debthaven
Senior Associate
Joined: Apr 7, 2015 15:26:39 GMT -5
Posts: 10,325
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Post by debthaven on Jan 16, 2020 3:22:07 GMT -5
I'm glad to hear that Chive. I hadn't realized you were planning on getting rid of any cards.
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chiver78
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Current Events Admin
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Post by chiver78 on Jan 16, 2020 8:26:23 GMT -5
Yup. I have already decided that I am keeping my American Express (oldest account) and one Discover (best customer service). what I will need to figure out is which Mastercard to keep, since my debit card is a Visa - so I have all four options. what I know for sure is that both Bank of America cards will be gone. past that, I need to look at perks and stuff to see what I want to keep.
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swordguy
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Joined: Dec 26, 2010 18:07:07 GMT -5
Posts: 446
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Post by swordguy on Jan 16, 2020 9:06:57 GMT -5
Race # | Description | Update Date | Current Amt | Race Start Date | Race Start Amt | 1st Page # | Change | Notes | 2 | HELOC | 1/16/2020 | $ 0 | 11/20/2019 | $ 15,000 | WIRR209 | -22480 | Funding Renovations on Houses #6 and #7 | 3 | Mortgage | 1/16/2020 | $143,982 | 11/20/2019 | $145,890 | WIRR209 | 0 | Mortgage for old House | 4 | Mortgage | 1/16/2020 | $230,000 | 1/16/2020 | $230,000 | WIRR215 | +230000 | Mortgage for new House |
Buying the new house today. Seller will occupy it for up to another 12 days, except for the garage, so we can start moving things over to it tomorrow. This way, we can empty out several rooms in the front of the old house, do the repairs/painting in them they need, and then empty the remaining rooms. Or at least that's the plan. Hoping to put $162,000 to $200,000 on the new mortgage this year when we sell our current home and a flip house we're renovating. Once those two homes are sold, we'll be able to really knock this debt down. SwordGuy (2) 1/16/2020 $0 (11/20/19 $15,000 WIRR209)SwordGuy (3) 1/16/2020 $143,982 (11/20/19 $145,890 WIRR209)
SwordGuy (4) 1/16/2020 $230,000 (1/16/20 $230,000 WIRR215)
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chiver78
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Post by chiver78 on Jan 16, 2020 9:48:20 GMT -5
no idea, seeking recommendations for that as well. I have a Roth (I think?) from having rolled over 401k plans. I know I want to keep at least $10k liquid in a high interest savings account. past that, I'm open to suggestions - including whether that $10k number is too low. thanks in advance! Great series, what regular folks need to know about investing in the stock and bond market. jlcollinsnh.com/stock-series/I just noticed this post, sorry for the late reply. that's a lot of reading!
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swordguy
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Joined: Dec 26, 2010 18:07:07 GMT -5
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Post by swordguy on Jan 16, 2020 10:10:35 GMT -5
I just noticed this post, sorry for the late reply. that's a lot of reading! It's in smallish chunks so it's easier to digest. He wrote it for his daughter, who knew she needed to learn this stuff but really didn't want to invest a huge amount of time into it. But hey, it's only your financial future!
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chiver78
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Current Events Admin
Joined: Dec 20, 2010 13:04:45 GMT -5
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Post by chiver78 on Jan 16, 2020 10:17:22 GMT -5
I just noticed this post, sorry for the late reply. that's a lot of reading! It's in smallish chunks so it's easier to digest. He wrote it for his daughter, who knew she needed to learn this stuff but really didn't want to invest a huge amount of time into it. But hey, it's only your financial future! ha, very true. I've got a 3h flight next week, I think I'll start on this then. thank you!
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nidena
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Post by nidena on Jan 16, 2020 13:48:11 GMT -5
It looks like I just needed the new address to start getting CC offers. Received one yesterday with a 0% for 12 months, regular apr 23.99%. Since they never tell you what their BT limit is, being that it's usually based off of what you're approved for, I threw it away. I'll be paying the CC off when the house sells or, at least, paying off a good 80% of it. I'll keep my 11% until my balance is four digits or fewer.
