Debt consolidation? Anyone?

[sean]

Hey, I've been shopping around for a way to consolidate some of my high interest debt. Does anyone have any recommendations? I have about 20k in debt. I was looking at the American Express balance transfer offer - it's 4.99% APR for the life of balance transfers. But I'm not so clever with reading all the fine print on things like this. Plus I'm not even sure if my credit is good enough to get approved for this, especially for 20k.

 

Any thoughts?

 

Thanks,

Sean

 

PS - One of the coolest things I've found recently, sent to me directly by the Taoist bill gods, is billQ. You can stick all your bills and debts in there and when you payments reoccur and it creates a bill queue for you. Hard to explain, you just have to check it out.

[Lozen]

I consolidated my student loans and it helped me a lot. I forget what the interest is but I will check for you when I get home.

[Trunk]

I prompted a friend, some yrs back, to research this. Not sure where to look, but she found some services that consolidated most of her debt - some of it with near 0 interest. She called some place and got some professional advice over the phone. Sorry I can't be more specific, but you might try calling an accountant in your local phone book.

[Cameron]

Have you not been listening to Max? Come 2012 we are out of here! Why bother paying off debts?

 

Seriously though..listen to Kieth..if there is a solid, responsible guy on this board I think it's him.

[SheepishLord]

Hey, I've been shopping around for a way to consolidate some of my high interest debt. Does anyone have any recommendations? I have about 20k in debt. I was looking at the American Express balance transfer offer - it's 4.99% APR for the life of balance transfers. But I'm not so clever with reading all the fine print on things like this. Plus I'm not even sure if my credit is good enough to get approved for this, especially for 20k.

 

Any thoughts?

 

 

I had 20k in debt maybe 2 years ago. Now I have none. What I did was:

 

1.Transfer all credit card balances onto 0% interest cards THAT YOU WILL NEVER USE--they are still available.

2.Open a Nevada corporation and file for subchapter S status.

3.Get an Amex gold business card where you have to payoff every month in full.

4.Write off all expenses possible as business expenses and use Amex statements as receipts (talk to an accountant to see what you can write off).

5.Create some sort of on-line business for your corporation. If you don't make a lot of money the write-offs will give you a fat refund every year you can use to pay off your debt. If you make money, you use profits to pay off debt.

 

Debt sucks. While manipulating lines of credit is one way to leverage yourself rich, going into debt is slavery.

[Yoda]

What's a Nevada corporation?

 

~~~

 

Not kidding: I honestly felt that the world as we know it was going to end by 1995 so I just lived for a few years on my cards (I lived very cheap). Sadly though, the world did not end and I had 25k to pay back! The humor of the situation made it entertaining to pay back. As Esther says, it's nice to make a game of it.

 

~~~

 

I got an astrology email that says not to monkey with technical shit or buy electronics, etc until the end of November as there's lots of gremlins out there, but that we'd be really drawn to do so. While I fully intend to ignore this advice, I have to admit that I'm drawn to messing with infrastructure right now and it is glitchy too!! But I also realize that a smooth flowing infrastructure, like keeping better tax records, backing up the computer, etc are habits I need to improve so that my money vibe can flow more smoothly.

 

~~~

 

My fiscal advice: get the fuck out of San Fransisco!!! Life is cheap in Columbia, SC and you can be my neighbor. Median house price $140,000. Not a misprint. No traffic jambs, etc. You'll lose the breath taking beauty of the Pacific so take some photos before you leave. My cousin just evacuated from the bay area to Gainsville, FL median price $220,000+/- for your basic house but that's still worlds better from where she left and doesn't have to fight the traffic either. I have no idea how you folks survive in the big city, but here in the sticks, we can work part time. Right now, the rest of the world is discovering us. We are starting to see new construction neighborhoods that are a full 30% from the NYC and 30% from Florida, so our below market pricing won't last forever.

 

-Yoda

[thelerner]

One book, 'Money Mastery' has its last couple of chapters on how to create a home business and all of the various tax breaks and write offs you can get from it, as well as pretty good get out of debt advice. (The writer considers a home business a must) Its available from the library.

 

You will have to consult an accountant for up to date advice, but that book is an excellent place to start.

 

Michael

[SheepishLord]

What's a Nevada corporation?

 

Nevada corps are the most bullet-proof. Impossible to find out who owns them. Lots of other advantages.

 

Subchapter S status means corporate profits are taxed as personal income, and you can write stuff off.

 

I also think about leaving the city one day.

 

-P

Edited November 1, 2006 by SheepishLord

[Yoda]

Plato,

 

You can use my pad as an HQ if you want to scout the SE. I've got a pal in Athens, GA if you want to check out that scene too. The SE rocks!

 

-Yoda

[SheepishLord]

Plato,

 

You can use my pad as an HQ if you want to scout the SE. I've got a pal in Athens, GA if you want to check out that scene too. The SE rocks!

 

-Yoda

 

Awesome! Thanks, I will keep it in mind.

[mYTHmAKER]

This may sound pretty basic but here goes anyway.

Make a list of everything you spend.

See where you spend money where it's not really necessary.

Use the library instead of buying books. You should be able to search and reserve online.

Only buy books that are really necessary.

Eat out less often.

Take food to work from home.

Any thing you no longer need give to the thrift shop for a tax deduction.

Someone throws something out take it to the thrift shop for a deduction.

See if you can deduct workshops either as donation or business related to Tao Bums -

testing products.

All the small stuff adds up.

Get a 0% card as someone previously suggested so you can stop paying interest.

Use cash don't charge.

Sometimes if we don't buy something right away we realize we don't really need it.

[sean]

Thank you for all the valuable advice everyone. I'm printing out this thread.

[sunshine]

Thank you for all the valuable advice everyone. I'm printing out this thread.

 

What is a 0% card and were to get it?

 

thankx

 

Harry

[Lozen]

Oh, and I was wondering what everyone's get rich quick schemes are. I sell books on amazon...

[Yoda]

sell books on amazon... I'll second that.

[freeform]

Oh, and I was wondering what everyone's get rich quick schemes are. I sell books on amazon...

 

When I buy books, I buy them from sellers like you on Amazon - it's cheaper and leaves me with more money!

 

although - that's hardly a 'get rich quick' scheme - more of a 'get poor slower' scheme...