Please help - I need to get my credit card debt under control
roch...@myaddress.rr.com
card debt.
Sparing the details, the company I worked for went under in 2002, I
worked on my own and made little money for three years, and the job I
got after that, though promsing, involves a long ramp-up curve; my
best earnings are ahead of me.
Right now, here are my circumstances:
- Three bank credit cards with a total indebtedness of roughly $70k,
and monthly payments of about $2,200
- A fourth bank card on which I make all of my purchases and pay off
in full every month
- A 30k personal loan from Capital One with a $500 monthly payment
- House fully mortgaged, no equity to tap, interest rate about 6.5%,
18 years left on a 20-year mortgage
- car loan of $450 a month
The interest rates on my cards are all high - basically 19-29%.
My wife and I together earn about $10k a month, and I expect this
amount will begin to increase late to mid 2008. But I'm just dying
under the weight of these cards. I applied to Cap One earlier this
month for a balance transfer on one of my cards, hoping to cut the
interest rate, but I was turned down because of a combination of my
income and the fact that my debt-carrying cards are close to maxed.
What are some good ways that I can cut these monthly payments? Or
more accurately, maintain the monthly payments but have more money go
to pay down the balance and less money go to interest? My wife and I
both have FICO scores in the 700-740 range - not bluest of blue chip
for credit, but still very good.
Sev
You applied one place and were turned down? Try a few more- no
reason to pay those interest rates. Though you are pretty maxed out,
and credit is getting tighter, you still ought to find something
better.
Gordon
news:9326n3tt9n6ii0h4j...@4ax.com:
See if you can get a debt consolidation loan from your bank. Then
arange to have the monthly payment directly deducted from your
bank account.
What are you spending the 10K per month on? I would love to be
making that much. To pay off your credit cards you should be
makeing more (much more) than the minimum monthly payment.
Is there any way you can free up about $1000.00 more per month
and apply it to your debt?
John Weiss
> Due to circumstances of my own doing, I have a bad problem with credit
> card debt.
>
> and monthly payments of about $2,200
> - A fourth bank card on which I make all of my purchases and pay off
> in full every month
> - A 30k personal loan from Capital One with a $500 monthly payment
> - House fully mortgaged, no equity to tap, interest rate about 6.5%,
> 18 years left on a 20-year mortgage
> - car loan of $450 a month
>
> The interest rates on my cards are all high - basically 19-29%.
>
> My wife and I together earn about $10k a month, and I expect this
> amount will begin to increase late to mid 2008. But I'm just dying
> under the weight of these cards. I applied to Cap One earlier this
> month for a balance transfer on one of my cards, hoping to cut the
> interest rate, but I was turned down because of a combination of my
> income and the fact that my debt-carrying cards are close to maxed.
>
> What are some good ways that I can cut these monthly payments? Or
> more accurately, maintain the monthly payments but have more money go
> to pay down the balance and less money go to interest? My wife and I
> both have FICO scores in the 700-740 range - not bluest of blue chip
> for credit, but still very good.
1. Cut up the last credit card, cancel the account, and stop using credit
cards until you're under control.
2. Apply to other places for balance transfers/loan consolidation at less than
the current interest. With 700+ FICO scores, you should be able to find 12-15%
or less!
3. Pick the highest interest card of the 3 and put ALL your disposable income
into paying it off. When that's done, go to the next one, then the 3rd...
4. Sell the car and get a cheapo. Put the $450/mo into paying off the credit
cards.
5. Get help from a credit counseling agency to put together a budget, and stick
to it! Where's the rest of that $10K/month going?!?
Gary Heston
Gordon <go...@alltomyself.com> wrote:
>roch...@myaddress.rr.com wrote in
>news:9326n3tt9n6ii0h4j...@4ax.com:
>> Due to circumstances of my own doing, I have a bad problem with credit
>> card debt.
