Women in Red Racers - Northeast Region

[kristin11]

Ok so not only was the BT rejected twice for my Target card at $3,000 but today I found out from them that the Discover BT for only $1,475 was rejected. The woman I spoke with told me that its being resubmitted and is currently pending and again to check back in 3 to 5 days. I feel like everyone is trying to screw me when I am trying my hardest to fix things. I was told this time that it was because of the timeframe. What the heck does that mean? Has anyone else had this trouble with BT's? I am at my wits end and about the end up in tears if something good doesn't happen because there is no way I can continue to go along and pay my debt how I have been ... I am drowning!

[motherto2]

Hi all! I recently decided to jump in with the racers, and though I was supposed to be on the South board, but recently found out I should be here. I've put out the intro to me on the South board, but here it is in a nutshell. I have DD who is currently finishing up her advanced training for the Army reserves and will be home next week (yay! ;D). She has 2 more semesters of college to finish her degree (I lost that battle about finishing first and then going in the service). When she gets home we will be trying to get with her advisor and see how she can accomplish most of it and try to graduate in December. That is because she has heard that her unit will be deploying somewhere in January. Things change in a hurry though. DS is finishing up his first year at a military college. He's loving life or hating it, depending on the day. Mostly he likes it though. He also plans on the military as soon as he graduates. I was expecting him to go that route, ever since he was a wee boy. DD could have knocked me over with a feather wither her announcement - but she loves it. I divorced for the second time in 2007 when DD was graduating from HS. No kids with him thankfully. But as a result of that union, I was saddled with alot of debt. Good news, all of it but the mortgage is paid off. I don't have debt racing like most, I have student loans for both kids and my mortgage. Their father and I both pay on the college loans, but that's about all the help he gives me. He thinks he pays an extra $100/month, but he underestimated how much we are both supposed to be paying for DD's SL's in the email announcing his intentions, so he doesn't really pay that much. What is left of that $100 won't even cover the insurances I have to pay to keep kids with health, auto, life, etc., not to mention all the extras (pizza, gas, movies, et al) that go with older kids. But, I've mostly gotten over it. When I'm cranky it's not as easy to let go . Anyhow, my future plans, which as everyone knows, changes almost weekly. I have about 7.5 years before I plan on retiring, and should have all student loans paid off and hopefully most if not all of my mortgage paid off. I've been hit with a bunch of expenses that are either new or increased in the last few weeks that have severely hindered my mortgage payoff. I went from an extra $800 a month just about 5 months ago, to maybe $300 extra each month. And that's just assuming Murphy doesn't come calling or the lawmakers don't keep jacking us up. I'll post my info in another week or so after my auto payments have been posted. Sorry for ranting! I must be crankier than I thought ;D

[lark1964]

Apr 6, 2011 10:26:27 GMT -5 kristin11 said:

Ok so not only was the BT rejected twice for my Target card at $3,000 but today I found out from them that the Discover BT for only $1,475 was rejected. The woman I spoke with told me that its being resubmitted and is currently pending and again to check back in 3 to 5 days. I feel like everyone is trying to screw me when I am trying my hardest to fix things. I was told this time that it was because of the timeframe. What the heck does that mean? Has anyone else had this trouble with BT's? I am at my wits end and about the end up in tears if something good doesn't happen because there is no way I can continue to go along and pay my debt how I have been ... I am drowning!

Kristin, have you called Target or Discover and asked them what is going on? Because the bank this new card is working with - this is 3 strikes, and to me, that means OUT.

Look over the cardholder agreement very carefully. Is there anything buried in the fine print about an annual fee - or an initiation fee - for the card? Is there anything about the percent for the transfer? I know they say it's 0% interest for a... year? But what does it say about the interest after that point? If they've got fees they tack on, plus the transfer percentage - they may have rejected things because of these fees.

Overall, though, if they can't handle a simple transfer, I would be very leery of what will be happening with the money after the time period expires. If you find they're billing you for services NOT rendered, just fees and garbage - cancel the card, it's not worth this grief!

Then, too - I would talk with Target and Discover seriously about this. Point out to them that in the current state of things, you're finding it necessary to transfer out from under them, now, and even if you don't go with this fly-by-night bank doing this transfer dance, you've already provedn you can go to another bank with a better interest rate: ask them why, if you pay them on time every month, are they charging you so much interest? Ask them to lower it! They may surprise you and do it! When things get tough, they'd rather collect less interest if they can keep you paying THEM interest as well as continue to pay off your blanace.

I think the other card is proving to be far more trouble than it's worth.

Credit is an upsetting thing, more often than not. Smile, kiddo! And... push where you can make it give, something's got to work in your favor.

[constanz22]

I was told by Discover, just this past week, that under the new credit card laws, a credit card company can not change your rate on an existing balance. They can not raise it nor can they lower it. They can only offer a lower rate on NEW charges. I called to ask for them to lower mine as I had done several balance transfers previously to get their low rate, but unfortunately hadn't paid them off in time and was now paying 17.9% interest. I just got a CC through my credit union for 6.9 so I said bye-bye to Discover.
I really, really need to pull my numbers together and re-start my race. I've been saying that since we moved over here...sigh...

