Debt slowing your prep? Talk to my wife

[user 5723]

Howdy. I wanted to address an issue I've heard from people that would like to prep, but have a very common obstacle: debt. Now, I don't know everyone's circumstances, and today student loan debt is somewhere around 5% of the nation's debt. Ridiculous. This is untenable. Nonetheless, I wanted to share a resource that many in my community have used to get out from under certain kinds of debt.

My wife.

She is a financial professional and is networked with settlement attorneys to negotiate people's delinquent debt down to about half. Much easier to make payments on a $10k debt balance than $20k, which then frees up some cash flow to finally get those food reserves, water storage, EDC, and whatnot.

So, if you or someone you know is getting buried by outstanding credit card debt, medical bills, delinquent utility bill, repossession debt, or foreclosure balance, PM me and I'll introduce you/them to my wife. Unfortunately, she can't touch student loan debt, active account balances, military STAR cards, or existing mortgages. Will it work for everyone? Not sure, which is why they should get a free consultation before committing to a settlement.

Either way, better to let people know of something they may not need than to withhold something the may actually need. God bless!

 

[Brent S]

The problem with negotiated settlements is it trashes your credit. It’s very much like bankruptcy. I figure if you got into debt, then you should work your ass off to get out of it. Of course staying out of it to begin with is my first choice! There are some instances, like medical debt. If you’re sick and can’t afford even minimum payments then bankruptcy is an option.

 

[Dani]

Using credit is an easy way to add on debt especially for the young generation. . . . just swipe and instant gratification. I hate credit cards and refuse to use them myself. Back in the day when I was married to an idiot and we ended up getting a divorce, I was stuck with 1/2 his credit card debt. It took me a while to pay all that off but good ridense. People who put themselves in that kind of financial burden do not care at the time. . . maybe later when it finally catches up with them. Its a lesson learned but there is always consequences to ones actions.

 

[Petoski]

Other than because of serious health problems I can't understand how anyone would have money issues. There is always work to be done to earn your keep. Everyone I know has massive debts even thought they earn loads of money. The problem is that they spend it before they have earned it and they want things they can't afford. I never went to University, worked minimum wage all my life and paid for my house in cash before the age of 35. I somehow manage to do all the things they do as well. The key is to save for something before you buy it. Savings are essential. Money makes more money. Debt makes more debt.

 

[Brent S]

Other than because of serious health problems I can't understand how anyone would have money issues. There is always work to be done to earn your keep. Everyone I know has massive debts even thought they earn loads of money. The problem is that they spend it before they have earned it and they want things they can't afford . I never went to University, worked minimum wage all my life and paid for my house in cash before the age of 35. I somehow manage to do all the things they do as well. The key is to save for something before you buy it. Savings are essential. Money makes more money. Debt makes more debt.

I think the key is the one word you mentioned above, savings. If you don’t have something in savings then the first time your car breaks down then you have to borrow to fix it. First off, cars breaking down are not emergencies. News flash, ALL cars are going to break down. Having some money set aside for it is just part of the cost of driving.
I agree with Danilgrl about young people on average aren’t ready to deal with credit cards. That’s exactly why all the banks push so hard to sign them up. Parents should be teaching this stuff to their kids but unfortunately too many of them can’t handle finances themselves. These big banks/businesses are predators. They literally prey on the young, inexperienced and ignorant. With years of learning how to entice with great advertising campaigns and other psychological tricks they are getting richer as the general public gets poorer.

 

[brandx]

I have some bills that go to the credit card so I don't forget to pay them, but there is no balance kept. I have no car or house payments. You must pay for things to buy them. I see being frugal as a great survival skill and should be more highly rated.

 

[brandx]

The problem with negotiated settlements is it trashes your credit. It’s very much like bankruptcy. I figure if you got into debt, then you should work your ass off to get out of it. Of course staying out of it to begin with is my first choice! There are some instances, like medical debt. If you’re sick and can’t afford even minimum payments then bankruptcy is an option.

An ounce of prevention. just don't go into debt. I have no debts to consolidate.

 

[Petoski]

I have some bills that go to the credit card so I don't forget to pay them, but there is no balance kept. I have no car or house payments. You must pay for things to buy them. I see being frugal as a great survival skill and should be more highly rated.

Unfortunately frugal and thrift seem to have become dirty words.