home
***
CD-ROM
|
disk
|
FTP
|
other
***
search
/
AOL File Library: 11,000 to 11,999
/
11000.zip
/
AOLDLs
/
theWhiz.com Software Library
/
08_11_97_ Credit & Debt
/
8_11CHAT.log
next >
Wrap
Text File
|
2014-12-23
|
32KB
|
764 lines
OnlineHost:
OnlineHost: *** You are in "MoneyWhiz I". ***
OnlineHost:
Hard Sync: what?
Mirushi: I guess not.
Guyushi: "Dreidel, Dreidel, Dreidel, i made you out of clay..."
MWFREEDOM: hI DJ
Hard Sync: I'm a half & half...my mom is a goy
MWDebtFree: Hi Neil.
MWFREEDOM: HI
Guyushi: ok - HOST IN THE ROOM?!?!?!?!
Mirushi: frum - orthodox
MWFREEDOM: How are you?
Guyushi: hey - i know you!!
Mirushi: ahh.. thats my family background.. most of the fathers were goy
MWFREEDOM: Yes hosts have arrived
Guyushi: cool!!
MWFREEDOM: Questions?
OnlineHost: Mckinzzy has left the room.
Mirushi: give a hand for the hosts!! (clap clap clap!)
Guyushi: ok, everyboddy - simmer down - let the host introduce
him/her/itself!
MWFREEDOM: Welcome to the credit and debt chat
Mirushi: (imagining a dollar bill talking to me)
Guyushi: <<<<clap>>>> sign turned on...
OnlineHost: GPatter589 has entered the room.
OnlineHost: Royfw has entered the room.
OnlineHost: Carvers5 has entered the room.
Mirushi: << needs a genie to wish me a wish of a million dollars
MWFREEDOM: Your hosts are MWDEBTFREE and MWFREEDOM
OnlineHost: D1ZZY123 has entered the room.
OnlineHost: Carvers5 has left the room.
MWFREEDOM: Questions?
Guyushi: ok - how do we do this? kind of chaotic with all the HE entered SHE
left messages...
Hard Sync: what would the host like to begin discussing?
MWFREEDOM: You can turn that off under preferences
OnlineHost: BMW ST has entered the room.
OnlineHost: Causlandc has entered the room.
MWFREEDOM: It is your discussion on debt-you ask the questions we provide the
answers
GPatter589: why should you pay more than the min on your credit card?
OnlineHost: MIKIEANN has entered the room.
MWFREEDOM: SO that you get out of debt without paying lots and lots of
interest
D1ZZY123: How do you get back on your feet after bankruptcy
MWFREEDOM: over a 40-50 year time period
Causlandc: is this only a discussion on debt??
Hard Sync: okay...i've got about $2500 left to pay off. Should I wait to
invest or start now?
Daybydei: Love the board...I've been living debt free for a few years, but I
find it hard to part with
MWFREEDOM: Invest in yourself and pay off the debt
MWFREEDOM: one of the best investments going
OnlineHost: PBurgx1 has entered the room.
Hard Sync: that's what i thought but i'm watching my unpurchased stocks soar
OnlineHost: Twohogs has entered the room.
OnlineHost: Causlandc has left the room.
MWFREEDOM: Welcome TWO
OnlineHost: PIKISON has entered the room.
Guyushi: question please:: will someone settle the argument if agences like
CCCS are worh tthe
Guyushi: hassle?
Royfw: 40 or 50 yrs after BK do u really believe that or u just dont know
mucu!!
Twohogs: How are ya Neil?
MWDebtFree: Guyushi - There's no black and white answer to that question.
GPatter589: i think cccs affects your credit, doesnt it?
MWFREEDOM: THey are worth it if you can't handle it on your own
Guyushi: that's what i keep hearing
Hard Sync: i would think they are b/c you are emotionally involved. they can
negotiate better
OnlineHost: BRM Don has left the room.
Mirushi: what if you have an enourmous debt that might take three years to
pay off?
MWFREEDOM: Will put notice on your credit report that you are working with
them
Guyushi: it doesn't prevent the creditors from reporting your account as
delinquent
OnlineHost: FORMANBL has entered the room.
OnlineHost: Causlandc has entered the room.
Hard Sync: try a home equity loan
MWDebtFree: NOOOO
MWFREEDOM: 3 years or 30 years?
Hard Sync: why not
Mirushi: 3 years...
Mirushi: in the 30,000 dollar range
Guyushi: and ther'es no guarantee the creditors will lower or wave the
interest
MWFREEDOM: How much debt?
