woohoo! Getting all of the wife's credit cards paid off!

Budweiser · 02-07-2007, 06:32 AM

OK, my wife has a kohls, jcpenny, old navy, maurices and two other general credit cards. We have been trying to pay them off and we are now down to Kohls, JC penny and Maurices. (each at about $400)

Now we just did our taxes last night and we are going to be getting back about $3300. So of course the first thing to do is get rid of her cards and then have her cut them up.

This will help out alot just getting rid of a 25%APR Credit card. Just wanted to share. I know that there have been alot of threads like this lately but this one is mine.

jason_bh · 02-07-2007, 06:35 AM

Congrats. It's nice to get those "monkeys" off your back isn't it? Your smart in that you are cutting up the cards. Many people keep them "just in case".

I like hearing stories of people getting out of debt. My wife and I have one more card to pay off. That will be done when the income tax check comes in. My truck is almost paid off too.

Ace_2004 · 02-07-2007, 06:37 AM

Budweiser · 02-07-2007, 06:41 AM

Quote:

Originally Posted by jason_bh

Congrats. It's nice to get those "monkeys" off your back isn't it? Your smart in that you are cutting up the cards. Many people keep them "just in case".

I like hearing stories of people getting out of debt. My wife and I have one more card to pay off. That will be done when the income tax check comes in. My truck is almost paid off too.

yeah I'm going to have her close all of the store credit cards and just keep open her other accounts (it will help her credit score to have some available).

RIP_Quorthon · 02-07-2007, 06:44 AM

Quote:

Originally Posted by Budweiser

OK, my wife has a kohls, jcpenny, old navy, maurices and two other general credit cards. We have been trying to pay them off and we are now down to Kohls, JC penny and Maurices. (each at about $400)

Now we just did our taxes last night and we are going to be getting back about $3300. So of course the first thing to do is get rid of her cards and then have her cut them up.

This will help out alot just getting rid of a 25%APR Credit card. Just wanted to share. I know that there have been alot of threads like this lately but this one is mine.

Lets hear it for self control

Dirk Diggler · 02-07-2007, 06:57 AM

Quote:

Originally Posted by Budweiser

OK, my wife has a kohls, jcpenny, old navy, maurices and two other general credit cards. We have been trying to pay them off and we are now down to Kohls, JC penny and Maurices. (each at about $400)

Now we just did our taxes last night and we are going to be getting back about $3300. So of course the first thing to do is get rid of her cards and then have her cut them up.

This will help out alot just getting rid of a 25%APR Credit card. Just wanted to share. I know that there have been alot of threads like this lately but this one is mine.

Thats a good move, you will save a significant amount of money in interest.

Greg1983 · 02-07-2007, 06:58 AM

She couldn't blow all your money if she were dead.

I'm just saying.

MoonMan12 · 02-07-2007, 07:13 AM

Wow, what a bitch. You need to talk to her, otherwise the same thing will happen again.

Ismokerocks · 02-07-2007, 07:15 AM

3300 is alot to get back, im afraid to ask how much she spent total over the year

Budweiser · 02-07-2007, 07:22 AM

Quote:

Originally Posted by jhick40

Wow, what a bitch. You need to talk to her, otherwise the same thing will happen again.

I've already talked to her, she had these cards for a long time, but now that we are married we've joined bank accounts and I am in charge of all of our finances.

I know that she won't run up the bill again because I will see it as soon as she does anything. We both agree that paying cash is the best way to go, But we will still put items like gas on a CC and pay it off every month, just to keep our revolving debt small but there.

Budweiser · 02-07-2007, 07:24 AM

Quote:

Originally Posted by Ismokerocks

3300 is alot to get back, im afraid to ask how much she spent total over the year

Yeah I changed my exemptions and increased my 401K contribuation so next year I actually hope to pay about $100.

I mind as well put the money in a 401K where it can earn 10-15% interest over the next 40 years instead of giving the government an interest free loan for the year.

bignpisst · 02-07-2007, 07:26 AM

Congrats I just paid off 2 myself http://forum.bodybuilding.com/showthread.php?t=1351681

bigss75 · 02-07-2007, 07:37 AM

25 apr, man your wife must have a horrible credit score or doesnt read the fine print.

JayWesson1 · 02-07-2007, 07:41 AM

Congrats buddy! Paying off credit cards is hard as hell to do once you get in deep!

LatsMakeTheMan · 02-07-2007, 07:45 AM

A woman's spending habits are a primary consideration for me.

