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View Poll Results: Do you have credit card debt
I have no debt...i pay my cards off monthly 24 40.00%
I have some debt >$1000 13 21.67%
I have a good amount of debt >$1001-$3000 13 21.67%
My credit is screwed 10 16.67%
Voters: 60. You may not vote on this poll

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Old 12-17-2007, 09:59 AM   #21
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^ many of us would call that a nightmare.
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Old 12-17-2007, 10:20 AM   #22
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Quote:
Originally Posted by RACER X View Post

his basic premise if your already in debt problems is the debt snowball, pay the smallest CC off first, once tht is paid off ,then roll that into your next smallest debt and so on.
You need to pay off the higest intrest rate first, the amount does not matter if your paying high interest, your still paying.
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Old 12-17-2007, 10:22 AM   #23
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Originally Posted by Faylaricia View Post
Can you listen to it on the Internet? I usually go to lunch with my coworkers at noon.
i think you can... do a google search for him and 950 AM
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Old 12-17-2007, 10:25 AM   #24
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i think you can... do a google search for him and 950 AM
Got it, top right corner. http://www.950kprc.com/pages/frame-daveramsey.htm


Thanks!
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Old 12-17-2007, 10:28 AM   #25
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Quote:
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You need to pay off the higest intrest rate first, the amount does not matter if your paying high interest, your still paying.
thats a diff train of thought. doesn't mean its right.

there is no 1 right way.
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Old 12-17-2007, 10:30 AM   #26
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he says to pay off the smallest first, no matter the interest rate... so you can feel like you have accomplished something sooner and are more likely to stick with it.
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Old 12-17-2007, 10:34 AM   #27
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his approach is very simplistic and much more realistic.

if you have a high int. loan it'll prolly have high payments, well it's easy to say pay the highest int. first, but really it's easier to pay off the smallest loan first. once the first loand is paid off, then add that payment on to the next loan on the list......the debt snowball.
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Old 12-17-2007, 10:35 AM   #28
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Quote:
Originally Posted by RACER X View Post

check into www.daveramsey.com

his basic premise if your already in debt problems is the debt snowball, pay the smallest CC off first, once tht is paid off ,then roll that into your next smallest debt and so on.
he's a simple genius. I like the billboards he had that said "act your wage" speaking to his many callers that spend like millionaires, but make far less
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Old 12-17-2007, 10:39 AM   #29
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Quote:
Originally Posted by Sassy Chassis View Post
Debt? Well let's see.... house, truck, boat, 2 out of 3 bikes, student loans (me), and a handful of credit cards between the 2 of us (each >1k)...yeah...we're living The Dream.
wow....just....wow. i don't understand why anyone would do that to themselves. i know it's fun to have toys, but why snowball the debt you have with more debt?

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^ many of us would call that a nightmare.
yes sir...a neverending nightmare for a large percentage of people.
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Old 12-17-2007, 10:58 AM   #30
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Less than 1K in debt. Not including my home.

WooHoo!
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Old 12-17-2007, 11:09 AM   #31
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Well ...I meant that each credit card is LESS THAN 1K lol...more like 500 dollar limits here. Typos FTL. I would never have a credit card with 8 thousand dollars on it!!! But then again, I don't think my credit card companies would give me that kind of a limit.

House - gotta live somewhere...better to buy than rent IMO
Truck - yeah, his car was paid off, but would have been a nightmare in upkeep for a '92 model (my car is paid off)
Boat - not really a big payment, we paid for the majority of it in cash
My bike - not a big payment either and we put cash down too
His bike - not really needed IMO because he has another paid for bike...but I lost that battle
Student Loans - I didn't have mommy or daddy to help me out so......yeah. Thankfully I have the 'paper' I need to get a job that helps me pay for the "toys" and "neverending nightmare" that I live with.

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Old 12-17-2007, 11:34 AM   #32
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pay off credit card every month so none of that for me. for those that do carry a balance at a higher interest rate, here's a tip from suze orman. she says that you can try calling the credit company and ask for a lower rate. the worst they can do is say no. it couldn't hurt, especially for those 20+% rates.
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Old 12-17-2007, 11:56 AM   #33
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Quote:
Originally Posted by Patrick View Post

Once you get a house, pay what you can on your amortization; For every additional principle payment you make, you'll remove the interest associated to it.
Yeah this should be explained in more detail, since it really depends on your mortgage lender. Some allow you to pay money directly towards the principle while others charge you 'fees' for paying ahead of schedule, while still others will only allow you to pay ahead of schedule if they get their interest out of it.

Imagine say you bought a $200K house then a month later won the lottery .. you want to pay off your house but they will (depending on lender) still charge you all the $175K in interest, so you would really be writing them a check for $375K for that $200K house you just got such a good deal on.

