home
***
CD-ROM
|
disk
|
FTP
|
other
***
search
/
AOL File Library: 11,000 to 11,999
/
11000.zip
/
AOLDLs
/
theWhiz.com Software Library
/
09_29_97_ Credit & Debt
/
9_29CHAT
next >
Wrap
Text File
|
2014-12-23
|
32KB
|
739 lines
OnlineHost:
OnlineHost: *** You are in "MoneyWhiz I". ***
OnlineHost:
OnlineHost: C727893946 has entered the room.
Bozzsi: HELP?
Iwwj: i didn't get that impression at all......
OnlineHost: Cooki8 has left the room.
MWDebtFree: Bozzsi... how can we help?
Jrorcutt: i didn't either, good luck, JC!
Iwwj: Jr - ??chhap 13 "falls off"
Bozzsi: there is an AOL god LOL
OnlineHost: Ooboxcom has left the room.
MWDebtFree: LOL
MWFREEDOM: Welcome
MWDebtFree: Hi FREEDOM!
OnlineHost: JIBYJO has entered the room.
Jrorcutt: ok, it doesn't fall off by its self, just write a letter to bureau,
they have to
MWFREEDOM: Howdy Howdy
Jrorcutt: remove after seven years. ten years for chapt 7
MWFREEDOM: how are things?
JCoyle3192: I've got a question for the MW folks
Iwwj: oh , OKAY thanks
Bozzsi: I am recently recovering from a bankruptcy discharged in 6-97, I have
managed to rack up 510
MWDebtFree: Just getting underway....
Bozzsi: 5100.00 in debt again DONT ASK! please............]
MWFREEDOM: ok
MWFREEDOM: ask
MWFREEDOM: ready
Bozzsi: I am getting involved in the same #amn cylce and need some
suggestions on how to rebuild and
OnlineHost: JIBYJO has left the room.
JCoyle3192: I'm 2 months behind with Adavanta national bank
Bozzsi: get a handle on this debt AGAIN
OnlineHost: GSanf90507 has entered the room.
MWFREEDOM: Have you stopped debting?
Bozzsi: YES!
OnlineHost: SRibble415 has left the room.
MWDebtFree: JCoyle... have you spoken with them about this?
MWFREEDOM: Where are you blowing it then?
Bozzsi: I still approx 5100.00 in unsecred debt,
JCoyle3192: they offered me a "hardship" program but are demanding that I
send them a voided check
OnlineHost: Vjpccp has entered the room.
OnlineHost: RODDETTE has entered the room.
Bozzsi: Because I am brain dead beats me
OnlineHost: RDH5 has entered the room.
MWFREEDOM: Have you plugged your "leaks"?
JCoyle3192: made out to them and they also wanted my bank info over the phone
so that they could just
OnlineHost: LadyLorain has entered the room.
MWFREEDOM: by tracking your spending?
Bozzsi: Well the plumber fixed my leaks
JCoyle3192: take the agreed upon payment directly from my account each month
MWFREEDOM: We are talking financial leaks
OnlineHost: PBurgx1 has entered the room.
OnlineHost: RDoug10543 has entered the room.
Bozzsi: I know LOL
Iwwj: Bozzsi, i m being serious, are you addicted to anything other then
credit?
MWFREEDOM: Well..........
MWDebtFree: JC - Who made that offer to you?
Bozzsi: Nope-----------
Iwwj: that's quite a sum in such a short time
MWFREEDOM: Best place to start
Bozzsi: No--good grief!
OnlineHost: WLaw2410 has left the room.
MWFREEDOM: to get a handle on your situatuion
JCoyle3192: the credit department at Advanta.. I hesistated to give them the
info..the guy was kinda
MWFREEDOM: Just trying to help
RDH5: Please call Consumer credit Counseling , look in yellow pages
OnlineHost: LMUSAHEND has left the room.
OnlineHost: JAM JAMS 2 has entered the room.
JCoyle3192: insistant, ominous sounding, telling me that the interest rate
was racking the bill up
Vjpccp: Is it better to be debt-free or have a mortgage and save on taxes??