GPatter589: i dont think you should put up your home for debt.
MWDebtFree: Because you don't want to put your house at risk.
MIKIEANN: i am about to retire/should i use some of my 401k to retire my
debts?
Guyushi: Mirush - are you speaking for yourself? ;-)
Hard Sync: i'm not putting my house at risk and i got a great deal on the
interest
Mirushi: LOL
Mirushi: Yes I am
OnlineHost: BKriha has left the room.
Guyushi: **KISS**
MWFREEDOM: leave 401 k alone
MWFREEDOM: Hard are you sure?
Guyushi: 401 k RULES!!
Hard Sync: yes
Causlandc: should I pay off my home??interest rate is 6.75...have 10 yrs.
left on balance
OnlineHost: Quonja has entered the room.
MWFREEDOM: NO risk on the house?
OnlineHost: QuickDebtP has entered the room.
MWFREEDOM: Pay it off!
MWFREEDOM: Welcome Joew
MWFREEDOM: Joe
Hard Sync: my first mortgage was an 80% loan, not 90% like many first timers
QuickDebtP: Hi, Neil.......how was your vacation?
MWFREEDOM: Thanks for helping out last week
Royfw: my friend when u have messed up and gone into debt too much-the credit
co will eat u up at t
Guyushi: isn't a CCCS notice on the credit report a red light to lenders?
QuickDebtP: sure :)
Mirushi: well... ?
MWFREEDOM: Fine
OnlineHost: BJfree96 has entered the room.
MWFREEDOM: Mirushi-question again
OnlineHost: Quonja has left the room.
QuickDebtP: Yes, Guyushi
OnlineHost: BMW ST has left the room.
Guyushi: Mirush - i can hardly follow anything here...
OnlineHost: BJfree96 has left the room.
OnlineHost: MIKIEANN has left the room.
OnlineHost: Quonja has entered the room.
OnlineHost: BJfree96 has entered the room.
Hard Sync: someone please speak
MWFREEDOM: Questions?
Mirushi: what if you have a debt of 30,000 and it will take 3 years to pay
off.. is the cccs worth it
OnlineHost: Toner96 has entered the room.
Mirushi: ?
Hard Sync: it depends on how good of a negotiator you can be with creditors
MWDebtFree: Mirushi - No.
MWDebtFree: If you can do it yourself within three years, why use CCCS?
MWFREEDOM: $30,000 should take longer than 3 years to pay off for the average
person
Causlandc: what is your reasoning for paying off home early??
OnlineHost: Royfw has left the room.
MWFREEDOM: What payments are you making?
MWFREEDOM: Not to pay interest
FORMANBL: what if you have a 10K loan and have had it for a while, would it
be worth selling your car
Causlandc: $486.00 monthly
OnlineHost: Quonja has left the room.
QuickDebtP: Yes, FORMANBL
MWFREEDOM: Balance is?
Mirushi: credit cards only.
QuickDebtP: the love affair with the car is.......uh........a waste
Mirushi: no house or any property
FORMANBL: 1oK
Causlandc: $37,000.00
Daybydei: I'm finally debt free (whew...) I pay an addt'l $110 mtg. pmt/mo.
Should I increase this?
Hard Sync: formanbl, do you have alternative transport
Mirushi: or equity
QuickDebtP: Congrats, Day!
OnlineHost: Toner96 has left the room.
Guyushi: Q: isn't a bank loan that pays off the balances and cancels your
cards better than all
FORMANBL: NO
MWFREEDOM: Pay it off and invest your money elsewhere
QuickDebtP: Day.......be careful about extra principal payments
Guyushi: those open accounts on my report?
D1ZZY123: Can you answer any questions on helping after a bankruptcy?
OnlineHost: HeatMan007 has entered the room.
OnlineHost: TFeeney913 has entered the room.
MWFREEDOM: and not have to worry about making house payments
Hard Sync: you need to think about how you are going to get around without a
vehicle
Daybydei: What do you mean "be careful" abt. addt'l principle pmts?
MWFREEDOM: MW answer BK?
GPatter589: what is the caution of making extra principal pmts?
OnlineHost: PBurgx1 has left the room.
MWDebtFree: Guyushi - What kind of bank loan? Are you talking about a home
equity loan?
QuickDebtP: Day...most mortgages apply additional principal pmts to the BACK
of the mortgage
GPatter589: doesnt it decrease your balance faster?
