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j8ear · 03-09-2004, 06:33 PM

Certainly some wise sages offering advice on this thread.

From my own personal experiences:

1. You can often renegotiate high debt credit card APRs by taking your debt elsewhere on zero APR transfers. Huge amounts begin to catch up fast as it's a shell game, really. None the less, I've successfully turned a 14.99% 5k debt into 0.0% for a year, and I didn't have to do any transferring what so ever. Just some sweet talking on the phone.

2. Avoid 'debt cosolidation' schemes at all costs. They drastically reduce a persons paper creditworthiness, and often lead to unforseen future debts resurfacing. If your CU is going to throw you 20k at 8.9% over 2 years, that's about 920 per month, and that might make sense over 10, 12, 14 or 21.99%APR credit cards. Make sure it is not a debt consolidation loan. They could very well make you insure all your household effects, after you inventory it for them, and use it as collatoral. Could dig deeper into your car ownership too.

3. Your car is likely worthless. I don't say this to disparage you, but instead because almost all cars are. DO NOT borrow against your car. Borrowing against a car has insurance requirements which are unreasonable and unneeded. Total cost of using an automobile as collatoral is rediculous, imho. Return is minimal. Cars are the worst investment every single one of us makes. Exponentially so if you buy new cars.

4. Debt is a burden, with a huge financial cost. The numbers when everything gets washed out are mindboggling. $350.00 for a dinner for two or $1400.00 for your $550.00 tv. $40,000 for your 27k car

5. You must make wise decisions now to address your growing debt burden. Make a budget, earnestly pick away at your debt with as much as you realistically can, and eliminate it.

Your credit worthiness is one of your defining characteristics in our society. Airlines, credit cards, lawyers, law enforcement, insurance providers ALL use this to evaluate and rate you. You do not want to be put on any lists.

A steady mind to you, fair maiden. I hope someday to learn of you listening to happy songs. Closer to fine comes to mind

best,

-bear

Forgot to add. Make sure to make at least your minimum payment on ALL YOUR CARDS. DO NOT CHOOSE TO neglect one or more of them.

03-09-2004, 06:33 PM	#11 (permalink)
j8ear Gentlemen Farmer Location: Middle of nowhere, Jersey	Certainly some wise sages offering advice on this thread. From my own personal experiences: 1. You can often renegotiate high debt credit card APRs by taking your debt elsewhere on zero APR transfers. Huge amounts begin to catch up fast as it's a shell game, really. None the less, I've successfully turned a 14.99% 5k debt into 0.0% for a year, and I didn't have to do any transferring what so ever. Just some sweet talking on the phone. 2. Avoid 'debt cosolidation' schemes at all costs. They drastically reduce a persons paper creditworthiness, and often lead to unforseen future debts resurfacing. If your CU is going to throw you 20k at 8.9% over 2 years, that's about 920 per month, and that might make sense over 10, 12, 14 or 21.99%APR credit cards. Make sure it is not a debt consolidation loan. They could very well make you insure all your household effects, after you inventory it for them, and use it as collatoral. Could dig deeper into your car ownership too. 3. Your car is likely worthless. I don't say this to disparage you, but instead because almost all cars are. DO NOT borrow against your car. Borrowing against a car has insurance requirements which are unreasonable and unneeded. Total cost of using an automobile as collatoral is rediculous, imho. Return is minimal. Cars are the worst investment every single one of us makes. Exponentially so if you buy new cars. 4. Debt is a burden, with a huge financial cost. The numbers when everything gets washed out are mindboggling. $350.00 for a dinner for two or $1400.00 for your $550.00 tv. $40,000 for your 27k car 5. You must make wise decisions now to address your growing debt burden. Make a budget, earnestly pick away at your debt with as much as you realistically can, and eliminate it. Your credit worthiness is one of your defining characteristics in our society. Airlines, credit cards, lawyers, law enforcement, insurance providers ALL use this to evaluate and rate you. You do not want to be put on any lists. A steady mind to you, fair maiden. I hope someday to learn of you listening to happy songs. Closer to fine comes to mind best, -bear Forgot to add. Make sure to make at least your minimum payment on ALL YOUR CARDS. DO NOT CHOOSE TO neglect one or more of them. __________________ It's alot easier to ask for forgiveness then it is to ask for permission.