Finally at the $10K mark. (payment, suing, California, savings)
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Give yourself a big pat on the back. As they say..better late then never.
Keep up the good work and post here often if you want some "atta boy" posts to keep you getting toward "0" !
i have to admit...its been a struggle along the way......but during this financial crisis..i've seen too many people in debt and unable to pay due to loss of income/etc.....The economic crisis was definitely an eye-opener......Im 39 and I had never seen the economic situation this "dire"...Scared the crap out of me...but should be thankful...also scared some common sense in me...
I would suggest that you take some evidence on paper of what you have done, and show it to the finance manager at your bank. Express to him your exuberance that you have worked so hard to bring your finances into order. I bet he would be happy to loan you enough money to pay off the $10K, at about half the interest, or less, than you are paying the CC company. He'll also probably refinance your car. It looks like you have quite a bit of equity in your car, for collateral. You have nothing to lose by asking, and several thousand dollars to gain.
You think you feel good now, just wait until you go into that bank in a few years and by a $10K CD.
Do you honestly think that would work and what could i take to the bank to show that I have been paying down my credit card finances....Would this benefit me in the long run...
Never hurts to try.... and if it works, it will help you out a lot (paying less interest and paying your debt down faster)... there is no downside in trying... so do it...
Do you honestly think that would work and what could i take to the bank to show that I have been paying down my credit card finances....Would this benefit me in the long run...
Actually, you wouldn't need to take anything in. He can run a credit check on you and get the details. But dig out a CC statement from a few years ago, and show it to him along with your current one, just to show him that you mean business and inspire him to take you seriously.
If you're currently paying 25%, and your outstanding balance is $10K, that means you are paying $2,500 a year, $200 a month, just in interest. If your bank loans you the payout at 15%, you'll be paying $1,000 less interest, and therefore $1,000 more toward retiring the principle and getting everything paid off in full.
A couple years ago, I was fresh out of college and ran up $25K in credit card debt at the high point by buying a piano and transferring to my CC at 4.99%.. plus a car payment, plus Bay Area rents.. I'm fortunate in that I still have my job from then, but I just kept piling on the part-time work because I wanted to get rid of that debt. Two and a half years later, I'm down to $3K plus $9K owed on the car, and I won't stop until it's all gone.
I just finished paying off two credit cards and a personal loan in April, after 5 years of skimping and throwing extra money at the credit card balances. It's a great feeling of security when those debts are gone and that money is piling up in the bank!
Unfortunately, I just had to have $10k worth of oral surgery last week. Every time you think you're getting ahead, ya know? But hey - at least I had the money to pay for it. It'd be much worse if I had no available credit and no savings and needed the surgery.
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