OnlineHost: TFeeney913 has left the room.
Guyushi: anyone see my last question?
Causlandc: MWFreedom..the payments are not hurting us financially just want
advice on paying off early
MWFREEDOM: Need to be applied to balance
Hard Sync: no...repeat
QuickDebtP: You can increase your liquidity and SECURITY by saving the money
and.........
MWDebtFree: Dizzy.... what's the question?
QuickDebtP: paying the mortgage off in full when you accumulate the amount
due.
QuickDebtP: You will save EXACTLY the same amount of interest.
MWFREEDOM: $486 payments correct? How many left?
OnlineHost: Guyushi has left the room.
OnlineHost: Mirushi has left the room.
Daybydei: Even if I mark the "extra principle pmt" box on the monthly coupon?
Still "back end/"
QuickDebtP: on MOST mortgages, DAy
QuickDebtP: you should call to find out.
Causlandc: 10 left to pay on loan...interest rate 6.75
OnlineHost: BJfree96 has left the room.
MWFREEDOM: 10 =120 payments?
Causlandc: 10 years
MWFREEDOM: 120 payments?
Causlandc: yes
OnlineHost: Jonvend has entered the room.
QuickDebtP: Daybydei, do you understand?
MWFREEDOM: 120X $486= ? vs. $37000
MWFREEDOM: I would pay it off
Daybydei: I'm not sure...I think it's good advice to clarify with the mtg.
co.
OnlineHost: HeatMan007 has left the room.
Hard Sync: difference of $20,000approx
QuickDebtP: exactly,Day........and see if you can get an amortization
schedule........
QuickDebtP: thats where the proof is.
Causlandc: cannot take tax deduction...children all gone...have to file short
form
OnlineHost: Jonvend has left the room.
OnlineHost: Jonvend has entered the room.
QuickDebtP: paying off a mortgage ten years early saves the same amount of
interest whether you
Daybydei: Does $25 fee for amort. schedule sound accurate?
OnlineHost: Jonvend has left the room.
MWFREEDOM: Most people find payuing $1 in interestr to save .37 in taxes not
a greaT deal
QuickDebtP: make extra monthly payments OR pay off the balance on that date
all at once
GPatter589: some banks will give an amoritzation free
QuickDebtP: sounds like robbery, Day
MWFREEDOM: Your choice
FORMANBL: Would it be worth selling car,paying off 10K and buying another
car? current car is worth 9K
Twohogs: Do you have any programs in your computer that will Run amoratation
schedule?
Daybydei: Thanks... I'll find a cheaper way...
MWFREEDOM: I have been there and prefer no debt
MWDebtFree: And what's the payoff on it Forman?
Hard Sync: possibly if you get something practical like a used honda accord
FORMANBL: nothing
QuickDebtP: FOR, if debt is a problem.......sell the car........pay off the
debt.......
QuickDebtP: and buy a car cash for whatever you can afford.
Causlandc: or should I take the extra money and invest in stks for 10 years
Hard Sync: anyone have any good low interest credit card they can recommend
to the group
FORMANBL: Thanks for the hel
MWFREEDOM: Mutual funds may work also-it is your choice. Personally, I paid
off the houswe and have no
FORMANBL: help
MWFREEDOM: regrets
MWFREEDOM: WHat is the house worth?
OnlineHost: GGreco7453 has entered the room.
Causlandc: $165,000.00....just had it appraised...been here 25 years
OnlineHost: GGreco7453 has left the room.
Causlandc: Paid $42,000 for it 25 years ago
MWFREEDOM: Nice feeling to have it all paid off
GPatter589: would it be okay to have just one credit card for use? or none?
some things you cannot get
D1ZZY123: How do you get a question answered here?.
GPatter589: without a credit card
MWFREEDOM: OK Dizzy
OnlineHost: MFTM has entered the room.
MWFREEDOM: G one cc is ok if used like cash
Hard Sync: gpat: you need at least one to make travel reservations, etc.
MWFREEDOM: pay it before using
D1ZZY123: How do I get bank on my feet after bankruptcy
MWFREEDOM: Dizzy?
QuickDebtP: thats 5.6% on the house, CAus
MWFREEDOM: MWDEBTFREE could help you on that
MWDebtFree: What Chapter did you file?
D1ZZY123: chapter 7
OnlineHost: DWHALEN410 has entered the room.
Daybydei: Thinking about doing $4-5,000 home improv. work. Recommend cash or
8% loan -- seems hard to
Causlandc: Quick...don't understand???
