RoadToRiches
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Post by RoadToRiches on Jun 3, 2011 11:10:44 GMT -5
...for me to start counting down until June 15th. Another big day in my road to being debt free! To be honest, I just like to pump myself up by posting a thread.
I have to say, so far, this has been really enjoyable experience when I really think about it. Even though all the money I am putting towards debt is not going to me directly, but it does feel really really realllyyy good to make those big chunks of payments every month. I feel in control. I been staying true to my budget since January 1st - the longest time EVER I been able to keep up with my finances. There were few bumps here and there, but nothing that simple EF couldn't take care of.
To those of you who are doing same thing..keep on track! Keep your eyes on a prize! Keep thinking about that day, when all the money you pay now, will go to YOUR bank account soon! Can you imagine the freedom and possibilities that you will have then? All the options! I can't wait.
Don't listen to anyone that makes fun of you because you all of the sudden are "cheap". It's not being cheap. It's about living on your income. Funny thing is, I already have friends telling me that I am cheap. Wonder why? I don't think I am. I just can't AFFORD to do certain things anymore.
In couple months (after July 15th payment) I will be officially in 4 digits range! And after this Amex card is paid off, it's smooth sailing with small cards.
I am really looking forward to the day when I will finally direct my money into investments and start building wealth. Right now, I am building different kind of wealth. Wealth of knowledge.
That is all...now back to your regularly scheduled programming...
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swamp
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THEY’RE EATING THE DOGS!!!!!!!
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Post by swamp on Jun 3, 2011 11:21:06 GMT -5
Are we going to be able to see a line through Amex Blue on June 16? I hope so............
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Cookies Galore
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Post by Cookies Galore on Jun 3, 2011 11:34:39 GMT -5
You can do it, Otto! You can do it, Otto!
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Wisconsin Beth
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Post by Wisconsin Beth on Jun 3, 2011 11:36:15 GMT -5
Are we going to be able to see a line through Amex Blue on June 16? I hope so............ Or only though 3 letters since he'll be 1/3 of the way done with it? |
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RoadToRiches
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Post by RoadToRiches on Jun 3, 2011 13:06:02 GMT -5
yup, only 3 letters. It will be fully crossed by August  |
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moneymaven
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Post by moneymaven on Jun 3, 2011 13:50:22 GMT -5
Woohoo - keep it up indebt - I get pumped up reading your posts! Right now, I am building different kind of wealth. Wealth of knowledge.  |
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reader79
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Post by reader79 on Jun 3, 2011 15:34:36 GMT -5
 I am all for freedom and possibilities with my own money dammit!
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IPAfan
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Post by IPAfan on Jun 3, 2011 16:25:48 GMT -5
I understand your desire to pay off credit cards, but by the time you've paid down your credit cards you're going to be more creditworthy. You can probably roll over the balances to a 0% card, and start developing savings/investments now that can hopefully earn more than your debt payments.
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RoadToRiches
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Post by RoadToRiches on Jun 3, 2011 17:02:50 GMT -5
Oh I know man...I might do that in the future. Right now, I am not in a position to get 0% card. Once my credit improves, then I will start playing numbers. Right now, I am building foundation, if you will ;D
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dancinmama
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Post by dancinmama on Jun 3, 2011 20:10:16 GMT -5
I have to say, so far, this has been really enjoyable experience when I really think about it. Even though all the money I am putting towards debt is not going to me directly, but it does feel really really realllyyy good to make those big chunks of payments every month. I feel in control. Don't listen to anyone that makes fun of you because you all of the sudden are "cheap". It's not being cheap. It's about living on your income. Funny thing is, I already have friends telling me that I am cheap. Wonder why? I don't think I am. I just can't AFFORD to do certain things anymore. I LOVE, LOVE, LOVE your attitude? Isn't it amazing what happens once you break those chains of thinking that you have to buy a lot of  ? Isn't it amazing how much pleasure and peace of mind that getting a handle of your finances can give you? Next year are you going to change your screen name to "outofdebt"?  |
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dancinmama
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LIVIN' THE DREAM!!
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Post by dancinmama on Jun 3, 2011 20:14:24 GMT -5
Oh, and as far as being "cheap" is concerned. I guess you might already be seeing that some of your old "friends" may not fit in with your new found financial freedom. Don't be afraid to tell them like it is. If they're really your "friends", they will respect what you are trying to do for yourself; if not, their loss.
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IPAfan
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Post by IPAfan on Jun 4, 2011 9:39:58 GMT -5
OK, I just noticed the other thread saying one of your cards got bumped to 28%. If you're paying high interest rates on ALL the cards, then by all means pay them all off.
