Credit Card

I owe 1000$ right now
tired.gif
paying 100 a month
 
times are getting crazy. credit score of 760, was approved for low rate financing of a $35k vehicle last year, and 3 weeks ago i was denied for a friggingcircuit city credit card...

get your credit in check people, it's getting tight...
 
I'm on the same boat, a student but my cc bill as of today is prob about 9g's :ohwell:. Hoping to take that down by next month.
 
Originally Posted by wawaweewa

Originally Posted by TraSoul82

Originally Posted by kix4kix

You are the reason we are in a recession.

Spend what you have, I never got why people don't get that.
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Our entire economy is based of spending what we don't have. Loans from people who loaned from people loaned from people who printed out pieces of paper with no true value. To make things worse, today more "money" is stored in servers than in safes. So if everybody asked for their money cash-in-hand, it would be impossible to do. So in the VERY EXTREME case that all major banks went under, we would quickly realize that we're all pretty much living on credit.

For the OP, good job on trying to stop the problem before it raveled out of control. I was $25,000+ in credit card debt. The funny part is I was still allowed to get a loan for a house, then valued at $246,000, while I owed 25k on the cards. Today, I'm in Iraq as a contractor and very much out of credit card debt and I'm a year ahead on my mortgage with significant principle paid down. I'm lucky, but I wasn't going to be one of the many who fell into the trap that the bank tried to put me in.* But in our nation's current financial situation, I'm wondering if I'm throwing good money after bad by paying down my mortgage so quickly. If I can pay it off before anything drastic happens and I can have my title in-hand, I'll be cool.

Anyway, now I pretty much only use my Amex Gold card because it has to be paid off in-full, monthly (set to auto-pay directly from my checking account). So I get some rewards and the feeling of using a credit card while knowing that I can't get out of control with it.


*(There's no way in hell i should have qualified for that loan. This is more of why we are in a recession)
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What's your house worth now and how much (as a percentage and average monthly payment) have you paid off? Have you tried to get your home reappraised and your loan restructured?

I don't know the specifics of your case but there are people out there who bought overpriced homes and won't see those prices again for at least 20-30 years (in real terms). In reality, they're paying 10, 20, or even 30% more for a home and literally throwing money away.
I understand that a credit hit will be taken but it literally makes no sense to be throwing so much money away unless one plans to live in that home till death (and even then that is questionable).

If i was one of these folks and the lender didn't reappraise the home and underwrite a new mortgage based on the home's present value, I'd just let the entity foreclose on my home and go rent (rent's are dropping across the nation) for a few years. All the while repairing the hit taken by my credit and waiting for home prices to hit their bottoms.

If your home has depreciated substantially (10%+) I'd give a call to your mortgage holder and demand a (fair) reappraisal and a restructuring (refi) of the loan based on the realistic amount that the home is worth or else you leave. It's worth a shot whether you carry out that threat or not. It depends on your underwriter and whether they are in a bad position financially. If they are, you have a good shot at getting what you want (and are entitled too).

The present scheme is refinancing at a lower rate but what the hell does that matter when the borrower paid 700k for a home but it's only worth 400k now? Instead of throwing away 1m over the 30 years now the borrower will 'only' throw away 600k (I pulled the no.'s out of my %+%. you get the gist though.
laugh.gif
).
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I appreciate the response. I bought my house in April 06 when it was valued at 246K. Before the the owner was asking for 265K, so I didn'tcatch it at it's "peak." Now that I've been out in Iraq for a year and some change, I now owe 166K of principle. My current loan is at 6.5%.I know i need to do a steamline refi to get that lowered, but I haven't been sweating it because I've been hitting the principle so hard while stillbeing able to pay ahead on the mortgage. I doubt I'll be trying to do a restructure refi when I can realisitcally have this house paid off by the end of2010. I'm 26 now, so as long my house is paid off before I'm 30, I don't really see it as "overpaying." I'll just have propertytaxes, utilities, and occasional repairs to deal with.

My house is in the DC area (PG County, inside the Beltway), so I don't see the value dropping much further than it already has unless things get ugly.Things "getting ugly" is what worries me. Basically, I'm wondering what happens to equity during and after a depression. I know that loans aresold to other insitution by the FDIC if a single banking institution folds. But I don't want to be 20K shy of having my home title and then have the entireeconomy tank. I know it's extreme, but some "experts" are painting a pretty bleak picture. I could only have 100K or less remaning on my loan bythis summer, but I might just start lettimg my money stack and play it by ear. My whole focus has been to pay my house off as quickly as possible so that I canfocus on getting back in school and finding my niche in the world. I don't even own a car yet.
 
Owe my mom about $3k right now from the creditcards... flipping lotta kicks to pay it off too.
 
Why don't you get one of thise Rev Run x Russell Simmons debit cards???

I forgot the name of it.

Edit: I think its called Rush Card or something. Not too sure.
 
I'm currently in the same boat, albeit a little deeper. I got my first 2 cards around the same time after graduating HS in 2006. Since then I have $2000card maxxed, a $250 card that I just did a balance transfer on because I didn't like their policies for online banking.

I got $500 in Paypal that is down to $256. A Macy's card that is at $518. Not to mention I have a student loan at $1500.

I recently got a Capital One card to help me pay these off. No interest until January '10 and 9.9% thereafter. My paycheck today will pay off the rest ofthe Paypal balance. I will do a blance transfer on the Macy's account, pay that off within the month and then get started on the $2000 card.

It took me a long time to begin getting a handle on this and I'm just underway. I do not regret being so reckless with my credit early on because I'mseeing how easy it is to get in over your head. I'm just thankful I wasn't given a $5000 CC limit.
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When this is over, I'm hoping to make the Capital One card my main card, with the credit line at around $3000 by the mend of the year. I already cut upthat worthless $250 one.
 
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