Comments | colz85: EEp. Had no idea it was that high

colz85

EEp. Had no idea it was that high

Jan 20, 2007 23:47

Our credit card debt, I mean ( Read more... )

Comments 9

byroncaloz January 21 2007, 06:02:24 UTC

Good luck and zeroing out your rolling debt! We are on track for doing that later this year...and I am *not* going to let go of the plan ( ... )

colz85 January 21 2007, 15:53:23 UTC

Thanks, Byron....all good advice. I think the two important points are being honest with the amount and working the plan. And we both have debit mastercards (with regular credit card "protections"), so the cash card issue is taken care of.

byroncaloz January 21 2007, 19:14:15 UTC

I decided I didn't want a debit card for a couple of reasons-- it made it too easy to draw down my bank account (thus made it easier for me to not keep track) and I didn't have the 30 day grace period to figure out how to pay in case I didn't limit its use enough.

The only thing worse than x % interest is too many NSF charges. Actually one is too many. I had one last year and it was merely because I was not keeping track.

Yes, I am paying at least 10 times my minimum payment these days to pay down the debt. I have been sticking to that for quite a while. If there was ever a reason to break that (say to increase the amount to pay off the cash card), I could do that without hurting my credit (I'd never go under the minimum payment)...then in future months would severely cut back on optional spending to go above my standard payment to the other cards.

Once I get to zero debt I will create a contingency account, a house improvements account and an accelerated mortgage payoff account...and never use revolving credit again!

colz85 January 21 2007, 19:20:28 UTC

never use revolving credit again!

AMEN to that! And the beauty is, when the damn ccs are paid off, we'll be able to do that, because we'll have the cash to save.

jill1228 January 21 2007, 16:56:36 UTC

Good advice...I always try to pay more than minimum payment unless it is on lean months. I took my credit card out of the wallet(my capital one is on lockdown)

I had it paid off and then used it after Christmas...it is on lockdown again

colz85 January 21 2007, 18:05:42 UTC

Har! Lockdown. I like that. I told Steve we need to take out ONE for real, true, something is on fire type emergencies, then freeze the rest in a block of ice.....

What they need to do with you is post your pic at Lush with a sign that says "DO NOT sell anything to this woman!" :) :)

jill1228 January 22 2007, 01:00:55 UTC

Girl! If Dave had his way, this would happen. I am definitely on lockdown right now. It takes quite a bit out of me to get to Lush. The subway alone is $10 round trip...and the drive to the subway station is a PITA

The drive to get to Santa Clara is an hour on a good day...I hate battling the 680 and the 880

I need to chill for a bit

I don't plan on going to San Fran for anything any time soon

crazyhappy1 January 22 2007, 16:17:38 UTC

That program you found sounds great! I hope it works for you guys. It would be great to have that weight lifted off your shoulders. Just out of curiosity, why is your DH afraid to pay too much to creditors? I agree with you that you do just start paying and then the money you'll have in the future can go in the bank or in investments and work for you rather than against you. It's great you have a plan at least. It's a great start!

Nikki :D

colz85 January 22 2007, 16:50:21 UTC

It's weird...I think he worries about running out of money before payday, so he holds on to as much as possible. NOT a smart money management tactic. I think we'll be ok, eventually, we just need to be more aggressive.