10
Dec 2020Until the Buffalo Squeals
Posted by Robert Weed / in Weekly Posts /
Hold on to the Nickel until the Buffalo Squeals
They stopped making the Buffalo nickel in 1938, long before I was born. But I saw plenty of them when I was young.
Paying the car and rent are more important than keeping the credit cards current.
I also heard plenty about them from older folks who had lived through the Depression. “Hold on to the nickel until the buffalo squeals.”
A nickel doesn’t buy a Hershey bar any more. And the Jefferson nickel is all you see. But in tough times “hold on to the nickel until the buffalo squeals” can still be good advice.
When to Stop Paying? It’s different for everybody
There’s no specific advice I can give you on when to stop paying your credit cards. Certainly as long as you can foresee a day when they will be paid off, you may want to keep paying. But is continuing to pay just putting off the inevitable? Will your savings run out long before the debts are paid off? Paying the car, the rent or mortgage, electric bill−those are more important than keeping the credit cards current.
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Robert Weed has helped fifteen thousand people file bankruptcy in Northern Virginia. Robert Weed is a frequent panelist and speaker at the meetings of the National Association of Consumer Bankruptcy Attorneys. He is one of Northern Virginia’s most experienced personal bankruptcy lawyers. As an expert on changing consumer bankruptcy laws, Robert Weed has been interviewed on local and national TV and quoted in newspapers across the country.
