Fryguy302
Club Member
x3
Paying off all credit cards in full at once...?
- Thread starter kovacs32
- Start date
x3
LT1Pat
Well-known member
beertestr
Club Member
My CU has something like that. Since we already make electronic transfers to pay credit card bills insurance bills etc.., it was really easy to setup and it has some simple tools that show you where your money is going.
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4Gas$
Club Member
Well Sir, once again, you’re wrong. Because I’m debt free I can
maintain a higher standard of living with less income, than most
of my family & friends who make much more than I do.
I realize it is almost impossible for you to comprehend that a
lower income doesn’t have to mean a lower standard of living
because it most likely just doesn’t fit your thinking or liking.
Sorry, but it is true. You can’t imagine how well folks can live
on half the income others find “not enough”. I repeat, it isn’t
how much you make, it’s how well you do with what you have!
4Gas$
Club Member
I wish you the best in getting out of this 10K of debt.
I too highly recommend selling off items you own to
raise money as well as pick up extra work.
My point is, if you continue to think & spend in the future
like you have in the past, you’ll most likely end up in debt
again.
I’m simply suggesting changing things so that you don’t
revisit this debt dilemma ever again.
mdhmi
Club Member
It's all relative. If you are happy being a home body then of course your income doesn't need to be huge.
If you want to go racing near every week, maintain season tickets to a sports team, travel, max your 401K, have money to be generous with your kids, nieces, nephews, pay for your kids college, etc a small income aint gonna cut it.
There is absolutely nothing wrong in any way with living frugally and living modestly. That wasn't my earlier point. Was simply pointing out that if you want new cars every few years, money to take trips, racing funds, etc (what I consider a standard of living) you're not going to do that with peanuts.
4Gas$
Club Member
I’ve tried to explain it. I do not live “non- generous”, I take trips, and I
don’t have “peanuts”. I paid cash for my last two homes, both most folks
would love to have.
The fact that you don’t understand or care for my lifestyle is ok. I’m not
sharing my life & advice for you or your type. I’m here to help those who
know they need financial help / advice. I’ve been told my life history & success
qualifies me to offer such advice, I’m here to help folks be empowered financially!
My advice is not theory, it is not a guess and it isn’t a wish. My advice is real life
“You don’t have to live by the traditional rules of credit & debt to be a financial
Success story”. As a matter of fact, the more you fight the system, the better off
you are.
Some folks just can’t seem to understand what financial freedom is, how it works &
what an absolutely wonderful gift it is. There is true prosperity in financial freedom,
not debt.
If someone truly wants a “financial coach”, I’m a PM away.
Only way to go IMO!
mdhmi
Club Member
Who said you have to live in debt? Not I.
And since when did paying your bills become some sort of deep pseudo-spiritual matter?
The Op's wife lost her job & they racked up some medical bills. Sucks, but that's life. It happens.
The op asked what his options were. A one time $10k in debt over a job loss / medical situation ..
That doesn't require a consolidation loan .. Or a big hand holding "we hate the system and the evil bankers" parade.
Get a second / part time job for six months and be done with it.
347convert
Club Sponsor
Maybe Im way off here, but paying lets say $150,000 cash for a house is financially irresponsible..... It works for some people, I feel if you have the skill to buy a house in cash, you would rape the credit game to your advantage. If you have good credit, you really don't pay interest. I love blowing loot at best buy and using same as cash, because I can.
If your that good at money you should be using your limitless ammex card on every purchase (gas,dte,insurance,food,taxes,everything) and paying it off when the bill comes to get your 3% off or free miles..
The interest rate is so low, Id rather have money working for me then out of my hands. I'm not saying get a 30 yr arm and pay it every month for 30 years. I over pay my mortgage monthly. If I could borrow money at 3.5% and make 7%+ ........... My loan is locked in at 3.875% and is cheaper than an apartment, Plus I have cash laying around to make a move with if needed, Like buy into a business.
ASRoff
Club Member
A house is not an asset. it takes money out of your pocket. even when its paid off, you will still have to pay "rent" to the goverment. the only way a house is an asset is whne its a rental and it puts money in your pocket.
even at 4% (while a very low rate) your still paying extortion to a bank to loan you the money. I would rather pay cash if I could. I do however pay DOUBLE my house payment every month.... one check for the payment aon one check marked "for principle only" I do this for the next few years simply due to the atormorization schedule. Very little is going to pay of the house in the first 7 or so years.
rightn now....... thanks to the new obama tax on house sales.....I will NEVER sell a house. if I decide to move the old home will become a rental property.
this should explan a bit more.
http://www.richdad.com/Home.aspx
even at 4% (while a very low rate) your still paying extortion to a bank to loan you the money. I would rather pay cash if I could. I do however pay DOUBLE my house payment every month.... one check for the payment aon one check marked "for principle only" I do this for the next few years simply due to the atormorization schedule. Very little is going to pay of the house in the first 7 or so years.
rightn now....... thanks to the new obama tax on house sales.....I will NEVER sell a house. if I decide to move the old home will become a rental property.
this should explan a bit more.
http://www.richdad.com/Home.aspx
Fryguy302
Club Member
I think the mis-communication here is that different things make different people happy.
You have found a way that works for you and obviously makes you happy....so happy that you tell us about it every time you can.
There is NOTHING wrong with that at all, and I truly give you props for making a life that makes you happy. We should all be so fortunate.
Just please understand that you use words like "financial success story", and not all of us agree that your lifestyle is our definition of this.
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DBK
Club Member
Depends on how you define financial freedom. If you think financial freedom is just not owing other people money and living with whatever your income affords you, that's cool and you can do it with virtually any income level. If you think financial freedom means having a killer house, a bunch of toys, globe trotting, whatever, odds are you've successfully managed to leverage the shit out of other people's money and didn't accrue wealth one bi-weekly paycheck at a time. At this point, other people's money is so cheap that it would be pretty foolhardy not to take advantage of it.
Back to the original question, I'm not a huge fan of consolidation loans, if only because I would wager there is substantial evidence that people that get them typically do not have great success changing their lifestyle to avoid needing them again in the future.
Back to the original question, I'm not a huge fan of consolidation loans, if only because I would wager there is substantial evidence that people that get them typically do not have great success changing their lifestyle to avoid needing them again in the future.
mdhmi
Club Member
You have to live somewhere and virtually everything tangible requires some sort of tax, insurance, upkeep, etc - so it's really a silly argument.
347convert
Club Sponsor
4Gas$
Club Member
You are most indeed correct! I take ever opportunity I get to remind folks there
“is another way” – a non-debt, non-credit. There are many folks that don’t feel
There is anything wrong with either of those, I’m not talking to you folks.
Then there are folks that are sick & tired of the debt stress that is slowing
crushing them & think debt & credit are pure evil – those are more like the
folks I am talking to.
So if its not you I’m addressing, don’t concern yourself, it isn’t going to
make any sense to you most likely & you won’t appreciate it much – and
that is fine. You have made your choices in life, just as I have made mine
and to each his own.
That last part you wrote “not all of us agree that your lifestyle is our definition”,
while this is true, It is also very clear to me that there are very few here who
understand just What that lifestyle of mine is, plenty think they know,
but they don’t.
Tin
Club Member
Ive been working at the credit union now for close to 10 years, and they all turn out that way. The worst thing one can do is go through a debt consolidation agency, as they will rape your credit royally. The truth of the matter, some people are just flat out addicted to spending money. They do it because it makes them feel better, which is a way for them to cope with a more serious, underlying issue. Its the same sort of thing as binge eating, binge drinking, risky sex, etc.
