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SHEEPINGLY's Photo SHEEPINGLY Posts: 1,840
2/7/07 1:03 P

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very true ladies...omg if you guys heard my 72K story, you all would be like ARG!!!! lol...but only thing I and we all can do now is focus, pay off debts, then enjoy the money that are able to save.

Goals:

Pay off Debt [CT: $35,422.14 ]

Drop down to 135lb.

See my Spark Page for status of Other Goals! rebellionstartsnow.typepad.com


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MYDAYSCOUNT's Photo MYDAYSCOUNT Posts: 2,245
2/7/07 11:52 A

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"If we knew then what we know now . . ." Ain't that the truth! Too bad we can't turn back the clock, but now we just have to do what we can from here on out.

Don't count the days; make the days count.

Barb


To be nobody but yourself--in a world which is doing its best, night and day, to make you everybody else-- means to fight the hardest battle which any human being can fight; and never stop fighting. - ee cummings


Take the journey of your life one adventure-filled day trip at a time!


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CCMERZ's Photo CCMERZ Posts: 571
2/7/07 11:46 A

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Very true....the payments we're all making to those credit cards is our millionaire money going straight out the door and making the credit card CEOs into billionaires! emoticon When you think about it that way, it makes you angry enough to do ANYTHING to get out from under it all.

This is all good advice -- those credit card companies are not in the business of helping you, they're in the business of making money off you. They will do anything and everything under the radar to make you pay them MORE than you owe. Paying close attention to the bill every month is something everyone should take the time to do, and change your monthly payment amount accordingly. Each company uses different criteria to set up those minimum payment amounts, and they don't always make sense when you're trying to pay it off....we should all probably come up with our own minimum payments that actually DO make sense! emoticon

If we knew then what we know now, we never would gotten here, would we? Dammit....at least we're all gonna do something about it! emoticon

Carrie C. :)

I *WILL* MAKE IT, BECAUSE I'M WORTH IT!!!


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SHEEPINGLY's Photo SHEEPINGLY Posts: 1,840
2/5/07 7:43 P

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Yep, it's a great feeling knowing that anything you want or will want/need in the future is guaranteed because you'll have that money sitting there....

I've always believed to get to the good, you have to go through the bad.

Goals:

Pay off Debt [CT: $35,422.14 ]

Drop down to 135lb.

See my Spark Page for status of Other Goals! rebellionstartsnow.typepad.com


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MRSFIXIT's Photo MRSFIXIT SparkPoints: (0)
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2/5/07 7:04 P

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I'm not sure DH is convinced yet of how this debt stacking thing works, but I'm still working on him. Now that I'm paying attention, I've also noticed it takes a week for our mortgage company to post our payment, so we have to remember to send it early enough to not get charged late fees.

I've been reading Dave Ramsey's workbook (cheaper than buying the book!), & I'm finding it very interesting to hear that once you have credit cards & loans paid off, so you're left with just every day expenses & a mortgage, you can invest that old debt money & possibly be a millionairre in about 15 years. It's really amazing how that works.

Donna (Upstate NY)

"Even monkeys fall out of trees."

"Suffering is the tuition one pays for a character degree."

"Accept your diagnosis, but never your prognosis."

home.roadrunner.com/~andydonna


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SHEEPINGLY's Photo SHEEPINGLY Posts: 1,840
2/5/07 3:21 P

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Dayscount,

and think about it once you pay off anything you owe to anyone the only thing you will have to pay is Rent, Utilities, and cable/phone bills...

Wooooo hooo....talk about one of the greatest freedoms in the world.

Goals:

Pay off Debt [CT: $35,422.14 ]

Drop down to 135lb.

See my Spark Page for status of Other Goals! rebellionstartsnow.typepad.com


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MYDAYSCOUNT's Photo MYDAYSCOUNT Posts: 2,245
2/5/07 2:55 P

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Cool. My only experience with talking to the credit card companies was not as good. After I was late with a citibank payment, they raised my interest rate to 34.99%. That was right at the time I hit bottom and knew I needed to change some things, so I called citibank to ask for help. They said they couldn't do anything until I paid the total overdue amount. It was something like $1600, which I could come nowhere near paying or I wouldn't have called in the first place. They also said that if I paid the overdue amount, they would set up a payment plan for $800 per month after I had told them the most I could afford was $400. I had six other cards at that time, for goodness sake, and a balance over $80,000. I was sobbing by the time I hung up the phone with them, but it was enough to make me call my dad and ask to borrow from his retirement savings. Now THAT was the hardest call I have ever made in my entire life! But it has worked. We will have all the cards paid off by October and then will owe $55,000 to Dad and my husband's 401K at 8% or less. That's quite a turnaround in just over a year.

