Well, I did something major today that i don’t mind sharing with everyone.
I paid off a Credit Card, and we are not talking a $500 Wal-Mart card, this was a nice sized one. Between saving what little money i could, and my tax return, 8 months of planning has come to fruition to pay off a card in full. Ish.
What i did was I called the Credit Card and told them i wanted to pay my account and settle it, so after the lady explained to me what a 1099C form is, and how settling, instead of paying in full, would affect my Credit Score, i took a bit of a plunge. I settled my debt for all but about 500 dollars of what i owed. Sop i will get a slight hit to my credit score, but i won’t have to get a 1099C form and also it will show as a better type of settlement since i don;t have a 1099C form to show. So i save some money, the credit card company is happy they got damn near all they are owed, and everyone is happy. My thoughts is that yes i racked up the debt, but the stupid insane APR hikes over the past year more then justify me in my actions. i went from 12% to almost 30% apr in about a year, never missing a payment, never adding any debt to the credit card, just paying it every month like i should for more then the base amount. It’s total bullshit.
But at least now it is total bullshit that i have solved, so one less worry.
This makes me a happy man. Today is now a good day.
Just got to keep telling myself it’ll get better. Because it will, and i am definitely doing good work getting this far, so my plan is working to get things in a better position.
Congrats. Also nice is that that monthly payment is gone and the money that went to it can now go to other payments or even savings. Great news!
Congratulations! That is an awesome feeling to get some debt paid off
The credit card companies have been in full swing ass-mode lately. The stupid government should have made their new credit card laws go into effect immediately, not give the banks time to screw people over as much as possible before they went into effect.
I get the feeling that we’ll never see a credit card with a rate below 20% again.
Funny thing is, when all is said and done, i plan on keeping 2 credit cards, and the one is 10.x percent and the other is 13.x percent. So they are not as bad as they could be, thankfully. Otherwise i think i would be way more screwed.
but i agree, the companies are so far out of control it is silly.