JCoyle3192: as we spoke
MWFREEDOM: When the student is ready the teacher appears
MWFREEDOM: Debt free
Bozzsi: Tired contacting CCCS on my area the wait is FOReVer
RDoug10543: How can i look up my credit rating on the computer
Bozzsi: How about Debt cousolars of maerica
JCoyle3192: I'm afraid if I give them this info without a signed agreement
they'll clean my account out
MWFREEDOM: Don't think you can
MWFREEDOM: WHatever is going to work for you
FSTFWD8: Which is best...doubling car payments, or building savings?
Bozzsi: Meant debt cousolors america
OnlineHost: Ldy Adena has entered the room.
Jrorcutt: RDoug10543...you can't. the 3 nat'l bureaus have temporarily
suspended selling
MWDebtFree: JC - He is right... the interest is adding up quickly and that
amount grows
MWDebtFree: even faster when you add the late charges in as they start to
accumulate
MWDebtFree: interest as well. However, you are wise in being leary of giving
out that
MWDebtFree: information.
JCoyle3192: I am most likely going to have to end up doing a BK but am trying
to avoid it
Bozzsi: my typing is not grand tonight
BonBon467: BOZ-is this cc debt?
Jrorcutt: reports over internet. still can write to get free copy if
recently denied credit
Bozzsi: yes
RDoug10543: Thanks
MWDebtFree: Is there anyway you can get caught up or do you need the help to
keep from
MWDebtFree: falling further behind?
Bozzsi: Please don't yell Bon-bon
OnlineHost: JAM JAMS 2 has left the room.
MWFREEDOM: Pay off the debt and then start saving that money once debt is
paid off
OnlineHost: RDH5 has left the room.
BonBon467: have u cut them up?
MWFREEDOM: Alty how are you tonight?
Bozzsi: I found a place on the web called Family bedt arbitration and
counseling services
FSTFWD8: But it's still 40 + payments...will take a while. Could build big
savings by then...
ALTY218: im ok thanks
Iwwj: i have to go - good bless you JC. Thank you Jr.
Ldy Adena: Any advice for much past being able to pay off debt? Any benefit
in claiming full bankrupcy
MWFREEDOM: Is that a good ok or a so so ok?
Bozzsi: I contacted this organizations and have printed the info already
ALTY218: a so so
JCoyle3192: MW, I'm 2 months behind with them and one month behind on 4
others
OnlineHost: RDoug10543 has left the room.
OnlineHost: DEHOPKI has entered the room.
OnlineHost: R2H0T4U has left the room.
ALTY218: im trying to get a handle on it
OnlineHost: Iwwj has left the room.
Bozzsi: Still very unsure on what to do though to be honest
MWFREEDOM: That is a very important step
MWDebtFree: Okay... answer this, if you were current, would you be able to
maintain your
JCoyle3192: if I send Advanta all the money they want to get current, nobody
else gets anything
MWDebtFree: payments?
OnlineHost: RKRANIUM71 has entered the room.
OnlineHost: RKRANIUM71 has left the room.
OnlineHost: RKRANIUM71 has entered the room.
JCoyle3192: I have a sick child, every time things get a little better I work
more overtime..then boom
MWFREEDOM: Now you will find some sort of solution
JCoyle3192: she's sick again and I'm behind again
ALTY218: i think i have the same problem as the one thats behind and playing
catch up
MWDebtFree: JC - Are you a single parent?
JCoyle3192: I am current with sears, chase, kay jewlers, amex
MWFREEDOM: My advice is to make debt repayment your #1 priority when it comes
to choosing....
OnlineHost: ATellam has entered the room.
MWFREEDOM: whether to buy something new or pay off old debt
Jrorcutt: have to run, JC, God Bless and good luck.
BonBon467: jc sounds like too many cc
OnlineHost: Vjpccp has left the room.
OnlineHost: BIBI0712 has entered the room.
MWFREEDOM: BonBon how are you doing tonight?
OnlineHost: ATellam has left the room.
MWDebtFree: JC?
OnlineHost: Vjpccp has entered the room.
FSTFWD8: At first I just wanted to build a base...but now that I've done that
I'm getting into seeing
Ldy Adena: Could you give advice on bankrupcy? I don't mind waiting until you
are finished
OnlineHost: LMUSAHEND has entered the room.
FSTFWD8: the balance grow
BonBon467: ok and paying down my cards
MWFREEDOM: Using them?
MWDebtFree: LdyAdena... what was your question?
MWFREEDOM: BK
MWFREEDOM: related
OnlineHost: ICALROD has entered the room.
