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Credit Card Companies

Discussion in 'Money & Finance Forum' started by Thelt, Mar 9, 2009.

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  1. Mar 25, 2009 at 10:28 AM #31
    Wonder Woman

    Wonder Woman Full Access Member

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    Does he at least advocate balance transfers to the lowest rate card?
     
  2. Mar 25, 2009 at 10:42 AM #32
    wolfpac

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    He will especially if you have a card at 10% compared to another at 24% BUT he cautions that you just make sure you really didn't get rid of the debt, you just slowed things down. Best thing is to just knock the debt out completely and not worry about interest rates.
     
  3. Mar 25, 2009 at 2:32 PM #33
    Mac

    Mac Mac

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    This method worked for me. My ex left me some deep financial debt, 10K in home equity that paid "her" cc, about 6K in cc of shit she took with her (but I had the bill) and about 15K left on a Harley I bought the year before. I paid everything I could on the smallest. Paid it off then took what I was paying on that bill and added it to the payment on the next. Bottom line, I felt damn good 3 yrs later when I was debt free (except the main mortgage). I did treat myself to a new truck. Making payments on the motgage and truck and still banking about 1K a month (I want about 10K in reserve) then I'll finish the truck and attack the mortgage. My goal is to have it ALL paid off in about 6 or 7 years. It takes some discipline, but feels damn good when your plan comes together. Good luck.
     
  4. Mar 25, 2009 at 4:47 PM #34
    VA49er

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    Sounds like it's more psychological than financial. Whatever works is the best answer I guess.
     
  5. Mar 25, 2009 at 6:05 PM #35
    wolfpac

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    VA, he readily admits his answer isn't the most mathematically correct but he follows up with "If it was merely math, you wouldn't be in debt to begin with."
     
  6. Mar 26, 2009 at 8:44 AM #36
    VA49er

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    lol. That's true. I guess my main point makes more sense with larger debt.
     
  7. May 6, 2009 at 6:58 PM #37
    kickazzz2000

    kickazzz2000 CURRENTLY ON THE CAN

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    touche
     
  8. Oct 8, 2009 at 9:31 PM #38
    akash01

    akash01 Junior Member

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    bad credit


    That is really poor......... credit only $100 by paying $3000 .......impossible.
     
  9. Oct 9, 2009 at 10:56 AM #39
    Thelt

    Thelt Full Access Member

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    I got a loan from my credit union to pay off that card. It cut my interest rate in half and it will be paid off in three years making basically the same payment that I was before.

    Part of my debt payoff funds came from my wife's salary and it has been disrupted. I am still on course paying things off though. It will just take a little longer with less money to throw at them each month.
     
  10. Oct 9, 2009 at 3:27 PM #40
    Southern_Yankee

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    That-a-boy. My wife pays the entire mortgage...:SCA+HL::drink:
     
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