[munjoyhill]

Update Munjoyhill 4/7/2011 $144,519.78 ($155,340.30 6/18/09 NE 629, NEU 301)

Debt	Starting Amt	4/7/2011	Difference
HELOC	$30,340.30	$20,593.77	$9,746.53
Mortgage	$125,000.00	$123,926.01	$1,073.99
Totals	$155,340.30	$144,519.78	$10,820.52

Just slowly moving forward with this debt, just paying my minimums. I know I am making progress, it just is discouraging to see how much interest is in a mortgage payment and how little of it is the principal.

Lark, I like your "just an extra dollar" post, and how even adding just a little bit here and there to your debt does add up. And I think that's what I will do, instead of wanting to throw a few hundred extra each month at my debts, maybe I'll just add a little bit here and there, see what happens. For me, I think psychologically I'll feel better if I can add more dollars to the debt, it makes me believe that I will pay it off sooner -- even if it's only a little bit here and there.

[lark1964]

Apr 6, 2011 17:50:18 GMT -5 constanz22 said:

I was told by Discover, just this past week, that under the new credit card laws, a credit card company can not change your rate on an existing balance. They can not raise it nor can they lower it. They can only offer a lower rate on NEW charges. I called to ask for them to lower mine as I had done several balance transfers previously to get their low rate, but unfortunately hadn't paid them off in time and was now paying 17.9% interest. I just got a CC through my credit union for 6.9 so I said bye-bye to Discover.
I really, really need to pull my numbers together and re-start my race. I've been saying that since we moved over here...sigh...

Liars. Yes they can. They don't HAVE to lower your rate, they just can't raise it - and this is actually to prevent them doing things like BofA did to me a couple of years back, when the CC banks went nut-so and started punishing the people who were paying their bills by raising their rates to cover the people who weren't - they raised me from 11% to 22% over the course of about six months, all because they decided they could!

And yet at the same time, Discover called ME and offered ME a lower rate for a year when I was unemployed - before I even had a problem paying them!

So, Constanz - when you closed your card, did you tell them you canceled, and did you ask for a payoff quote at a lower rate? You can do that, too!

The only reason I want cards anymore is for decent discounts. I use my Target because it gives me 5% off all purchases. And I pay it off immediately upon getting home. Same with Macy's, I spend money there, get my card discounts, go home, pay my bill. The only one I might carry for a month or two would be my Lowe's when I buy over $300 at a shot, they let you go interest free for six months, like my garden stuff I actually just bought this past weekend, some new tools, etc., $328.17, I'll pay it next month, no biggie (no racing necessary). It's just cash with a "kick" to me!

But other cards? Yuck. No value to me anymore, just tons of interest in some exec's pocket. *sigh*

*********** addendum *************

Know what you might do with Discover, Constanz? Call them in a month, tell them "I just got laid off from my job, I wanted to talk to someone about lowering my minimum payment due..." and they'll put you through to the financial people - tell them you don't want to have a problem paying your card, but you have to reduce your payments until you've got a job again, and I'll betcha they offer you a lower payment with a lower interest rate for a year! No compounding accrual of interest, just lower for a year! It won't be 6.9%, but it might drop you down to 10-12%! THEN - pay them what you're paying NOW, so you'll have the lower interest rate, and will pay it off faster.

Play THEIR game...

[kristin11]

lark1964 - I looked very closely at the fine print which I why I chose this card. It is no annual fee and the BT rate is 0% for 15 months (from the date of the transfer) and then after that 16.74% ... Thats like 2% lower then my lowest interest rate right now. I am planning on calling Discover today because from the way HSBC (new card) made it seem they are the ones holding this transfer up. It is a 3% transfer fee but I figured the $50 is worth it if it means that I can save hunderds in interest over the next 15 months.

I have tried to negotiate with Target on lowering my interest rate and every time I call I get the same story "We are not lowering any interest rates at this time". My sister who has outstanding credit has a card with them and is hearing the same story.

On a positive note in the middle of my hysterics yesterday my sister started feeling bad for me and made me an "offer". I would like some advice on what everyone thinks about this because to me it sounds like a no brainer but I already owe her some money. She has student loan checks that she had no intention of using and just put into her savings account until she has to pay the student loans and she planned to use the money then for repayment. The loans don't kick in until either December or May 2012 (depending on when she can finish up). She offered to write a check for the balance on my Discover card should this BT not go through therefore eliminating the card but adding onto my debt with her. I would then make my monthly Discover payment to her until I can pay her back the full amount. Should her student loan repayment kick in before I can pay her back in full - I would make the payments to the student loans until I have completely paid her back. The way I see it ... If the BT doesn't go through - I would end up still getting rid of this ridiculous card, with no transfer fee and no more interest. And I know that I could pay her monthly because I am already making the payments to the card but not getting anywhere because of the interest. Anyone have an opinion?

I feel like this pressure to meet bills just came over me in the last few weeks. The rising gas prices are really putting a dent in my pocket which is causing me to panic a little about being able to make my credit card payments. I am spending almost double now than I was 2 months ago. Is anyone else feeling this intense pressure because of the rising cost of gas?

