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Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: Bankrupt or try to 'gut it out'?||Date: 11/14/2012 7:54 PM|
|Author: aoeuid||Number: 306429 of 310602|
AJ wrote about our budget:
I think you are being overoptimistic on several counts:
***Yeah, I thought it seemed a bit 'too good' to be true. But the mountain cannot see the mountain. So, thank you for sharing your thoughts below.
- you haven't said that you have stopped using the cards - if you haven't already stopped using cards, stopping their use is critical to the implementation of this plan, and may not be that easy to do
****We haven't used them in over two months now. But, I do see your point and thank you for the reminder.
- you are not adding BT fees to your debt balances or else assuming that the interest rate (and along with that, the required minimum payment) will go up if you don't find another BT opportunity - this alone will probably add 6 months - 1 year to your plan
****OK. Good point. I can live with that. However, thank you for making us aware of that area.
- since you haven't been tracking your spending, I suspect that the other expenses are probably in excess of $1000
****You could be right. I think the wife has been tracking some lately. But we have not been disciplined in that area. I know. We need to be. Thank you for the reminder.
- you never said if the $1000 was net of estimated tax payments - if it's not, then you won't actually have $1000 or your tax refund may not be as large as you plan, if