[ ... ]
>> Right now, here are my circumstances:
>> - Three bank credit cards with a total indebtedness of roughly $70k,
>> and monthly payments of about $2,200
>> - A fourth bank card on which I make all of my purchases and pay off
>> in full every month
>> - A 30k personal loan from Capital One with a $500 monthly payment
>> - House fully mortgaged, no equity to tap, interest rate about 6.5%,
>> 18 years left on a 20-year mortgage
>> - car loan of $450 a month
[ ... ]
>What are you spending the 10K per month on? I would love to be
>making that much. To pay off your credit cards you should be
>makeing more (much more) than the minimum monthly payment.
Based upon his numbers above, $3150 plus a house payment are going
to debt service. If the $10K is gross income, they'll be lucky to
have $6500 left after taxes. Depending upon what their house payment
is, there may not be much left.
>Is there any way you can free up about $1000.00 more per month
>and apply it to your debt?
They could free up $450 by selling the new car and buying an older
used one. Any left over from selling the car can go to the highest
rate debt or be held as a reserve.
Gary
--
Gary Heston ghe...@hiwaay.net http://www.thebreastcancersite.com/
Yoko Onos' former driver tried to extort $2M from her, threating to
"release embarassing recordings...". What, he has a copy of her album?
Shawn Hirn
<bd6f8dd3-e2af-4196...@i3g2000hsf.googlegroups.com>,
Sev <serv...@aol.com> wrote:
> On Dec 26, 9:15?pm, roches...@myaddress.rr.com wrote:
> > Due to circumstances of my own doing, I have a bad problem with credit
> > card debt.
> >
> > Sparing the details, the company I worked for went under in 2002, I
> > worked on my own and made little money for three years, and the job I
> > got after that, though promsing, involves a long ramp-up curve; my
> > best earnings are ahead of me.
> >
> > Right now, here are my circumstances:
> >
> > - Three bank credit cards with a total indebtedness of roughly $70k,
> > and monthly payments of about $2,200
> > - A fourth bank card on which I make all of my purchases and pay off
> > in full every month
> > - A 30k personal loan from Capital One with a $500 monthly payment
> > - House fully mortgaged, no equity to tap, interest rate about 6.5%,
> > 18 years left on a 20-year mortgage
> > - car loan of $450 a month
> >
> > The interest rates on my cards are all high - basically 19-29%.
> >
> > My wife and I together earn about $10k a month, and I expect this
> > amount will begin to increase late to mid 2008. ?But I'm just dying
> > under the weight of these cards. ?I applied to Cap One earlier this
> > month for a balance transfer on one of my cards, hoping to cut the
> > interest rate, but I was turned down because of a combination of my
> > income and the fact that my debt-carrying cards are close to maxed.
> >
> > What are some good ways that I can cut these monthly payments? ?Or
> > more accurately, maintain the monthly payments but have more money go
> > to pay down the balance and less money go to interest? ?My wife and I
> > both have FICO scores in the 700-740 range - not bluest of blue chip
> > for credit, but still very good.
>
> You applied one place and were turned down? Try a few more- no
> reason to pay those interest rates. Though you are pretty maxed out,
> and credit is getting tighter, you still ought to find something
> better.
The OP should shop around on http://www.bankrate.com
Chloe
news:Xns9A12C91981A2...@199.45.49.11...
The advice about trying to find lower interest rates and/or a consolidation
loan is, of course, solid. But I think you need to immediately sit down and
figure out what your rationale was in giving yourself permission to rack up
credit card and personal loan debt at this level. If you don't get some
insight there, you're not likely to be able to solve the underlying problem,
which is simply that you've bought a whole lot of stuff you couldn't
pay for. A stunning (to me, anyway) $100,00 worth of stuff (not counting
your house) which you couldn't pay for.
With this level of debt, I'd say you need to raise money wherever you can.
You've given us no real idea where your income is going, but for starters
you would need to cease all discretionary spending, things like eating out,
entertainment, vacations, etc. and limit your buying to bare necessities.