Daybydei: part with the cash...
MWFREEDOM: Cash is best
QuickDebtP: just for fun......I calculated your return on your 42,000 house
for 25 years
MWDebtFree: D - Was everything discharged?
QuickDebtP: comes out to 5.6% per year. :)
MWFREEDOM: appreciation?
QuickDebtP: yep
FORMANBL: Is it better to pay off larger cc first, then large loans and small
ccs
MWFREEDOM: Good calculation
MWFREEDOM: Smallest balance first
D1ZZY123: eveything except personal taxes.
MWFREEDOM: build your momentum
QuickDebtP: FOR, there are differing opinions on that..........
Causlandc: Quick....oh well...I guess its better than leaving money in
savings
MWDebtFree: And how do they look? Manageable?
Twohogs: s
QuickDebtP: MWFREEDOM's idea works best though.
MWFREEDOM: s?
MWFREEDOM: What idea?
Twohogs: Error
QuickDebtP: smallest balance first.
MWFREEDOM: s=error? (LOL)
Hard Sync: twohogs?
Causlandc: Quick....if I sold house we would take the once in a lifetime tax
deduction
Twohogs: Does for me da
QuickDebtP: excellent.
QuickDebtP: but not necessary if you replace it with a home of greater value
MWFREEDOM: What state are you in?
OnlineHost: TICKTOCK42 has entered the room.
MWFREEDOM: questions?
Twohogs: No questions hard i"m a regular lerker hear
MWDebtFree: D1ZZY - Is the amount due on those taxes manageable?
Causlandc: Quick...I know...but we want to downsize have ..have to large a
home with land
D1ZZY123: yes they are. I have set up an arrangement.
QuickDebtP: Causlandc, then the exemption is a wise idea.
MWFREEDOM: G patteer?>
MWFREEDOM: You asked about cc ?
GPatter589: yes
MWFREEDOM: 1 cc is fine as long as you pay in advance on it
OnlineHost: DWHALEN410 has left the room.
MWFREEDOM: and can maintain a credit balance so that no finance charges are
incurred
GPatter589: ok. thanks
MWDebtFree: When you are starting over after filing Bankruptcy, it's
MWDebtFree: important that you make it a habit to follow sound money
MWDebtFree: management principles. That includes monitoring your
GPatter589: so it would be good to payoff the balance before the stmt cuts
right?
MWFREEDOM: I pay on mine BEFORE using it-works good
MWDebtFree: spending habits, creating a budget and developing a savings
MWDebtFree: plan.
MWFREEDOM: Better to pay ASAP
OnlineHost: DWHALEN410 has entered the room.
MWFREEDOM: I pay on mine BEFORE using it
GPatter589: i try to pay as soon as i receive my statement
MWFREEDOM: just like it was cash
OnlineHost: DWHALEN410 has left the room.
MWFREEDOM: that works good also
Hard Sync: wait...you pay your cc before you charge? i'm confused
MWFREEDOM: You get the general idea
MWFREEDOM: Yes I pay BEFORE using just like cash
OnlineHost: TMcnutt787 has left the room.
D1ZZY123: yes i do thanks.
QuickDebtP: seem strange,Hard? its a good lesson.......credit cards can be a
trap.
MWFREEDOM: Questions about that?
GPatter589: once i receive my statement showing what i owe, i mail the pmt
asap.
MWFREEDOM: Great!!!!
Hard Sync: i know...i use cash and only use credit to secure reservations,
etc.
MWFREEDOM: Who was confused?
QuickDebtP: perfect, Hard.
Hard Sync: i was...but i'm no longer
FORMANBL: what do you think about consolidation loans and 5.9 financing
MWFREEDOM: NO way!
QuickDebtP: BLECKY
MWFREEDOM: 5.9% is a trap!
OnlineHost: D1ZZY123 has left the room.
QuickDebtP: Consolidating is a bigger trap!
MWFREEDOM: Consolidation loans= borrowing yourself out of debt
MWFREEDOM: TWO what happened?
MWFREEDOM: Doesn't happen
MWFREEDOM: Don't fall for that scam!
MFTM: question: i am about to file chapter 7 and wonder how long it will take
to build up a
Causlandc: MWFreedom...we are retired..income cut in half..would be nice not
to have house pymt
MFTM: passable credit rating again
FORMANBL: I'm overwhelmed and trying to streamline without bankrupcy
QuickDebtP: MFTM, are you sure its necessary to go BK?
