UnThreaded | Threaded | Whole Thread (14) | Ignore Thread Prev Thread | Next Thread
Author: cardimon One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308363  
Subject: Paying down credit cards AND returning to school Date: 10/5/2000 4:00 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Anyone else in this situation?

I actually had my credit card paid off this summer. Then a one-time-only vacation opportunity came up and my wife and I used plastic to pay our way since we hadn't gone on vacation in four years. Fine, I was prepared for that.

Upon our return, we incurred $2,000 in (unexpected, of course!) car repair bills. And I decided to return to school to further my career development. The credit card is now about $2,600. Way above where I like it (below $500). And I'll have to pay for classes this month. That'll be about $580 not including books. I'm gonna pay cash for the books. Ouch.

I should get reimbursed by my company for the classes, depending on my grades, but I have to foot the initial bill. And there's no guarantee I will get reimbursed, so I'm not counting on reimbursement.

My plan is to grit my teeth, cinch in my belt, and pay off my classes each semester. And I'm going to try paying $200 to $500 a month toward the credit card each month while using it. I've found not using it rather impractical.

It's going to be long winter. Wish me luck.

Craig
Print the post Back To Top
Author: EditorialWe Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 45981 of 308363
Subject: Re: Paying down credit cards AND returning to sc Date: 10/5/2000 4:46 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
>>>The credit card is now about $2,600. Way above where I like it (below $500)<<

Why not zero?

>>>And I'm going to try paying $200 to $500 a month toward the credit card each month while using it. I've found not using it rather impractical.<<<

Well, I'll spare you the standard lecture about having an emergency fund (I'm sure someone else will oblige) but do you only have one credit card? At the very, very least, you should not be making new charges on a card that is already carrying a balance, since by doing so you enjoy NO grace period - interest starts accruing immediately on your new purchases. Makes everything cost more

Good luck with your classes. With luck they should increase your future earning capacity.



Print the post Back To Top
Author: Grateful2476 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 45986 of 308363
Subject: Re: Paying down credit cards AND returning to sc Date: 10/5/2000 4:56 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I've found not using it rather impractical

Why do you say this? What sort of things are you using it for every month that you couldn't be using a check card, or even a check or cash?

Print the post Back To Top
Author: foolwizard Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 46000 of 308363
Subject: Re: Paying down credit cards AND returning to sc Date: 10/5/2000 5:10 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Nope, I have to admit it... I'm not in your situation... but I could be :)

This summer, a once in a lifetime opportunity came along to buy a house and move 1000+ miles to where my SO was working. I took it. I had savings that paid for half the downpayment, the moving bills were put on a CC and paid off with more savings, and now I sit jobless and LOOKING, paying the bills with still more savings - and I only got out of CC debt six months ago. No way I'm going back to THAT if I can help it :)

This is in lieu of the "standard emergency fund" rant.

*grin*
foolwizard


Print the post Back To Top
Author: Dawn77 Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 46024 of 308363
Subject: Re: Paying down credit cards AND returning to sc Date: 10/5/2000 8:48 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Yep!

Not only is my daughter in college, but I am also taking 1-2 classes per quarter. Now my husband has decided to go for the rest of his engineering degree. We are on the far end of the eligiblilty for financial aid and I think we benefit from all going to school at the same time. But it sure does slow down the debt reduction!!
Good luck,
Dawn

Print the post Back To Top
Author: cardimon One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 46054 of 308363
Subject: Re: Paying down credit cards AND returning to sc Date: 10/6/2000 9:06 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Well, I guess I don't like check cards. I know others, including my boss, use them all the time. Maybe I'm being dumb. Do you all recommend them?

I don't like writing checks, either. Checks are a hassel. They slow down the checkout line you're in and you have to drag out your ID and write legibly. It's a clumsy process.

By the way, I do have an emergency fund, but I hate using it. It took me so long to build it!

Craig



Print the post Back To Top
Author: Grateful2476 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 46059 of 308363
Subject: Re: Paying down credit cards AND returning to sc Date: 10/6/2000 10:53 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Well, I guess I don't like check cards. I know others, including my boss, use them all the time. Maybe I'm being dumb. Do you all recommend them?