JCoyle3192: yes I'm a single mom, 10 yr old autistic boy, 14 yr old girl who
attempted suicide
BonBon467: no paid off 2 going after big ones now
Ldy Adena: We are in the courts with a Chapter 13 bankrupcy and have not been
current.
OnlineHost: PBurgx1 has left the room.
OnlineHost: Vjpccp has left the room.
JCoyle3192: the hospital who treats her is going after me as well, my debts
total about 40k
OnlineHost: PhilJksn has entered the room.
JCoyle3192: on an income of 35k
Ldy Adena: The Bank is calling in the amount due on our property and our
lawyer is recommending a
OnlineHost: SUPERCHEM has entered the room.
JCoyle3192: I was so proud, I'd brought Kay jwewlers down from 2,200 to 850
Ldy Adena: complete liquidation. We don't know what to do...he says that at
this point with negative
OnlineHost: JTaylor936 has entered the room.
JCoyle3192: they wre my highest interest bill
Ldy Adena: equity that is the best solution
BonBon467: good job -JC
OnlineHost: Jrorcutt has left the room.
MWDebtFree: JC - You should be proud. That's wonderful.
FSTFWD8: nice going, JC
OnlineHost: RKRANIUM71 has left the room.
OnlineHost: RKRANIUM71 has entered the room.
Bankman999: I think a symptom of the problem has surfaced for JC. $2200 in
jewelry with debt problems?
ALTY218: mwfreedom what book of your s do you recommend for me? you know my
situation
Bankman999: It doesnt make sense?
MWDebtFree: Ldy - First of all, I am not an attorney, he probably knows the
bankruptcy
MWDebtFree: rules much better than I. That said, have you sought a second
opinion from
MWDebtFree: another attorney?
JCoyle3192: I can't keep working mega hours, while not really being a good
mom only to not make a dent
OnlineHost: SUPERCHEM has left the room.
JCoyle3192: in the bills
FSTFWD8: Easy to say, but we've all been there in some form, Bankman
OnlineHost: Lavalo has entered the room.
C727893946: .i live in the ne and have a house with 30,000 neg equity and
high mort pymnts help
JCoyle3192: I want to pay but don't know what to do
MWFREEDOM: Ask MWDebtfree
OnlineHost: BIBI0712 has left the room.
Ldy Adena: No...we have thought about seeing an accountant or another
attorney...which would you
DEHOPKI: Home paid off. Considering taking out a mortgage, 54K, at 7.75%, to
invest long . Bad Idea?
Ldy Adena: suggest...Is complete liquidation ever a good financial decision?
OnlineHost: FPrez0640 has entered the room.
OnlineHost: JMall27585 has entered the room.
OnlineHost: SUPERCHEM has entered the room.
OnlineHost: PhilJksn has left the room.
JCoyle3192: who do I pay first ? do I throw it all at advanta or bring 2
others that are only 1 month
OnlineHost: FPrez0640 has left the room.
MWDebtFree: JC - Have you tried speaking with the hospital about their bill?
Some
MWDebtFree: hospitals are affiliated with a church or religion. They may be
able to offer
MWDebtFree: some assistance. As far as giving your checking information
away, if that is
MWDebtFree: what it takes to strike a deal with them and keep that interest
from
MWDebtFree: escalating... I would do it. However, I would make sure the
only amount I
MWDebtFree: have in that account is sufficient to pay that bill and any
account charges.
OnlineHost: FPrez0640 has entered the room.
JCoyle3192: behind current
OnlineHost: RKRANIUM71 has left the room.
OnlineHost: SUPERCHEM has left the room.
OnlineHost: ALTY218 has left the room.
OnlineHost: RKRANIUM71 has entered the room.
JMall27585: just purchase home need info about paying off in less than 30
years
JCoyle3192: god, I'd have to wait a few days for my other bill checks to
clear
OnlineHost: FPrez0640 has left the room.
MWFREEDOM: Get an amortization schedule
JMall27585: where
MWFREEDOM: I could do one for you
OnlineHost: C727893946 has left the room.
JMall27585: will this cost
MWFREEDOM: Nop
OnlineHost: RKRANIUM71 has left the room.
OnlineHost: CCSodapop has entered the room.
JCoyle3192: MW, I do think I'm going to have to end up filing but if I do
want to go into court showing
JCoyle3192: that I at least tried
JMall27585: what will you need
MWDebtFree: I think that that is already evident. Have you spoken with an
attorney about
MWDebtFree: filing yet?