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Minnesotagirl7
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Joined: Dec 27, 2010 11:43:59 GMT -5
Posts: 1,793
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Post by Minnesotagirl7 on Jan 16, 2020 15:40:31 GMT -5
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Minnesotagirl7
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Joined: Dec 27, 2010 11:43:59 GMT -5
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Post by Minnesotagirl7 on Jan 16, 2020 16:51:09 GMT -5
The Galactic State of the Union has been posted!I have some cleanup to do to make it look pretty, but the information is there. Galactic State of the UnionI hope you all see what an AMAZING job we've done!
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Rukh O'Rorke
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Joined: Jul 4, 2016 13:31:15 GMT -5
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Post by Rukh O'Rorke on Jan 17, 2020 11:34:22 GMT -5
no idea, seeking recommendations for that as well. I have a Roth (I think?) from having rolled over 401k plans. I know I want to keep at least $10k liquid in a high interest savings account. past that, I'm open to suggestions - including whether that $10k number is too low. thanks in advance! will 10k cover 3 months expenses in the apartment? If so - I think that's enough. Maybe put 10k in there and start sending an addition $50 every pay period?
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
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Post by Rukh O'Rorke on Jan 17, 2020 11:38:13 GMT -5
no idea, seeking recommendations for that as well. I have a Roth (I think?) from having rolled over 401k plans. I know I want to keep at least $10k liquid in a high interest savings account. past that, I'm open to suggestions - including whether that $10k number is too low. thanks in advance! Dave Ramsey recommends having an emergency fund of 3-6 months' expenses. It doesn't need to be 3-6 months of income, just your usual expenses times 3 to 6. You decide how many months. Often it depends on your income, your job security, etc. Right now, mine is 3 months until I pay off my house this year. When I no longer have a mortgage payment, I plan to bump it up to 6 months. I'm retired, so I can't get an IRA, and I'll have to find another way to save for my older years. I'll think about learning about investments beyond the retirement account I started way too late. I'm not understanding....do you mean put some by for expected expense increases due to health issues? Otherwise - if you're retired aren't you already doing it?
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Maryland Monroe
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Post by Maryland Monroe on Jan 17, 2020 13:50:44 GMT -5
I want to save for unexpected things. My regular savings account has enough for three months of expenses. I also have a car replacement fund so I can pay cash for my next car. I'd like to have investments for the future in case my pension and Social Security don't keep up with the economy.
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sealy
Familiar Member
Joined: Dec 22, 2010 2:49:52 GMT -5
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Post by sealy on Jan 17, 2020 14:07:49 GMT -5
Updating pg 198.
I'm so happy. I apologize for being gone for so long but I have still been working on getting out of debt. I'm using the baby steps developed by DR. I'm soo close to paying off my CC then I'll just have a truck payment which will be tackled like an NFL defensive lineman tackles anyone with the football.
I'm only posting my tagline because trying to copy and paste doesn't work. I can't wait to finish.
. sealy (2): 01/17/2020 $267,200 (12/04/12 $335,199.00) difference $67,999.00
sealy (3): 01/17/2020 $23,655.06 (4/30/17 $55,146.30) difference $31,491.24
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bankergurl
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Joined: Dec 30, 2010 17:05:10 GMT -5
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Post by bankergurl on Jan 17, 2020 16:42:33 GMT -5
Hi Sealy, if you need to copy/paste a chart or any info from a previous post, you can click the "Quote" button on the old post, it will pull up the post like you are going to Quote it. Then click on the BBCode button on the bottom of text box. This will put your post into code, remove the "quote" info from the front of the back of the post and then you can change the view back to Visual on the bottom of the text box and make any changes you need to make before creating the post.
Hope that made sense, let me know if you have any questions!
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bankergurl
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Post by bankergurl on Jan 17, 2020 16:55:37 GMT -5
Update to Race #1, 2, and #4!!$949.60 paid off in the last 2 weeks!!
Really nice update!!
We have been totally overwhelmed with planned and unplanned bills but doing our best to stay afloat. So many medical bills, vet bills, home insurance, tax bills due next month....the list goes on and on! One of our renters is behind $250.00 and told us she is looking for a new job which is a bit worrisome as it sounds like she may be losing her current job. We shall see how that pans out.
