sources of income, or you find out eventually that maybe you're not the wonderful scribe you thought you were, and you find another way to make a living.
I find that most people think they're better writers than they are, or musicians, or actors or painters.
When you're not cute and 20 or 30 or even 40 anymore, that's when you find out who has the talent.
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My big, fat, unpaid credit card bill -- more like dumb credit card holder.
How terrible imagine that! you owe back taxes and credit card debt. Are we supposed to feel sorry because your not too bright? Fraid not. You got the goods, pissed away the booze you bought on credit and crapped out the meals you ate courtesy of Master card. Now it is time to pay up! And cheating the IRS you say Maybe they'll just settle for a pound of flesh without blood but doubt it.
Too bad we don't have debtor's prisons anymore or workhouses. You'd be the perfect candidate.
Sweet dreams about the life of a bag lady!
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Good on you, anon@05:12...
... for making freelancing work.
"When you're not cute and 20 or 30 or even 40 anymore, that's when you find out who has the talent."
Oh, dear. I don't think Mary Williams got that memo.