JCoyle3192: I called a couple of lawyers
OnlineHost: LadyLorain has left the room.
MWDebtFree: Did they offer any advice?
OnlineHost: Lavalo has left the room.
OnlineHost: RDH5 has entered the room.
MWFREEDOM: % rate, monthly payment, loan amount, term
DEHOPKI: Is it unwise to borrow money to invest for long term, if you lack
discipline to pay self?
MWFREEDOM: e-mail them to me
JCoyle3192: problem is, I'm an authorized user on one card..payments are
current, I don't want to take
FSTFWD8: I have just one other question, when one of the MW's are free...
JCoyle3192: that person down with me
MWFREEDOM: Yes I am free
FSTFWD8: I wanted to run my savings plan by you...see what you thought
MWFREEDOM: ??????????????
LMUSAHEND: I have a couple of questions when MW's are free....
MWFREEDOM: ok
MWFREEDOM: run it
FSTFWD8: 5 step plan...
OnlineHost: GSanf90507 has left the room.
JMall27585: ok w will thanks
MWFREEDOM: LMU as soon as I finish up
MWDebtFree: JC - Okay... the plot thickens... This other person, are they
helping with the
MWDebtFree: payments on these cards? Do they have any responsibility on
these cards?
MWFREEDOM: AOK
LMUSAHEND: thanks
OnlineHost: JTaylor936 has left the room.
OnlineHost: Revello has entered the room.
JCoyle3192: the lawyer told me to just go under, to not even worry about the
dates of last card use
MWFREEDOM: 5 step?
FSTFWD8: #1 "e-fund" ...for small personal "emergencies" like gas money,
dinner, etc...
MWFREEDOM: How much in that fund?
OnlineHost: Duckalater has entered the room.
JCoyle3192: or cash advances as my statements could prove I was robbing peter
to pay paul
FSTFWD8: small...$50-$200
JCoyle3192: and not living the high life
MWFREEDOM: $200 is naturally better
MWDebtFree: Yes... so he advised a Chapter 7?
OnlineHost: DEHOPKI has left the room.
OnlineHost: LK4MARIO has entered the room.
MWFREEDOM: go ahead
JCoyle3192: the card is my boyfriend's , he signed for it and got me a card,
he doesn't know at this
OnlineHost: AWSOMBOODY has entered the room.
MWFREEDOM: We need to FF this
FSTFWD8: That's just for little things...#2 : Savings #1 for big "fun"
purchases...vacation, etc...
JCoyle3192: point that I have a balance, I make the payments on time, they've
upped his credit line
MWFREEDOM: OK
OnlineHost: DMcderm595 has entered the room.
OnlineHost: RDH5 has left the room.
MWDebtFree: So... is he using this card too?
JCoyle3192: several times in fact and lowered his interest, I also have an
Amex in his name..which is al
FSTFWD8: #3 Savings #2 Real emergencies, when I need big cash quick
OnlineHost: AWSOMBOODY has left the room.
OnlineHost: DMcderm595 has left the room.
JCoyle3192: no he isn't just me
MWFREEDOM: How much $ in that?
OnlineHost: DElli61754 has entered the room.
FSTFWD8: Car trouble, etc... $2000 - $5000
OnlineHost: JTaylor936 has entered the room.
MWFREEDOM: OK-good
JCoyle3192: the lawyer said I don't need to list that card or the Amex but I
do have to list boyfriend
FSTFWD8: #4 CD's steady income, small risk. The idea is to keep feeding them
MWFREEDOM: good
JCoyle3192: as a creditor and I can reaffrirm with him
BonBon467: JC how many cards do u have?
Revello: I just got a letter for credit company. They said that they
"Consolidate" my debts.
LK4MARIO: Money whiz - what % do you recommend as pay off on credit card debt
offer????
MWDebtFree: Okay.... before doing anything else, you should take a deep
breath and tell
MWDebtFree: him about this. If he is the primary card holder, it is going to
affect him. Get
MWDebtFree: that out of the way first.
OnlineHost: JTaylor936 has left the room.
MWFREEDOM: Can not borrow yourself out of
debt!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1
FSTFWD8: #5 STocks & mutual funds...Get aggressive, go for big gains
OnlineHost: GSR47 has entered the room.
MWFREEDOM: Sound like a great plan-is it a plan or in effect?