Savings is at $17,230.00
Celebrations for this update: -$949.60 paid off in the last 2 weeks!! -My Mortgage went under the next $1000 mark!!
-Total Debt went under the next $1000 mark for the 5th update in a row!!
Race #1 - Banker Gurl Mortgage (Rental #2)
1/17/20 $140,600.00 (9/17/07 $250,514.73) Paidoff - $109,914.73
Debt | Interest | Start 9/17/07 | Last 12/20/19 | Current 1/17/20 | My Mortgage (Rental #2) | 3.62% | $250,514.73 | $141,000.00 | $140,600.00 |
Race #2 - Bad Debt Race
1/17/20 $30,200.01 (6/19/15 $63,603.84) Paidoff - $33,403.83
Debt | Interest | Start 6/19/15 | Last 01/03/20 | Current 1/17/20 | Student Loan | N/A | $93.97 | $0 | $0 | Payback Savings | 0% | $500.00 | $0 | $0 | David's Bridal | 0% | $275.30 | $0 | $0 | Scheel's Card | 25.24% | $929.90 | $0 | $0 | Total Rewards | 17.99% | $3,955.66 | $0 | $0 | LOC - US Bank | 21.90% | $4,994.05 | $0 | $0 | Ring - Iddeal | 9.99% | $9,334.87 | $0 | $0 | Appliances - Best Buy | 0% | $2,960.09 | $0 | $0 | Store Loan
| 2.00%
| $14,560.82
| $858.29
| $737.75
| Mom Loan #2 (HELOC) | 2.00% | $0 | $3,462.26 | $3,462.26 | Mom Loan #3 (Truck - Added 9/1/18)
| 2.00%
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$26,000.00
| $26,000.00
| $26,000.00
| Totals |
| $63,603.84 | $30,320.55 | $30,200.01
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*Mom Loan Savings Account has $3,180.00 in it so total still owed is $26,282.26.
Race #3 - MO's Mortgage (Rental #1)/HELOC
1/03/20 $77,565.41 (6/19/15 $119,756.61) Paidoff - $42,191.20
Debt | Interest | Start 6/19/15 | Last 11/23/19 | Current 01/03/20 | HELOC | 3.5% | $30,324.70 | $0 | $0 | MO Mortgage (Rental #1) | 4.5% | $89,431.91 | $77,741.31 | $77,565.41 | Totals |
| $119,756.61 | $77,741.31 | $77,565.41 |
Race #4 - Our Mortgage
1/17/20 $236,391.27 (9/2/15 $270,000.00) Paidoff - $33,608.73
Debt | Interest | Start 9/2/15 | Last 12/20/19 | Current 01/17/20 | Our Mortgage | 4.125% | $270,000.00 | $236,820.33 | $236,391.27
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Yearly Progress
Date | Total Debt | 6/19/15
| $584,391.18
| 1/1/16 | $557,236.94 | 6/1/16 | $536,179.52 | 1/6/17
| $524,971.47
| 6/9/17
| $516,318.28
| 1/5/18
| $504,165.70
| 6/8/18
| $495,101.02
| 1/4/19
| $508.767.86
| 6/21/19
| $497,886.96
| 12/20/19
| $486,311.31
| 1/3/20 | $485,706.29 | 1/17/20
| $484,756.69
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*Record for going under the next $1000 mark is 9 updates in a row.
