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Sticky Valentine
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28,404 Posts
Discussion Starter · #1 ·
Transfered my CC balance from two cards to a different card with 0% apr for 12 months.

I'm guessing it'll save me about $80/month as things stand currently, but the card with the vast majority of the debt on it was going to raise up to 29% or something insane next month if I didn't cancel it so I'm not sure exactly how much I'm saving now.

I hit these things hard over the past year and a half and I'm making my final push. I'm hoping to be done with this stuff relatively soon!

Then it's on to the student loan debt..... yay....

I'm never going to get to spend my money!




joe
 

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Sticky Valentine
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28,404 Posts
Discussion Starter · #3 ·
ghenkis khan said:
what's in your wallet? aarrrggghhh!!!

Those are the bastards that are raising the interest rate. I really have no idea why. They kept upping my limit and I kept refusing to charge anything on it and did nothing other than pay it down. Then one day I get a letter saying that if I don't cancel the card I'm going to have to pay some absurd interest rate.

Guess that's what I get for doing the right thing.

I don't want to cancel it because it's my largest credit line and I've had that card forever, so my other option was to transfer the balance. I come out on top this way... why i didn't do this earlier is beyond me. i could have saved myself a lot and further chipped away at this.



joe
 

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I realize it is a free market yada, yada, yada.
It is the consumers fault for getting into dept using CCs, yada, yada, yada.

But the goverment really wanted to help the common man, woman and child they would have regulated intrest rates on plastic.

Damn loan sharks.
Once someone gets to a certain point per their income, they will never be able to escape the grips of the CCs.

We had three. I feel it was out of control. We have paid off 2, canceled them, and own our way to pay off the last.

I digress.
 

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MTBR Member
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2,908 Posts
pigpen said:
I realize it is a free market yada, yada, yada.
It is the consumers fault for getting into dept using CCs, yada, yada, yada.

But the goverment really wanted to help the common man, woman and child they would have regulated intrest rates on plastic.

Damn loan sharks.
Once someone gets to a certain point per their income, they will never be able to escape the grips of the CCs.

We had three. I feel it was out of control. We have paid off 2, canceled them, and own our way to pay off the last.

I digress.
No matter what the government does, people will always find ways to f**** themselves over, yada yada yada.
 

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Sticky Valentine
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28,404 Posts
Discussion Starter · #9 ·
rkj__ said:
I think that's pretty much what he meant.

Yes, that's what I meant by that :)


joe
 

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Sticky Valentine
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28,404 Posts
Discussion Starter · #10 ·
shawndoggy said:
Fixed it for ya!

Yup!

I've also committed my tax refund to it. I've also got about $800 in a retirement account (it was forced upon us at my last job) that I have to claim here pretty soon because I can't do anything else with it. Don't know how much I'll have left of that after taxes, but that'll be going to it as well.

I should have been at this long ago, but I didn't have a "real" job till just over a year ago, but in that time I've made some pretty insane progress on the credit card front. I've said it before: why they give 18 year college kids with part time jobs credit cards I'll never know!


joe
 

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About a month ago, American Express was actually offering certain customers $300 to cancel their accounts. I guess your card company had a different way to do it.
 

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Moderatus Puisne
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15,886 Posts
It's a long road to freedom

But I'm happy for you. $80 a month will help you cut the rest of it out quickly.

Did you decide what to do with your tax rebate?

---

In college, I got into bike racing. You can imagine what this did to my budget. Then followed hard times, sob stories, etc etc, and, you know

I got my shyte together last year and got it so that I didn't owe anything to anybody. Felt great. My next paycheck, I went into the bank branch -- rare for me to do so physically -- and withdrew a hundred-dollar bill.

This remains in my wallet, stupid as that may be, neither for spending nor flashiness but to remind myself that times were once much harder.

I certainly don't have a big budget or make tons of money, but that doesn't matter -- the sense of personal freedom that comes from not having to eat exclusively oatmeal for breakfast and noodles for dinner is empowering.

I still eat lots of oatmeal, though...
 

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Sticky Valentine
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Discussion Starter · #14 ·
Argentius said:
But I'm happy for you. $80 a month will help you cut the rest of it out quickly.

Did you decide what to do with your tax rebate?

---

In college, I got into bike racing. You can imagine what this did to my budget. Then followed hard times, sob stories, etc etc, and, you know

I got my shyte together last year and got it so that I didn't owe anything to anybody. Felt great. My next paycheck, I went into the bank branch -- rare for me to do so physically -- and withdrew a hundred-dollar bill.

This remains in my wallet, stupid as that may be, neither for spending nor flashiness but to remind myself that times were once much harder.