[lark1964]

Apr 7, 2011 9:53:02 GMT -5 kristin11 said:

On a positive note in the middle of my hysterics yesterday my sister started feeling bad for me and made me an "offer". I would like some advice on what everyone thinks about this because to me it sounds like a no brainer but I already owe her some money. She has student loan checks that she had no intention of using and just put into her savings account until she has to pay the student loans and she planned to use the money then for repayment. The loans don't kick in until either December or May 2012 (depending on when she can finish up). She offered to write a check for the balance on my Discover card should this BT not go through therefore eliminating the card but adding onto my debt with her. I would then make my monthly Discover payment to her until I can pay her back the full amount. Should her student loan repayment kick in before I can pay her back in full - I would make the payments to the student loans until I have completely paid her back. The way I see it ... If the BT doesn't go through - I would end up still getting rid of this ridiculous card, with no transfer fee and no more interest. And I know that I could pay her monthly because I am already making the payments to the card but not getting anywhere because of the interest. Anyone have an opinion?

Ugh. Borrowing from family is bad. Borrowing "from Peter to pay Paul" and ultimately borrowing from family - no... no.... no........ you've said it, your sister has loaned you money, you owe her money, now you're going to owe her student loan debt? How are you even going to figure up that money? No, don't do it, you'll confuse the situation that much more. If you reach ROCK-BOTTOM, and you need groceries, borrow cash for food...

I know. It's tough. It's upsetting. I really think that... HBAC? bank is doing something seriously wrong.....

Apr 7, 2011 9:53:02 GMT -5 kristin11 said:

I feel like this pressure to meet bills just came over me in the last few weeks. The rising gas prices are really putting a dent in my pocket which is causing me to panic a little about being able to make my credit card payments. I am spending almost double now than I was 2 months ago. Is anyone else feeling this intense pressure because of the rising cost of gas?

That would be a YES. I have an allowance for gas/tolls/car service of $350 a month, I put it into a separate checking account with ING (earns interest), and I increase it $25 every 6 months - so last year I started at $300, then $325 in July, etc.

In the past three months I've increased to $500/mo. And I'm cutting it fine with that $500. And looking at the cracks in my windshield, which are too large for glass repair, and the state of PA will pay for repair but NOT replacement - is that stupid? I'm hoping I can get it done next month... eek...

[captainredracer]

Hi Everyone, it is the end of the quarter and time for a Galactic State of the Union update! So much has been up in the air and getting started this quarter, and we are glad you are with us at our new home -- Proboards!

This is the official Galactic State of the Union for the Women in Red Racers. The GSOTU takes progress from all five WIRR Regions and combines the data to tell us everything there is to know about HOW MUCH debt we have blasted! The five regions sometimes like to compete amongst themselves to meet goals to further the progress of our group as a whole. The five regions are:

Northeast – The Stormin’ Nor’Easters
South – The Dixie Debtinators
West – The West Rebel Faction
Midwest – The Weapons of Mass Debtstruction
International – The Planet Earth Debtstroyers

[glow=blue,2,300]As of 3/31/11, the WIRR as a total group have paid off $14,391,475.30 in debt![/glow]
In Smiley faces, that equals –

We currently have 156 active members. This is a historically low number because of changes to our forum, including moving to our new home, proboards. Please invite your friends to join us.
THE GALACTIC STATE OF THE UNION as of 3/31/11

***Note, this has been updated, I goofed and included the Inactive Member's paid debt twice in each of the region's Total Paid Debt. It doesn't change the standings, but the numbers are different now.***

3/31/2011	GSOTU Numbers	Northeast	West	International	Midwest	South
Active Members	156	41	27	8	50	30
New Members	3	0	0	0	1	2
Winners	126	28	35	11	23	29
Total Active Member Starting Debt	$11,635,638.93	$2,353,401.82	$2,544,908.47	$399,307.92	$3,636,858.09	$2,701,162.63
Total Active Member Current Debt	$8,317,457.63	$1,745,087.75	$1,933,592.92	$305,116.76	$2,628,016.43	$1,705,643.77
Total Active Member Paid Debt	$3,318,181.30	$608,314.07	$611,315.55	$94,191.16	$1,008,841.66	$995,518.86
Total New Member Starting Debt	$216,235.18	$-	$-	$-	$21,335.97	$194,899.21
Total New Member Current Debt	$216,235.18	$-	$-	$-	$21,335.97	$194,899.21
Total New Member Paid Debt	$-	$-	$-	$-	$-	$-
Total Inactive Member Starting Debt	$112,685,850.98	$28,472,713.85	$28,247,605.52	$7,284,658.37	$25,376,373.54	$23,304,499.70
Total Inactive Member Current Debt	$104,514,218.85	$26,420,290.54	$26,284,925.86	$6,591,223.98	$23,725,024.34	$21,492,754.13
Total Inactive Member Paid Debt	$8,171,632.13	$2,052,423.31	$1,962,679.66	$693,434.39	$1,651,349.20	$1,811,745.57
Total Winner Paid debt	$2,901,661.87	$607,990.28	$776,439.33	$131,231.92	$525,808.37	$860,191.97
Total Starting Debt (Active, Inactive, New and Winner)	$104,134,887.26	$31,434,105.95	$31,568,953.32	$7,815,198.21	$29,560,375.97	$3,756,253.81
Total Current Debt (Active, Inactive, New and Winner)	$113,047,911.66	$28,165,378.29	$28,218,518.78	$6,896,340.74	$26,374,376.74	$23,393,297.11
Total Paid Debt (Active, Inactive and Winners)	$14,391,475.30	$3,268,727.66	$3,350,434.54	$918,857.47	$3,185,999.23	$3,667,456.40
Total Active Member Paid Debt per Active Member	$21,270.39	$14,836.93	$22,641.32	$11,773.90	$20,176.83	$33,183.96
Percentage of Debt Paid		22.71%	23.28%	6.38%	22.14%	25.48%

In the future, the GSOTU will be on its own thread, which we are working to create, but for now, this one will be in each regional thread.

