Lets pay off some bills...CHEcK OuT ThIs IDEA?????

[greenbriar]

What bill under 2000 would you like to pay off???

I have a Credit Card that is 1800

I saw this idea in a REader's Digest. A church paid off everyone of their member's bills using this method.


I think we ought to create a pool if everyone donated say $10 bucks to start, we build a huge pot of money. Next each of us picks one bill under 2000 we would like paid off. We calculate our total and pay off each bill from least owed to most

Only those that donated could get a bill paid off...

then the next month whomever gets the bill paid off, they send the minimum payment to the pool to replenish it. After that, they are paid up.


what do ya think???

[alcuno]

1. I believe that is what is known of as a pyramid scheme.

[greenbriar]

2. I don't see it that way

no one is gaining off another doing more work.

It is all of us working together.

[TalkingDog]

13. Doesn't matter how you see it

It does matter how the police see it.

I had a friend who was in a "gifting circle". He was sending out tons of emails about how everybody on his email list should join. When I pointed out that the govt. doesn't really like it when you make money without them getting their share (taxes you know) and besides it was probably illegal and he should at least keep it off the 'net, he became....defensive and told me I was full of sh*t.

(And Yes you are making money. If your bills are paid, you are making money. Unless it is declared on somebody's 1040 as a gift deduction, it's illegal)

I called the sherriffs department and explained the "gifting circle" idea and asked if it was legal to do that. He said it was fraud. A ponzi scheme. Google it. That will explain a lot.

[Stephanie]

3. that is illegal - that is a pyramid scheme

it's against the law and with good reason

[greenbriar]

4. how is it a pyramid scheme?

it looked good in the story I read.


A church did this believing that if their members owed nothing, they would be better christians because they didn't have to work overtime ect...




I thought it was a cool idea

[central scrutinizer]

5. typical Ponzi scam

Do the math - if everybody puts in $10, how can you possibly give everybody $2000? Answer is - you can't. 200 people lose their $10 for every $2000 bill that is paid off. It would work if you could convince 99.5% of the people to donate $10 with no hopes of ever seeing anything in return, but if the majority of the contributors have bills, then only those at the front of the line get anything.

[greenbriar]

7. well the 10 bucks would be start money

in the article I read, the one that gets the bill paid off then sends the normal one month payment to replenish the pot

[kranich]

6. I think

people should make a list of their own debts from smallest to largest and double up on the smallest one until it is paid, then using the money they would have been paying in the smallest one, roll that amount into paying off the second to the smallest (the payment you were paying into the smallest plus the minimum for the second to smallest) until it is paid off, etc etc until they are all paid off.

It is called the "debt snowball" and it is how I became debt free.

[Lone_Wolf]

8. My wife and I used that technique also... it works!

Everybody else in the world, including some supposed financial advisor, was telling us to pay off our highest interest loans first. I did the math, and figured by doing that, it would take a relatively long times to pay off the bills. I said to hell with that, and instead starting paying off the debts we could pay off first... it worked very quickly...

[greenbriar]

9. I am doing that using that idea plus the roll-up margin

going to be debt free in 7 years and that includes our house that is on year 4 of a 30 year note

I put the bills in order by payoff ...lowest to highest then added an additional 300 roleup.

example

healthclub owe 800 pay 87 add rollup 300 = 387 two months pay off..

then on to the next bill... but this time say it was a credit card

creditcard owe 1800 pay 100 add rollup 387 = 487

ect

[greenbriar]

10. I just saw this idea and thought it was cool

I

[babylonsister]

11. Ours is also paid off, this way.

We were $20,000+ in debt. I just kept looking for the lowest interest rate, preferring 0%. The more I paid, the more companies wanted my business, so I transferred funds once or twice yearly for 0%, so ALL went to the debt. It took about 6 years, but no debt here anymore.

[greenbriar]

12. I just want rid of the freakin

Saudi credit card.



I didn't know they owned it till Fahrenheit 9/11