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idlechatter
Initiate Member
Joined: Sept 7, 2013 15:12:54 GMT -5
Posts: 70
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Post by idlechatter on Jan 17, 2020 22:29:08 GMT -5
Okay, so things are about to get CRAZY. First things first, I did NOT pay off the credit card balance (yet) and the balance is higher because I went ahead and purchased a flight, parking, and hotel for an upcoming vacation with it. But I'm 100% completely okay with it because I have more than enough cash to pay the card in full, which I will do in early February closer to the due date. I've arranged with DEXBF for him to give me a minimum of $500 monthly for the truck payment ($412) and personal loan ($88), to give me the money by the last day of the month (the truck payment is due on the 1st of the month and I was lax about it so he was giving it to me 2ish weeks later), AND to give me half of his tax refund every year until the personal loan is paid off. My work expenses are back to normal so it should be relatively easy for me to continue saving the money he gives me every month instead of putting it back in the bank to cover the cash outlay I made for the truck payment. The $412 truck payment does not put me in a tight spot even if I don't replace the money. Just proves to me I had the ability to save more money than I thought! First world problem, am I right? Now here's the really crazy part. We received verbal confirmation of our comp today. I won't be getting a raise because I just got an $18K raise in August. BUT my bonus this year is $25K. Plus a $5K stock award. $25K!!! That's the same amount my salary at my first job was!!! The craziest part? Boss was disappointed because he submitted for more for me and that's what it came back approved as. Since 8 months of the year was in my old (lesser paying) role, the bonus is a hybrid with the majority being given based on my old role. He said next year it will be "materially more." What this means is I will absolutely be able to pay off Student Loans #B and #D next month. And save what I need to save this year outside of my EF savings. And February of next year I will be able to pay off the remaining two student loans. And probably the car loan as well. And for the first time in my adult life, be 100% debt free. BY FEBRUARY OF NEXT YEAR. It's only a year away!! This will also mean I will have $1,068 dollars every month to do whatever I want with instead of put toward debt paydown. WHAT. And yes, for those of you that have been part of the discussion, I will be increasing my 401K contributions with some of that extra money, hopefully to max it out. January Summary• Total debt under $38K! 2020 Goals• Under $26K by December 2020 update. • Reach 75% paid off by December 2020. • Reach 60% paid off since WIRR start by December 2020. • Pay off another student loan by December 2020. • Reduce SL#B and SL#D to <$2,750 by Dec 31 20. • Reduce Auto loan to <$4.5K by Dec 31 20. idlechatter (2) 1/17/2020 $37,787.48 (12/13/2017 $71,083.09 C165) Debt | Interest Rate | Starting Debt | WIRR Start 12/13/2017 | 1/17/2020 | Difference from WIRR Start | Total Difference | CC#1a | - | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | CC#1b | 0.00% | $4,846.31 | $4,846.31 | $0.00 | -$4,846.31 | -$4,846.31 | CC#2 | 18.92% | $1,592.09 | $1,592.09 | $1,551.22 | -$1,749.50 | -$1,749.50 | SL#A | 6.80% | $3,024.00 | $640.37 | $0.00 | -$640.37 | -$3,024.00 | SL#B | 6.80% | $8,400.00 | $5,465.90 | $3,708.71 | -$1,757.19 | -$4,691.29 | SL#C | 6.80% | $31,822.91 | $21,424.73 | $15,214.44 | -$6,210.29 | -$16,608.47 | SL#D | 6.80% | $8,400.00 | $5,596.11 | $3,758.84 | -$1,837.27 | -$4,641.16 | SL#E | 6.80% | $11,370.48 | $8,723.05 | $5,939.55 | -$2,783.50 | -$5,430.93 | SL#6 | 6.55% | $6,581.00 | $2,926.35 | $0.00 | -$2,926.35 | -$6,581.00 | Auto | 1.90% | $19,036.80 | $15,864.00 | $7,614.72 | -$8,249.28 | -$11,422.08 | Moto | 7.99% | $4,384.14 | $4,004.18 | $0.00 | -$4,004.18 | -$4,384.14 | Total | | $99,457.73 | $71,083.09 | $37,787.48 | -$35,004.24 | -$63,378.88 |
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swordguy
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Joined: Dec 26, 2010 18:07:07 GMT -5
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Post by swordguy on Jan 17, 2020 22:54:32 GMT -5
idlechatter, that is AWESOME news! Isn't it great when a plan comes together?
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sealy
Familiar Member
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Post by sealy on Jan 18, 2020 11:30:56 GMT -5
I updated my race from page 153. My taglines are now up to date. bankergurl This is all I see when I try to quote it. The BBCode only shows this and not my charts but when I go to page 198, I can edit my charts and it'll save them but won't let me quote them.