MWFREEDOM: Good pay it off
GPatter589: unfortunately i feel for that scam but am paying more than the
min on my card
MWDebtFree: MFTM - Bankruptcies stay on your credit report for 10 years.
Causlandc: in 5 years tho income will double
MWFREEDOM: FORM?
MFTM: $34,000 in debt and no job
TICKTOCK42: Sorry to interrupt but does this room follow an order when
asking and answering ?
MWFREEDOM: No just jump in
QuickDebtP: MFTM......that IS manageable......may not need BK.
OnlineHost: SAram403 has entered the room.
MFTM: sounds good - tell me what i can do
MWFREEDOM: I understyand and don't understand your question
TICKTOCK42: Do all ? have to be related to credit card debt?
QuickDebtP: well first........how soon can you get a job?
MWFREEDOM: WHat is your question?
QuickDebtP: MF, have you considered two part time jobs for the time being?
MFTM: i have a part time temp job now
QuickDebtP: how about another?
MFTM: and hope to have a full time job within the month
QuickDebtP: willyour full time job replace your lost income?
Hard Sync: MF..you can do it. i've done it before.
TICKTOCK42: I am trying to manage a household budget on one steady income
and the other fluctuating
OnlineHost: Twohogs has left the room.
MWFREEDOM: G more than the min or level? or Paying off balance?
OnlineHost: CEllerbroe has entered the room.
MFTM: it will partly replace income - taking a $10,000 decrease in pay
MWFREEDOM: Yes TICK
QuickDebtP: have a family, MF?
MFTM: no family
QuickDebtP: cool....should be much easier then.
TICKTOCK42: I have a full time job, but husband is in a law practice, ie. pay
is not regular
QuickDebtP: remember, MF...there are many more benefits to paying off your
debt than just paying it off.
MFTM: i opened my own business about 6 years ago and financed it with cc
QuickDebtP: thats funny......I'm about to do the same thing.
MWFREEDOM: OK-question is?
MFTM: ran up a huge amount of debt and just can't seem to pay it off
OnlineHost: G96879 has entered the room.
QuickDebtP: yeah, Neil....I have a question.
TICKTOCK42: Can only depend on my income on a regular basis and is not enough
to cover monthly bills
MWFREEDOM: Yes Joe
OnlineHost: MBures has entered the room.
Hard Sync: mf...i've been there....i sympathize
QuickDebtP: I want to finance a business venture of my own.......I need about
$20,000 to start......
MWFREEDOM: Leaks plugged?
MWFREEDOM: OK
QuickDebtP: as you know I have no debt except mortgage.
MWFREEDOM: YEs
QuickDebtP: I intend to use cc money. Is that wise, crazy?
OnlineHost: Twohogs has entered the room.
MWFREEDOM: WHat is your payback time?
OnlineHost: G96879 has left the room.
OnlineHost: MBures has left the room.
Hard Sync: my new year's resolution is to achieve that no debt cept mortg.
status
QuickDebtP: lol...........um........not sure....its a gamble.
Causlandc: I might sound stupid....what is cc money???
OnlineHost: D1ZZY123 has entered the room.
QuickDebtP: credit card.
TICKTOCK42: How does on begin to budget when part of the income is not on a
regular basis
MWFREEDOM: Depends on how risky the businerss is
Causlandc: Quick...Thanks
TICKTOCK42: I find that I am always robbing Peter to pay Paul
QuickDebtP: I don't know where else to get financing.
MWFREEDOM: By logging all expenditures and plugging your financial leaks
QuickDebtP: and you know how much I loathe building debt.
MFTM: i'd like to know if there's any way to negotiate payments with the
banks
MWFREEDOM: They won't fiance?
QuickDebtP: of course, MF
OnlineHost: CEllerbroe has left the room.
MFTM: instead of just declaring bankruptcy
OnlineHost: SAram403 has left the room.
MWFREEDOM: finance?
OnlineHost: BADBAKBOB has entered the room.
QuickDebtP: MF, BK is YOUR choice......noone can make you do it.
MWDebtFree: MFTM - Have you tried to negotiate with the banks?
QuickDebtP: who banks? probably not........not a mfg or inventory related
business.
QuickDebtP: SBA won't either due to the type of business.
MFTM: called two of the banks to renegotiate monthly payments - no go
Causlandc: thanks for tips and advice...have to leave
FORMANBL: should you work on paying off ccs, before you establish emergency
cash
QuickDebtP: MF, the trick is to get on your feet asap......they will get what
they get when you give it
QuickDebtP: to them
Hard Sync: i second the question formanbl
MWFREEDOM: Can the business support itself initially and then finance its own
growth?