OnlineHost: Canndie has entered the room.
FSTFWD8: #1, 2 & 3 exist... 5 goes in effect this week.
MWFREEDOM: LMUShend?
LMUSAHEND: This could get involved; My husband and I filed bk last month
(creditors meeting last week)
MWFREEDOM: ff WAY TO GO-KEEP IT UP!
Bozzsi: cannot borrow yourself out of debt---I wish I had that info five
years ago
FSTFWD8: no word on four...still searching for 30-day CD
JCoyle3192: lawyer suggested that if the account is not listed and is being
kept current that it won't
Revello: It is not in effect because I still don't know what is that this
company do.
JCoyle3192: hurt him
MWFREEDOM: Rates are down-wait
LMUSAHEND: What I wanted to know, should I bother trying to pay extra on our
2nd mortgage and first mor
OnlineHost: Canndie has left the room.
MWFREEDOM: DId you include in bk?
MWFREEDOM: WHat chapter bk?
LMUSAHEND: mortgage or should we be building up our savings (have none now)
FSTFWD8: Thanks, MWFREEDOM
LMUSAHEND: chapter 7
MWFREEDOM: Welcome
MWFREEDOM: YES!
MWFREEDOM: By all means
OnlineHost: Revello has left the room.
LMUSAHEND: Yes to what? savings or paying mortgages?
LMUSAHEND: We have no savings right now!!!
OnlineHost: GSR47 has left the room.
MWFREEDOM: Always nice to having savings
MWDebtFree: JC - I'm not an attorney... just making sure I get that point
across... but if he
MWDebtFree: is the primary card holder and you, the secondary card holder,
file for
MWDebtFree: bankruptcy, then it stands to reason that they may look to him
for the
MWDebtFree: payment. Kind of like a co-signer on a loan. If one doesn't
pay, they look to
MWDebtFree: the co-signer for payment.
CCSodapop: Save how??
MWFREEDOM: Build up a savings cushion
OnlineHost: Bozzsi has left the room.
LMUSAHEND: How much should we have?
MWFREEDOM: 10% of every paycheck to yourself
JCoyle3192: I'm not a co-maker on the card ! I'm just an authorized user
MWFREEDOM: Start small to form the savings habit
MWDebtFree: Yes, but so is he. You are both responsible. If one of you
cannot pay, then
MWDebtFree: they expect payment from the other one.
MWFREEDOM: get hooked
OnlineHost: Bozzsi has entered the room.
JCoyle3192: the bills arrive in his name and I didn't sign anything to get
the card
MWFREEDOM: OK?
OnlineHost: FSTFWD8 has left the room.
OnlineHost: JMall27585 has left the room.
OnlineHost: ICALROD has left the room.
CCSodapop: ok
LMUSAHEND: Thanks so much!! Confirmed what I suspected....
MWFREEDOM: Which was?
LK4MARIO: to pay off a credit card debt what % would you recommend I offer to
pay on the total $???
CCSodapop: it sounds to easy but it is difficult for me to save
MWDebtFree: Now, a possible solution might be to file BK but reaffirm the
debts on the
MWDebtFree: cards that are in his name too if you feel you can handle those
payments.
MWDebtFree: That way, those won't default. Now, you would have to speak to
your attorney
MWDebtFree: about that because I am uncertain of the legality of someone
filing BK
MWDebtFree: choosing which debts they will file on and which they will
reaffirm.
MWFREEDOM: LK? What is your balance?
OnlineHost: JMall27585 has entered the room.
OnlineHost: Duckalater has left the room.
LMUSAHEND: that we should have a cushion. We've had these mortgages for
several years, a few more
MWFREEDOM: and what payment are you making?
LMUSAHEND: months won't make that much difference.
OnlineHost: JMall27585 has left the room.
LK4MARIO: $3,000
OnlineHost: BGK8S has entered the room.
JCoyle3192: the lawyer said since this is his account I don't even have to
list it, if payment didn't
MWFREEDOM: Get the cushion!
CCSodapop: even when I do I seem to have to go and get some if not all before
the month is out
MWFREEDOM: Payment is????
MWFREEDOM: CC? what was that?
LMUSAHEND: <---Talking to me Freedom?
OnlineHost: BGK8S has left the room.
OnlineHost: CHalver 1 has entered the room.