Winners!!!!!!!!!!!!! We’ve had 126 of them – and they have paid off $2,901,661.87!

Kath74: 1/24/2007 (9/12/2006 $7051)	Mississippi PT: 10/27/2009 (12/31/2007 $213661.94)
eastside-resident78: 2/21/2007 (9/11/2006 $5200)	SeattleK: 10/30/2009 (7/5/2008 $16685.43)
LaneNC: 5/16/2007 (1/18/2007 $5000)	roadtozerodebt: 11/2/2009 (7/18/2007 $18177.9)
keriamon: 6/15/2007 (5/16/2007 $8214.96)	Maverick5: 11/9/2009 (4/16/2007 $14813)
LaneNC [2]: 7/23/2007 (9/28/2006 $3403.71)	livingsmall: 11/20/2009 (2/27/2008 $14742.05)
Ntrick: 11/8/2007 (5/11/2007 $14416.18)	beej67: 12/1/2009 (10/24/2007 $25599.72)
ginger11: 12/13/2007 (5/25/2007 $13231.33)	changesforthebetter: 12/8/2009 (2/22/1902 $8491.26)
4martini: 12/17/2007 (6/22/2007 $7115)	enjoysretailtherapy: 12/14/2009 (6/23/2009 $22340.68)
ambellamy: 1/9/2008 (10/14/2006 $17165.8)	sarvissa: 12/25/2009 (6/3/2007 $72262.73)
Kala: : 1/18/2008 (9/15/2006 $11710)	dragonfly750: 1/3/2010 (9/4/2007 $43736.39)
cricket19: 2/7/2008 (9/24/2007 $7107.47)	EL1504: 1/7/2010 (1/18/2009 $5646.24)
Sabrina_66: 2/26/2008 (7/13/2007 $9877)	lilirish: 1/22/2010 (9/15/2006 $58586.64)
stefferzz: 4/30/2008 (12/31/2007 $25463)	caryn14ga: 1/22/2010 (1/13/2009 $14065.29)
Amazon hunter: 5/7/2008 (5/16/2007 $28002)	Momma x3: 1/26/2010 (4/3/2009 $35296.78)
mesmer242: 5/8/2008 (5/16/2007 $7726.48)	ProCras108r: 2/5/2010 (2/25/2008 $19010.6)
sandy1965: 5/9/2008 (9/21/2007 $21471.19)	zeke1020: 2/18/2010 (9/24/2007 $35801.74)
Wildsissy: 5/16/2008 (2/28/2008 $21600)	miranda1216: 2/19/2010 (1/1/2010 $6880.22)
gwen dot: 5/19/2008 (3/3/2008 $2750.76)	kitty10-2 [2]: 2/28/2010 (7/22/2009 $22454.49)
Lriggins2: 7/1/2008 (5/16/2007 $22760.53)	Amazon Hunter[2]: 3/8/2010 (5/8/2008 $73970)
2007debtheaven [1]: 7/23/2008 (6/1/2007 $7700)	BenjaminBunny: 3/13/2010 (4/26/2008 $51476.33)
kemushi: 8/2/2008 (2/20/2008 $12962.12)	numbrcrunchndee: 3/24/2010 (12/19/2007 $21177.29)
mapit: 8/5/2008 (12/18/2007 $13224.25)	DoppioInEdmonds: 3/26/2010 (7/9/2008 $20071.77)
colorado_barb: 8/31/2008 (7/2/2008 $12640.19)	spfled1016: 4/7/2010 (1/9/2008 $13517.33)
auntgerrysgarden: 9/5/2008 (5/17/2007 $23368.67)	rainy-day-lady: 4/7/2010 (1/19/2010 $1975.57)
2007debtheaven [2]: 9/18/2008 (8/18/2008 $8600)	carleyhiggins: 4/29/2010 (12/31/2009 $18083.7)
HadEnuff07: 10/29/2008 (7/20/2007 $24322.8)	angelbaby26: 5/20/2010 (11/8/2007 $7603)
Wild4Green: 10/31/2008 (7/16/2008 $49044.85)	lattelady2010: 6/14/2010 (5/8/2010 $7241.95)
Raindrop1975: 11/14/2008 (8/30/2008 $3008.47)	Sockeymom: 6/18/2010 (2/14/2009 $17129.3)
Beach_Bum: 11/23/2008 (7/16/2008 $128507)	Wahine_in_debt: 6/28/2010 (12/27/2008 $27170.37)
MuttleynFelix: 11/26/2008 (12/28/2007 $11937.51)	Trying2DoRight: 7/14/2010 (12/22/2008 $17470)
Ignorance is Bliss: 12/19/2008 (11/12/2007 $4888)	Kel2: 9/8/2010 (1/5/2009 $10988.76)
Clae: 12/22/2008 (4/25/2008 $8982.53)	nooccar: 10/2/2010 (8/28/2008 $30629)
Gator in the Red: 12/23/2008 (7/22/2007 $41972.99)	barely_above_water: 10/10/2010 (12/17/2008 $26866.2)
AJ2681: 12/31/2008 (12/31/2007 $6946.09)	Elderkind: 10/24/2010 (7/13/2007 $21844.3)
smplgoal: 1/2/2009 (7/21/2007 $32477)	susanb573: 11/4/2010 (9/4/2009 $37125)
PD4: 2/21/2009 (8/11/2008 $16751.96)	Notasbadasithought[2]: 12/13/2010 (4/2/2009 $12438.36)
Notasbadasithought: 2/26/2009 (2/2/2007 $15529.93)	mom2abi (formerly ClassicalCat): 12/17/2010 (12/18/2007 $65769)
Sarah S.-winner: 4/14/2009 (10/11/2008 $9906.27)	sealy: 12/21/2010 (8/5/2008 $53397.99)
cran.vodka: 4/28/2009 (6/24/2007 $11142)	sealy[2]: 12/21/2010 (12/21/2010 $4287.95)
Avalanche3pt0-winner: 5/18/2009 (5/18/2007 $27418.89)	financiallyfreeinbc: 12/24/2010 (1/5/2010 $28343.05)
KITTY10-2: 6/12/2009 (9/11/2008 $20592.86)	Writer88: 1/4/2011 (12/21/2006 $27917)
2007debtheaven [3]: 7/5/2009 (3/27/2009 $5985)	iascubagal: 1/11/2011 (2/26/2008 $26517)
nitza19: 7/10/2009 (9/15/2008 $5700)	kahlan123: 1/18/2011 (1/20/2010 $28440.33)
Texorado: 7/16/2009 (7/20/2007 $29747.49)	ur_doing_it: 1/22/2011 (7/22/2009 $21197.96)
racer mom in red: 7/22/2009 (5/27/2007 $20280)	Cherit: 1/29/2011 (8/5/2008 $4991.98)
cmrobin14 (Aus): 7/27/2009 (10/3/2008 $6831.5)	speechchick71: 2/5/2011 (12/31/2009 $25073)
Hereigoagain-winner: 7/31/2009 (4/6/2007 $14598)	2007debtheaven [4]: 2/23/2011 (11/25/2009 $11500)
redinkdee: 8/6/2009 (12/18/2007 $8465.43)	hawkeyefan1: 3/15/2011 (1/1/2010 $35208.96)
PB in CA: 10/5/2009 (2/14/2009 $14853.38)	HappyCat41: 4/1/2011 (3/30/2008 $58344.45)

