Comments on: My Very Insane Credit Card Spreadsheet http://poorerthanyou.com/2007/09/18/my-very-insane-credit-card-spreadsheet/ Talking about money, without being boring. Sat, 11 Oct 2008 10:25:56 +0000 http://wordpress.org/?v=2.6.2 By: jimma http://poorerthanyou.com/2007/09/18/my-very-insane-credit-card-spreadsheet/#comment-65336 jimma Fri, 19 Sep 2008 18:37:53 +0000 http://poorerthanyou.com/2007/09/18/my-very-insane-credit-card-spreadsheet/#comment-65336 If credit cards are the greatest source of bad debt, auto loans are a close second. You are upside down on the loan the second you drive off the dealership's lot and it's downhill from there. Too many people shrug off a car payment as a necessary evil. If credit cards are the greatest source of bad debt, auto loans are a close second. You are upside down on the loan the second you drive off the dealership’s lot and it’s downhill from there. Too many people shrug off a car payment as a necessary evil.

]]> By: Rob From My Debt Relief USA http://poorerthanyou.com/2007/09/18/my-very-insane-credit-card-spreadsheet/#comment-58083 Rob From My Debt Relief USA Thu, 24 Jul 2008 12:59:38 +0000 http://poorerthanyou.com/2007/09/18/my-very-insane-credit-card-spreadsheet/#comment-58083 Thanks for a very informative post. I'd just like to add that our customers have had great success by applying the snow-ball method to any bad debt. The idea is simply, yet really effective... You start of by making a list of all your debts with the lowest amount owed on top. You then put ALL surplus cash you have available into paying back the smallest debt first. Once this has bee settled in full you then move onto the next debt in the list, and so on until all your debts are paid off. It's called the snow-ball method because once the smallest debt is paid the extra money you will then have gets added onto the next balance. The effect is like a snow-ball. Really simple and yet anyone in debt can easily apply it. Regards Rob. Thanks for a very informative post.

I’d just like to add that our customers have had great success by applying the snow-ball method to any bad debt.

The idea is simply, yet really effective…

You start of by making a list of all your debts with the lowest amount owed on top. You then put ALL surplus cash you have available into paying back the smallest debt first. Once this has bee settled in full you then move onto the next debt in the list, and so on until all your debts are paid off.

It’s called the snow-ball method because once the smallest debt is paid the extra money you will then have gets added onto the next balance. The effect is like a snow-ball.

Really simple and yet anyone in debt can easily apply it.

Regards
Rob.

]]> By: tv bracket http://poorerthanyou.com/2007/09/18/my-very-insane-credit-card-spreadsheet/#comment-48362 tv bracket Mon, 07 Apr 2008 14:20:43 +0000 http://poorerthanyou.com/2007/09/18/my-very-insane-credit-card-spreadsheet/#comment-48362 Some situation you got there :) Just go get another BT cards asap.. Meanwhile if you could, I suggest you allocate as much as you can so those debts would pay off immediately.. Huges monthly interest really is not something good to have.. Some situation you got there :) Just go get another BT cards asap.. Meanwhile if you could, I suggest you allocate as much as you can so those debts would pay off immediately.. Huges monthly interest really is not something good to have..

]]> By: Janni http://poorerthanyou.com/2007/09/18/my-very-insane-credit-card-spreadsheet/#comment-47501 Janni Wed, 19 Mar 2008 12:49:18 +0000 http://poorerthanyou.com/2007/09/18/my-very-insane-credit-card-spreadsheet/#comment-47501 Very good idea. This way you can have a real situation of your credit balance and do some research about hidden charges. Very good idea. This way you can have a real situation of your credit balance and do some research about hidden charges.

]]> By: Think-CreditCards http://poorerthanyou.com/2007/09/18/my-very-insane-credit-card-spreadsheet/#comment-37119 Think-CreditCards Mon, 21 Jan 2008 20:21:55 +0000 http://poorerthanyou.com/2007/09/18/my-very-insane-credit-card-spreadsheet/#comment-37119 What a great idea, I'll definitely give the spreadsheet a go, it may even help keep spending down when you actually have to record the spending you do! Keep up the good blog. What a great idea, I’ll definitely give the spreadsheet a go, it may even help keep spending down when you actually have to record the spending you do! Keep up the good blog.

]]> By: Joel http://poorerthanyou.com/2007/09/18/my-very-insane-credit-card-spreadsheet/#comment-22729 Joel Sat, 10 Nov 2007 17:58:22 +0000 http://poorerthanyou.com/2007/09/18/my-very-insane-credit-card-spreadsheet/#comment-22729 hi stephanie i just wanted to comment quick and offer a tip for you. its really refreshing to see someone taking there credit situation as serious and almost scientific as you are. more people really should. TIP: if you do role your balances to a zero percent card you may not want to close the old accounts. closing old accounts actually can lower your fico score. length of time of an account showing on a bureau is very important. replacing old cards with new ones and then closing the older accounts can hurt you. keep the old accounts...just dont use them. hope that helps. great post! hi stephanie
i just wanted to comment quick and offer a tip for you.
its really refreshing to see someone taking there credit situation as serious and almost scientific as you are. more people really should.