I certainly don't have a big budget or make tons of money, but that doesn't matter -- the sense of personal freedom that comes from not having to eat exclusively oatmeal for breakfast and noodles for dinner is empowering.

I still eat lots of oatmeal, though...

Tax rebate is going to the CC debt. As much as I don't want it to!

The crap part is that mt student loan debt will be kicking in next year, so there won't be a whole lot of breathing room between my hemorrhaging of cash to pay off debt.


joe
 

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Beetpull DeLite
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12,756 Posts
rkj__ said:
No matter what the government does, people will always find ways to f**** themselves over, yada yada yada.
Didn't you know that we're not responsible for anything we do to ourselves any more? You must have missed that memo.
 

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Premium Member
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JoeDaddio said:
....it'll save me about $80/month ....
joe
$80 a month = $960 a year and that ain't chump change. :thumbsup:

Way to go!
 

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Failboat Captian
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6,527 Posts
JoeDaddio said:
Yup!
why they give 18 year college kids with part time jobs credit cards I'll never know!


joe
Back in the 80s, when I was in college, they gave me a credit card (and countless offers in the mail), and I didn't even have a job during the school year. I got one, but was good about it and never used it.

More minor CC drama today. I got a call from my CC company that they denied a charge to some lingerie company for $55 and a $1 charge to something else. there was also a $1 charge from iTunes yesterday, which, apparently, was the test charge to see if it worked. Luckily, they didn't hit up any big charges.

I always wondered how they know to deny charges and what charges are potentially fraudulent.

Because I'm good with my cards, I only have the one. So I'm cardless until the new one gets here Friday or Saturday (except for my corporate AmEx, which I could use in an emergency). I guess this makes a good case for having two. Then again, I have my Lowes card, so I could go buy lumber and a new fridge if I really needed to. That card has no balance, and the AmEx actually has a $10 credit.
 

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Failboat Captian
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I forgot my original intent of my post (reply fail)...

Good job on the 0% card and the decision on the use of your tax refund. However, I'll throw this out there.....

If you have 12 months 0% interest on the balance transfer, and are accumulating interest on something else, pay down the interest bearing stuff first. But if you go this route, make sure you won't get slammed with back interest if you don't pay it off in those 1st 12 months. You have to read the fine print, because you may also find that if you don;t make some minimum payment by a certain date each month, you're 0% will go away and you could get hit with back interest and a huge interest rate. I'd suggest paying at least a week or two early each month.
 

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still shedding season
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JoeDaddio said:
I've also got about $800 in a retirement account (it was forced upon us at my last job) that I have to claim here pretty soon because I can't do anything else with it. Don't know how much I'll have left of that after taxes, but that'll be going to it as well.
First off - great deal on the balance transfer, like MB1 says you're paying it off faster by almost a grand a year.

I'm not a tax expert or anything, but you don't have to pay a cent of tax on retirement savings as long as you roll it over into a different retirement account. Just don't get a check or transfer it to a regular account or you'll have to pay the taxes that are due - a good (or bad, I guess) amount of money.

I sort of had retirement savings forced on me too by my dad, who was my boss when I turned 18. Been doing it ever since and now is a terrible time to get out. If you have a mutual fund, the number of shares you have stayed the same but the per-share price will go back up (might take awhile, but you don't need it for years) so your account value will go up. Selling it now is setting the loss (versus a paper loss), and then the tax man cometh to kick you while you're down. I admire what you're doing with paying off your debt, but IMO keep this and hopefully add to it after the CC balance is gone.
 

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Captain Obvious
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11,876 Posts
JoeDaddio said:
Yup!

I've also committed my tax refund to it. I've also got about $800 in a retirement account (it was forced upon us at my last job) that I have to claim here pretty soon because I can't do anything else with it. Don't know how much I'll have left of that after taxes, but that'll be going to it as well.

joe
transfer that to a free IRA. you'll pay something like 35% tax and an addition 10% penalty for taking money from a retirement account. i could be off on the numbers, but essentially you'll piss away about half of it. don't do it. you can transfer it someplace for free. i'm pretty sure fidelity has a free IRA, most banks have them, and most discount brokerage places too. don't throw away money and don't use retirement money to pay off CC debts. EVAR.

CC debt is unsecured. they basically get screwed if you don't pay. yeah, messes up your credit report and stuff, but they can't touch retirement money. so eff 'em. you'll get that paid off soon enough. you seem to really be working at it.

FREE IRA. DON'T FORGET.



SERIOUSLY. open a new tab and open an account somewhere.
 
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