I was listening to Ed Wallace on the radio, and he told a woman essentially that she shouldn't sell her car to get rid of having a car loan because THE ECONOMY NEEDS PEOPLE TO BORROW MONEY AND BE IN DEBT. He said that if everyone stopped borrowing money the economy would collapse. THIS IS RIDICULOUS!!!
If everyone stopped borrowing money, started paying off their debts with what they earned, then they would have CASH in hand to buy what they want/need. When you don't have $1000 a month in loan bills to pay, you have $1000 a month in money to spend. This is not rocket science.
The people who want to sell new cars, houses people can't afford, and furniture on credit would LOVE for you to believe you are helping the economy by going into debt for getting what you want but can't afford outright. The ONLY people who benefit from your buying what you can't afford on credit are the banks who collect the interest and the sales people who close the deal and earn commission.
Our economy WILL NOT collapse because people STOP borrowing money.
Our economy WILL collapse if people CONTINUE to borrow money to the point they cannot pay it back, thereby causing the banks to go under.
Thursday, April 10, 2008
$864 to the Credit Card!
I made another big payment on the card. I LOVE seeing that balance dwindle. Due to a small setback, we will be getting this card paid off by August, instead of this month. BUT, we should have the card AND the home improvement loan paid off by the end of the year. THEN, all we'll have left is the student loan and the house!!! I can't wait.
Tuesday, April 1, 2008
Friday, March 28, 2008
Cutting Costs
It pays to do some research and make a phone call.
I currently have my home phone, DISH, DSL, and Cell bundled with AT&T. I noticed that my DSL rate went up, and I had been told it would stay the same low rate as long as I didn't change my current setup. Well, that clearly didn't change, yet there went my bill, DOUBLE what I had originally been told it would be. Also, my DISH bill went up by $10.
So, I called ATT, and I let them know I wanted the rate I was promised. I was told there was nothing they could do. I asked for a manager. I was told by her that there was nothing they could do. I let her know that she could accomodate me and knock the $20 off my bill I was requesting, or I could take my $200 a month services and find a new provider. She again said there was nothing she could do. So, I kindly asked her to cancel my DSL service.
I then called the local cable company, and they offered me a package for all services that was the rate I wanted. So, with that information, I called ATT DISH services, and explained that unless they could offer me a competitive rate, I would be transferring all my services to the other company. The person I spoke with this time was very helpful and looked at ALL my services with them and how they could reduce my bill. AND, she even offered me what I had wanted in my original call to ATT DSL services. So, I reinstated my DSL with them.
Here's what I ended up with after that call...
$10 off my DISH rate (so, back to what it was)
$20 off DSL (back to what it originally was)
$15 off my home phone package (which I hadn't even asked for)
________
$45 saved from my monthly bill just for making a few calls.
:-)
I currently have my home phone, DISH, DSL, and Cell bundled with AT&T. I noticed that my DSL rate went up, and I had been told it would stay the same low rate as long as I didn't change my current setup. Well, that clearly didn't change, yet there went my bill, DOUBLE what I had originally been told it would be. Also, my DISH bill went up by $10.
So, I called ATT, and I let them know I wanted the rate I was promised. I was told there was nothing they could do. I asked for a manager. I was told by her that there was nothing they could do. I let her know that she could accomodate me and knock the $20 off my bill I was requesting, or I could take my $200 a month services and find a new provider. She again said there was nothing she could do. So, I kindly asked her to cancel my DSL service.
I then called the local cable company, and they offered me a package for all services that was the rate I wanted. So, with that information, I called ATT DISH services, and explained that unless they could offer me a competitive rate, I would be transferring all my services to the other company. The person I spoke with this time was very helpful and looked at ALL my services with them and how they could reduce my bill. AND, she even offered me what I had wanted in my original call to ATT DSL services. So, I reinstated my DSL with them.
Here's what I ended up with after that call...
$10 off my DISH rate (so, back to what it was)
$20 off DSL (back to what it originally was)
$15 off my home phone package (which I hadn't even asked for)
________
$45 saved from my monthly bill just for making a few calls.
:-)
Sunday, March 16, 2008
How Have I Done it?
Ms. Ambitious posted that question, and it's such an important one that I decided to make it a posting.
First, the debt I have paid down is not all credit card. I paid off 2 cars, sold our motorcycle (which we also were making payments on and paying insurance for), paid off and closed a department store credit card, and then paid off a major credit card.
What I have left, one more credit card, a home improvement loan, student loan, and then the house.
How did I do this?
1. I started checking out books at the library on anything about money management. See the list of recommended books on this site. THE most important book you could read would be Dave Ramsey's Total Money Makeover. But, read LOTS of books. Until you change your THINKING about your money, you will not be able to change your ACTIONS.
2. I wrote down all of our expenses. I looked for ANYTHING I could cut out of our spending. In the beginning I cancelled our cable and cell phones (may seem drastic for some, but it was a decision I felt comfortable making).
3. Since I was/am a stay at home mom, I decided I could do something part-time and put the money I earn toward paying off debts. When I get my paycheck, I drive straight to the bank and put it on the last of our credit cards. I am so excited about the day we pay that off and close that account!
The bottom line is that you HAVE to be willing to sit down, put all the information in front of you (no matter how painful it will be to see the truth), and then be willing to do whatever it takes to solve the problem (i.e. no more eating out, cable, cell, new car, new clothes, etc.)
I would sign off by saying "Good Luck," but the truth is that YOU make your own luck. YOU have the power to change your situation, one strong step at a time.
Blessings.
First, the debt I have paid down is not all credit card. I paid off 2 cars, sold our motorcycle (which we also were making payments on and paying insurance for), paid off and closed a department store credit card, and then paid off a major credit card.
What I have left, one more credit card, a home improvement loan, student loan, and then the house.
How did I do this?
1. I started checking out books at the library on anything about money management. See the list of recommended books on this site. THE most important book you could read would be Dave Ramsey's Total Money Makeover. But, read LOTS of books. Until you change your THINKING about your money, you will not be able to change your ACTIONS.
2. I wrote down all of our expenses. I looked for ANYTHING I could cut out of our spending. In the beginning I cancelled our cable and cell phones (may seem drastic for some, but it was a decision I felt comfortable making).
3. Since I was/am a stay at home mom, I decided I could do something part-time and put the money I earn toward paying off debts. When I get my paycheck, I drive straight to the bank and put it on the last of our credit cards. I am so excited about the day we pay that off and close that account!
The bottom line is that you HAVE to be willing to sit down, put all the information in front of you (no matter how painful it will be to see the truth), and then be willing to do whatever it takes to solve the problem (i.e. no more eating out, cable, cell, new car, new clothes, etc.)
I would sign off by saying "Good Luck," but the truth is that YOU make your own luck. YOU have the power to change your situation, one strong step at a time.
Blessings.
Monday, March 10, 2008
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