MWFREEDOM: Just great idea to have the cushion as big as possible
CCSodapop: even when I do save something I always end up having to go into my
savings
OnlineHost: CHalver 1 has left the room.
MWFREEDOM: Sounds good to me.
MWFREEDOM: Do you like that?
OnlineHost: ALTY218 has entered the room.
MWDebtFree: Then if you discharge your other debts, you will be able to
manage the
MWDebtFree: payments on the two cards that are in his name?
OnlineHost: DElli61754 has left the room.
MWFREEDOM: What is the score on the football game?
CCSodapop: My job pays lump sum payments for vacation and sick leave so when
I'm off I don't get paid
OnlineHost: LMUSAHEND has left the room.
LK4MARIO: Account mgr (from cc co) recommended I offer 75% ..what do you
think??
JCoyle3192: yes MW, the amex is clear, which will just leave me with the one
debt...at very low interest
CCSodapop: and end up in my savings account and before the year is out I'm
usually broke again
MWFREEDOM: stash that cash!
MWDebtFree: Roooollll Tide Freedom! I know, I know... wrong game.
JCoyle3192: I wish I'd handled my own accounts as dilgently as I did his two
OnlineHost: PATT001 has entered the room.
MWFREEDOM: LK4?
LK4MARIO: yes
OnlineHost: AVELLA1 has entered the room.
MWFREEDOM: I thought you were talking payments
OnlineHost: Only4FANS has entered the room.
Bankman999: Debt free's a bama fan?
ALTY218: mwdebtfree you told me to email you back and you would be looking
for my answer last wk
OnlineHost: AVELLA1 has left the room.
MWDebtFree: JC - What you just said.... that's exactly how you have to be.
Handle your
MWDebtFree: own money with the same care.... worry about it just as much as
you would
MWDebtFree: someone else's.
LK4MARIO: NO. I want to get out from under all my debt. Having trouble
paying even the minimum so,
MWFREEDOM: $3000 is your debt?
LK4MARIO: I called and said I was having trouble and they said make an offer
WHAT DO YOU THINK/
JCoyle3192: that's the worst of it MW, feeling sick over jeapordizing someone
else
MWFREEDOM: How are you going to pay them a lump sum if you can't make min?
MWDebtFree: JC - I understand. You've got to capture that feeling for
yourself. You're
MWDebtFree: important too!!
OnlineHost: DGPATL has entered the room.
JCoyle3192: he knows I'm in trouble, but I couldn't bring myself to tell him
about this card
LK4MARIO: I owe $6,000 on another card with a low 6.9% until I finish paying.
Plus mortgage etc etc
MWFREEDOM: How did this happen?
JCoyle3192: I think he's actually forgotten we have the account
OnlineHost: Bozzsi has left the room.
OnlineHost: DGPATL has left the room.
JCoyle3192: god he trusts me so much..he didn't even ask me if the amex was
current when I told him
JCoyle3192: I thought I was going to have to file and said I could keep it
afterwards
OnlineHost: CCSodapop has left the room.
JCoyle3192: I don't know how to tell him...he'd take infidelity better I
think (he's an options trader)
MWFREEDOM: Questions on getting out of debt?
MWDebtFree: JC - What's done is done. Worrying yourself sick will only make
you sick.
MWDebtFree: You have been looking into your options and have been trying to
find the best
MWDebtFree: possible solution. That, in itself, is something to feel good
about. You've
MWDebtFree: taken the initiative.
OnlineHost: Vwilli318 has entered the room.
OnlineHost: DEHOPKI has entered the room.
OnlineHost: DThorn6161 has entered the room.
JCoyle3192: mw he's super good with making money...mr investment but lousy at
remembering to make
JCoyle3192: his payments, I always remember to make payments but can't make
the money
LK4MARIO: I'm going to borrow $5,000 for 3 yrs @170/mo and pay off all cc
debt except for $6K I alread
DEHOPKI: I have a question when an MW is free.
LK4MARIO: cut the cards and I can afford 170/mo
MWDebtFree: ::smiles:: Sounds like a match made in Heaven.
MWFREEDOM: Yes i am free
LK4MARIO: so what do you think about a % pay off ???**
OnlineHost: BABYMICKEY has entered the room.
DEHOPKI: Would it be unwise to borrow 5OK at 7.75% to invest for long term?
Home paid off.
MWFREEDOM: What interest rat is the $5000 loan?
