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Staying out of debt



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thegiver




 
 
    
 

Post Thu, May 30 2024, 12:03 am
My credit card is calling me and summer is coming. I’m not a major splurger but would love to hear motivation stories how to stay away from my credit card even though I need more $ this summer.
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amother
Maroon


 

Post Thu, May 30 2024, 3:20 am
We canceled all our credit cards. We took out a loan from our kehilla and payed off all of the debt in one go, in order to avoid the interest rate. It took us about two years to pay back our loan to the kehilla. We only use debit cards.
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amother
Freesia


 

Post Thu, May 30 2024, 7:22 pm
amother Maroon wrote:
We canceled all our credit cards. We took out a loan from our kehilla and payed off all of the debt in one go, in order to avoid the interest rate. It took us about two years to pay back our loan to the kehilla. We only use debit cards.


what do you do if bank acct is empty and you need groceries or need to give deposit for camp or pay your electric bills???

Pls give real life tips!
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amother
Peru


 

Post Thu, May 30 2024, 7:25 pm
You don't buy the groceries. You make do with what you have in the house.

You pay the electric bill late.

You either ask your parents for the camp deposit or beg the director for rachmanus, or don't send to camp after all.

Welcome to my life. Our credit cards are maxed out so we are forced to live paycheck to paycheck.
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amother
Maroon


 

Post Thu, May 30 2024, 7:29 pm
amother Freesia wrote:
what do you do if bank acct is empty and you need groceries or need to give deposit for camp or pay your electric bills???

Pls give real life tips!

So this is how we made debt. By buying groceries with credit cards. This was while my husband was without a job. As soon as he got a job, we canceled the credit card and did as described above.
I would never do it like that again. I would straight out ask people and relatives, or even our rav for help with paying basic necessities.
Best of luck ❤️
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amother
Freesia


 

Post Thu, May 30 2024, 7:33 pm
amother Maroon wrote:
So this is how we made debt. By buying groceries with credit cards. This was while my husband was without a job. As soon as he got a job, we canceled the credit card and did as described above.
I would never do it like that again. I would straight out ask people and relatives, or even our rav for help with paying basic necessities.
Best of luck ❤️


Thanks. appreciate.

so if you have $5 in account, you would not go shopping for shabbos/ yt??
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amother
Peru


 

Post Thu, May 30 2024, 7:41 pm
amother Freesia wrote:
Thanks. appreciate.

so if you have $5 in account, you would not go shopping for shabbos/ yt??

You would figure out the best use of $5 for Shabbos and make do for the rest. It's uncomfortable but doable.
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amother
Maroon


 

Post Thu, May 30 2024, 8:09 pm
amother Freesia wrote:
Thanks. appreciate.

so if you have $5 in account, you would not go shopping for shabbos/ yt??

I would ask for help. Are there any organizations like tomche shbs in your area?
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amother
Acacia


 

Post Thu, May 30 2024, 8:21 pm
amother Freesia wrote:
what do you do if bank acct is empty and you need groceries or need to give deposit for camp or pay your electric bills???

Pls give real life tips!


There aren’t any. Sometimes you’re stuck. Either you use cc or don’t pay it. Now that we lost snap All our groceries go on credit card. They seem to think because we make 5k more a year we have 10k to spend on groceries. And we lost insurance so the $400 a month for that goes on cc too. 🤷‍♀️
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amother
Snowflake


 

Post Thu, May 30 2024, 8:23 pm
amother Freesia wrote:
Thanks. appreciate.

so if you have $5 in account, you would not go shopping for shabbos/ yt??


What would you do if you had $5 in your account AND your credit cards were maxed out? Whatever your answer to that is, that’s what you should do if you have $5 in your account and technically still have a line of credit available to you.

If your average monthly income is not enough to cover your average monthly expenses, then using a credit card is just kicking the debt can down the road. At the end of the day, whether it takes months or 3 years, your credit will be maxed out and you’ll need to massively tighten your belt and/or take another job to raise your income and/or take tzedaka money to cover your basic needs. And on top of that you’ll have a massive mountain of high interest credit card debt. Might as well stay ahead of the game and make credit cards not an option and take all those measures without having the debt.
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