If I get married, it won't be to a woman who spends frivilously. (My last serious girlfriend was bad with money, and it scared the hell out of me.)

newgene · 02-07-2007, 07:45 AM

Quote:

Originally Posted by Budweiser

OK, my wife has a kohls, jcpenny, old navy, maurices and two other general credit cards. We have been trying to pay them off and we are now down to Kohls, JC penny and Maurices. (each at about $400)

Now we just did our taxes last night and we are going to be getting back about $3300. So of course the first thing to do is get rid of her cards and then have her cut them up.

This will help out alot just getting rid of a 25%APR Credit card. Just wanted to share. I know that there have been alot of threads like this lately but this one is mine.

Great job! Getting rid of all the revolving debt is a quick way to get your credit scored through the roof. It's sounds like you have the discipline to do it. I would still keep a credit card just for getting bonus points. For example, I have a Chase Freedom card that gives 3% off gas, fast food, groceries (Wal-mart, etc.), and few other things. However, I don't recommend ever carrying a balance. Just use the card for everything, and set your computer calendar to remind you every 2 weeks to go online and pay off the complete balance. Since you will be in the grace period, you will never pay a cent of interest. You'll just get to keep all the cool bonus cash. You could easily knock down $500 a year doing this.

By having the card that you pay off, you look like an aggressive payer, and they will bump your limit through the roof. Having a high limit with no balance show responsibility that makes your credit score go way up as well. No matter what, the golden rule is never to carry a balance! Again, great job!

Budweiser · 02-07-2007, 08:04 AM

Quote:

Originally Posted by bigss75

25 apr, man your wife must have a horrible credit score or doesnt read the fine print.

no her credit isn't bad, it aint good either. The last time I checked her score was 670. The main reason is it so low is because she doesn't have a very long credit history.

But you know how some people are. They go to a store register with $200 worth of items and the store clerk says "if you open an account with us you can save 10%!, Which is $20!" the buyer thinks this is a great deal and signs up for the credit card and never pays attention to the interest rate and doesn't seem to have enough money to pay the bill at the end of the month. and thus the cycle continues. "oh I'll just pay it off later" later comes and the bill is still not paid. then they figure oh I alread have $200 on there whats another $20 if I save 10%.

So she trusts me completely with our finances and she does listen to me when I say Don't use you damn story cc anymore! She is getting better but at the end of the year when I show her how much money we have saved in our account she will begin the habit of saving.

It seems like the more money people look like they have, in reality they have no money because they spend it all trying to look trendy and stay with the times.

And the less money people look like they have are actually the ones who are loaded.

Budweiser · 02-07-2007, 08:06 AM

Quote:

Originally Posted by bignpisst

Congrats I just paid off 2 myself http://forum.bodybuilding.com/showthread.php?t=1351681

Yep I saw that congrats!

Budweiser · 02-07-2007, 08:08 AM

Have any of you ever checked out these websites?

http://www.bankrate.com/
http://www.fatwallet.com/c/52/
http://www.fool.com/index.htm?source=intromercial

I have been going there alot lately and I the amount of information that I learned has been astronomical.

JayKid · 02-07-2007, 08:11 AM

I'm curious, how do those who have debt get it? I have a credit card, but only use it when I know I could also use cash, but don't have it on me.

Why would you use a credit card if you knew you couldn't pay for the item? Unless it was some super emergency like you're starving and need food I don't see how that happens, especially if you have a stable job and know your income before hand (right down income/expenses and manage it all out).

I just don't understand how people pick this debt up... especially those who have loads of it.

I know maybe I'm just being naive here, but I honestly don't get it. Is it just me? Maybe I just have a different mindset... ?

RockyIV · 02-07-2007, 08:13 AM

Quote:

Originally Posted by Budweiser

OK, my wife has a kohls, jcpenny, old navy, maurices and two other general credit cards. We have been trying to pay them off and we are now down to Kohls, JC penny and Maurices. (each at about $400)

Now we just did our taxes last night and we are going to be getting back about $3300. So of course the first thing to do is get rid of her cards and then have her cut them up.

This will help out alot just getting rid of a 25%APR Credit card. Just wanted to share. I know that there have been alot of threads like this lately but this one is mine.

Make sure you cancel them with the card companies after receiving confirmation of zero balance. Congratulations on getting that debt off of you.

Budweiser · 02-07-2007, 08:14 AM

Quote:

Originally Posted by JayKid

I'm curious, how do those who have debt get it? I have a credit card, but only use it when I know I could also use cash, but don't have it on me.

Why would you use a credit card if you knew you couldn't pay for the item? Unless it was some super emergency like you're starving and need food I don't see how that happens, especially if you have a stable job and know your income before hand (right down income/expenses and manage it all out).

I just don't understand how people pick this debt up... especially those who have loads of it.