Don't count the days; make the days count.

Barb


To be nobody but yourself--in a world which is doing its best, night and day, to make you everybody else-- means to fight the hardest battle which any human being can fight; and never stop fighting. - ee cummings


Take the journey of your life one adventure-filled day trip at a time!


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SHEEPINGLY's Photo SHEEPINGLY Posts: 1,840
2/5/07 2:23 P

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I have discover... they actually worked with me in the very beginning of getting the card. They noticed I was always late because I didn't make enough back then...and it was getting worse because I wasn't paying at least the minimums...so the balance was higher than the credit limit and was rising.

They sent me a letter offering to help and I called them and they said if I could make $220 payments each month on time (which was gonna be hard but i was determined to do it) and do it every month for a year or 2 that it was not only going to reduce my balance back to undernearth the credit limit...but make a huge dent in the amount I owe and that they were going to reduce my APR to 12.99% for that time period.

Long story short, I took their word and as hard as it was i made the 220 dollar payments and surely enough 1 year goes by it's back to being lower than the credit limit and it's actually almost paid off. Just $3,000 more to go.

Goals:

Pay off Debt [CT: $35,422.14 ]

Drop down to 135lb.

See my Spark Page for status of Other Goals! rebellionstartsnow.typepad.com


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MYDAYSCOUNT's Photo MYDAYSCOUNT Posts: 2,245
2/5/07 10:42 A

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I hear you, MrsFixit. Did you get your hubby convinced to let you in on the credit card payment strategy? I understand his income fluctuates, but if you continue to have money to pay more than the minimums, the dell payment might be a good one to start paying off early. When I really started paying attention, I noticed on several of my cards that the finance charge was higher than the minimum payment. I think that's part of how we got so badly into debt. I wasn't paying close enough attention and the cards were fooling me into thinking I was making progress by at least paying the minimums. Discover was the worst. They gave me a nice low $10 minimum payment for the longest time and charged me $35 in finance charges. Of course, I loved the low minimum and didn't pay attention to the statement detail because I was always adding charges to the account, too, so they made lots of money off me that way.

The late charges were also a big problem for me. I would only pay bills once a month, whenever I had the energy to face them, and often had late charges. They add up in a big hurry. I've fixed that problem with automatic bill pay from my checking account. No more late charges.

Now that you're paying closer attention, I think you'll catch their tricks and be able to beat them at their own game. But it can sure be frustrating.

Don't count the days; make the days count.

Barb


To be nobody but yourself--in a world which is doing its best, night and day, to make you everybody else-- means to fight the hardest battle which any human being can fight; and never stop fighting. - ee cummings


Take the journey of your life one adventure-filled day trip at a time!


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MRSFIXIT's Photo MRSFIXIT SparkPoints: (0)
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2/4/07 1:48 P

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Well, I guess I'm going to have to pay really close attention to this. Unfortunately, I don't have the money to pay it off -- or I wouldn't have gone with payments from them in the first place.

Donna (Upstate NY)

"Even monkeys fall out of trees."

"Suffering is the tuition one pays for a character degree."

"Accept your diagnosis, but never your prognosis."

home.roadrunner.com/~andydonna


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SHEEPINGLY's Photo SHEEPINGLY Posts: 1,840
2/4/07 1:13 P

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as long as your credit with dell on the report is a positive mark on your report then i wouldn't worry about it.

if it was negative that would irritate me.

Goals:

Pay off Debt [CT: $35,422.14 ]

Drop down to 135lb.

See my Spark Page for status of Other Goals! rebellionstartsnow.typepad.com


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PEACEB2U's Photo PEACEB2U Posts: 470
2/4/07 12:22 P

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I encountered the same thing when I made a purchase from Dell for a new computer a few years ago. I thought it was a loan but as it turned out my balance continued to rise. I finally ended up getting enough money together to just pay off the entire bill at once. I also noticed on my free credit report that I obtained this past summer, that even though I paid off Dell, it is still listed on my report as having $2,000 credit with them. Just like a credit card would be listed.

