Comments for Owing Money Sucks

Comment on Explosive Retail Diarrhea by Mv_augusta10

Mv_augusta10 — Fri, 29 Apr 2011 07:32:00 +0000

Goes to show how many mindless drones there really are in this world, these people will forever fuel rediculouse consumption until there is nothing left

Comment on Forget about retirement, most don’t even have emergency funds by Good Nelly

Good Nelly — Sat, 09 Apr 2011 06:21:00 +0000

Yes, it is absolutely true. Most of the individuals don’t bother to save money for their emergency funds. They just love to spend money to purchase different items. Take the example of my friend Rose. She earns well every month. Her husband works in a MNC company. Rose just loves shopping. Every month, she purchases 2 designer gowns every month. I have told her to save some money by budgeting. But she always wanted to live life to the fullest.

Last month, fire broke out in her house. The entire house is damaged. Luckily, at that time they were busy partying. However, after returning, their life has turned into mess. She doesn’t have any savings and needs to have instant cash for renting a new house. She has taken out a huge personal loan for meeting immediate expenses. I doubt, how will she repay the loan if she doesn’t start saving from now onwards.

Comment on The Right Way To Monitor Your Credit Report by Am I Liable for the Balance or Difference in a Short Sale?

Am I Liable for the Balance or Difference in a Short Sale? — Mon, 21 Feb 2011 20:19:42 +0000

[...] c) how will your debt history be affected (I loathe the term credit.) [...]

Comment on Even The Experts are Upside Down by Jon Griffith

Jon Griffith — Sun, 19 Dec 2010 23:53:00 +0000

Yes. A short sale will hurt your credit, and it will take 2-3+ years before you’ll be approvable for conventional financing from a main-stream lender. However, a true short sale candidate is in a financial position that is already hurting their credit, and is going to lead them to foreclosure sooner or later. So, the Short Sale is a viable buffer to lessen the credit damage that’s already coming your way.

On the topic of credit scores…the only thing one needs a credit score for is to borrow money and if you re-adjust the way you manage your finances to pay for everything in cash, it really won’t matter if you have a credit score or not.

Comment on It’s Fun to Watch Money Grow, Even If It’s Only $1000 by Jon Griffith

Jon Griffith — Sun, 19 Dec 2010 23:51:00 +0000

You are right about the emergency fund being more important. Emergencies are going to happen. There’s no way to avoid it. Your best bet is to put $1000.00 of the tax refund towards the emergency fund and then leave it alone. It’s there for small emergencies while you get out of debt before you attack the full emergency fund.

Think of it this way. If you paid off the $3000.00 credit card, then you had an emergency, would you then be likely to borrow again on the card to cover the emergency? Feeling like you’re making progress won’t make a difference if you don’t have the pillow to rest your head on ($1000.00) every night. Go with the E-fund first, then work to pay off the rest.