Antnee83 t1_j5twsd5 wrote on January 25, 2023 at 3:23 PM

I don't know your situation, but no money + bad credit + a loan is gonna be a force multiplier that makes your situation worse (by a lot) in the long run.

Don't get trapped into a payday loan cycle. Do anything but that. Sell shit if you have to.

You say it's for bills- depending on exactly what it is, you may be able to get away with just not paying it right away and be better off (ESPECIALLY medical bills. Throw them right in the trash, I'm serious). Overdue bills aren't going to gather interest, generally. A loan to someone with shitty credit absolutely will.

Just something to think about. Sorry to hear about your situation.

metalandmeeples t1_j5u4epp wrote on January 25, 2023 at 4:12 PM

This is actually great advice if you don't have an immediate need for credit despite what finance bros like Dave Ramsay say. It's better to trash your credit for 7 years than trash your foreseeable financial future.

JimBones31 t1_j5uv1s0 wrote on January 25, 2023 at 6:56 PM

I used to be a staunch supporter of Dave Ramsey but have been moving away from that school of thought. (Though I'm still heavily anti-debt). I really wish personal finance was a required course in highschool.

Zephyr4813 t1_j5ycihx wrote on January 26, 2023 at 12:30 PM

The ultra anti debt takes I think are small brained. Cheap debt that can yield returns is amazing.

For example, I love my mortgage with 3% interest.

JimBones31 t1_j5ycsvv wrote on January 26, 2023 at 12:33 PM

Sure, low interest rates are great, but don't you want to own your home?

And starting a comment by calling someone small brained is small brained. 😊🤷

Enjoy your own personal finance. One of the things I've learned from not following everything Dave Ramsey says is that it's not my job to tell everyone how to spend their money.