QuickDebtP: I think so, FOR
MFTM: thanks for your help
OnlineHost: MFTM has left the room.
QuickDebtP: I think so, MW. But start up costs can be large......
OnlineHost: Causlandc has left the room.
QuickDebtP: I'm just chicken so far, I guess.
TICKTOCK42: any suggestions for me?
MWFREEDOM: 50/50 on that emergency cash is very valuable
FORMANBL: You think what Quick
OnlineHost: BADBAKBOB has left the room.
OnlineHost: Jamaju has entered the room.
MWFREEDOM: Tick-log all expenses for the next 21 days and plug leaks
QuickDebtP: FOR, I think paying off debt with ALL available cash takes
precedence over
QuickDebtP: having an emergency fund.
TICKTOCK42: don't understand "plug leaks"
QuickDebtP: You would be surprised how few emergencies come up when you don't
have the money!
MWFREEDOM: You need to start a savings plan so start withe-funds
OnlineHost: CAMACOZZEE has entered the room.
FORMANBL: what about emergencies, cc
MWDebtFree: Yeah... but there needs to be money put aside for true
emergencies.
QuickDebtP: yes, For
MWFREEDOM: Unneccessary expenditures-coffee/videos/ etc etc
MWDebtFree: Otherwise, you pull out the plastic and build debt all over
again.
OnlineHost: Causlandc has entered the room.
Twohogs: Nite All
QuickDebtP: thats a good use for credit cards.....emergencies.
MWDebtFree: If you don't have an emergency fund, you won't have the $400
needed for car
MWDebtFree: repairs.
OnlineHost: CAMACOZZEE has left the room.
MWFREEDOM: Nite TWO!
MWDebtFree: You'll put it on the card.
TICKTOCK42: thanks and good nite
OnlineHost: TICKTOCK42 has left the room.
OnlineHost: Twohogs has left the room.
OnlineHost: Causlandc has left the room.
MWFREEDOM: Sounds like your family needs to downsize more
QuickDebtP: true, MW, but don't you think there are psychological advantages
to putting ALL
MWFREEDOM: questions?
QuickDebtP: cash down on debt? expecially for debt builders?
Jamaju: give me an example of how much i can save by paying more than the
minimum
Hard Sync: but how many emergencies are going to occur btwn paying off ccs
and building emer. fund
QuickDebtP: right, Hard
MWFREEDOM: Jam what is your cc debt?
MWDebtFree: It's working without a net if you ask me. There's no security
there.
QuickDebtP: this emergency stuff gets blown out of proportion i think.
Jamaju: close to about 4,000
MWFREEDOM: Joe send me an e-mail with more details
QuickDebtP: ok, Neil.
OnlineHost: Daybydei has left the room.
MWFREEDOM: OK at min payments it will take 35-40 years to pay off vs. 96 with
level paymentsd
Hard Sync: hey quick...got any suggestions of good low rate cards
MWDebtFree: Hard Sync - Check our sister site, Bank Rate Monitor.
MWFREEDOM: MOney WHiz has list in the bank rate monitor
MWFREEDOM: Jam-understand?
Hard Sync: gracias
FORMANBL: I live in HI and emergencies like death of a loved one is my
concern, quick, just have room
MWDebtFree: Um... oui?
Jamaju: not really are you saying that it will take me 35-40 yrs to pay off
my debt of 4,000 ?
FORMANBL: on paid off card
MWFREEDOM: Yes if you make the min payments.
MWFREEDOM: WHat is your min payment? $80?
Jamaju: what do you mean by paymanstd ?
MWFREEDOM: ?????
MWDebtFree: For - Deaths, car repairs, home repairs, medical emergencies are
all valid reasons
MWDebtFree: to have an emergency fund.
MWFREEDOM: typo
QuickDebtP: no suggestions here, Hard....I avoid credit cards!
OnlineHost: CHinch7453 has entered the room.
Hard Sync: i know but like i said sometimes you need them for business,
reservations, etc.
Jamaju: what do you suggest that i make as a payment to pay off this debt
sooner ?
MWDebtFree: No you don't.
MWDebtFree: You can use a Visa or MasterCard Check Card.
MWFREEDOM: 1st what is you min payment?
MWFREEDOM: now?
Hard Sync: my job requires me to go out of town, use my card and then get
reimbursed
MWDebtFree: They have numbers and expiration dates that make them identical
to credit cards.
