mmmmm...beer 691 Posted February 7, 2019 Pat got me thinking... With the whole shut down thing the wife and I were looking deeper unto our finances and figuring out what was important or not. We started by consolidating a couple of our accounts to put all our savings into a credit union that has a local branch. We have used USAA for banking for a couple years and its all online. We also recently started with Discover bank also fully online as they have a 3% cashback on all debit card purchases. Anyway... neither of these banks have a local branch so we went with a credit union. At the same time I looked at our credit cards. We had 2 of them, one hotel points the other airline miles. We use them for trips and medical bills and what not. We have let them fock around and just hang out with balances for longer than we should have. Our new credit union had a deal going on... 1.99% credit card for 24 months with no balance transfer fees. So... closed the other two cards... $7900 later... we're going to start hammering these things. We haven't really been worried about sh!t... but I'm tired of feeling like we're not "getting it done" with what we bring in. We both agreed we need to buckle down. Quit spending friviously and get out of any debt other than the mortgage. Time to get back on our Dave Ramsey type zero based budget. Share this post Link to post Share on other sites
Kanil 519 Posted February 7, 2019 That's about what we're carrying on our card right now. Mostly due to just booking a ski trip in March and bought myself some new skis last week. We will have it all paid off after our April bill, but damn, that's a lot of money to owe. 1 Share this post Link to post Share on other sites
MDC 5,878 Posted February 7, 2019 We have about that much too. We could afford to just pay it off outright and probably should. 1 Share this post Link to post Share on other sites
mmmmm...beer 691 Posted February 8, 2019 24 minutes ago, MDC said: We have about that much too. We could afford to just pay it off outright and probably should. Ya that's where we are too... should just pay it off, but sorta need to see if this next shutdown happens. Don't want drop that much if we won't get paid again for a month+. Share this post Link to post Share on other sites
tanatastic 2,061 Posted February 8, 2019 Yes, thanks to cryptocurrency, I have it. 1 1 Share this post Link to post Share on other sites
mmmmm...beer 691 Posted February 8, 2019 Just now, tanatastic said: Yes, thanks to cryptocurrency, I have it. Oh damn... you did that too huh? I didn't but one of my younger acquaintances put 10k worth on a credit card. I told him he was batshit crazy, but he told me I was for missing the free money train. Share this post Link to post Share on other sites
Patriotsfatboy1 1,432 Posted February 8, 2019 I have not had CC debt ever. Maybe just lucky. Share this post Link to post Share on other sites
MDC 5,878 Posted February 8, 2019 5 minutes ago, mmmmm...beer said: Ya that's where we are too... should just pay it off, but sorta need to see if this next shutdown happens. Don't want drop that much if we won't get paid again for a month+. I don’t have that excuse but I do have a son in private school and a SD in college so it’s tight. Share this post Link to post Share on other sites
tanatastic 2,061 Posted February 8, 2019 3 minutes ago, mmmmm...beer said: Oh damn... you did that too huh? I didn't but one of my younger acquaintances put 10k worth on a credit card. I told him he was batshit crazy, but he told me I was for missing the free money train. Yep, and for a while it was a free money train. Every day I’d look and be up bigger and bigger. I could have cashed out well ahead. Instead held on since “this was the tip of the iceberg and in 2018 it was REALLY going to take off!”. I never sold, still holding it but I know it won’t rebound. Share this post Link to post Share on other sites
iam90sbaby 2,121 Posted February 8, 2019 26 minutes ago, mmmmm...beer said: Oh damn... you did that too huh? I didn't but one of my younger acquaintances put 10k worth on a credit card. I told him he was batshit crazy, but he told me I was for missing the free money train. A lot more money was made on crypto than was ever lost, only the late investors lost money just like the dot com boom. And the only people that complain about the dot com boom are the late investors. The irony however is many of those people would’ve made money if they just kept holding. Early crypto investors knew it was entering a bubble and right now a lot of the tech is being implemented. Thinking blockchain doesn’t have a place in the future is crazy. But you’re acting like you dodged bullet by not investing when it’s quite the opposite. I sent you a message here on the GC when you were looking for investments in 2016 and I told you about Ethereum when one Ether was worth about $10 and as we all know it rose to over a value of $1,000 shortly after that. Just a $500 investment that day would’ve been worth more than 60k in less than a year. Share this post Link to post Share on other sites
jerryskids 5,172 Posted February 8, 2019 43 minutes ago, mmmmm...beer said: Ya that's where we are too... should just pay it off, but sorta need to see if this next shutdown happens. Don't want drop that much if we won't get paid again for a month+. My advice would be to not pay it all off if you fear another shutdown. But when that fear is reasonably gone, do what you can to pay it off. Carrying CC debt is about the worst financial choice you can make, unless you can truly get 1.99% for 24 months, in which case it seems like they are giving away interest and I would look into a different strategy in which I would put everything I could on that CC with a plan to pay it off within two years. Share this post Link to post Share on other sites