I'd also be looking around to see if there's anything I could sell,
including my house. I realize you might well be upside down on your
mortgage, though, so that well may not be an option.
roch...@myaddress.rr.com
lifestyle, spending habits, etc. It was merely asking for help on
lowering my interest rates. I'm not sure if the best approach would
be to initially ask my current card companies to lower their rates, or
to seek help from my bank (same account for 20 years, albeit under
different banks due to mergers), or to shop for new cards with lower
interest, or something else.
I am dubious about "credit card counseling" places; I do understand
the concepts of "pay yourself first" and spending less than one makes.
Not that this is germane to the discussion, but $10k a month nets out
to around $7,500 after taxes, and with three kids, insurance, etc.,
etc., the money does go away quickly.
The credit card mess began when my company folded five years ago.
Instead of instantly refinancing my home (I'd feared that doing so
would snapshot that my income at the time was zero), I started
borrowing against credit cards. Very dumb move; I should have
refinanced - I know I could have found a good deal and doing so would
have averted much of what followed.
I realize that my $450 car payment was a "big fat target" for
criticism. Due to the nature of my job, a nice car is something I
need; let's leave it at that. Our other car is a 2000 minivan with
110k miles on it; my previous car was a 1994 one that looked and ran
well and I kept it until 18 months ago. I will obviously be holding
on to the current car well after it is paid off.
I am reluctant to willy-nilly seek credit from different sources
because my understanding is that each attempt is a mark against my
credit rating. So, based on the knowledge and experiences of those in
this newsgroup, what would be my best approach(es) to lowering the
interest rates I'm paying? If there's a lender with a good record of
dealing with people in my situation, I'd like to hear of the place.
Thanks again.
clams_casino
>Please understand that my question wasn't an invitation to analyze my
>lifestyle, spending habits, etc. It was merely asking for help on
>lowering my interest rates. I'm not sure if the best approach would
>be to initially ask my current card companies to lower their rates, or
>to seek help from my bank (same account for 20 years, albeit under
>different banks due to mergers), or to shop for new cards with lower
>interest, or something else.
>
>
>
Your problem is not the high interest rates. Your problem is your
spending. Only an idiot carries a credit card balance.
>I am dubious about "credit card counseling" places; I do understand
>the concepts of "pay yourself first" and spending less than one makes.
>
>Not that this is germane to the discussion, but $10k a month nets out
>to around $7,500 after taxes, and with three kids, insurance, etc.,
>etc., the money does go away quickly.
>
>
Considering your income is about three times the national average, you
really do have a (spending) problem.
Unless you get your spending under control, debt will be a lifelong
problem for you.
Chloe
news:lia7n3dud5pst8n9j...@4ax.com...
> Please understand that my question wasn't an invitation to analyze my
> lifestyle, spending habits, etc. It was merely asking for help on
> lowering my interest rates. I'm not sure if the best approach would
> be to initially ask my current card companies to lower their rates, or
> to seek help from my bank (same account for 20 years, albeit under
> different banks due to mergers), or to shop for new cards with lower
> interest, or something else.
I have no interest in analyzing your lifestyle and spending habits. I was
merely suggesting that YOU do so.
If you think about it, there's little likelihood that any lending
institution will want to take on your debt at a lower interest rate. Why
would they want to? Although the current debt holders might cut you some
kind of deal at the point where default looks to them like a real
possibility. At that point, you probably won't be worrying about some minor
affect on your credit score of applying for new loans, though.
Realistically, it's not possible to borrow your way out of the kind of debt
you're in. But I don't think you're ready to hear that at this point.
roch...@myaddress.rr.com
<PeterG...@DrunkinClam.com> wrote:
>>
>>
>>
>Your problem is not the high interest rates. Your problem is your
>spending. Only an idiot carries a credit card balance.
>
>>
>
>Considering your income is about three times the national average, you
>really do have a (spending) problem.
>
>Unless you get your spending under control, debt will be a lifelong
>problem for you.