Smiley Clubs!!!!! We have handed out the following smiley’s to Active members who have earned them:

Over 200K	Over 100K	Over 75K	Over 50K	Over 25K
exyankee	FemaleSam	digginouttadebt	foxybrown77	Serious this time	muffy in the red
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			SalalSal	Bank of Mom Closed	chicg
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					Dreamer218

Over 20K	Over 10K		Over 5K	More than 75%	More than 50%
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chiver78	onmywaynow	ambellamy [2]	cajuda (was 12carol12)	Casey2525	Sword Guy (formerly dnw2)
thrifty_in_mtl	ZsDebt	trojen3	ilkh (was KH_IL)	foxybrown77	sbvs4you
CrazyLady14	Idawngirl	credit_buster	ffhope	chicg	credit_buster
dvm07	Keepin_the_faith	BSchoolBound	BushTea28	digginouttadebt	lulu0312
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flynn11	Casey2525	startsmart	RunMarathons	FocusedOnFreedom	rmtvbrooks
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	dsunshine	regina24601	One Step Closer	Cushion21[2]	onmywaynow
	Cushion21[2]	Red Racer Ris	dizzleisdone	angelbaby26 (2)	Bra Money
	ravenhaired	ezlivindreamer	Mcreal	dizzleisdone	ready4achange
	shopaholic814	Maryland_Monroe	motherto2	justpayit	rpprt
	NoMoreMrDebtGuy	munjoyhill	dimplesnlj	entlzha	Maryland_Monroe
	salsera_barby	TPSReport	alpinista		irishsob
			rmtvbrooks		TPSReport
			GirlGreen		InDebtYogini
					LaramiK
					chiver78
					salsera_barby
					flat broke
					alicesfreedom
					OweNo
					jdnstl

[mommy2aiden08]

On a positive note in the middle of my hysterics yesterday my sister started feeling bad for me and made me an "offer". I would like some advice on what everyone thinks about this because to me it sounds like a no brainer but I already owe her some money. She has student loan checks that she had no intention of using and just put into her savings account until she has to pay the student loans and she planned to use the money then for repayment. The loans don't kick in until either December or May 2012 (depending on when she can finish up). She offered to write a check for the balance on my Discover card should this BT not go through therefore eliminating the card but adding onto my debt with her. I would then make my monthly Discover payment to her until I can pay her back the full amount. Should her student loan repayment kick in before I can pay her back in full - I would make the payments to the student loans until I have completely paid her back. The way I see it ... If the BT doesn't go through - I would end up still getting rid of this ridiculous card, with no transfer fee and no more interest. And I know that I could pay her monthly because I am already making the payments to the card but not getting anywhere because of the interest. Anyone have an opinion?

kristin, here's my two cents on this. While lark makes a valid point about borrowing from family, honestly, I believe it depends on the relationship you and your sister share. My sister, for example, would give me the shirt off her back if she thought I was even THINKING about needing it. My mother offered to pay EVERY SINGLE ONE OF MY CREDIT CARDS and only wanted me to make $50/month payments back to her, at zero interest. It also depends on if she is charging you interest on it. Here's my thing: if you and your sister share that type of relationship, and you actually stick to repaying her (remember, she will have to give that money back at some point), at no interest (or even minimal interest), then I say go for it. But you have to have that discipline - find a set amount to repay her every month and do not let it veer from that amount. Compare it to a car payment - your car payment doesn't change.

