GRS Home  Forum Home
Bank Rates Center
   Savings Account Rates
   Money Market Rates
   Highest CD Rates
Insurance Rates Center
  Auto           Health
   Life              Home
Mortgage Rates Center
  Mortgage Rates
  Mortgage Quotes

Last visit was:
A place for Get Rich Slowly readers to ask questions
and exchange ideas
It is currently Thu Jul 31, 2014 8:53 pm




Post new topic Reply to topic  [ 3 posts ] 
Author Message
 Post subject: Introducing....
PostPosted: Sat Jan 31, 2009 5:37 pm 

Joined: Sat Jan 31, 2009 5:09 pm
Posts: 2
whew....its a release just to type this all up...

I'm about 66k in debt (all credit cards). This was compiled over the last 7-8 years with no budget and a general disenchantment with anything to do with being cost conscious. I was stupid in the beginning (for example, rolled a car loan of 22k into a credit card, that car would be paid off now had I left it alone).As it was in the height of the credit boom, I was rocking a large amount of available credit and I used it frivolously in a relationship with somone that was very much a non-saver/all spender as well. About 10 months ago, I parted ways with that person and for three months I drained my savings and ran up my credit cards during a time that I was looking for a roommate. I have since met another person (she knows how to save money and has very little debt) and began chipping away at the debt because frankly it embarrasses me.

It is depressing at times. Even with a budget in place and a plan on the table, i think about this daily. I net about $3200 a month, and $1300 of that goes to bills each month trying to pay off those cards in 5 years. The credit crunch has pummelled my credit score, dropping it from 700 to about 620 in just a couple of months as BOA closed a card with a high limit (35K at a 7.9%) and other cards have shaved off about 4k in available credit.

I don't want to do bankruptcy and destroy my credit. I spent the money and want to pay it off. I'm 32 years old and would like to own a house in San Diego before I am 40, get married, all of the above. Every time I seem to get ahead though...something happens...(today I found out the transmission went in my 02 Ford Explorer to the tune of $2500). I try to remain optimistic (I have opportunities for growth in my company, have 500 shares of my company stock that are way undervalued and could grown exponentially in the next 5 years). The budget piece isn't hard because you just have to do it with repetition and remind yourself that you still need to live your life once in a while. I work about 40-50 hours a week at my job and do a little ebaying on the side for some extra cash. Bottom line: I just need one person that's been through something similar to tell me.....am I doing the right thing?

T

_________________
Its a long road....and I'm ready to hike it.


Top
Offline Profile   
 Post subject:
PostPosted: Sun Feb 01, 2009 2:59 am 
User avatar

Joined: Sun Jan 04, 2009 1:48 am
Posts: 50
Location: Norway
Hi and welcome :)

You and I have pretty similar both debt and income level.
Even the monthly payment towards debt is almost the same.
Yes I think we are doing the right thing.

There will be setbacks, but it will get easier.

Unfortunately I can't give any tips regarding saving your credit score, as we don't use a complicated system like that here.

_________________
My other car is a motorbike


Top
Offline Profile   
 Post subject:
PostPosted: Sun Feb 01, 2009 3:28 pm 

Joined: Sat Jan 31, 2009 5:09 pm
Posts: 2
Let's keep in touch and see how we are doing. Anyone else that joins in would be great as well. I've got a bonus coming up next month and I'm praying that it is reasonable enough to make a dent...tough with the given economy. Thanks for giving me the motivation to keep at it.

_________________
Its a long road....and I'm ready to hike it.


Top
Offline Profile   
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 3 posts ]  Moderators: kombat, bpgui, JerichoHill


Who is online

Users browsing this forum: No registered users and 5 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Theme created StylerBB.net & kodeki