QuickDebtP: MWDEBT, I think an emergency fund for a spender is like keeping
pain killers around for an
QuickDebtP: addict.
MWDebtFree: How quickly do you get reimbursed?
Hard Sync: sometimes the trips can add up and i don't want to deplete my
checking of cash
Jamaju: about 25.00 for each of my four cards, one being a mastercard and the
others dept store card
QuickDebtP: thats why I put the debt payoff as a priority assuming credit is
available........
QuickDebtP: for TRUE emergencies.
MWDebtFree: That's the thing QuickDebt, they shouldn't keep it around the
house.
MWDebtFree: It needs to be put away for emergencies.
Hard Sync: i get reimbursed within a week or two.
MWFREEDOM: What is your balance on each card?
D1ZZY123: thanks. goodnight
QuickDebtP: see ya, Dizzy
MWDebtFree: Hard Sync - Could you bank account stand a hit on it like
MWDebtFree: that till you get reimbursed? Or would your company look
MWDebtFree: into alternate ways of working your expenses?
OnlineHost: D1ZZY123 has left the room.
Jamaju: mastercard 500.00 hecht's 200.00 lane byrant 225.00 and best card
750.00
Hard Sync: i've had expense forms range from $100 to $1,000. it just depends
on the month
MWFREEDOM: You said you had $4000 balnce
MWFREEDOM: balance
Hard Sync: i don't want to travel with a lot of cash and my cards offer
loss/theft protect
MWDebtFree: Sounds like they need to get you a corporate card that is billed
to them.
Hard Sync: my check card does not
MWFREEDOM: I figure $1725
QuickDebtP: Hard, using cc is ok....just send the reimb check right to the cc
company when you get it.
QuickDebtP: sound good?
Hard Sync: RaceTrac Petroleum doesn't issue company cards
Jamaju: i have a deferred billing of about 2700.00 that have not been billed,
its not a credit card
OnlineHost: CHinch7453 has left the room.
Hard Sync: i do send it right away
MWFREEDOM: Well I su
Hard Sync: ???
MWFREEDOM: suggest paying off lowestr balnce first
OnlineHost: DClute2886 has entered the room.
MWFREEDOM: ANd make level payments on your debts
MWFREEDOM: when does the $2700 kick in?
FORMANBL: thanks,MW and Quick. I have to make dinner!!
QuickDebtP: MW, how does one do both of those at the same time?
Jamaju: what are level payments? the 2700 kicks in october
MWFREEDOM: Night
QuickDebtP: ok, FOR (making me hungry)
Hard Sync: what's for dinner
QuickDebtP: LOL
MWFREEDOM: Level=making the same payment month in month out vs a min payment
FORMANBL: Mexican night in HI
Hard Sync: yum
MWFREEDOM: OLE!
Hard Sync: lol
OnlineHost: Smartcor has entered the room.
QuickDebtP: yo quiero taco bell!
FORMANBL: What does lol mean
Jamaju: how much more than the minimum should i pay and how much interest
would this save me ?
QuickDebtP: yeah
MWDebtFree: Laughing out loud
OnlineHost: SPers8 has entered the room.
FORMANBL: me, too!!!
MWFREEDOM: How much more can you afford towards payments?
Hard Sync: hey forman, fix me a taco
Jamaju: probably an extra $25.00 on each
QuickDebtP: ROFL
QuickDebtP: (this is getting good)
Hard Sync: rofl?
QuickDebtP: rolling on the floor laughing.
FORMANBL: Come on over and sell my 9K car and eat tacos and pay off loan
QuickDebtP: ROFL
MWFREEDOM: Right now 75% of your min payment is interest so by making $25
extra on each one you
Hard Sync: ooh...action laugh
Hard Sync: i like that
MWFREEDOM: woyuld pay off debt aprox 75% faster
QuickDebtP: and you would pay off the smallest balance SLOWER, eh?
QuickDebtP: i really do not understand those seemingly conflicting goals.
MWFREEDOM: I still say concentrate on paying off lowest balance first until
it is paid off
OnlineHost: FORMANBL has left the room.
QuickDebtP: but you also said make level payments.
MWFREEDOM: How so?
Jamaju: sounds good ! can you give me any help on my car loan. it's a year
old, financed at 14,000
QuickDebtP: thats my question exactly!
Hard Sync: what kind of car
MWFREEDOM: Concentrate on lowest balance while making level on the rest
QuickDebtP: they are conflicting goals.......its either pay off the smallest
one OR make level pmts.