OnlineHost: Mona147 has entered the room.
LK4MARIO: 13%
OnlineHost: Mona147 has left the room.
MWFREEDOM: What return is your borrowed money going to get?
OnlineHost: ML7412 has entered the room.
MWFREEDOM: Verified 14%?
MWFREEDOM: 13%
LK4MARIO: yes
MWFREEDOM: Consolidation?
OnlineHost: ML7412 has left the room.
DEHOPKI: Not verified - but should beat SP500
DThorn6161: im looking to refinance ...actually lock in is it a good time?
LK4MARIO: but if I pay back before 3 yrs may benefit
MWFREEDOM: ALl depends on how good of money manager you are-still a risk
JCoyle3192: brb
OnlineHost: JCoyle3192 has left the room.
MWFREEDOM: You sound somewhat uncertain
DEHOPKI: Better to pay self?
MWFREEDOM: but if......... may benefit......
MWFREEDOM: I would say so
DEHOPKI: Thanks.
MWFREEDOM: You have to earn more than you are paying out in interest
OnlineHost: Only4FANS has left the room.
OnlineHost: Harleyatty has entered the room.
OnlineHost: DThorn6161 has left the room.
LK4MARIO: So borrowing will wipe out my credit cards (all gone) I can afford
170/mo plus along with
LK4MARIO: the remainder of the monthly bills which are handled OK (without cc
debt)
DEHOPKI: It looks like good idea - provided earnings >= 13%
OnlineHost: Trae1way has entered the room.
OnlineHost: Trae1way has left the room.
MWFREEDOM: Providing you leave credit cards alone once they are paid off-That
is the real test
MWFREEDOM: Invest some of your savings as a test
OnlineHost: KDanleyCT has entered the room.
LK4MARIO: A very difficult test - but one I have to do
OnlineHost: DEHOPKI has left the room.
OnlineHost: DEHOPKI has entered the room.
MWFREEDOM: Want some insight?
LK4MARIO: OK
OnlineHost: JPerrottet has entered the room.
MWFREEDOM: Most people who have consolidated do it again in 24 months for
more than their original...
MWFREEDOM: debt amount
OnlineHost: DEHOPKI has left the room.
PATT001: i am working overtime to payoff my line of credit. should i put all
of the money on the line
MWFREEDOM: The hole gets bigger despite the good intentions
Bankman999: I would agree with that Freedom
MWFREEDOM: Really?
MWFREEDOM: Why?
OnlineHost: Cacove has entered the room.
MWDebtFree: Patt - do you have an emergency fund?
PATT001: or should i put some towards my emergency fund? the line is the
smallest bill
MWFREEDOM: Patt-YES!
PATT001: yes
LK4MARIO: Yes you are correct. Been there before and done it.. Twice is
not a charm!!! Cards are
Bankman999: consolidation is another word for procrastination
MWFREEDOM: Pay off smallest baklance first
Vwilli318: Just like dieting!!!
MWFREEDOM: delaying the inevitable?
MWDebtFree: May I ask how much of a security blanket you have right now?
Bankman999: I see it over and over
LK4MARIO: cut. Have only one for commuting costs. That's it
MWFREEDOM: Most odf time the real problem is spending $$$$$$$$
MWDebtFree: Very good Bankman.... I like that. You are right.
PATT001: that would be my line of credit. but should i put some towards the
emergency fund also?
Bankman999: I have customers who have made consolidation loans once or twice
a year for the past 5 or 6
Bankman999: years
MWFREEDOM: Nice customers for you! correct?
Bankman999: They always have more debt
Bankman999: Big cash cows for the Bank
MWFREEDOM: always spending and rationalizing why they had to spend?
MWDebtFree: I think if you ever want to stop using credit for emergencies,
you must have an
MWDebtFree: emergency fund in an easily accesible account.
MWDebtFree: Otherwise, it becomes a vicious circle.
LK4MARIO: Well the $5,000 at 3yrs was the smallest and fastest pay back I
could find. Don't want
LK4MARIO: to get any higher or longer
MWFREEDOM: SOunds like they keep digging their own grave bigger and deeper
Bankman999: I always bump the interest rate each time they come in because
the loan gets riskier each
Bankman999: time
MWDebtFree: Pay down the debt, have no emergency fund, have an emergency,
charge
MWDebtFree: again.... etc., etc., etc.