In all honesty, only you can make that decision. No one on this board knows what kind of relationship you and your sister have. I only give you my opinion based on me and my sister's relationship, and what we would do if we were in your spot.

Hey everyone - I'm still around. Things have been crazy. We got a decent tax refund, one card paid off and the rest sitting in savings, toying with my emotions. But then, I'm pretty emotional these days, since DH and I are expecting our second child in November!!!! We're very excited about it, and have been planning for this. I'm deciding if I want to pay off some cards right now, or let our savings sit and collect interest for awhile. I've been automatically transferring a weekly amount to our ING savings account as well, so we've been very "turtl-ey" for quite some time. But, the turtle won the race, didn't he?

[kristin11]

Mommy2aiden08 - My sister and I are very close. She still lives at home and has a much higher paying job so there have been a lot of times over the past 5 years when she has paid something for me and I "Add it to my debt" as she calls it. What I owe her always goes up and down. I pay her whenever I have some extra money laying around and it used to be very consistent. Since I had to buy the new to me car in November she let me stop making payments to her until this summer when I will have more income coming in. She would never even think about me charging interest. I would keep this loan seperate from what I already owe her because it wouldnt be a "I'll give you some money when I can type of thing". I would just make the monthly $55 payment to her that I would be making to Discover. I think it would be a smooth transition but I can also see where borrowing from family can be a messy situation. I think she is just trying to help the best way she knows how because she has seen me go from a sister who was willing to do anything with her at anytime to a workaholic who penny pinches and can never even go out to dinner with her because its money I dont have.

So now I have one opinion on each side and still no clue what I am going to do if the BT doesn't go through. My mother suggested I speak to my Aunt about it who has ALWAYS given me sound financial advice in the past. My mother also thinks she is going to offer me the money herself. A year ago I would have definitely said no because I wasnt as disciplined with my spending and budgeting as I am now and would probably have the mindset that I can pay her whenever. Now because of all of you I want these debts gone and I want them gone fast and that includes my debt to her ... I think if I did do it ... The fact that I saw my number go down that drastically because of no intrest would be more of a kick in the butt to pay her off faster. So still torn - Any other advice?

[kristin11]

And congratulations on Baby #2!!!

[GirlGreen]

Kristin - I remembered you posting your budget a while ago and you received a lot of feedback. Have you reviewed it lately? I'm just concerned that a $55 monthly payment would cause so much stress.

Personally, I would try everything I could do on my own before borrowing from family. It's just not a good idea.

[kristin11]

GirlGreen - The $55 monthly payment is already in my budget because its what I am paying to Discover right now. It would only be moved over from Discover to my sister so I wouldnt be adjusting or moving my budget around at all just switching who that money is being paid too. Right now out of that $55 to discover about $35 goes to interest so I am really in a sense only making a $20 a month payment which is why I feel that something needs to be done about this card. Especially with the rising price in gas. If I can't do something to reduce the amount I am paying toward debt each month or in interest in the long run I am going to have to declare bankruptcy. Its my only other option at this point.

[kristin11]

As a second option here - I could take a loan from my job should the BT not go through however I plan to leave this job right after labor day and the loan would have to be paid back in full before I did that - It would only give me about 5 months so the payments would have to be about $300 a month which would be a serious struggle for me to obtain. I am open to other suggestions if anyone has them but right now if the BT doesn't go through (and its not looking good) my only options are take the money from my sister, take a loan from work which would basically put me in poverty for 5 months (not even being able to afford food) or bankruptcy. None of which are appealing to me at all. I wish I worked closer where I could find alternate transportation. It makes me sick to think that this is all happening because gas went up ...

[poohbiscit1]

Update poohbiscit: 3/8/11 $10,495.91 (12/31/09 $12,277.25 NEU14)

Not as much progress I would as I would like to make but at least it is still going down. I am at $800 paid down so far this year and for me that is great progress seeing that I only paid off a little over $1000 total last year. I am also much better prepared for Murphy if he strikes (although I really hope not) since I now have an EF.

If I am able to continue to make throw some extra money each pay period to this CC I will be happy. My goal to pay at least $3000 off this year which I think is still possible since my car will be paid off late this summer early fall (not sure of the exact time since half my payment gets taken out of my account each pay period so it gets paid a little sooner than the actual maturity date) then I will be taking about half of that payment and throwing it towards this debt and save the rest.

I also set up mini-goals for myself for each quarter to keep me on track. Basically any money I have left over in my checking account each pay period (every two weeks) gets thrown to the CC. My Q1 goal was to be able to send at least $150 extra which I was able to do (although it doesn't seem that I did because of the intereset). My Q2 goal is $175 extra and if I am able to do that Q3 will be $200. If not I will keep Q3 at $175.

I did end up with a small bonus this year but I did not throw it at the debt since I need some new clothes for this summer as I really do not have much that fits an I am going to Florida (trip has been paid for in cash), so I decided I would use that money to purchase the clothes for myself and for DS. I am also using it to pay off the remainder of my car isurance for the year.