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nidena
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Post by nidena on Jan 18, 2020 11:55:19 GMT -5
So, on Thursday, my realtor called and said they want to add that if they find anything, on the home inspection, that'll cost more than $500 to fix, they can back out. I understood that logic. I also know how much things cost and wanted to raise that amount to $1000 but thought that would indicate to the buyer that I know something is wrong with the house (which I don't) so I agreed and left it at $500. She texted yesterday that they were at the house and doing the inspections. All that being said, the closing won't happen by the 31st but I'm cool with that. It would have taken a lot to get it done in just 17 business days.
In the meantime, I keep myself busy by continuing to create the list of U.S. bra stores. There are more than 500 which sounds like a lot but, considering how big this country is, really isn't.
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paynointerest
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Joined: Dec 21, 2010 1:35:20 GMT -5
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Post by paynointerest on Jan 18, 2020 12:01:37 GMT -5
I'm sharing so none of you make the stupid mistake that I made...
So, I'm embarrassed to admit that fell victim to a Craigslist fraud scheme. The reason why...I did not know the banking regulations for Cashier's checked were relaxed and because of this action, con artists have an easier path to scam people. I'm sharing this in case some of you do not know this. I grew up in the era that a Cashier's Check was the "secure route" to go to guarantee payment. When I was young, the money was not made available to the person's bank account until the check cleared from the other bank. This is not the case. Our society's desire for convenience and easy access to money gave policy makers reason to deregulate this part of the banking industry. Now money is made available to the person to use before the check has cleared from the bank that issued the check.
I'm sharing this article that I found on Vox that gives an example of a similar situation that happened to me. I wasn't selling a Cello, I was selling a futon. I live in a college town and so when the "buyer" said they lived in CA and they were buying it for their daughter, that did not raise a question in my mind. When they said they were giving me extra $$ to pay the movers in cash, I had an uneasy feeling and actually told them no deal. But they wrote back assuring me that nothing had to be done until the Cashier's check cleared. My lack of understanding of the deregulation by the banking industry was what made me continue with this transaction, and ultimately became a victim of fraud. I can't get my money back -- the bank won't support it. By law, they don't have to. My hope is that my home owner's policy will cover this and I'll at least get some if not all of the money that I lost back. Please share this with everyone you know so they don't fall victim to the same scheme. It is very distressing to have this happen. www.vox.com/the-goods/2019/8/19/20808526/cashiers-checks-online-scams
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TheOtherMe
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Post by TheOtherMe on Jan 18, 2020 12:46:28 GMT -5
I'm so sorry paynointerest. I grew up in the era was a cashier's check was the way to be safe also. Several years ago, I was supposed to be going to a Paul McCartney concert with a sort of "friend" in San Francisco. Long story short, she sent me the money I had paid her by cashier's check. The check ended up being good, but the credit union told me about the problems when I deposited the check. They put a hold on it and suggested that I put my own hold on the funds and not spend the money for an even longer amount of time. I got lucky. I'm sure you lost more money than was involved in my entire transaction. Sadly, what you are describing is on the news a lot here.
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TheOtherMe
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Post by TheOtherMe on Jan 18, 2020 12:47:49 GMT -5
My bank has a sign that they won't take postal money orders as deposits. Those used to be safe also.
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debthaven
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Post by debthaven on Jan 18, 2020 14:40:48 GMT -5
I'm so sorry this happened to you paynointerest. I hope your insurance will cover it.
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idlechatter
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Post by idlechatter on Jan 19, 2020 11:51:31 GMT -5
idlechatter , that is AWESOME news! Isn't it great when a plan comes together? I finally feel like things are coming together and there is a light at the end of the tunnel!! I still have not been able to wrap my head around what life will be like without student loans. I have had student loans dating back to my first race with WIRR in 2007 too!! (though the ones from 2007 have since been paid off). It will be the first time in my adult life that I have not had student loans. And don't get me wrong, I can appreciate having taken them on because without them, I would not have gotten the job that I have and not been in a position to earn the salary I do. So my life would likely have been very different. But man I am so thrilled to know they will be gone soon. I am starting to think about things like travel (which I will be doing some of this year), a house, a second motorcycle....So exciting!!