>
>
Okay, last time I address replies not on topic, but:
1. I already explained how I came to have these credit card balances.
I am not proud of them, or that I got myself here, but it happened. I
am not an idiot.
2. So if I had one-third the income and one-third the debt, you'd
elevate yourself to address my actual question? I doubt it. How does
the fact that my income somehow sets off your envy buttons factor into
this?
3. Unless I wind up much older than I would like to, my life is more
than half over. Debt had never been a problem for me; it became one
five years ago. If debt was a lifelong problem for me, I'd not have
the still better-than-average FICO scores.
clams_casino
>On Thu, 27 Dec 2007 09:06:12 -0500, clams_casino
><PeterG...@DrunkinClam.com> wrote:
>
>
>
>>>
>>>
>>>
>>>
>>Your problem is not the high interest rates. Your problem is your
>>spending. Only an idiot carries a credit card balance.
>>
>>
>>
>>Considering your income is about three times the national average, you
>>really do have a (spending) problem.
>>
>>Unless you get your spending under control, debt will be a lifelong
>>problem for you.
>>
>>
>>
>>
>Okay, last time I address replies not on topic, but:
>
>1. I already explained how I came to have these credit card balances.
>I am not proud of them, or that I got myself here, but it happened. I
>am not an idiot.
>
>
Unless perhaps you made a bad business decision or major medical
expense, getting into that much debt is amazing.
>2. So if I had one-third the income and one-third the debt, you'd
>elevate yourself to address my actual question? I doubt it.
>
Guessed correctly.
> How does
>the fact that my income somehow sets off your envy buttons factor into
>this?
>
>
Believe me. I'm not envious of your income. Hint - it's not you income
that caught my attention, but rather how anyone could get into that much
debt.
>3. Unless I wind up much older than I would like to, my life is more
>than half over. Debt had never been a problem for me; it became one
>five years ago. If debt was a lifelong problem for me, I'd not have
>the still better-than-average FICO scores.
>
>
If you are middle aged with no equity in your home, something is
seriously wrong with your spending habits (assuming you didn't have a
very significant business failure / medical expense).
Best guess is that you have been living way beyond your means. Rather
than attempting to shave a few interest points off your loans, perhaps
you need to consider down sizing from that big home & driving a car more
in line with your debt.
Having a high FICO score doesn't necessary mean you haven't had a
spending problem. All it means is that you were able to cover your
debts - most likely living hand to mouth with no savings / investments.
Foobar
> card debt.
>
> Sparing the details, the company I worked for went under in 2002, I
> worked on my own and made little money for three years, and the job I
> got after that, though promsing, involves a long ramp-up curve; my
> best earnings are ahead of me.
>
> Right now, here are my circumstances:
>
> and monthly payments of about $2,200
> - A fourth bank card on which I make all of my purchases and pay off
> in full every month
> - A 30k personal loan from Capital One with a $500 monthly payment
> - House fully mortgaged, no equity to tap, interest rate about 6.5%,
> 18 years left on a 20-year mortgage
> - car loan of $450 a month
>
>
> My wife and I together earn about $10k a month, and I expect this
> amount will begin to increase late to mid 2008. But I'm just dying
> month for a balance transfer on one of mycards, hoping to cut the
> interest rate, but I was turned down because of a combination of my
>
> What are some good ways that I can cut these monthly payments? Or
> more accurately, maintain the monthly payments but have more money go
> to pay down the balance and less money go to interest? My wife and I
> both have FICO scores in the 700-740 range - not bluest of blue chip
> forcredit, but still very good.
troll
JL
is way too lavish. At that income level, you should be able to pay in
cash for whatever you need. I suspect you live in a pricey real estate
area like the San Francisco Bay Area or San Diego or New York and have
one of those insane $4000/month mortgages.
Ben Swanson
> card companies to lower their rates
What could it hurt? As "Chloe" pointed out in what I think was the best
response to your posts, your current creditors are the ones most likely to
provide you with better terms because they're the ones with the most to
lose.
