Gaming Your Debt

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?

Maybe they can give you a gold star every time you pay?

Originally posted by AThousandYoung
I have lots of people I owe money to. I have some money and I want to pay people back. Who do I choose?

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

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.

Originally posted by darvlay
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

Here is my list in order of importance.

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.

Originally posted by AThousandYoung
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?

Sean Penn lost a couple of fingers in U-Turn, to loan sharks. (1997)

how long til you reach that point?