On a side note I am so happy that spring has finally decided to show up. It was very nice to be able to go out for a walk last night.

[chiver78]

Current Update: chiver78 4/8/11 $17,907.42 (8/20/08 $45152.97 NE266)
looks like I missed getting this in for the GSOTU, but I get my with this post.
can I just say how good that balance looks? I haven't seen it that low in a long time.....

Creditor	Start Balance	1/20/11	Paid Off!
BofA #1	$0.00	$0.00	$0.00
Chase	$0.00	$0.00	$0.00

[/td][td]$0.00[/td][td]$0.00[/td][td]$0.00[/td][/tr]
[tr]
[td]Discover #1[/td][td]$543.07[/td][td]$0.00[/td][td]$543.07[/td][/tr]
[tr]
[td]AmEx[/td][td]$3142.50[/td][td]$3712.45[/td][td]($569.95)[/td][/tr]
[tr]
[td]Acura[/td][td]$4602.06[/td][td]$0.00[/td][td]$4602.06[/td][/tr]
[tr]
[td]Discover #2[/td][td]$5648.17[/td][td]$0.00[/td][td]$5648.17[/td][/tr]
[tr]
[td]SL[/td][td]$7528.74[/td][td]$0.00[/td][td]$7528.74[/td][/tr]
[tr]
[td]1st National[/td][td]$9862.14[/td][td]$5244.97[/td][td]$4617.17[/td][/tr]
[tr]
[td]BofA #2[/td][td]$13826.29[/td][td]$0.00[/td][td]$13826.29[/td][/tr]
[tr]
[td]CitiCards[/td][td]$0.00[/td][td]$4900.00[/td][td]($4900.00)[/td][/tr]
[tr]
[td]SMCU[/td][td]$0.00[/td][td]$4050.00[/td][td]($4050.00)[/td][/tr]
[tr]

[tr]
[td]Total[/td][td]$45152.97[/td][td]$17907.42[/td][td]$27245.55[/td][/tr]
[/table]

I went back and searched for my last update, because I know I posted about a lot of uncertainty at work. I wanted to update on that as well as the numbers.

first, the numbers. I was able to do as planned - wipe out the Discover #2 with my bonus (yay, another ZERO!) - and get myself down to 4 outgoing payments each month. next up on the chopping block is that AmEx balance, then the two at the bottom. the 1st National is a 2.99% interest rate for the life of the balance, so they are going to be the last to go. I have already adjusted automatic payments in my checking account to include the snowball from the Discover card, and I will be throwing my entire federal tax refund at the AmEx as well. after paying state, it will be a net of $1300.

second, work. I've posted a bit over on EE as things have happened, but haven't been in here for awhile. work has stabilized recently, and I feel much safer in my position. we've gone ahead with a reorganization that was supposed to happen around the holidays, and I ended up with a group that I've worked well with historically. yay! I also watched my boss leave (not his idea) at the beginning of March, which was a shock. we've passed the company sale date, so I will definitely be getting the unvested stock $ coming to me (phew!) and it looks like the new company intends to keep us all onboard for at least the immediate future. obviously, that isn't necessarily permanent, but it's a lot more reassuring than what we were all thinking back in Feb at my last update.

[chiver78]

kristin, I'm with mommy2aiden08. I could do that transaction with my sis as well, in a heartbeat. but we also have that kind of relationship. hell, my mom and I routinely pass $200-500 back and forth, depending on which one of us can't add on any given month. bad, I know, but it works out OK overall. the thought of having your entire $55 monthly payment go to principal is absolutely appealing, but you have to be sure that you look at it as another creditor and make that payment every month. you can't say "oh, I'll get to it" and let it slide.

I will agree with you that you've become a ton more disciplined that when you first started posting. that's awesome. keep up the great attitude, and you'll get there. I don't think this would have been a good idea at that time, regardless of your relationship with your sis. now though, if you can separate the "creditor" and "family" then it could work, and be very beneficial to you.

[wudnit]

Chiver: You owe less than $20k!!! I can't wait until I can say that!! Of course, for me, that is a long way off, but I will make it eventually!!!! I'm racing all my mortgage debt so it is a lot.

Kristin: Just remember Personal Finance is exactly that "PERSONAL". There is no one size fits all and we all have to do what we all have to do for us to make it work. Hang in there, you will make the right decision for you.

I love this board! I'm not sure why I get so motivated by smiley faces, but I do. I also love hearing about everyone else's progress which also motivates me when I'm feeling down. When you have a long haul ahead of you, it can seem almost impossible some time, but then I look at the board at the people who have won their races and paid off an extraordinary amount of debt and I feel better. If they can do it, then I can too.

I don't always get to post, but I post when I can and I always get my updates in as that is another motivation for me. Sharing with people that I'm on the right track and am going down instead of up.

For any of you feeling down, just look at yourself and realize that you have done what not a lot of people have done, you have made the commitment to change and that is a lot!!!! Life is good today!!!

Wudnit

[redwagon]

redwagon: 4/8/2011 $25007.49 (7/16/2007 $27323.79 N290)

Took me a while to find my last post to grab myline. Is there and update list anywhere?

In any event, making some progress, hopefully more as freelance work picks up/I get paid. Excited that this might be the year I kick this to the curb, my CC debt, at least!