> I am dubious about "credit card counseling" places;
Most are legitimate and can be genuinely helpful to someone in your
situation.
> So, based on the knowledge and experiences of those in
> this newsgroup, what would be my best approach(es) to lowering the
> interest rates I'm paying? If there's a lender with a good record of
> dealing with people in my situation, I'd like to hear of the place.
Any lender in the habit of providing low-interest loans to someone in your
situation would have gone out of business a long time ago. I'm not trying to
be snarky -- that's just the truth. You either aren't aware of the
relationship between interest rates and credit risk or you're hoping that it
somehow won't apply in this case. The reality is, though, that your past
behavior and current circumstances make you a high risk and potential
creditors will want and need to mitigate that risk through higher interest
rates. Realistically, would *you* loan a large sum of money at a low
interest rate to someone in your situation?
Dave L
<roch...@myaddress.rr.com> wrote in message
news:tqc7n3tjr92slllvb...@4ax.com...
It's not hard to get into debt with 3 children, and zero income. Glad
you're looking for a way out without neglecting your bills and
responsibilities. Have you tried calling your banks and requesting a lower
interest rate? Explain you still want to pay your bills without going into
default, or simply trying to negotiate with them. Pay your highest APR CC
first, and put the minimum on the other cards. Sit down and make a list of
your spending with the "needs" and "wants". "Needs" would be the mortgage,
insurance/doctors, gas & electric, food, etc. "Wants" would be things you
can live without, like a nice restaurant. Don't try to keep up with the
"Jones" next door. As Chloe mentioned, cease all discretionary spending.
Bite the bullet.
What's the APR on the cc you pay off every month? If it's high, you can
also try to negotiate a low apr, or low FIXED apr until the balance is paid
in full if you transfer your balance from your highest APR card (if
possible). Now you can use the card with the highest apr as long as you PAY
IT IN FULL EVERY MONTH, with zero interest to worry about.
I'm leary of the credit counseling places. Many are fraudulent, so beware.
I'd stay away from them. Someone else mentioned www.bankrate.com. It's an
excellent site. You didn't mention creditors after you so that's a good
sign. Since your (and wife's) FICO score is decent, that's a plus.
You put yourself in this debt due to a job loss but your combined income now
will help pull you out. It won't happen over night. Since you're taking
responsibility and recogonize how it happened, don't let it happen again
once you're out of this mess. May 2008 start pulling you through.
Good luck,
-Dave
John Weiss
>
> Okay, last time I address replies not on topic, but:
>
> 1. I already explained how I came to have these credit card balances.
> I am not proud of them, or that I got myself here, but it happened. I
> am not an idiot.
>
> 2. So if I had one-third the income and one-third the debt, you'd
> elevate yourself to address my actual question? I doubt it. How does
> the fact that my income somehow sets off your envy buttons factor into
> this?
>
> 3. Unless I wind up much older than I would like to, my life is more
> than half over. Debt had never been a problem for me; it became one
> five years ago. If debt was a lifelong problem for me, I'd not have
> the still better-than-average FICO scores.
"Not on topic"?!?
First, you have to get to the point where you admit that you are NOW at least in
part responsible for the mess you're in.
You tell us you "need" a "nice" car. Maybe you "need" a nice Kia or Saturn,
but you do NOT "need" a nice Lexus or Accura. You can find MANY "nice" cars for
less than $450/month. Once you get one, you can put the difference in car
payments into the principal on your debt, and start showing your bank or other
lender that you are worthy of their trust for a lower interest loan.
You tell us you don't trust credit counseling services. How many have you
approached? How many banks have you applied to for consolidation loans? How
many public service agencies have you approached for referrals? What have any
of them told you? If you have nothing from any of them, you're not even trying!
The good news is that you survived your unemployment period -- barely.
