Figured I'd post this here! If it looks good or I get good feedback from those I trust, I might move it to the General forum!
So I posted awhile ago, my “I hate JPM Chase Bank” , yet this event has empowered me and flat out pissed me off! So I want to hopefully encourage others here to try and get off the “Juice”! If a couple of you younger people can get something out of this, then it’s worth it to me to lay it out like this!
To give a brief background, I ‘m trying really hard to get out of the Middle Class trap almost all my family is in! I want my toys, I want my freedom, I want a disposable income, and I want to do what I want when I want to do it. I want cars that run, and my kids to have fun! I do not want to get discouraged and end up working, smoking, watching TV, and drinking my life away because I can’t break out!
To achieve those goals as a College drop out I have to work a little harder, thus I have a Full time Job and a Farm that generates about 8 hours a day 7 days a week in Chores that have to be done, with a lot of other things that “should” be done. The more I can do myself the more I can save, which is thus income! However, I have for the last 10 years carried a huge credit card debt, I have great credit, but I also have a lot of Bills and live paycheck to paycheck like most people. So I’ve never been able to catch up. So like most folks I get the statement, look for the minimum due, add enough to help pay it down and look to next month to apply a larger amount to pay it down. Next month always brings something unexpected. For example here are a few from recently; $550 vet bill, $600 set of new tires, Christmas (everything), Birthdays, $600 for 2 Soccer camps and 2 Fall registrations fees plus uniforms, and the worst of it all the death of the Washing Machine (of course we Wash Huge Horse Blankets so we got the largest front load) $1,800, but it’s an energy saver ;) ! So there’s just a few of my last 7-8 months of spending. We don’t drink, we don’t smoke, and we don’t really ever go out for expensive meals/movies, so we do conserve quite a bit there
So I had 1 card for 8 years at a fixed 6.9% with a large amount, that JPM-Chase switched to an adjustable 12.9%, raising the minimum about $100, no late payments mind you (just did it to all low interest accounts). Well, had a job switch a couple years ago and had to buy some suits. So got a card at a department store and put another $1,500 on that for 5 outfits and a couple shoes, so there it sits today at about $1100 at 14.9%, I’ve put a few things on it as emergencys only, I was trying to pay it off 1st! Then of course Sears was the washing machine and I have 4 more months to pay it off, got 0% for 12 months, but will be hit with 24.9% for the remaining balance, which is conveniently at the full original amount, so thinking I need to start paying that down!
So there I am, about $20,000 in bad debt, can’t refi the house and pay it off because my Debt to Income ratio is not in the good zone because of Credit cards. The County assessed value is now 25% higher then I paid, land value has more then doubled, but I can’t refi. I got the equity and the credit score, but what can I do?
Well, at about 10:30PM Friday night while out hauling hay and been working since 6am that morning, I had an ephinay :yikes:
Well, I decided to sell my pickup, 2000 Dodge Diesel. I got it on consignment for $19,995. Dealer gets $400 for selling it, should come down to maybe 19,000. I should get about $18,500 so hopefully I should be able to pay off everything but Sears!!!!!!! Then I get my work bonus and will pay off Sears. As of August 1st (If pickup sells) I should be credit card free! I’m sooo excited I can’t explain it. :cool:
This will free up about $450 a month in CC minimums! No more minimums for me, as Okie said it will be a cash program going forward, except loans with a specific time table, like 5 year car loan!
Once the cards are paid off, my previously mentioned debt to income ratio will be fixed. At that point I can refinance, use the equity I’ve gained to pay off my 2nd Mortgage and eliminate the PMI, and save another huge chunk each month.
At that point I’ll trade in the Tahoe which has a $4800 KBB trade in value that I have not been able to sell now for 2 years and look for a new Dodge, hopefully the Employee pricing is still going on!!
With the cards gone and eliminating my 2nd Mortgage which is at 9.9% all save almost $1,000 a month in Interest. I'll have a new truck and still be way ahead of where I am today!
So that’s my story, I’ve been very very discouraged the last few months/years and can see the light at the end of the tunnel! If anyone is in the trap, start looking at ways to get out! But cancel that junk and get yourself free! Cancel the Cell phones, pagers, Cable, and drink a few less beers or smoke a couple less packs a week and you’ll be able to crawl ahead. Took me 10 years!
Any one who wants to chat PM me, I’ll try and help if I can, but I want to see other Average Americans wake up and realize that “The Man” has us were he wants us! In debt, hopeless, and most likey drinking!!!!!
This says it all
Profit triples at J.P. Morgan Chase
Results bolstered by banking, higher credit card income
Updated: 5:14 a.m. PT July 19, 2006
NEW YORK - J.P. Morgan Chase & Co., the No. 3 U.S. bank, Wednesday said second-quarter profit tripled, bolstered by investment banking and credit card income growth.