Account	7/15/2007	12/31/2010	3/9/11	4/8/2011	Paid Off This Month	Paid This Year	Paid Total
CC#1	1451.67	1178.69	0	0	0	1178.69	1,451.67
CC#2	931.42	0	0	0	0	0	931.42
CC#3	8908.36	12650.97	10400	9916.87	483.129999999999	2734.1	-1,008.51
CC#4	0	0	1499	1424	75	-1424	-1,424.00
CC#5	0	0	0	0	0	0	0.00
CC#6	0	231.75	0	342.45	-342.45	-110.7	-342.45
CC#6	0	231.75	190.48	220.48	-30	11.27	-220.48
SL	16032.34	13376.02	13197.36	13103.69	93.6700000000001	272.33	2,928.65
Total	27323.79	27437.43	25286.84	25007.49	279.349999999999	2661.69	2,316.30

$1k of this is going to be reimbursed from my company for tuition, but I'm including it anyways. It'll feel good to see my number drop once it's paid off!

[IrishMaude]

captainredracer: I think I was missed as a winner; I didn't see my name on the list.

Lark: Thanks for the heads up about the job situation in this economy I had NO idea what was going on!! (yup, that was sarcasm and yup, I know you're smiling.)

[flatbroke]

Apr 1, 2011 9:26:41 GMT -5 rpprt said:

Flatbroke
I know how tricky tables can be here. Pay-no-interest has provided me with the attached table, which I hope can help you. (and anyone else who is having problems with tables)

rpprt,
thank you so much. I just downloaded it and will try it with my next update.

[flatbroke]

This message has been deleted.

[flatbroke]

Name	Aug-07	Mar-11	Paid Off
cc1	$(465.29)		$465.29
cc2	$(28,816.16)	$(11,178.70)	$17,637.46
cc3	$(1,000.00)		$1,000.00
cc4	$(12,428.57)		$12,428.57
cc5	$(7,022.22)		$7,022.22
cc6	$(7,717.68)	$(16,736.27)	$(9,018.59)
cc7	$(1,000.00)		$1,000.00
cc8	$-		$-
			$-
Totals	$(58,449.92)	$(27,914.97)	$30,534.95

[cushion21]

UPDATE

Cushion21[2] 4/9/11 $2,609.25 (5/30/09 $18,818)

Hello Everyone,

Well, I missed my goal to have this SL paid off by the end of March but I should be all done by 4/15. (It's nice to have a 3 paycheck month.)At that time I will be officially debt free except for the house. Then, it's on to race number 3 for the mortgage.

Best to all and happy racing,
Cushion

[chiver78]

Apr 9, 2011 8:33:59 GMT -5 @flatbroke said:

Name	Aug-07	Mar-11	Paid Off
cc1	$(465.29)		$465.29
cc2	$(28,816.16)	$(11,178.70)	$17,637.46
cc3	$(1,000.00)		$1,000.00
cc4	$(12,428.57)		$12,428.57
cc5	$(7,022.22)		$7,022.22
cc6	$(7,717.68)	$(16,736.27)	$(9,018.59)
cc7	$(1,000.00)		$1,000.00
cc8	$-		$-
			$-
Totals	$(58,449.92)	$(27,914.97)	$30,534.95

flatbroke - hit "quote" on this post to see the code. you were almost there, you just forgot the [/table] at the end. I didn't see a post with your tagline though, don't forget that - so the captains can track your progress!

wudnit - thanks! once I win this race, all that will be left is my mortgage. I couldn't bring myself to add that total to my race. I think it would have felt like an insurmountable total. most of my start total was CCs. I ran up probably half of that CC total in the first 6 months of living in my current place, because I didn't realize how far past a stretch it was to have bought the place. the rest of the CC total was from poor discipline and thinking that I could just keep moving it around with 0% or low-% BTs because they just kept coming in. I see now how faulty that logic was, and now I'm in a much better position to save, and plan for emergencies.

[bankergurl]

$100K List is updated as of 4/10/11! $5,585.79 in debt is outta here!
- Welcome back to mini4me from the West!
- Congrats to mini4me for paying off over $30K!
notmsnmoney.proboards.com/index.cgi?action=display&board=wir&thread=2929&page=1

[tpsreport]

Update: TPSReport: 4/10/11 $7890.82 (1/2/10 $18228.56 NEU19)

[constanz22]

I pulled all of my numbers together and am ready to restart my race. Can someone walk me through setting up a table? Can I cut and paste one that someone else did and just input my own numbers? I need the elementary school version in order to figure it out, so, if someone could explain it in VERY basic terms, I'd like to use it, otherwise, I'll just post my totals like we did on MSN. Thanks!

Also, question for one of our leaders...I was active on MSN but have not been "racing" since we came over here. I was just going to restart. Is that the easiest for you? My old screen name was cdarrow26, if you need that for anything. What is the tagline for these boards?

[startsmart]

Okay Racers, Challenges are up on the main board so we can all get closer to those saving and debt pay down goals! I decided to make it a new thread so hopefully we can have more crossover between regions. Learn from each other and all that good stuff.

So, big favor: pop over to Challenges - Women in Red Racers and leave a comment. Answer this week's challenge, suggest some area you want to save money in, give a tip that's helped you so we can learn from you!

Thanks!