Follow the steps to fix your debt on your own
If you’re irresponsible in handling your credit card payments, then very soon you’ll fall into debts. As debt seems to spiral up, it is quite essential for you to repay it soon. If you ignore it, then you’ll soon get calls from you debt collectors. They will call you day and night and harass you. More »
Being frugal today saved me $26.29!
It seems like when frugal shopping with your kids you always end up spending double what you planned. It doesn’t matter how frugal you are, They always find a way to find stuff you “need”. I never step foot out side of my house to go frugal shopping with out an agenda, locations and a specific list of items that I need. With this list it helps me remember just how many things I don’t need in life and helps me say no to the urges of impulse shopping. More »
Credit Score Update
Old credit score VS new credit score! So after 6 months and some ups and downs and checking my credit score as often as TransUnion would let me, the verdict is out. My credit score is still climbing. Equifax dropped a bit due to a late payment on a credit card that I am an authorized user on. Over all still happy with my progress. TransUnion is still climbing nicely. Experian took a nice 20 point jump as well. More »
Credit score update. Huge jump
Over the past several years, I have been more aware of my credit score then ever before and its impact on just about everything in my life. I watched my credit score go from 640 then to 680 then it kind of plateaued around 700. My highest credit score was with TransUnion at 715 and my lowest credit score was with Equifax at around 680. . It has been like that for over 6 months. So I decided to dig into what actually was negatively impacting my credit score. More »
Mint Budgeting Software
I was talking to a fellow friend who told me about Mint. Mint is an FREE online budgeting software. At first glance I didn’t really know what to expect. As I went through it and got my free Mint.comaccount, I realized that this was a very beneficial tool. Mint is truly amazing. Who ever designed Mint had a genius vision of people getting out of debt and managing their fincances. More »
Debt Progress
As of right now I am well on my way to paying off my credit cards and getting out of debt.
This is my current spot in my diminishing debt and financial success.
Total credit card debt : $6128.11
I have 4 credit cards open with the following balances and APRs
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- Balance $2196.69 APR 24.99
- Balance $1581.35 APR 24.99
- Balance $783.41 APR 29.49
- Balance $1566.66 APR 29.99
Now the question is which debt should be payed on? Currently the payments are on the 783 which I know contradicts what every one says about getting out of debt. Payments should be going towards the highest rate card. Like with everything in life. If you fail to plan, Then you plan to fail. So my plan for debt is as follows.
Pay the $783 orchard bank credit debt off a.s.a.p. once the balance gets to $0 I am going to request a lower apr on a balance transfer. As of right now there is no way they will grant me a lower APR as long as they can make more of a profit off my debt. When my balance sits at $0 for a month or 2 then im sure they would be willing to consider it since I have had a perfect record with their payments for several years now.
Got a personal loan through lending club for 1/3rd of the amount of total debt to pay a little bit off of each card. This reduces my % credit allowed VS credit borrowed. When this number gets too high it will affect your credit score in a negative way.
My very short term goal is
- Raise my credit score as much a possible my moving some funds. (lowering my credit utilization % with a small loan)
- Request balance transfer after balance transfer until I can no longer get a lower APR.
- Once those are complete I will look for another personal loan to see if I can get an even lower APR to pay off my highest credit card.
So far with my small loan I will have saved thousands in interest already. Its a win-win situation. I save money in the long run with a lower APR over all. My monthly payment will be lower, which will allow me to contribute more money monthly towards my over all payments. I will keep you posted with my negotiations with the credit card companies and my balance transfers (If any =) ).
Your Partner in Profit,
Bradley