TIP: if you do role your balances to a zero percent card you may not want to close the old accounts. closing old accounts actually can lower your fico score. length of time of an account showing on a bureau is very important. replacing old cards with new ones and then closing the older accounts can hurt you. keep the old accounts…just dont use them.
hope that helps. great post!

]]> By: Phillip http://poorerthanyou.com/2007/09/18/my-very-insane-credit-card-spreadsheet/#comment-18369 Phillip Sat, 22 Sep 2007 08:18:12 +0000 http://poorerthanyou.com/2007/09/18/my-very-insane-credit-card-spreadsheet/#comment-18369 I was going to comment before about your credit card debt, and whether you were able to get a 0% BT card... but I assumed either it was already on a 0% card or that you weren't able to qualify for a better card. If this isn't the case, I'd get going on an application asap :) With my mediocre credit (I'm 20), I recently was able to get a $2,000 no fee 0% BT card which I took and put in a savings account. I was going to comment before about your credit card debt, and whether you were able to get a 0% BT card… but I assumed either it was already on a 0% card or that you weren’t able to qualify for a better card. If this isn’t the case, I’d get going on an application asap :) With my mediocre credit (I’m 20), I recently was able to get a $2,000 no fee 0% BT card which I took and put in a savings account.

]]> By: Stephanie http://poorerthanyou.com/2007/09/18/my-very-insane-credit-card-spreadsheet/#comment-18114 Stephanie Wed, 19 Sep 2007 22:57:33 +0000 http://poorerthanyou.com/2007/09/18/my-very-insane-credit-card-spreadsheet/#comment-18114 I knew if I posted about looking for 0% balance transfer offers, I'd get some responses! ;) Of course, I'm only looking at offers with no balance transfer fee - there aren't as many of them out there right now, but they do still exist. I'm getting charged about $25 in interest every month, so even if I just get 0% for 6 months, that's $150 in savings, and $150 more to go toward my debt. Also I'm hoping that whatever card I get has an interest rate lower than the one on my current card (17%), so that it's better to leave the balance on the new card even after the promotional period is done. Nothing's set in stone yet, though, I'm still looking around! Thanks for the advice - 4% for the life of the balance would be good, too! I knew if I posted about looking for 0% balance transfer offers, I’d get some responses! ;) Of course, I’m only looking at offers with no balance transfer fee - there aren’t as many of them out there right now, but they do still exist. I’m getting charged about $25 in interest every month, so even if I just get 0% for 6 months, that’s $150 in savings, and $150 more to go toward my debt.

Also I’m hoping that whatever card I get has an interest rate lower than the one on my current card (17%), so that it’s better to leave the balance on the new card even after the promotional period is done.

Nothing’s set in stone yet, though, I’m still looking around! Thanks for the advice - 4% for the life of the balance would be good, too!

]]> By: Kyle http://poorerthanyou.com/2007/09/18/my-very-insane-credit-card-spreadsheet/#comment-18111 Kyle Wed, 19 Sep 2007 21:42:11 +0000 http://poorerthanyou.com/2007/09/18/my-very-insane-credit-card-spreadsheet/#comment-18111 Good advice, Meari, I was going to suggest the same thing but you beat me to it! It definetely depends how quickly you think you can pay off the debt. If you can't pay it off within the 0% interest period, go with the 3.9% (or similar) card for the life of the loan. Good advice, Meari, I was going to suggest the same thing but you beat me to it! It definetely depends how quickly you think you can pay off the debt. If you can’t pay it off within the 0% interest period, go with the 3.9% (or similar) card for the life of the loan.

]]> By: Meari http://poorerthanyou.com/2007/09/18/my-very-insane-credit-card-spreadsheet/#comment-18108 Meari Wed, 19 Sep 2007 21:12:21 +0000 http://poorerthanyou.com/2007/09/18/my-very-insane-credit-card-spreadsheet/#comment-18108 I don't know how bad your credit card situation is, but in my experience credit cards with 0% offers usually charge a transfer fee and have a short period of time the 0% is good for. It's better to find a lower fixed rate with no transfer fees for the life of the loan. For example, I transferred over $3K to a 3.9% card with no balance transfers for the life of the loan. Granted I'm paying $150-200 a month (my choice) toward that card, but interest is only $5-6 a month. If I get into a crunch I can pay less. Just a thought.... I don’t know how bad your credit card situation is, but in my experience credit cards with 0% offers usually charge a transfer fee and have a short period of time the 0% is good for. It’s better to find a lower fixed rate with no transfer fees for the life of the loan.

For example, I transferred over $3K to a 3.9% card with no balance transfers for the life of the loan. Granted I’m paying $150-200 a month (my choice) toward that card, but interest is only $5-6 a month. If I get into a crunch I can pay less.

Just a thought….

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