Friday, July 18, 2008

How to get into debt by Bobby G!

Have too much money? Tired of flaunting your cash all the time? Pay cash for everything? My strategy can help you get in debt fast! Here are a 5 simple steps!
1. Start w/ no money management skills, spend money AS SOON as you get it!
2. Live WAY beyond your means! Get that Corvette or Harley, you know you want it & customize the shit out of it!
3. Buy a House! They suck up money fast!
4. Use credit cards to live! Dont have money for groceries or gas? use your credit card! its FREE money!
5. Deny you have a problem! See that CC statement say you owe $8000 & ignore it! All that means is you have $2000 left to spend!

Follow these steps & youll be sure to have a bad credit rating at all times!

OK! Obviously DONT follow these steps or your life is gonna get hard in a hurry! My debt started when I moved out of my parents house. I was the only one w/ a CC, So I put all the deposit & moving expenses on my card, my 2 roommates paid me back but I blew all the money. When i moved out we got a great place but it was expensive! I was only making about $1000 a month & had a car bill & cell & few other bills so i started using CCs to live. I maxed out my CC in about 6 months. Food, beer, electronics, everything went on the card. I was quickly in debt. My mom was kind enough to do a balance transfer but in no time I had it maxed out again, The problem was i didnt have enough money to live. I got a house & could afford the mortgage & my bills but NOTHING else, no food, beer anything so I got the CC & kept spending, pretty soon I had 4 cards, the balance were $10,000, $8,000, $1600, $1200 All but one was maxed out, I realized that i had so much CC debt (though i always pay atleast the minimums) my credit score was shot. My debt to income ratio was too high. So I realized I had to do something, I cut up & tossed all my CCs, I was BROKE! I couldnt go out, I had about $20/week for groceries which I was able to budget to feed myself, I also got a 2nd job as a server & every cent goes to cc debt, so far im applying the snowball method, pay off the lowest balances (to get a sense of accomplishment) and then il take those payments & apply all of them to the next card & so on, its gonna take a while, but im also gonna put tax returns & every other income I get to debt, I just gotta get it done! I have learned my lesson for sure! I dont plan on ever having a CC again, I may not have any loans either (except mortgage) Im gonna have to buckle down & get this done, I got a good bike, a serviceable car (since my dad is a mechanic) so now its time to knock it out! Im ready!