However, I think if you're willing to call up your CC companies, spend some time on hold, and do a little begging, I bet anything you can get your interest rates reduced somewhat at least in the short term.
I had a situation this year where I put $12k on an AmEx card, being POSITIVE that it was a 12 month 0% offer. Well, sure enough, after 6 months I got notice that the rate was reverting to something crazy like 18%. So I spent the last several months paying off that stupid card. Even though our credit is good, we were in a situation where the 0% offers dried up when we needed them.
Keep up the good work. Once you DO get one of those 0% offers (and it's not going to be too long the way you're paying down your credit card debt...you're getting more and more creditworthy every month IMO), take advantage and do a balance transfer (if you've still got any CC debt left) and then start building up savings instead of paying down debt.
It's great to see CC's getting paid off, but it's even better to see those payments going toward a big pile of savings. Better still when you see investment gains from those savings that are more than you ever spent in credit card interest.
EDIT:
It's really easy to lose the frugal attitude you've got when everything starts going better. I was just like you, spending almost nothing and devoting everything to paying off debt and then saving. I've backslid in a horrible way over the last couple years, but still managing to grow my net worth in the right direction. I need to start being really frugal again, and start saving all this money I've been frittering away. You're a good role model!
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RoadToRiches
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Post by RoadToRiches on Jun 4, 2011 12:03:28 GMT -5
Oh, and as far as being "cheap" is concerned. I guess you might already be seeing that some of your old "friends" may not fit in with your new found financial freedom. Don't be afraid to tell them like it is. If they're really your "friends", they will respect what you are trying to do for yourself; if not, their loss. WOW that is really true. I notice different things when I talk to some of my friends. The only person I can really have a good conversation with about paying off debt is my buddy who is doing same thing as I do now. In fact, we both have same payoff date. We always talk about money over the phone and we keep each other in check and motivated. We laugh sometimes talking about things after the "freedom" date lol. It's really good to have someone doing same thing with you, especially when it comes to such a taboo topic as money. My other friends are different. One of them just simply knows he is in trouble but is not willing to do anything about it. He tells me that he will be in debt to the rest of his life. He really talks casually about it. Whatever...I really don't care. It's not my money or life. Whatever works for him. Other friend is starting to tell me that I am cheap lol...but really, I am NOT! I just stopped living like I was living before, on more than I made. This, right now...is my lifestyle. This is how I can afford to live right now on my current salary. He doesn't get it because he knew me differently before, living how I was living, so now that I don't do this or that because simply, I CAN NOT AFFORD IT, he instead thinks that I am being cheap all of the sudden. Bottom line is this..it's a lifestyle change, realization and that bulb going off in my head. Even after I am done with all this debt payoff, I will NOT go back and start blowing money left and right just because I will have extra 1200 bucks in my hand. I will continue to live on my current budget, because it works so awesome. I have money for everything that I need, food, gas, groceries and little fun money. It's strange because despite of my debt situation, I sleep so good at night now. It's weird. I am in a happy place now. I am so pumped up when I make those big payments on my cards and make them disappear from my spreadsheet. To think the options and freedom I will have in 6-7 months. I will be finally able to start building wealth, start thinking about making money work for me! I get so excited just thinking about it. The thought of me being happy and in control now, I can't imagine how awesome it will feel when I am done with this. It's going to be crazy. |
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Post by debtheaven on Jun 14, 2011 18:34:46 GMT -5
Hey, Indebt, it's the 15th here already! |
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RoadToRiches
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Post by RoadToRiches on Jun 14, 2011 18:35:55 GMT -5
12 more hours!!!!!!!!!!!!
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Post by debtheaven on Jun 14, 2011 18:37:36 GMT -5
Yay! I can't wait!
By the way, have you noticed my signature?! The boiler loan is dust. :-)
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Post by debtheaven on Jun 14, 2011 18:40:52 GMT -5
Also, what did you decide to do with that rate hike on that card? Have you switched things around, or are you still going with your original plan?
