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My parents have coned me into using my visa..


glegend
How To Eliminate Student Loan Debt ...
How To Eliminate Student Loan Debt ASAP

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and now im in like debt. i can pay it off; however, i've penny pinched so much to save all the money i have and i have my own expenses and i dont know what to do. right now its mostly the minimum payment is being pay to about a few hundered dollars. its been since november 2007. 3000 is being carried over @ 19.75% interest. all my expenses that i put onto my visa is being payed off. however, that 3000 in their debts is still there. the other day my dad took my bill and is like "i am going to pay off the 3000" and paid only 50 dollars while he neglected to tell me how much he is going to pay off.

 

i dont know what to do. they say by the next due date, feb 10, they will pay everything off. but i dont know what to do. my mom just started her new job, my dad has not got to work since christmas. i feel like my credit is going down the tubes and they are ok with that. i want to get rid of this headache, and the headache called visa however i'm going to need the visa in the near future. take them to small claims court but all we had is a verbal agreement.

 

i dont know how they can sleep at night. how they can live day by day knowing that they are screwing me up the way they have screwed themselves up and how they are ok with it.

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Get a balance transfer 0% card with no transfer fee and stop paying interest asap. Continue to penny pinch (and even get a second part-time job if you can) so you can pay it off without their help.

 

In the future remember this, we cannot give away what we do not possess no matter how much we may want to.

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I can't get a card with such a high limit. Where I work I make killer money (for a minimum wage jobm, 9.05/hour, it killer) during the spring-mid summer season and again at christmas, the rest of the time I make crap.

 

For a second job theres only a few places I can work at. I need to find a place where I can work the graveyard shift. I usually finish school at 6pm.

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You see this card is screwing me over because in a few months time I'm going to need to apply for a small business loan. This 3000 is going to act as a restriction towards me getting my loan. They are going to see the minimum payments being made, and what I've herd is if the minimum is being made then it doesnt effect your credit but the bank is going to see the rest and they are going to decline me. And the Visa is supposed to be the back up for me with the business loan.

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It's totally understandable, they are your parents after all.

 

They are my parents and that why I said ok. They made me believe that I should do it and that it will be taken care of. The last time they wanted me to use the visa they threw me a wad of cash and said here is the money use the visa now. The time before that they paid it on the due date. But this time is has not come to that.

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I told them tonight. Next time there is not going to be a next time. And they need to be upfront with me and tell me if they have any intentions on paying it off or not. And the truth, all they could tell me was "as much as you don't believe us, it will be paid on the due date". My dad says that he is waiting on a cheque that he is going to get from this customer of his; I don't believe it though since he told again tonight the cheque was not ready and he has been telling me the same excuse for the past week.

 

You know whats also sad. I bought my dad a 800 dollar saw for christmas, knowing he needs it and that he can afford to spend that money on the saw. He tells me to take it back, I'm going to. But I really really regret buying him that saw or anything that big.

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How frustrating that must be and I wouldn't doubt that you might be getting a bit pissed off at them too.

 

Here's the bottom line, the debt is in your name. Start taking steps to erase it yourself, you will feel much better when you start living in the solution.

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I'm going to take the saw back, it never been opened. 800 will be off my part, and I will only have 54 dollars on my part on my visa. I guess if its not paid by the date then I have to dish 3000 + interest out of my bank account and start making changes to my everyday life. I guess I'll be stuck working retail for a few more years until. The little money I have set aside is not only for my expenses its for my business start-up money. I guess that is never going to happen then. I guess no more driving my SUV, and I guess I'm back to good old walking. Maybe even giving up my kick @$$ cell phone plan and going to a pay and talk plan.

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Credit cards are the worst thing that can happen to anyone, their virtually pointless, I got mine when I turned 18, and have been living off of them since, just a week ago I got a loan to consolidate both visa's that I had, I paid off both cards with the loan, which has a much cheaper interest rate, and cancled my cards.

The worst thing to have in terms of credit while making half decent pay, is revolving credit, you'll pay it and use it again, it's the worst thing.

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Credit cards are the worst thing that can happen to anyone, their virtually pointless, I got mine when I turned 18, and have been living off of them since, just a week ago I got a loan to consolidate both visa's that I had, I paid off both cards with the loan, which has a much cheaper interest rate, and cancled my cards.

The worst thing to have in terms of credit while making half decent pay, is revolving credit, you'll pay it and use it again, it's the worst thing.

 

TD bank keep calling my house and giving me offers for a Visa. They offerd me the Visa Infinite Card with a 20000 limit. I went to get it and got turned down since I don't a high enough income. Then they offered me the Classic, which is 2 below the Infinite card. Work mistake of my like. I got mine in August.

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I would cancel the visa right away, pay it off as quickly as you can, and the next time you need a large amount of money, get a loan, loans are the way to go in terms of building credit.

 

And for future reference, once this credit card business is out of the way, I wouldn't tell your parents about any loans or any other kinda money you have access to.

 

Money and family isn't a good mix, usually leads to trouble, as your well aware of.

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I want to cancel it right away. First I need to apply to college again so I need to pay by Visa on the ontariocolleges website then I could cancel it. However, two things keeps popping into my head though. (1) If I start my shop and need to order parts, what if require a payment by credit card [i don't know how the aftermarket part companies work, I usually get my part from a family friend who is a mechanic sometimes even from my uncle who is also a mechanic, and every now and then I order online]. (2) What if I don't get the loan that I need to start my shop, I would at least have my visa.

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You can do a money order instead. Plus, even if you don't get the loan, the amount you have on your credit card won't be enough to open a shop anyway, you'll either have to save, or keep trying for the loan, if you don't qualify, they will tell you why, and what is needed, usually with a business loan, you don't need an income, just a solid business plan.

 

At least thats how it used to be, you really have to sit down with somebody at your branch to figure out whats best for you.

 

I'm not saying never get a credit card, it can be useful, but if your making a substantial amount of money through your business in the future, then a credit card won't really be needed, but it is convenient, just not for someone struggling to get outta debt.

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