The bad news is that you have yet to resolve yourself to the fact that you need
to scrimp on luxuries -- including those you may THINK are necessities -- in
order to get your fiscal ducks in a row. You're going to have to WORK at it --
the payoffs are not going to drop themselves in your lap!
Swallow a bit of pride and find out from your bank or other trusted friend where
a reputable debt- and credit counseling service is. Then go to them armed with
the information you KNOW they're going to ask for.
Coffee's For Closers
says...
> <roch...@myaddress.rr.com> wrote in message
> news:lia7n3dud5pst8n9j...@4ax.com...
> > I'm not sure if the best approach would be to initially ask my current
> > card companies to lower their rates
> What could it hurt? As "Chloe" pointed out in what I think was the best
> response to your posts, your current creditors are the ones most likely to
> provide you with better terms because they're the ones with the most to
> lose.
...
> Any lender in the habit of providing low-interest loans to someone in your
> situation would have gone out of business a long time ago. I'm not trying to
> be snarky -- that's just the truth. You either aren't aware of the
> relationship between interest rates and credit risk or you're hoping that it
> somehow won't apply in this case. The reality is, though, that your past
> behavior and current circumstances make you a high risk and potential
> creditors will want and need to mitigate that risk through higher interest
> rates. Realistically, would *you* loan a large sum of money at a low
> interest rate to someone in your situation?
However, perhaps there is some leeway for a phone rep to give a
slightly better deal? I have heard of this happening when a
customer called and confidently stated something like, "Waive The
Yearly Fee, Or Close The Account. Right Now."
So, of course, you shouldn't call up and grovel and sound
desperate. Like, "OhMiGawsh, I'm In Trouble, So Please Lower The
Rate, So I Don't Default Next Month."
Instead, act very cool and confident. Explain that you have
other options for carrying the debt, with the implication that
you might be able to get a better rate elsewhere ("I have other
cards...") And, since you enjoy being a customer of This
Particular Bank, you would like to give them the opportunity to
offer you a better deal than they are doing right now. And, if
they don't, then maybe you might just transfer that balance (and
the ongoing interest profits) to another card, at another bank,
who might give you what you want.
And that is the key word - "want," NOT "need."
--
Get Credit Where Credit Is Due
http://www.cardreport.com/
Credit Tools, Reference, and Forum
Melissa
"Foobar" <bambe...@gmail.com> wrote in message
news:47848d4b-aa5d-41b2...@c49g2000hsc.googlegroups.com...
troll
I thought I was the only one who thought that.
Chloe
news:MPG.21de3d5c6...@nntp.aioe.org...
<snip>
> However, perhaps there is some leeway for a phone rep to give a
> slightly better deal? I have heard of this happening when a
> customer called and confidently stated something like, "Waive The
> Yearly Fee, Or Close The Account. Right Now."
My impression is the customers who get those results are *not* the ones
making minimum payments on an enormous balance with a high interest rate.
Not only are those people cash cows for the card issuer, they're likely to
be bluffing since they probably can't get another card to replace the one
they're threatening to close out.
Dave L
"John Weiss" <jrweiss98...@NOSPAM.comcast.net> wrote in message
news:ZO-dnfdKjJx7G-na...@comcast.com...
> <roch...@myaddress.rr.com> wrote...
>>
>> Okay, last time I address replies not on topic, but:
>>
>> 1. I already explained how I came to have these credit card balances.
>> I am not proud of them, or that I got myself here, but it happened. I
>> am not an idiot.
>>
>> 2. So if I had one-third the income and one-third the debt, you'd
>> elevate yourself to address my actual question? I doubt it. How does
>> the fact that my income somehow sets off your envy buttons factor into
>> this?
>>
>> 3. Unless I wind up much older than I would like to, my life is more
>> than half over. Debt had never been a problem for me; it became one
>> five years ago. If debt was a lifelong problem for me, I'd not have
>> the still better-than-average FICO scores.
>
> "Not on topic"?!?