I love them and recommend them to everyone, I rarely even carry cash anymore (I find I'm more apt to spend it on candy bars at lunch or a coffee here and there). I actually even get a small (actually very tiny!) bonus from my bank for using my check card also. Why don't you like them? Are you using cash now?



Print the post Back To Top
Author: cardimon One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 46089 of 308363
Subject: Re: Paying down credit cards AND returning to sc Date: 10/6/2000 2:15 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I love them and recommend them to everyone, I rarely even carry cash anymore (I find I'm more apt to spend it on candy bars at lunch or a coffee here and there). I actually even get a small (actually very tiny!) bonus from my bank for using my check card also. Why don't you like them? Are you using cash now?

---

I guess I'm old-fashioned that way. I follow the saying, "cash on the barrelhead," for most of my daily transactions. If I don't have the cash, I don't buy it.

How do you keep track of check card transactions? I'd be afraid of overdrawing my account.

Print the post Back To Top
Author: Grateful2476 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 46091 of 308363
Subject: Re: Paying down credit cards AND returning to sc Date: 10/6/2000 2:21 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
How do you keep track of check card transactions? I'd be afraid of overdrawing my account.

I keep the receipts in my wallet and record them periodically in MS-Money (about 2X a week depending on how much I'm spending). I recommend starting off only using it a couple of times a month if your not comfortable with it, my bet is you will love it and begin using it more and more.

Happy Friday!

Jeremy

Print the post Back To Top
Author: Leviathan Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 46096 of 308363
Subject: Re: Paying down credit cards AND returning to sc Date: 10/6/2000 2:49 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Well, I guess I don't like check cards. I know others, including my boss, use them all the time. Maybe I'm being dumb. Do you all recommend them?

I do. It's the only card I have but I only use it in places where a credit card is absolutely necessary. Otherwise, I use cash or checks.

Leviathan

Print the post Back To Top
Author: Grateful2476 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 46100 of 308363
Subject: Re: Paying down credit cards AND returning to sc Date: 10/6/2000 3:01 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I do. It's the only card I have but I only use it in places where a credit card is absolutely necessary. Otherwise, I use cash or checks.

Why would you rather use cash or checks? Do you find positives with the two or negatives with the card? I figure the check card is free to use and the checks cost me money. And of course there is the security issue if your paying for everything with cash.

Jeremy


Print the post Back To Top
Author: rubindj One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 46113 of 308363
Subject: Re: Paying down credit cards AND returning to sc Date: 10/6/2000 4:26 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
Ok, a couple of issues since it looks like you are going to be entering more debt.

At least use a student loan to finance the education. If your boss reimburses you, it will be a completely free method of paying for school (you have 120 days from taking out you loan to pay it back in full. If you do, there is no interest or fees). Even if he doesn't, it is still lower interest than most credit cards (6.79% while your in school), 8.25% max. Anyone is eligible, regardless of financial need, for an unsubsidized loan.

FinanceGuy

Print the post Back To Top
Author: Leviathan Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 46114 of 308363
Subject: Re: Paying down credit cards AND returning to sc Date: 10/6/2000 4:34 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Why would you rather use cash or checks? Do you find positives with the two or negatives with the card? I figure the check card is free to use and the checks cost me money. And of course there is the security issue if your paying for everything with cash.

It's because of negatives with the card. I have seen two studies that have shown that when using credit, a person spends more (I believe it was around 15% more), on average, than that same person would when using cash.

Given my preference, I would prefer to use cash over checks. Checks are just for things that get mailed. I don't worry much about a security issue with cash because I don't shop at places that give me reason to doubt their integrity. I expect that mistakes will happen. I expect that I will purchase something only to bring it home and find it doesn't work and I expect the store that sold it to me to make good on it. If I have to raise bloody hell to get that to happen, so be it.

Leviathan

Print the post Back To Top
Author: cardimon One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 46323 of 308363
Subject: Re: Paying down credit cards AND returning to sc Date: 10/10/2000 9:43 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Here's to raising Bloody Hell!

Cheers.

Craig

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (14) | Ignore Thread Prev Thread | Next Thread
Advertisement