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busymom
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Post by busymom on Jun 14, 2011 18:43:09 GMT -5
Watching & waiting indebt!!  |
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RoadToRiches
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Post by RoadToRiches on Jun 14, 2011 19:06:36 GMT -5
Nice job on that loan debtheaven!!!! You need to put new sig in there! I haven't really thought about the Citi YET. I got one month to figure it out. We'll see. I will probably move things around and put the Citi ahead of Patelco, IF the rate will be below 14% Hopefully in few months, my credit score will improve even more and I will be able to find nice BT offer. One thing though, tomorrow, instead of $1032 I had scheduled for Amex, I will have to do only $700 because I had some car stuff that came up and had to take care of it. I really didn't want to bust out my EF for that because to be honest, I though, I am still paying $700 on a card that has $66 minimum payment. I will "float" that money back to Amex though in 2 months span ($150 per month) so I will still be on track. This EF is like my life float right now and I am so scared to touch it lol.. |
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IPAfan
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Post by IPAfan on Jun 14, 2011 19:35:47 GMT -5
"I am really looking forward to the day when I will finally direct my money into investments and start building wealth."
You're building your wealth right now by paying off your debt. You have to weigh the return you get by investing vs. paying off debt. If you can make a guaranteed 8%+ paying off credit card debt you're getting good risk adjusted returns on your money. Congratulations!
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Post by debtheaven on Jun 14, 2011 19:42:40 GMT -5
Have you considered going to a credit union? We use a credit union rather than a bank and we generally have had great experiences with them (just one notable exception.)
No new signature for me! We have only rental debt left, and I'm not "racing" that. Paying off the boiler gave us a 160/mo "raise" which I am using rather than "snowballing", to offset the costs of everything else going up.
My next "victim" is a 9.3K rental reno loan which is 58 months from being paid off. So you won't be seeing that in my signature anytime soon LOL.
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RoadToRiches
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Post by RoadToRiches on Jun 14, 2011 20:34:33 GMT -5
Thanks for all the replies! debtheaven, I didn't look into credit union. To be honest, I am pretty sure I will be able to get some nice BT card once I am half a way though (say...past Patelco card) I see my credit score goes up about 15 points each month. Couple more months I will start hunting for a BT card As long as I have plan and keep on going with it, I am cool! 6 more months!! |
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happyscooter
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Post by happyscooter on Jun 15, 2011 7:06:10 GMT -5
Today's the day!!!! ;D
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RoadToRiches
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Post by RoadToRiches on Jun 15, 2011 10:00:41 GMT -5
LOL damnit!!!!!! I woke up too late!!!!!!!!!! AGGGHHH!!! I couldn't do my spreadsheet before work!  Now I am counting hours until I get the hell out of here lol |
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Wisconsin Beth
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Post by Wisconsin Beth on Jun 15, 2011 10:18:11 GMT -5
lol. Where's the emoticon for cliffhanger?
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RoadToRiches
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Post by RoadToRiches on Jun 15, 2011 17:18:36 GMT -5
WOOOHOOOO!!! I am in 10's!!!!!!! YEAHHHH!!!!!!! ;D ;D ;D ;D
Couple more months and I will be in 4 digits range!
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blackcard
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As of April 2013 Mortgage is paid in full :) NO debt of any kind.
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Post by blackcard on Jun 15, 2011 17:32:11 GMT -5
<<Ok, I just noticed the other thread one of your cards just got bumped to 28%>>
OMG! 28% Is there a bank that will give you a debt consolidation loan? Or is that a thing of the past? At least a single digit interest rate, would be better than a loan shark 28%.
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blackcard
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As of April 2013 Mortgage is paid in full :) NO debt of any kind.
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Post by blackcard on Jun 15, 2011 17:33:00 GMT -5
indebt way to go! I almost forgot. That 28% sure caught my eye.
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Plain Old Petunia
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bloom where you are planted
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Post by Plain Old Petunia on Jun 15, 2011 17:33:55 GMT -5
Wow, that is a lot of progress in just a few months! You're inspiring, good for you!
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RoadToRiches
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Post by RoadToRiches on Jun 15, 2011 17:56:57 GMT -5
Thanks! blackcard, that 28% is Citi (see my cig). I was on a payment plan with them at 0%. They called me last week saying that I sucesfully completed my plan and that I am off it. Now my account is in "review" which means, next month my interest rate will be 29% I talked to someone else, and they said that this will be only for one month, and in August, my account will go back to what it was before I got on a payment plan (around 14%). Great reward for me being good huh? lol But hey, it's ok. Soon I won't owe them jack shit! Hopefully by the time I get to August, my score will be higher and I will be able to get nice BT card. If not, I will just move that card before Patelco. It's ok with me. You know why? Because I HAVE A PLAN! Damn this feels good! I am mostly happy to be knocking that Amex one out. That was a biggy with 3600 balance. Now it's 2300!!!!! This is so easy it's laughable! lol!!!! WOW...6 year old could do it hahahahaha I can't believe I wasn't following a budget before! |
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