MWFREEDOM: What a pattern
MWFREEDOM: 4 minutes left-questions?
OnlineHost: Seb Ckj has entered the room.
PATT001: i cut up all of my credit cards except one. that rate is 9%
MWDebtFree: LOL FREEDOM
Bankman999: I wasnt just being mean earlier when I mentioned JC's jewelry
account balance
Cacove: Things come up out of the blue....how do you handle them?
MWDebtFree: Patt - Is that an introductory rate or permanent rate?
Bankman999: I would say that 90% of mu declined loans have a significant
balance on jewelry or electroni
PATT001: permanent
Bankman999: cs accts
MWFREEDOM: Patt-just because a cc has a low % rate doesn't make it a good
thing.....
MWFREEDOM: it is still a hazard
OnlineHost: BABYMICKEY has left the room.
KDanleyCT: hi mwf, mwd - i've been away for 2 mos, no computer til now
MWFREEDOM: What is your balance?
MWFREEDOM: Welcome back!
LK4MARIO: So no answers to my question OK bye
KDanleyCT: nice to see you
MWFREEDOM: Same here
KDanleyCT: bye
MWDebtFree: Hey KD!
PATT001: on that card, its $300.
KDanleyCT: hey
MWFREEDOM: LK4 we want you to be very catious
KDanleyCT: see ya next week
LK4MARIO: thanks
OnlineHost: KDanleyCT has left the room.
PATT001: i've paid ahead but continue to make level payments. should have it
paid off by december
MWFREEDOM: PATT -$300 balance? Sounds like it should be paid off
MWDebtFree: Paid ahead?
Bankman999: Do either of the MW's ever find it ironic that these people who
are so close to BK still
OnlineHost: LK4MARIO has left the room.
Bankman999: have $20 a month to spend on aol
PATT001: well, that's what the bank calls it--paid ahead
MWFREEDOM: Somewhat but it is chaep entertainment
PATT001: yes, by tomorrow, the balance will be $200
Bankman999: Do you ever counsel folks to cut back on extravagances like aol
or cable tv?
OnlineHost: GAClicks has entered the room.
MWFREEDOM: PATT -does you cc co want you not to make a payment because you
have paid ahead?
GAClicks: hello all
GAClicks: good evening MWs
PATT001: yes but i continue anyway
MWFREEDOM: Bankman-that is part of plugging the :leaks:
PATT001: making payments
MWDebtFree: Bankman - Actually, I'm a firm believer that you must reward
yourself if you
MWDebtFree: are working so hard at paying off debt. I don't think $20 is too
much for them
MWDebtFree: to spend on something for their own enjoyment. Besides that,
they are able
MWDebtFree: to get the help they need in addition to any enjoyment they get
from the
MWDebtFree: online service.
Bankman999: A library is cheap entertainment
MWFREEDOM: Good for you-what cc co?
BonBon467: bnkmn they give good advice-but not everyone listens
OnlineHost: JPerrottet has left the room.
MWFREEDOM: True but it still costs to get there and back
MWFREEDOM: thanks bon
PATT001: nationsbank. i get a cheap rate because i am an employee
OnlineHost: Drail34718 has entered the room.
MWFREEDOM: Well hopefully you won't be a customer for long
MWFREEDOM: It is that time again folks.....
OnlineHost: BonBon467 has left the room.
ALTY218: bye and thanks
PATT001: believe me, i wont. my goal is to be debt free
MWFREEDOM: come join us same time same station next week
OnlineHost: Seb Ckj has left the room.
MWFREEDOM: Thanks to all of you!
OnlineHost: Cacove has left the room.
OnlineHost: Drail34718 has left the room.
OnlineHost: Drail34718 has entered the room.
PATT001: thanks for all the information and advise
OnlineHost: Seb Ckj has entered the room.
OnlineHost: Seb Ckj has left the room.
OnlineHost: Drail34718 has left the room.
MWFREEDOM: You are welcome. Here's to ZERO balances!!!!!!!
OnlineHost: JMall27585 has entered the room.
OnlineHost: JMall27585 has left the room.
OnlineHost: ALTY218 has left the room.
OnlineHost: JCoyle3192 has entered the room.
OnlineHost: DOCTOR DUO has entered the room.
OnlineHost: JCoyle3192 has left the room.
OnlineHost: JCoyle3192 has entered the room.
OnlineHost: Bankman999 has left the room.