Reality 2,710 Posted February 8, 2019 8k in cc debt... Seriously y'all, get that sh!t knocked out.. CC debt is the worst kind. Share this post Link to post Share on other sites
bandrus1 413 Posted February 8, 2019 3 percent cash back on debit card purchase? I need that Share this post Link to post Share on other sites
bandrus1 413 Posted February 8, 2019 Oh And never carried a balance over month to month Share this post Link to post Share on other sites
mmmmm...beer 691 Posted February 8, 2019 2 hours ago, bandrus1 said: 3 percent cash back on debit card purchase? I need that I don't know what you mean on thr balance over month to month thing. I have like $74 bucks cash back balance after 2 months. Wait sorry... I was wrong it's 1% back up to $3000. https://www.discover.com/online-banking/checking/?cmpgnid=affl-ck-CJ&src=S00000NUU&van=Dbank Share this post Link to post Share on other sites
bandrus1 413 Posted February 8, 2019 Pay off balance every month. Never carry over Share this post Link to post Share on other sites
TimmySmith 2,782 Posted February 8, 2019 Twice in my younger days ran the CC to well over 20K, twice paid it off. Haven't had a CC in over 10 years. Pay cash for everything. Share this post Link to post Share on other sites
bandrus1 413 Posted February 8, 2019 I just found a Visa card that gives 5 percent back on Amazon purchases. That's kinda crazy if you have switched your life over to Amazon living Share this post Link to post Share on other sites
MTSkiBum 1,593 Posted February 8, 2019 18 minutes ago, bandrus1 said: I just found a Visa card that gives 5 percent back on Amazon purchases. That's kinda crazy if you have switched your life over to Amazon living I only see 3 %, although I still have been debating getting that card. Share this post Link to post Share on other sites
bandrus1 413 Posted February 8, 2019 https://www.amazon.com/Amazon-Prime-Rewards-Visa-Signature/dp/BT00LN946S 1 Share this post Link to post Share on other sites
Patriotsfatboy1 1,432 Posted February 8, 2019 10 minutes ago, MTSkiBum said: I only see 3 %, although I still have been debating getting that card. It is 5% if you have prime. I just got one of these. Going to work out well as I got $70 gift card for signing up and there are no fees for foreign transactions. I will use it instead of my Amex when I go to Aruba in a week. Share this post Link to post Share on other sites
MTSkiBum 1,593 Posted February 8, 2019 3 minutes ago, bandrus1 said: https://www.amazon.com/Amazon-Prime-Rewards-Visa-Signature/dp/BT00LN946S Thanks, for some reason I only found the below in a search, 5% is too much to pass up. https://www.amazon.com/Amazon-Rewards-Visa-Signature-Card/dp/B007URFTYI Share this post Link to post Share on other sites
bandrus1 413 Posted February 8, 2019 I don't do a lot of Amazon shipping but 5 percent is nuts given you can probably do 90 percent of your normal shopping there Share this post Link to post Share on other sites
Super Cubs 132 Posted February 8, 2019 debt free as of right now but that can change at anytime. At times I'll carry a balance but try not to let it get to far out of hand. Share this post Link to post Share on other sites
sderk 1,040 Posted February 8, 2019 19 hours ago, Patriotsfatboy1 said: I have not had CC debt ever. Maybe just lucky. I would call that smart. Not lucky. Share this post Link to post Share on other sites
Patriotsfatboy1 1,432 Posted February 8, 2019 30 minutes ago, sderk said: I would call that smart. Not lucky. I am not so arrogant as to think that everyone can be debt free for their entire life. My mother had a hard time raising my brother and me. I know that we had the power shut off on us before and I am not so foolish as to think that she never had credit card debt. I have been lucky enough that I have been able to pay off my bills as soon as they came in and not carry on that debt. Share this post Link to post Share on other sites
Hardcore troubadour 12,595 Posted February 8, 2019 I couldn't imagine having 8-9k in cc debt at this point in my life. Ever actually. I don't know what people do. My wife and I make less than most around us and never have money issues. My SIl and her husband make 80k a year more than we do and all they do is complain about money. I think a lot of you eat out too often and are constantly trying to fill up the time whith a frivolous activity. Eat at home more and relax at home on a weekend once in a while. It adds up. Share this post Link to post Share on other sites
TimmySmith 2,782 Posted February 18, 2019 On 2/8/2019 at 8:48 AM, MTSkiBum said: Thanks, for some reason I only found the below in a search, 5% is too much to pass up. https://www.amazon.com/Amazon-Rewards-Visa-Signature-Card/dp/B007URFTYI Took the leap. $70 bonus for signing up, so I got some shoes for free. If you have prime and use it, it's kind of dumb not to have this card. Share this post Link to post Share on other sites
bandrus1 413 Posted February 18, 2019 I had a $2300 credit line open on a split AC unit I had installed last February. 3 years 0 interest for $7200 total was initial line. Took tax return and paid the rest off and it raised my credit score 60 points when I closed the line. I have no clue why $2300 would impact score that much Share this post Link to post Share on other sites
mmmmm...beer 691 Posted February 18, 2019 10 minutes ago, bandrus1 said: I had a $2300 credit line open on a split AC unit I had installed last February. 3 years 0 interest for $7200 total was initial line. Took tax return and paid the rest off and it raised my credit score 60 points when I closed the line. I have no clue why $2300 would impact score that much And nobody can tell you why. Buying several houses over the last several years... I've asked. Finance people... bankers... always some meandering doubletalk bullsh!t answer. They really can't tell you much.. it's whatever the computer spits... it's all a fockin voodoo scam. Share this post Link to post Share on other sites