>
> First, you have to get to the point where you admit that you are NOW at
> least in part responsible for the mess you're in.
Not to be too nitpicky, but the very first sentence of the OP's post was:
"Due to circumstances of my own doing, I have a bad problem with credit card
debt." I thought that was taking responsibility.
> You tell us you "need" a "nice" car. Maybe you "need" a nice Kia or
> Saturn, but you do NOT "need" a nice Lexus or Accura. You can find MANY
> "nice" cars for less than $450/month. Once you get one, you can put the
> difference in car payments into the principal on your debt, and start
> showing your bank or other lender that you are worthy of their trust for a
> lower interest loan.
Depending on your job, a nice car can do wonders especially if you're in
sales and need to take clients out. You don't need the Porche or Mercedes,
but you don't want a Kia or Saturn! In other words, you don't want to see
an executive or pharmaceutical rep taking clients in a Kia. Working for a
fleet leasing company I see and understand this.
> You tell us you don't trust credit counseling services. How many have
> you approached? How many banks have you applied to for consolidation
> loans? How many public service agencies have you approached for
> referrals? What have any of them told you? If you have nothing from any
> of them, you're not even trying!
Some credit counseling services may be good. I've seen more bad/fraudulent
ones just on the evening news. The trick is finding a good one that won't
put you in a worse position.
> The good news is that you survived your unemployment period -- barely.
>
> The bad news is that you have yet to resolve yourself to the fact that you
> need to scrimp on luxuries -- including those you may THINK are
> necessities -- in order to get your fiscal ducks in a row. You're going
> to have to WORK at it -- the payoffs are not going to drop themselves in
> your lap!
Sounds like the OP is trying to get things taken care of now and is seeking
advice. He will have to work at it and from the tone of his posts that's
what it sounds like he's trying to do. I'm not trying to defend how he got
in this position but after reading everything he has said, he sounds like a
decent guy who's not trying to shirk his responsibilities. Too many people
do this and file bankruptcy (hence the new laws). Sounds like he's still
servicing his debts but looking to dig himself out. With the takehome pay
he and his wife are now doing, it's possible. As you mentioned, they have
to WORK at it. I trust he's willing to do this - he has 3 kids, wife (who
also works), house mortgage and a job.
> Swallow a bit of pride and find out from your bank or other trusted friend
> where a reputable debt- and credit counseling service is. Then go to them
> armed with the information you KNOW they're going to ask for.
Either way. Sounds like he's taking responsibility, not blaming anyone else
and trying to find the best way to actually pay off the debt. It's much
more than what many people in his position would do. Reading everything
he's posted, I must give him credit for taking responsibility.
-Dave
Dave L
"Chloe" <just...@spam.com> wrote in message
news:47750acb$0$16143$4c36...@roadrunner.com...
I agree. Best to be professional and BE NICE!
-Dave
roch...@myaddress.rr.com
stood out noticeably on both counts from most of the others in this
thread.
I did call the highest-rate card that I have and was able to get the
rate down from 29% to 26%. Not too impressive, but every bit helps.
A few bucks more, on the same monthly payment, will now be trickling
into principal rather than interest.
I agree that this is not a point in my life where I have leverage I'd
like with the card companies. My task now is to go bttw on generating
income and apply it like crazy to the card balances. Never been a
"borrow and spend" person, but have some big digging out to do to
rectify the "borrow and survive" years.
Yes, Dave L, you alone seem to have "gotten it" about my car. It's an
Acura sedan that I bought slightly used and financed for three years.
I'm in sales, and although I deplore the BS about image, having a nice
car when I pull into the visitor lot at a client, or drive someone to
a meeting, is part and parcel of what I do, unfortunately. I'm a
fiend for regular maintenance and I am sure I've got 7+ years left on
the car; it will be long paid-off by the time I get rid of it. Same
with the family van, which was paid off a long time ago.
