emotional payment plan

**Russ** · 06-09-2010, 12:21 PM

Preston - Did you write this article?

I know you didn't but I thought about you when I read it. Pay off most-hated debt first for biggest relief - Personal finance- msnbc.com
It does make sense.. when you hate a bill or creditor it would MAKE you want to get rid of the dang thing quicker and thus be more aggressive in the payment plan.

Does anyone else attack debt this way?

**McD** · 06-09-2010, 12:27 PM

I am pretty sure Preston follows this method of debt repayment. We do not.

**Russ** · 06-09-2010, 12:29 PM

We don't either, we hate all of our debts equally.

**McD** · 06-09-2010, 12:34 PM

Just read the article and this quote made me a bit angry: Shareef Defrawi, a project manager from Houston, is also dealing with an unjust debt, and it makes him cringe each time he thinks of it. Defrawi rented a car for a friend, who never returned the vehicle. "He literally skipped town. I fought the matter long and hard, but to no avail. I got stuck with a $16,000 public collection on my credit report and a $4,000 charge-off from my bank."

How exactly is it an unjust debt? He rented a vehicle for his friend. He signed up as being financially responsible for that vehicle. Now that he is being made to follow through on what he signed up for, it's unjust?

**Cricketlegs** · 06-09-2010, 12:47 PM

Originally Posted by MrsMcDowell

Just read the article and this quote made me a bit angry: Shareef Defrawi, a project manager from Houston, is also dealing with an unjust debt, and it makes him cringe each time he thinks of it. Defrawi rented a car for a friend, who never returned the vehicle. "He literally skipped town. I fought the matter long and hard, but to no avail. I got stuck with a $16,000 public collection on my credit report and a $4,000 charge-off from my bank."

How exactly is it an unjust debt? He rented a vehicle for his friend. He signed up as being financially responsible for that vehicle. Now that he is being made to follow through on what he signed up for, it's unjust?

I agree. Why should the car company be out a car and income. When you sigh on the dotted line you are responsible.

Everyone seems to always want to pass on responsibility these days...

**mek42** · 06-09-2010, 03:59 PM

Would folks here consider the guy to be dodging things if he pressed criminal and civil charges against the friend?

**Greebo** · 06-09-2010, 04:09 PM

Originally Posted by mek42

Would folks here consider the guy to be dodging things if he pressed criminal and civil charges against the friend?

Not at all. The friend is responsible to him. But HE signed for the car - he's responsible to the rental agency.

**craftypam** · 06-09-2010, 04:14 PM

Too bad EVERY SINGLE person who is thinking of cosigning for someone could read that!!!!!

**McD** · 06-09-2010, 04:28 PM

Originally Posted by Greebo

Not at all. The friend is responsible to him. But HE signed for the car - he's responsible to the rental agency.

Ditto to what Greebo said. He can (and should) go after the friend. But in the meantime, as the person who signed the rental contract, he is the responsible party and needs to adjust his attitude accordingly. Rather than being mad at the rental agency who is following their agreed upon contract, be mad at the friend or be mad at himself for not realizing the consequences of such a risky action.

**mek42** · 06-09-2010, 04:48 PM

For future reference, would it have been possible for him to have merely made payment for the rental without accepting responsibility for the rental?

**kita** · 06-09-2010, 11:49 PM

Yes, you could pay for the rental without actually being resposible...if you handed your friend CASH. I would imagine that if the friend skipped town with the car, the rental agency would be looking for any card or resposible person connected to the car to replace their loss.
Given the level-headed responsiblity of the friend, I might have even wiped my fingerprints off the cash.
Antohter thing I have heard of doing is ...If you need a car for a coupleof months and don't have the money for rental is to buy a really really cheap beater. Then just junk it for what you can after the two months. Of course that means you have to have no squeamishness about driving an old car. This friend obviously wanted to drive very new car for free.

**frugalwarrior2** · 06-10-2010, 12:08 AM

Well, i have never dodged a debt but i do target most annoying ones first.
We started this year by paying off our road assessment. 51% of our neighbors decided our road needed paving NOW. This left me w/ $2500. bill at 12%. (never do double digit Interest) Kicked that to the curb in Jan.

Just tossed my $3800. visa because they claimed it was late because their site was down and kicked it from 5.9% to 14.99%. Goodbye turds.

Currently, starting on the hated." Debt my DH ran up because he trusted his old job and they stole from him" loan. (complicated don't ask.) Down from $10.000 to $6100. and under attack.

MY ritual is paydown debt the first 2 weeks of a month,pay bills the next 2 weeks.
Following month-fix long neglected repair/replacements and unexpected breakdowns the first 2 weeks and pay bills the 2nd 2 weeks.
So big paydowns usually occur bi-monthly? (every other month)

I think that guy is a crook though. Circumstances happen but he signed,he owes. He's just passing on debt to others and oddly seems proud of it.
Yes I pay bills emotionally. It may not be cheapest to the penny but provides me the most steam to keep on tracking after 5 long years of paydown.

**TheRootedNomad** · 06-10-2010, 08:45 AM

I don't generally pay them off that way. I have, however, noticed that I put either ALOT MORE energy or ALOT LESS energy into paying debts/bills that peeve me for some reason when they are on the table. I will work harder to pay them off when they remind me of my own stupidity. Technically in the majority of cases I think we get angry at companies when we should be angry at ourselves for our stupidity for falling into thier debt crap. There are exceptions though such as, the $36 a tablet non-perscription strength tylenol given to my DH in the hospital for a headache. You couldn't bring your own in so they charge enough to supply our frugal family with Tylenol for over a decade for 1 tablet.

...Sorry off track there..... It took me months to pay the last $36 of that hospital bill. I kept throwing it back in the basket.

**Preston** · 06-24-2010, 12:22 PM

Read My sig file..

It really helped me focus. And I'm glad I did it that way.

I hate all debt. But if I have to choose between a CC with Chase or a loan with my local credit union, I am going to get rid of chase. I would rather the CU get my money if I am going to have to pay it regardless.