QuickDebtP: but you agree that level on the rest only SLOWS the payoff of the
smallest balance...
OnlineHost: Belle6162 has entered the room.
Jamaju: nissan 200sx financed for 60 months @295.00 per month
QuickDebtP: yes?
MWFREEDOM: Level on all except lowest which gets extra $
Hard Sync: it seems like you could find a fine car (used) for less
OnlineHost: Poohest has entered the room.
QuickDebtP: but........my question.
MWFREEDOM: Jam what is the querstion?
QuickDebtP: OF COURSE YOU CAN........I just bought a car for $450
MWFREEDOM: IN NY?
QuickDebtP: yep
Hard Sync: get out of this $14,000 loan and get some quality used car. i've
got an 89 BMW i paid $9k
MWFREEDOM: tires?
MWDebtFree: LOL
OnlineHost: GRSAG has entered the room.
Jamaju: how can i reduce my finance rate for the nissan 200sx
QuickDebtP: oh, its got brand new tires! :)
MWFREEDOM: can't reduce but can pay off faster by adding $75 more pure month
QuickDebtP: um.....sell it and pay off the loan.
SPers8: SELL THE CAR YOURSELF
Hard Sync: sell, sell, sell
OnlineHost: SSG9033 has entered the room.
MWFREEDOM: will cut your term
MWFREEDOM: and save $$$$$
OnlineHost: SSG9033 has left the room.
Jamaju: 75.00 more a month would knock of what in time and interest
MWFREEDOM: so you will save time and money
Hard Sync: buy used
QuickDebtP: buy used!
OnlineHost: BatGirl373 has entered the room.
MWFREEDOM: I would have to run it on the program-e-mail me and I will tell
you
Hard Sync: et tu quick?
OnlineHost: BatGirl373 has left the room.
QuickDebtP: over 30% of new cars are leased.
MWFREEDOM: leached
OnlineHost: BatGirl373 has entered the room.
Hard Sync: no lie
QuickDebtP: yes, me too, Hard!
Jamaju: okay give me your address
OnlineHost: BatGirl373 has left the room.
OnlineHost: BatGirl373 has entered the room.
MWFREEDOM: MWFREEDOM
GPatter589: i'll never get a leased car
OnlineHost: BatGirl373 has left the room.
MWFREEDOM: 2 minutes left-any questions?
QuickDebtP: yes
MWFREEDOM: OK
Jamaju: dah, i keep forgetting about this fantastic medium, thanks for the
advice
QuickDebtP: you still didn't answer my previous q.
GPatter589: my husband has a car loan with an interest rate of 27%. i thought
about refinancing the loan
MWFREEDOM: Welcome
OnlineHost: GRSAG has left the room.
OnlineHost: GRSAG has entered the room.
OnlineHost: Fvfmikeb has entered the room.
GPatter589: what do you think?
SPers8: NEED THE BEST RATE FOR NEW CONSTRUTION
Hard Sync: 27%???????!!!!!!!!!
QuickDebtP: YIKES
Hard Sync: that's rape
GPatter589: yep
MWDebtFree: A car loan at 27%??????
MWFREEDOM: Sure go for it ASAP!
QuickDebtP: and he signed!
OnlineHost: GRSAG has left the room.
GPatter589: yes. it's a used car also
Hard Sync: just fasten the albatross now
MWDebtFree: Good God!
OnlineHost: ALEWIS4331 has entered the room.
ALEWIS4331: hi
MWFREEDOM: Guido's Loan Company?
Hard Sync: i've got a bridge is massachusettes
MWFREEDOM: HI
QuickDebtP: LOL
MWDebtFree: ::laughs::
GPatter589: no. lol
OnlineHost: Comet987 has entered the room.
Hard Sync: maybe temp. insanity is a legal defense
OnlineHost: Jamaju has left the room.
GPatter589: i think i can get it at a cheaper rate if i co sign with him. but
i dont know if i want to
Hard Sync: scary....
OnlineHost: Belle6162 has left the room.
OnlineHost: Poohest has left the room.
QuickDebtP: SELL the car.
MWFREEDOM: Ok folks hopefully you can join us next Monday-same time same
station
Hard Sync: why is it so high?
MWFREEDOM: Night
OnlineHost: PIKISON has left the room.
OnlineHost: SSG9033 has entered the room.
OnlineHost: Belle6162 has entered the room.
Comet987: are there any credit cards still giving away free money ?