Debates
07 Jan 11
07 Jan 11
I have lots of people I owe money to. I have some money and I want to pay people back. Who do I choose?
Why is it so difficult to transfer money to people you owe? It's so much easier to spend money irresponsibly than to pay people back. Creditors are usually demanding and punitive, and very inconvenient.
Shouldn't market competition lead to improvements in the debtor's ability to pay debts on impulse?
07 Jan 11
1 edit
Originally posted by AThousandYoungHere's my order of payback preference:
I have lots of people I owe money to. I have some money and I want to pay people back. Who do I choose?
Loan sharks or any other criminal lendor
High interest credit cards and loans
Utilities and services (Electric, Cable, Phone, etc.)
Low interest credit cards and loans
Lines of credit
Friends
Family
07 Jan 11
4 edits
Forget them all and donate to your favorite charity - who'll be more grateful.
Disclaimer: this is in no way sound fiscal advice.
I think you'll find that if you delay your payments too long, they'll start making it real easy for you to choose though - in the form of garnished wages and what have you.
08 Jan 11
1 edit
Originally posted by darvlayHere is my list in order of importance.
Here's my order of payback preference:
Loan sharks or any other criminal lendor
High interest credit cards and loans
Utilities and services (Electric, Cable, Phone, etc.)
Low interest credit cards and loans
Lines of credit
Friends
Family
1. IRS
2. Mafia/criminal lenders/ loan sharks (They are not as bad as the IRS but close)
3. Student loans (Can't ever get rid of them with bankrupcy)
4. Anyone about to take anything else from me.
10 Jan 11
1 edit
Originally posted by AThousandYoungSean Penn lost a couple of fingers in U-Turn, to loan sharks. (1997)
I have lots of people I owe money to. I have some money and I want to pay people back. Who do I choose?
Why is it so difficult to transfer money to people you owe? It's so much easier to spend money irresponsibly than to pay people back. Creditors are usually demanding and punitive, and very inconvenient.
Shouldn't market competition lead to improvements in the debtor's ability to pay debts on impulse?
how long til you reach that point?