CC debt, the good, the bad, the ugly and finally getting out

[adorshki]

You need to consult a lawyer. The first thing a good lawyer tells an executor is not to pay any bill without checking with the lawyer. Some bills don't have to be paid at all, some bills have to be paid by heirs and some are only paid if the estate has enough assets. The big thing is that sometimes the debts must be paid before anything goes to heirs.

Yeah, that's what I was getting at, they'll at least try for that first. It occurs to me that there may be a "cost of recovery" ratio that determines whether they even try.

 

[Guildedagain]

At the end of the day, after the big payment going through, over $7k in two payments made in a week's time, and my balance Zero, I was able to look at some of my guitars completely differently, not through the lens of I have to sell things to pay off this massive debt, and pulled a couple of my ads for guitars and it made me realize that who really profits from all of this destruction of vintage guitars, the endless parting out of vintage guitars, who profits are the CC companies, because no doubt some twit like EddieVegas is buying 50's Strats on a CC just to part them out and make the CC payments.

This is how you get in business with nothing, but it turns you into a slave.

 

[Guildedagain]

Welcome to the machine

 

[adorshki]

Welcome to the machine

I don't often die and go to heaven, but when I do, I take my American Express. Don't leave home without it.

 

[edsaqwer]

Loans and mortgages are something I've never been good at it. I always had problems with not finding a reasonable interest rate and ended up overpaying a lot. One day this led to me being faced with not paying off the loan on my new car. Then I had to sell my old one. I am now in need of a mortgage, and on the advice of a friend, I turned to Mortgage Advice Cardiff [SPAM link deleted by GAD] for help, who advised me and will guide me through the mortgage process. I hope I get lucky this time and everything goes well. I wish everyone the best of luck!

 

[davismanLV]

All you have to do to get a better interest rate on a mortgage is make your payments on time and when rates go down the companies start shopping you like crazy. I've had a mortgage company lower our rate with just a quick visit to the house. When I asked them why, they said they KNEW we were being hounded by other companies for a lower interest rate and they wanted to keep our business. It's pretty easy.

 

[GAD]

Loans and mortgages are something I've never been good at it. I always had problems with not finding a reasonable interest rate and ended up overpaying a lot.

Suspected bot. Weird first post. Odd join reason.

 

[walrus]

Tom, you've been "Bot'd"!!

walrus

 

[Rocky]

Suspected bot. Weird first post. Odd join reason.

But what are the four Guilds the 'bot owns?

 

[marius]

As for not carrying the cards, I do the opposite. I put everything on them. I have one card that gives you 2% on everything…As long as you pay off the balance every month (and I do), that's like free money, too.

I do the same. I pay for everything with my cash rewards CC, especially large purchases, and pay it off every month. Every year at Christmas time I cash it in help pay for gifts. Like you said, free money if you manage it right.

 

[MacGuild]

Suspected bot. Weird first post. Odd join reason.

Search the username and the first few pages of Google results are "new user" for dozens of unrelated internet forums, all joined within the last couple of days.
Who still bothers to script bbs bots? Geez. Go attack social media like everyone else.

 

[GAD]

Search the username and the first few pages of Google results are "new user" for dozens of unrelated internet forums, all joined within the last couple of days.
Who still bothers to script bbs bots? Geez. Go attack social media like everyone else.

I haven’t seen a BBS since the mid ‘90s.

 

[Default]

All you have to do to get a better interest rate on a mortgage is make your payments on time and when rates go down the companies start shopping you like crazy. I've had a mortgage company lower our rate with just a quick visit to the house. When I asked them why, they said they KNEW we were being hounded by other companies for a lower interest rate and they wanted to keep our business. It's pretty easy.

I paid off a thirty year mortgage in 6 &1/2.
What I did was throw everything at the principal, even the odd cents in my paycheck. My situation is not everyone's, but I looked into refinancing, and decided that it was a money-losing option. The first time I saw my amortization chart, I decided to give as few pennies to the bank as I could. Looking at retirement in a year or two and it feels good having no mortgage.

 

[Charlie Bernstein]

Loans and mortgages are something I've never been good at it. I always had problems with not finding a reasonable interest rate and ended up overpaying a lot.

Layaway is good for people like us. So are credit unions. Have you tried one?

The only other smart financial move I ever made was when I bought my house. Instead of getting one that cost as much as the mortgager would lend me, I got one that cost less — about 40% less. So payments never left me living on pasta and (thanks to my wife's budgeting prowess) paid it off in ten years.

 

[Charlie Bernstein]

I paid off a thirty year mortgage in 6 &1/2.
What I did was throw everything at the principal, even the odd cents in my paycheck. My situation is not everyone's, but I looked into refinancing, and decided that it was a money-losing option. The first time I saw my amortization chart, I decided to give as few pennies to the bank as I could. Looking at retirement in a year or two and it feels good having no mortgage.

Not that it has to do with the thread, but — Default is in Philly? I thought de fault was in de stars!

 

[Neal]

I have never paid anything but cash for a guitar. My wife would never approve of buying one on credit.

When I was a traveling consultant, I saved my $50/day per diem by eating a big free breakfast at the hotel, no real lunch, and dinner at Subway. When you are on the road 15 days a month, it adds up fast.

Every guilt-free penny of that money went into guitars. It was the first truly disposable income of my life, in my mid ‘50’s.

 

[twocorgis]

I have never paid anything but cash for a guitar. My wife would never approve of buying one on credit.

When I was a traveling consultant, I saved my $50/day per diem by eating a big free breakfast at the hotel, no real lunch, and dinner at Subway. When you are on the road 15 days a month, it adds up fast.

Every guilt-free penny of that money went into guitars. It was the first truly disposable income of my life, in my mid ‘50’s.

Similar situation here @Neal. Took me to the wrong side of 60 to get out of debt, and it's really nice to have a little bit of money for a change.

 

[Guildedagain]

Sometimes it's nice to use the card, but keep it payable, set a goal, to sell something, and then have the discipline to actual pay off what you bought instead of more.

The cash should be in my account as we speak, I'll schedule the payment and done.

I love paying off the card.

No interest over $3600 in two months but I got knocked $20 on an international fee.

 

[LeFinPepere]

-What's a bot? (I gather some automatic malevolent web-stuff, but I am a dinosaur..)
-there used to be a sign in nearly every store when I was a kid, saying"Crédit est mort pendu" (credit died hanged )My parents always told me: "if you can't pay cash, don't buy !" Lots of folks around buying new Audis and what-not on credit, and then , the shit hits the fan...I'm afraid I'd be quickly addicted if I pushed the "easy money" button. I m not clever enough to outsmart my banker.

 

[MacGuild]

-What's a bot?

Sent PM.