Another lender may allow you to pay it off, but not without charging you an 'early payoff' fee, which sounds better, but still leave you paying like $350K for that $200K house!

I know a couple that have spent over $15k in fees to re-negotiate their mortgage contract but they will still save more money in the long run by being able to not pay interest on their 'ahead-of-time' payments.

So the moral of the rant is that not all lenders are created equal even though they may have the same interest rate. Little details can make or break the best "deal" you just got on that house.

BTW- I pay off my one credit card monthly, and only debt is the house, and have enough money saved to last me about a year.
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Last edited by Squanto84; 12-17-2007 at 11:58 AM. Reason: added info
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Old 12-17-2007, 12:02 PM   #34
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A friend of mine worked for a mortgage lending company and granted, it was one of the worst (highest interest, etc). She told me that unless you can pay down at least 25% of a price on a house, don't even bother because the interest will be ridiculous and not worth it. Does anyone know if 25% is a good number?
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Old 12-17-2007, 12:05 PM   #35
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Quote:
Originally Posted by Faylaricia View Post
A friend of mine worked for a mortgage lending company and granted, it was one of the worst (highest interest, etc). She told me that unless you can pay down at least 25% of a price on a house, don't even bother because the interest will be ridiculous and not worth it. Does anyone know if 25% is a good number?
we did ummm (gotta do the math) 30% down, and the payments come down also, and you don't pay interest on down payment. The rule we heard was 20% cuz under that they charge you "insurance" since you have so little money invested in the home, you're more likely to foreclose.

EDIT: and the "insurance" was like another $80/mo.. that's like gas money
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Old 12-17-2007, 12:08 PM   #36
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we put down as much as we felt comfortable doing. this house buying experience was a real eye-opener, cuz you really have to know yourself before jumping into the biggest investment (or biggest mistake) of your life
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Old 12-17-2007, 12:09 PM   #37
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Most of my debt is house, car, bike, though I'm on pace to have the bike paid off in a couple of months, the car in about 18 months, and the house (hopefully) in about 10 years.

As far as credit cards, I have no debt on them that's actually drawing interest, and I have enough cash that I could pay them off. The reason I haven't yet is that the cash is sitting in a high yield savings acct. earning close to 5% interest, and as soon as (or right before) my promotional APR period expires I'll pay it off. Mainly just used the 0% thing to make large purchases like my refridgerator.
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Old 12-17-2007, 12:10 PM   #38
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Quote:
Originally Posted by Squanto84 View Post
Yeah this should be explained in more detail, since it really depends on your mortgage lender. Some allow you to pay money directly towards the principle while others charge you 'fees' for paying ahead of schedule, while still others will only allow you to pay ahead of schedule if they get their interest out of it.

Imagine say you bought a $200K house then a month later won the lottery .. you want to pay off your house but they will (depending on lender) still charge you all the $175K in interest, so you would really be writing them a check for $375K for that $200K house you just got such a good deal on.

Another lender may allow you to pay it off, but not without charging you an 'early payoff' fee, which sounds better, but still leave you paying like $350K for that $200K house!

I know a couple that have spent over $15k in fees to re-negotiate their mortgage contract but they will still save more money in the long run by being able to not pay interest on their 'ahead-of-time' payments.

So the moral of the rant is that not all lenders are created equal even though they may have the same interest rate. Little details can make or break the best "deal" you just got on that house.

BTW- I pay off my one credit card monthly, and only debt is the house, and have enough money saved to last me about a year.

Absolutely, one should always read the terms of a contract, especially one that will be the largest purchase ever for most people.

Most of the time, the clauses prohibiting early payment or reduction of interest are added in by unscrupulous mortgage brokers.

Mortgage companies are the same as car dealers, there's lots around, do your research before you decide to sign.

I'd also recommend getting pre approved before you start shopping for a house, that way you know what range to look for.

Fay,
20% is typically the minimum to put down if you want to avoid paying PMI (personal mortgage insurance).

However, from a financial perspective, getting into a house, even if you pay a slightly higher fee for PMI, is usually more than offset by the money you lose entirely every month that you pay rent.
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Old 12-17-2007, 12:16 PM   #39
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My favorite quote from Dave Ramsey is "Paying credit card interest is just a "stupid" tax."

I've never had credit cards, and don't plan on having any.

I have a couple of vehicles (soon paid off) and we're making smart payments on our home to cut our mortgage time in 1/2.

+1 on some of those credit counselors, scam artists! I wouldn't trust a single one of them personally.

You can also help yourself by negotiating with your credit card companies.

Patrick, excellent advice on the fixed rate mortgage! ARMs are a sucker tactic and I believe that mortgage companies should be regulated to be more ethical!
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Old 12-17-2007, 12:19 PM   #40
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