And it looks like you've done a pretty good job, Mo!
Hey thanks....I wished I'd have found this place sooner. The most I did on my own, was pay off cap 1 & pay off Midland.
Another thing I did was when my "free" old beater VW Golf was sputtering down the street, I saw a sign at a car lot: "WE FINANCE EVERYONE"!!! SOOOOO... (seeing those low 5's in my head) I said to myself - Oh do you now???? Well, I drove away a couple days later, in a 1 yo 2003 Mitsubishi. 13k + at 18.99% int!!! I paid on that thing religiously every month...$335. Then exactly 2 years later I put it on craigslist for the balance I owed. Still had 1 yr mfg warranty. Sold it for -500 under what I owed! I was so happy. While it was an expensive purchase....it gave me a new 2 year perfect payment history along with it. That was my oldest positive TL in March of 06.
Wasn't til I came here & found out the in's & out's of what do do & when (too late for those payoffs) but giving things a little more time & finally some GW's....I'm down to the last of the baddies.
That's why I love this place. SO much great info & support when stuff goes south. And giving it back to new people too.
*ok....3:00....time to go home! (work was so hard today!)
Everyone's goal should be never get into revolving debt.
Everyone's goal should be to rid themselves of revolving debt ASAP!
There is no justification for a revolving debt, unless there is 0% APR and $0 fees.
Revolving credit is great, if the limit is limited and the interest rate is not killing all of us. I mean seriously, it's ok for these cc companies making a profit, but billions of dollars every year because of their fees and interest rates? That should be against the law and change, which I guess will happen. Right now I'm ready to cancel all but one card and wait a few years to see how the new regulations are handled, and apply for another one if things are regulated correctly and legally. If we all did that, maybe the cc companies would change their ways. Of course that will Never happen, but would be nice. It's like taking guns away from everyone..won't happen!
Yes, the revolving debt is so dangerous, because it's so easy. Of course you are to blame yourself and yourself only, It's the American way! Even our Gov't does it!!
The federal government monetizes its debt. That is quite a bit different. Both suck because we end up paying for all of it!