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paintfetish

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how many 12oz's stress over debt? usually i don't really think about it. i'm almost 24, and i have about $25,000 of debt. most of it is my car, school loans, and citations. credit cards with huge interest rates are killing me...paying minimum due, and the balances are basically going nowhere. has anyone ever consulted a financial advisor? i need to do something to get this shit taken care of...i've been ignoring it for years now, and it's getting worse.

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Mainter, you're an idiot, get 2 credit cards. Use them both alternately and pay them off at the end of the month. I have zero debt. I on;y have $19.37 in the checking account. Tonight I bought $40 worth of stuff and the money will be in the bank before 2 on friday. No sweat to me, shit gets paid and instead of creditors calling during dinner it's people who want to give me mortgage loans... just because I use my credit. I have NEVER made a late payment on my credit card bill but I used to blow the electric and phone bills all the time. Then I started charging them and I never missed one of those since.

 

Debt is also WAY more than a 'credit card'. Debt can be a house or business loan but the big thing is not to carry any debt that isn't giving you a return every second of the day.

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I didn't learn about the credit card trick until after I was already in debt. I figured if I tried to work hard and make an honest living, I wouldn't get caught up in any scams. Oh how wrong I was. You can get a phenomenal credit rating by bouncing your credit card payments back and forth between cards.

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don't go to a financial advisor, they try to get you to buy stocks and such, i almost accepted a job as one. a financial planner is more what you are leaning towards, but they set up Individual retirement accounts, and 401k's and different things like that. you need to go to a person who can help you manage your debt. if you own a home, i would say consolidate as long as your profit is higher than your loss, ie "equity" is that high. if not, just get down with a sheet of paper and make realistic goals for yourself. if you bring home 3000/month and have 2000 going out for bills, take that 1000 and divide it up , 300 extra towards credit cards, 200 towards groceries, 200 for gas, etc. etc.

 

finacial planners and advisors are there to make money, and to make the rich even more money,

 

 

IT IS EASY TO MAKE MONEY, WHEN YOU ALREADY HAVE MONEY.

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i will never use a creditcard just a big ass scam

 

 

only use a debit card i am only able to use the money i got in the bank if i dont got it i cannot spend it so its harder to get in debt

 

cosign.png My bank takes 4-5 days to charge me and never bounce my payments so i dont worry about getting into debt too much. I do worry about car insurance but i havent missed a payment yet.

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cosign.png My bank takes 4-5 days to charge me and never bounce my payments so i dont worry about getting into debt too much. I do worry about car insurance but i havent missed a payment yet.

 

 

 

one day your credit will matter to you more than you think.

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$170' date='000 plus interest on a home! By the time I opay it off it'll have been more like $300,000.[/quote']

 

You have to work the tables of amortization (google it). If you pay ANY more than the monthly mortgage payment (the idea is to pay double each month though), but ANY extra money gets applied to the loan at the front end. That means interest free. See, your monthly payment, which includes your interest applies to what they call the 'back end' of the loan. That is your projected total payout over the length of the loan period. If you pay the payment the bank asks for each month then you only attack the back end of the problem. ANY extra money is, as I said, applied to the 'front end'... SO, by paying on the front end, you ALSO reduce the back end because the interest is projected over less total debt.

 

Here:

 

You borrow $100 from me, to keep it easy we'll say at %10 over 10 months. So, you'll pay $11 each month for 10 and we'll be through. If, however, you pay me $21 ($11 regular plus $10 on the front) then you've just cut an entire month including that extra $1 off the back.

 

Over 30 years this can add up to HUMONGOUS savings. Like I said ANY extra but ideally double your mortgage payments. I know somebody who bought their house in 1988 with a 30year mortgage. In 1993 the interest rates dropped (thanks Clinton!) and dude refinanced for a much lower rate AND cut the length of the mortgage to 15 years. He ended up totally paid off in 9.5 years. Thereby cutting 20 years of interest off the original mortgage.

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You have to work the tables of amortization (google it). If you pay ANY more than the monthly mortgage payment (the idea is to pay double each month though), but ANY extra money gets applied to the loan at the front end. That means interest free. See, your monthly payment, which includes your interest applies to what they call the 'back end' of the loan. That is your projected total payout over the length of the loan period. If you pay the payment the bank asks for each month then you only attack the back end of the problem. ANY extra money is, as I said, applied to the 'front end'... SO, by paying on the front end, you ALSO reduce the back end because the interest is projected over less total debt.

 

Here:

 

You borrow $100 from me, to keep it easy we'll say at %10 over 10 months. So, you'll pay $11 each month for 10 and we'll be through. If, however, you pay me $21 ($11 regular plus $10 on the front) then you've just cut an entire month including that extra $1 off the back.

 

Over 30 years this can add up to HUMONGOUS savings. Like I said ANY extra but ideally double your mortgage payments. I know somebody who bought their house in 1988 with a 30year mortgage. In 1993 the interest rates dropped (thanks Clinton!) and dude refinanced for a much lower rate AND cut the length of the mortgage to 15 years. He ended up totally paid off in 9.5 years. Thereby cutting 20 years of interest off the original mortgage.

 

which is why you need to always stay away from interest only loans, they sound good at first, but you end up paying all that back end up and no principal, so when you go to sell your house after 3 years you have paid off 0% of your houses appraisal value, therefore you have no equity and you either lose money, or... no well no matter what you lose money.

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ahh paperwork paperwork. thats the only thing stopping me. any bank should be able to give you the "hook up" its just a matter of knowing someone, all banks can key accounts on in a particular way as to have minimal charges, that is how employees do their own accounts.

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one day your credit will matter to you more than you think.

 

what when i buy a house? Ill just go out and get a store credit card and put a 100 dollar limit on it and buy some stuff and cancel it at the end of the year. that way I have good credit without risking my finatial situation.

 

and is this lens?

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