So I posted awhile ago, my “I hate JPM Chase Bank” , yet this event has empowered me and flat out pissed me off! So I want to hopefully encourage others here to try and get off the “Juice”! If a couple of you younger people can get something out of this, then it’s worth it to me to lay it out like this!
To give a brief background, I ‘m trying really hard to get out of the Middle Class trap almost all my family is in! I want my toys, I want my freedom, I want a disposable income, and I want to do what I want when I want to do it. I want cars that run, and my kids to have fun! I do not want to get discouraged and end up working, smoking, watching TV, and drinking my life away because I can’t break out!
To achieve those goals as a College drop out I have to work a little harder, thus I have a Full time Job and a Farm that generates about 8 hours a day 7 days a week in Chores that have to be done, with a lot of other things that “should” be done. The more I can do myself the more I can save, which is thus income! However, I have for the last 10 years carried a huge credit card debt, I have great credit, but I also have a lot of Bills and live paycheck to paycheck like most people. So I’ve never been able to catch up. So like most folks I get the statement, look for the minimum due, add enough to help pay it down and look to next month to apply a larger amount to pay it down. Next month always brings something unexpected. For example here are a few from recently; $550 vet bill, $600 set of new tires, Christmas (everything), Birthdays, $600 for 2 Soccer camps and 2 Fall registrations fees plus uniforms, and the worst of it all the death of the Washing Machine (of course we Wash Huge Horse Blankets so we got the largest front load) $1,800, but it’s an energy saver ;) ! So there’s just a few of my last 7-8 months of spending. We don’t drink, we don’t smoke, and we don’t really ever go out for expensive meals/movies, so we do conserve quite a bit there
So I had 1 card for 8 years at a fixed 6.9% with a large amount, that JPM-Chase switched to an adjustable 12.9%, raising the minimum about $100, no late payments mind you (just did it to all low interest accounts). Well, had a job switch a couple years ago and had to buy some suits. So got a card at a department store and put another $1,500 on that for 5 outfits and a couple shoes, so there it sits today at about $1100 at 14.9%, I’ve put a few things on it as emergencys only, I was trying to pay it off 1st! Then of course Sears was the washing machine and I have 4 more months to pay it off, got 0% for 12 months, but will be hit with 24.9% for the remaining balance, which is conveniently at the full original amount, so thinking I need to start paying that down!
So there I am, about $20,000 in bad debt, can’t refi the house and pay it off because my Debt to Income ratio is not in the good zone because of Credit cards. The County assessed value is now 25% higher then I paid, land value has more then doubled, but I can’t refi. I got the equity and the credit score, but what can I do?
Well, at about 10:30PM Friday night while out hauling hay and been working since 6am that morning, I had an ephinay :yikes:
Well, I decided to sell my pickup, 2000 Dodge Diesel. I got it on consignment for $19,995. Dealer gets $400 for selling it, should come down to maybe 19,000. I should get about $18,500 so hopefully I should be able to pay off everything but Sears!!!!!!! Then I get my work bonus and will pay off Sears. As of August 1st (If pickup sells) I should be credit card free! I’m sooo excited I can’t explain it. :cool:
This will free up about $450 a month in CC minimums! No more minimums for me, as Okie said it will be a cash program going forward, except loans with a specific time table, like 5 year car loan!
Once the cards are paid off, my previously mentioned debt to income ratio will be fixed. At that point I can refinance, use the equity I’ve gained to pay off my 2nd Mortgage and eliminate the PMI, and save another huge chunk each month.
At that point I’ll trade in the Tahoe which has a $4800 KBB trade in value that I have not been able to sell now for 2 years and look for a new Dodge, hopefully the Employee pricing is still going on!!
With the cards gone and eliminating my 2nd Mortgage which is at 9.9% all save almost $1,000 a month in Interest. I'll have a new truck and still be way ahead of where I am today!
So that’s my story, I’ve been very very discouraged the last few months/years and can see the light at the end of the tunnel! If anyone is in the trap, start looking at ways to get out! But cancel that junk and get yourself free! Cancel the Cell phones, pagers, Cable, and drink a few less beers or smoke a couple less packs a week and you’ll be able to crawl ahead. Took me 10 years!
Any one who wants to chat PM me, I’ll try and help if I can, but I want to see other Average Americans wake up and realize that “The Man” has us were he wants us! In debt, hopeless, and most likey drinking!!!!!
This says it all
Profit triples at J.P. Morgan Chase
Results bolstered by banking, higher credit card income
Updated: 5:14 a.m. PT July 19, 2006
NEW YORK - J.P. Morgan Chase & Co., the No. 3 U.S. bank, Wednesday said second-quarter profit tripled, bolstered by investment banking and credit card income growth.
