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6 minutes ago, NeedDiscipline1 said:

Hello, 

i am at a place where I cannot pay my credit card bill and I am going to let it slide into default. Should I be spanked for mismanagement of my money? 

That's a question no one but you can answer. Think about whether it's important to you or not and whether it was due to negligence or things outside your control...that should help you answer.

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28 minutes ago, NeedDiscipline1 said:

Hello, 

i am at a place where I cannot pay my credit card bill and I am going to let it slide into default. Should I be spanked for mismanagement of my money? 

I’d say you do

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39 minutes ago, NeedDiscipline1 said:

Hello, 

i am at a place where I cannot pay my credit card bill and I am going to let it slide into default. Should I be spanked for mismanagement of my money? 

Speaking as someone who has been in this place lately due to financial strain, I'd say you have to ask yourself why you can't pay the bill. If it is a legitimate reason (like a job change or loss that caused you to have less money than you have had previously) then first contact the card company and explain it in vague terms ("I've had a family emergency and an unexpected medical bill" versus spelling out exactly what the issue is to a stranger) and they may waive the payment for a period of time or at least this month's late fee. 

If it really and truly is due to financial mismanagement, everyone makes mistakes. Is this the first time, or does this happen habitually?

Like others have said, only you know the specific reason why it's happened and so only you know if you've actually done something wrong or if it was something out of your control. If you really aren't sure, find someone you trust to explain the situation in more detail than you probably feel comfortable sharing on a public forum and let them give you advice. 

Good luck!

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Sadie gives good advice.

If you can possibly ride it out and make deals with your credit cards it will be to your benefit.  Your credit rating is probably not so hot at the moment and defaulting will kill it.

And, yeah, only you can answer the spanking question.

 

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I agree with most of the above. Work with your credit card company. Don't spend what you can't pay back.

As to the spanking...it depends...first of all was the default your fault or something you couldn't control? Are you working with someone who is helping you with finances? Would the spanking help feelings of guilt?

Would a spanking help with your spending habits and give you the motivation to pay the credit card on time? If not, a spanking will do no good. It would just be another excuse for a spanking.

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Another thing. There’s an old saying that essentially says when you find yourself in a hole, stop digging. 

Make the calls to the credit card banks and try to work out a payment plan.  

Then take the cards, put them in a container, fill with water and put them in the freezer.  Suddenly the ability to just grab the card to use is gone.   You have to thaw one out first. 

Had an ee with your problem.  That helped her get her balances way down.  

As to paying - try to negotiate the interest. Some lenders will do this because they’d rather collect on all the debt than have you default.   Then start paying off the minimums regularly on time.  Take the one you owe the most on and every month throw all you can at that.  Eventually you’ll get down to zero.  Then go to the now highest and do the same thing.  Eventually you’ll pay them all off. 

Unless you use them entirely to your advantage credit cards are a trap meant to part you from your money long term and at high interest.  

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Take it from someone who had to resort to credit for medical bills... it’s no fun when you pay $400/month and it doesn’t chip away at the amount you owe because of the amount of interest on the debt. 

 

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  • 3 weeks later...

I think if it’s just blatantly being irresponsible when you fully knew what you were doing then yes definitely warrants a spanking!! If I spend more than my allowance I won’t sit for a day or 2 

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As for the spanking decision - that's up to you but obviously if it helps you focus on what you need to do than great. I feel quite sympathetic here as I've had credit card/debt issues myself in the past. I don't know your situation but something I found helped in starting to cut it down was to cut out any regular non-essential monthly payments for leisure activities ( on a temporary basis) whilst I got solvent again. Anyway I wish you luck however you decide to tackle things.

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I guess it really depends on your spouse or partner.  If it were me, my wife would give me a good ass whoopin'.  I wouldn't be in any position to ponder the matter.

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Money management help is what you need. Although I can't deny that a good spanking might increase your motivation.

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