I know maybe I'm just being naive here, but I honestly don't get it. Is it just me? Maybe I just have a different mindset... ?

Most people don't realize that it is an extremely high interest loan that they are taking out when they use their cc. They just think of it as 'free money', and since the payments are low they don't get worried until it is too late. and then they have to use their cc because the payments are so high that they can't afford anything else.

FSUFan4 · 02-07-2007, 08:15 AM

Quote:

Originally Posted by Budweiser

OK, my wife has a kohls, jcpenny, old navy, maurices and two other general credit cards. We have been trying to pay them off and we are now down to Kohls, JC penny and Maurices. (each at about $400)

Now we just did our taxes last night and we are going to be getting back about $3300. So of course the first thing to do is get rid of her cards and then have her cut them up.

This will help out alot just getting rid of a 25%APR Credit card. Just wanted to share. I know that there have been alot of threads like this lately but this one is mine.

what do you do for a living?

RockyIV · 02-07-2007, 08:16 AM

Quote:

Originally Posted by JayKid

I'm curious, how do those who have debt get it? I have a credit card, but only use it when I know I could also use cash, but don't have it on me.

Why would you use a credit card if you knew you couldn't pay for the item? Unless it was some super emergency like you're starving and need food I don't see how that happens, especially if you have a stable job and know your income before hand (right down income/expenses and manage it all out).

I just don't understand how people pick this debt up... especially those who have loads of it.

I know maybe I'm just being naive here, but I honestly don't get it. Is it just me? Maybe I just have a different mindset... ?

You are naive, or you're playing stupid. People get into trouble for a whole host of reasons. For example, you buy an outfit for a special event and go overboard on the cost then realize you don't have enough when the statement comes in to pay for it, starting a vicious cycle. Personally, I have been lucky enough to never have a balance I couldn't pay but it's not that hard to do. Sometimes you count on money coming in and it doesn't then you're screwed.

It doesn't take much to get the ball rolling.

RockyIV · 02-07-2007, 08:18 AM

Quote:

Originally Posted by LatsMakeTheMan

A woman's spending habits are a primary consideration for me.

If I get married, it won't be to a woman who spends frivilously. (My last serious girlfriend was bad with money, and it scared the hell out of me.)

Good point, when you marry it become your debt as well. It's a big talk to have before getting married considering that is the number one topic married couples fight about.

imoffg · 02-07-2007, 08:19 AM

unless they have a job, the girls that i know have zero concept of money

Budweiser · 02-07-2007, 08:24 AM

Quote:

Originally Posted by FSUFan4

what do you do for a living?

Electrical Engineering, why do you ask?

RockyIV · 02-07-2007, 08:36 AM

Quote:

Originally Posted by imoffg

unless they have a job, the girls that i know have zero concept of money

ALot of it depends on how they were raised, if they were never taught to stay away from them, they don't usually.

FSUFan4 · 02-07-2007, 08:38 AM

Quote:

Originally Posted by Budweiser

Electrical Engineering, why do you ask?

just curious... geez..

JayKid · 02-07-2007, 08:42 AM

Quote:

Originally Posted by RockyIV

You are naive, or you're playing stupid. People get into trouble for a whole host of reasons. For example, you buy an outfit for a special event and go overboard on the cost then realize you don't have enough when the statement comes in to pay for it, starting a vicious cycle. Personally, I have been lucky enough to never have a balance I couldn't pay but it's not that hard to do. Sometimes you count on money coming in and it doesn't then you're screwed.

It doesn't take much to get the ball rolling.

Maybe a little of both? lol, seriously though, I guess I'm just naive, but that's a horrible reason to go into debt... because you needed to buy an outfit? You should, before you even go to get it, know exactly how much you can spend and what not. Also, unless you run your own business, should have a rough estimate of what your paycheck will be everytime it comes in and if you wrote out exactly how much spending money you have after every pay check (taking bills, etc into account) you'd know not to go over that amount.

Now, I can see if it was an accident it could then ball up and get worse, but other than that (which is still something that can be avoided) it seems most just need to be more organized?

Although I understand how it happens I guess, I still don't get where excessive debt comes from--like where you already owe money and proceed to just pick up more (not simply by not paying one and gathering interest). If you know you owe money, don't go using more credit cards afterwards...

Eh, maybe I'm still naive, but I'd rather be naive and not have debt. I think it's all about being organized and having self control. If you figure out how much you have to spend and hold your spending to that amount, everyhting should be fine... unless you get laid off or some crazy circumstance comes along. However, it isn't those rare circumstances that get people in cc debt it seems, I feel like it's usually for more careless reasnos.