Posted: 7/3/2008 3:59:19 AM EDT
Just paid off my last credit card !!! WOO HOO!!! ......NEVER AGAIN will I allow myself to be stupid with debt........now for the next part of my debt snow ball, the mortgage......hopefully in Feb ill post the end to that
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congratulations
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Congratulations. I got my last one paid off two months ago. It was a great feeling when I called to called to cancel the card. They kept asking why I was cancelling the card and they didn't understand why. Can we waive the annual fee? We can change the interest rate, billing rate . . . you get the idea. We figured up over the last 8 years, we had paid $6000 in interest. That's most of a .50 cal. Again, I've very proud for you. R. |
me too.....3:00pm time to tune in he's gonna be in Raleigh and charlotte soon, you going? liberation from slavery....a lovely thing |
Feb! Cool... For those with a little longer to go, I have read you simply make the same monthly payment but you pay 1/2 of it every two weeks instead of a single monthly payment. On a 30-year mortgage the net result in interest reduction is significant. I took the approach of not buying things I could not pay cash for, so I have never paid any CC interest. In our first house, we sat on throw pillows and the TV literally sat on a milk crate I brought home from work. We did this for two years until we sold the house and managed an extra $25K in principle payments. |
that's hard core rice and beans....outstanding! yer wierd 
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LOL- I sat on the living room floor with my bedroom pillow between me and the wall to watch the TV on the hand me down microwave stand across the room. After a year of that I paid off the truck, stupid atv, and saved to buy a couch. I pay cash for things but still have a CC for my online purchases (reloading components and shooting stuff) CC gets paid off every month. 1 year of expenses in the bank. Congratulations! Now you can live like no one else. |
The problem isn't haveing a credit card, in fact it probably would be a good idea for you to maintain one, provided that you can get one with no annual fee and you pay it off monthly (use it for things like online shopping, provided that you have the cash in hand). That way, you can at least maintain a decent credit rating, so that if you do ever need to finance something costly and necessary- you'll be able to get the financing. |
if he comes to charlotte I will and take a few friends |
Ive heard dave talk about it on the radio and he says it equalls making one extra payment a year....alot of mortgage companies are trying to see it as a new mortgage product and chagre closing costs to refi to it. He says just make the extra payment (principal only) and save the closing costs..I bought a forclosure 8 years ago and got a deal on a ....well rebuild it....fixer upper doesnt really say it for the way this house was. Have been paying a little extra on it but now that all my other debt is downe im gonna slam the rest of it on the mortgage......and im getting a lot of ot right now so all that is going to it too.... |
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My wife and I have not paid over 400$ in intrest since we got married 21 Years ago (NOT counting House and car payments) It was something we decided to do right after we got married I do have a credit card and 2 debit cards House is paid for 1 car is paid for And I just got RIFed again, 2nd time in 2 years.. but with our preps it not that big of a deal She works and can cover 90% of our bills But we have been lucky and frugale too |
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Congrats! Keep it up! We 100% debt free, and it is the greatest and most secure feeling in the world! It is all about learning to be content with what you have. It is amazing how clear your thinking is when you are not enslaved to anyone. You'll make all sorts of smart decisions. And, you will see the stress debt creates in everyone else's life too :) ETA: BTW, living with a car payment or mortgage is not living debt free. Get rid of those too. |
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Good to hear you got rid of your credit card debt. My wife and I have been striving to stay debt free since we got married. Both of our vehicles are paid for and I recently paid off our mobile home. Her student loans are paid for and she had paid of our wedding expenses within a couple months of the event. Our next major goal is land or a permanent home - but I only intend to go about that route with a fixed rated mortgage and ideally 20% down. With the recent mortgage crisis and other credit woes, I think one's long term survival is best assured by simple living without debt or other forms of financial slavery. Avoiding impulse purchases and materialism is a good start. We all know the government can't save us - and the Federal Reserve has done it's fair share of damage to the economy simply by printing more fiat paper money to lower interest rates for banks. There are many threats to our liberty. Owning firearms, stocking food and water, and attempting to live off the grid are all important. In this age, I feel economic collapse is one of the biggest threats to us and our freedom - especially given the entitlement culture that we live in. FerFal308's blog has been eye opening to the chaos in Argentina. http://ferfal.blogspot.com/ |
Do you know if this would work towards GSL type student loans? |