Check out the "Money Savers" spark team and start working on a debt-free diet



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SHEEPINGLY's Photo SHEEPINGLY Posts: 1,840
2/3/07 10:12 P

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That's the hope but I never do business with dell. Learned my lesson when my work went with dell and they had crappy customer service..You might get the run around.

Goals:

Pay off Debt [CT: $35,422.14 ]

Drop down to 135lb.

See my Spark Page for status of Other Goals! rebellionstartsnow.typepad.com


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MRSFIXIT's Photo MRSFIXIT SparkPoints: (0)
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2/3/07 10:04 P

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Well, I don't have a card with $2,000 available on it. But if I get my statement next month, & the balance is higher, I'll be calling Dell. I bought TWO computers from them, so it'd be pretty dumb on their part to not do right by me because I'm a future customer, too. Right?

Donna (Upstate NY)

"Even monkeys fall out of trees."

"Suffering is the tuition one pays for a character degree."

"Accept your diagnosis, but never your prognosis."

home.roadrunner.com/~andydonna


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SHEEPINGLY's Photo SHEEPINGLY Posts: 1,840
2/3/07 9:46 P

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You know if that extra $100 doesn't still help and the balance still goes up...maybe this is the extreme case where you need to use a credit card to just pay the whole balance off so they can quit bugging you.

Goals:

Pay off Debt [CT: $35,422.14 ]

Drop down to 135lb.

See my Spark Page for status of Other Goals! rebellionstartsnow.typepad.com


 current weight: 166.0 
 
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2/3/07 8:51 P

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No, it isn't, & in this case, it's not a card. We got approved for $2,000 in credit from Dell last November & bought 2 new laptops which came to just under that. In fact, Dell fooled around with the numbers to get it under the limit. The first statement was my beginning balance, of course, & I made the payment in plenty of time. So this is the first time I've seen the result of a payment & the finance charge (since there wasn't one on the first statement). I actually thought this was set up as a loan, but I've never heard of a loan where the balance goes up after making a payment. I'll bet there are people who never pay off their accounts, but just keep making payments forever.

Donna (Upstate NY)

"Even monkeys fall out of trees."

"Suffering is the tuition one pays for a character degree."

"Accept your diagnosis, but never your prognosis."

home.roadrunner.com/~andydonna


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SHEEPINGLY's Photo SHEEPINGLY Posts: 1,840
2/3/07 7:59 P

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Is the balance due on your card more than the credit limit? So for example let's say your card credit limit is $5000 but the balance is 7000.

Let's say the minimum payment is $50 so then it goes from 7K to 6950...but then next month rolls around finance charges are on the APR % so the finance charge is 70 bucks...so now you ow 7,020...which will cause the minimum payment to go higher...the only way for it to stop raising your balance is for you to pay the minimum monthly plus the amount it is over the credit limit...otherwise it's going to keep going higher and higher...regardless of how much you put a dent in it.



Goals:

Pay off Debt [CT: $35,422.14 ]

Drop down to 135lb.

See my Spark Page for status of Other Goals! rebellionstartsnow.typepad.com


 current weight: 166.0 
 
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MRSFIXIT's Photo MRSFIXIT SparkPoints: (0)
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2/3/07 4:55 P

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Okay, so I understand the principle behind Dave Ramsey's & Suze Orman's debt stacking method: you pay the minimum payment on all, but 1 credit card (either your lowest balance or your highest interest rate). Well, I've been checking my account balances to see what progress we've made this month & have found us to be in debt an ADDITIONAL $18. Okay, we made a charge on one card at the beginning of January to cover a trip to BJ's which included a replacement on our DVD recorder & DD charged $75 at Penney's for work clothes, but DH has paid more than the minimum payment on ALL of the cards.

So why didn't we make any progress? Two things: 1) he made a couple of payments late (within a couple of days, so I'm going to have to really watch these due dates for him), & 2) we're being charged more in finance charges than our minimum payments.

For instance, I was just getting ready to make my 2nd payment to Dell & see that my balance went UP from last month. A closer look at the statment shows that my payment last month (my 1st payment with them) was $58, but my finance charge was $71.29. Also, the minimum payment for this 2nd payment is only $59, so this is going to continue to happen every month? How will this EVER be paid off? So I just made a payment of $100. I don't know if I'll be able to do this every month, but it sure made me think about these minimum payments!

Donna (Upstate NY)

"Even monkeys fall out of trees."

"Suffering is the tuition one pays for a character degree."

"Accept your diagnosis, but never your prognosis."

home.roadrunner.com/~andydonna


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