I'm going to look into bankrate.com. I realize that I'm not the "plum
borrower" a picky lender would snap up in a second, but I also assume
that there are some lenders out there savvy enough to know that 25+
years of very good credit, no missed payments, no defaults, balances
paid in full almost all that time, etc., is worth lending to at a
higher rate than their best customers get, that happens to be a lower
rate than I'm paying now. Not "more credit" but as a means to close
out the existing debt I have.
Dave L
<roch...@myaddress.rr.com> wrote in message
news:ed2bn3pl950gko480...@4ax.com...
> Thanks for the kind and thoughtful replies - which, unfortunately,
> stood out noticeably on both counts from most of the others in this
> thread.
You're welcome!
> I did call the highest-rate card that I have and was able to get the
> rate down from 29% to 26%. Not too impressive, but every bit helps.
> A few bucks more, on the same monthly payment, will now be trickling
> into principal rather than interest.
With that debt, every little bit helps. Did you try to find out what kind
of plan your 4th cc might be able to give? If it's better than your highest
apr card, do it and transfer the balance if possible. You would benefit
from a lower apr and the bank would benefit from the recurring interest.
Although right now, they're getting their $$ from the merchants every time
you use the card.
> I agree that this is not a point in my life where I have leverage I'd
> like with the card companies. My task now is to go bttw on generating
> income and apply it like crazy to the card balances. Never been a
> "borrow and spend" person, but have some big digging out to do to
> rectify the "borrow and survive" years.
Not at the moment but paying the cards off one at a time will start giving
you more leverage. You still have a good FICO score which can work to your
benefit. It's your debt load that hurts right now.
> Yes, Dave L, you alone seem to have "gotten it" about my car. It's an
> Acura sedan that I bought slightly used and financed for three years.
> I'm in sales, and although I deplore the BS about image, having a nice
> car when I pull into the visitor lot at a client, or drive someone to
> a meeting, is part and parcel of what I do, unfortunately. I'm a
> fiend for regular maintenance and I am sure I've got 7+ years left on
> the car; it will be long paid-off by the time I get rid of it. Same
> with the family van, which was paid off a long time ago.
You've got a excellent car which will give years of service with your
regular maintenance. Acura is no slouch! Slightly used and 3 year
financing are both great moves, considering most people probably finance
4-5, and sometimes 6 years on new so they can keep up with the latest and
greatest.
> I'm going to look into bankrate.com. I realize that I'm not the "plum
> borrower" a picky lender would snap up in a second, but I also assume
> that there are some lenders out there savvy enough to know that 25+
> years of very good credit, no missed payments, no defaults, balances
> paid in full almost all that time, etc., is worth lending to at a
> higher rate than their best customers get, that happens to be a lower
> rate than I'm paying now. Not "more credit" but as a means to close
> out the existing debt I have.
Yes, bankrate.com is an excellent site. Suze Orman is a great speaker if
you can catch her on tv. Don't know how much you can pull from her website
but it's http://www.suzeorman.com/. She has some books you can check out at
the library. You can also check www.myfico.com for tips. If you belong to
a credit union, make sure you check them too. Shop around and use
www.bankrate.com to your advantage!
-Dave
SpammersDie
> borrower" a picky lender would snap up in a second, but I also assume
> that there are some lenders out there savvy enough to know that 25+
> years of very good credit, no missed payments, no defaults, balances
> paid in full almost all that time, etc., is worth lending to at a
> higher rate than their best customers get, that happens to be a lower
> rate than I'm paying now. Not "more credit" but as a means to close
> out the existing debt I have.
"Balances paid in full" is not a selling point you want to emphasize. Card
companies are in business to make money off finance charges. They detest
people who never revolve a balance. For that matter, they also detest people
who never trigger a late fee. They just can't admit it in polite company.
timeOday
Housing is always expensive in markets where pay is good. Can't have
your cake and eat it too.
Snowbound
timeOday <timeOda...@theknack.net> wrote:
<snip>
I was going to disagree with this generalization when I suddenly
realized it was better for me to let others believe it.