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Rukh O'Rorke
Senior Associate
Joined: Jul 4, 2016 13:31:15 GMT -5
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Post by Rukh O'Rorke on Jan 19, 2020 12:41:55 GMT -5
idlechatter , that is AWESOME news! Isn't it great when a plan comes together? I finally feel like things are coming together and there is a light at the end of the tunnel!! I still have not been able to wrap my head around what life will be like without student loans. I have had student loans dating back to my first race with WIRR in 2007 too!! (though the ones from 2007 have since been paid off). It will be the first time in my adult life that I have not had student loans. And don't get me wrong, I can appreciate having taken them on because without them, I would not have gotten the job that I have and not been in a position to earn the salary I do. So my life would likely have been very different. But man I am so thrilled to know they will be gone soon. I am starting to think about things like travel (which I will be doing some of this year), a house, a second motorcycle....So exciting!! Congrats! I hope to follow you in not-too-long-a-time....but it will be several years... I've had student loans since 1992/3
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Deleted
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Post by Deleted on Jan 20, 2020 9:25:40 GMT -5
I've been debating joining this board but probably should have done it 7 months ago instead of waiting until now. I have a 0% card that expires in April that's been sitting at about 8K no matter what it seems. I've debated rolling it to another 0% card and continuing to pick away at it, but I'm not sure I want to do that because it didn't seem to work last year. I think I'm probably just going to raid savings to wipe out the entire thing which is going to suck. MPL, I have used 0% cards. When I do that, I put the card away and do not use it for anything. I calculate what has to be paid per month to have it paid off by the time the 0% expires.
I've yet to pay the higher interest rate but I don't add to the balance.
Yes, I have other cards but those are paid off monthly. I know you had a lot of expensive stuff happening last spring. I hope none of that happens to you this spring
Therein lies the problem though. My budget is so tight, that there is no way I could pay off 8K from monthly income in that time frame and still be setting aside to pay the next bills, so big cat bill comes up I had to use it again, annual insurance premiums come up, have to use it again.
This weekend I was hunting around for a card to transfer it to before it expires in April and was all excited to have found one with 15 months 0% and no balance transfer fee, but I don't know if that's really a good idea. since I'll probably just be pushing the problem down the road.
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TheOtherMe
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Post by TheOtherMe on Jan 20, 2020 9:29:51 GMT -5
I use a different cards for any new expense and not ones with a high interest rate.
I never add to an amount that has a 0% rate due to a balance transfer. It defeats the purpose of the BT.
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Deleted
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Post by Deleted on Jan 20, 2020 9:46:09 GMT -5
I use a different cards for any new expense and not ones with a high interest rate. I never add to an amount that has a 0% rate due to a balance transfer. It defeats the purpose of the BT. But why would I put it on a different card with any rate if I have one with 0%?
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TheOtherMe
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Post by TheOtherMe on Jan 20, 2020 11:55:11 GMT -5
If you can't pay off the 0% rate by the time it expires, there's not much reason to have done the balance transfer to get a 0% rate.
When the rate increases at the end of it time, it goes up to whatever rate. Any BT I've had, charged interest on purchases made on the card. That's why the card gets put away and not used period until the BT is paid in full
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swordguy
Established Member
Joined: Dec 26, 2010 18:07:07 GMT -5
Posts: 446
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Post by swordguy on Jan 20, 2020 11:58:32 GMT -5
I use a different cards for any new expense and not ones with a high interest rate. I never add to an amount that has a 0% rate due to a balance transfer. It defeats the purpose of the BT. But why would I put it on a different card with any rate if I have one with 0%?
I bought something on a "0% for 6 months" deal once on their store credit card. Last month before interest came in the balance was down to $100 and some big, unplanned expenses came up. So I let that $100 ride an extra month because the interest on the $100 would be pretty small. They then proceeded to charge me interest for the full $2000 the object had cost for the full six months!!!!!! Buried way down in the fine print was that little gem. You have to be REALLY CAREFUL with these kinds of deals because the banks will pull these kinds of tricks if you let them.
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