so how are things going? well, the start and midpoint of the day were ok, as i got in my usual payday shopping and such.
then when i got home, i checked my mail. and i have to admit, I am worried enough now to have to take action. as you all know, there's a big gouging going on with banks, credit cards, and people. and sorry to say, with all the resources that have been extended over the years between job searches and the equipment to make those searches, relocation expenses, and such, I am one of those who built up more than a bit on a credit card. I also made some purchases here and there, some of them i could have maybe done without, most of which i can do with. but overall, the balance is in the 10.5k range. and i know, that's pathetic to have done that. well, with the 2nd 3-point jump in 6 months from citibank (first 12.99 to 15.99, and as of the beginning of next year 15.99 to 18.99, even with otherwise good credit). it seems that my doing more by cash instead of credit card isn't good enough these days (being that since i moved here and incurred those expenses, i have made it a point to pay cash as much as i can for my needs and wants, and if it's a major trip and i have the cash on the side, i did put it on the card, adding that cash to the normal payment to pay that expense off like it was cash). but that seems to not be enough.
so tomorrow in step 1, I am headed over to the bank and going to see if I can get a fixed rate loan for a much lesser percentage to pay off my credit card in full. and if i get that loan, then i make the payment, take the balance to zero. then the next month, as soon as i get the statement confirming that payment in full, I will call citibank asking that my credit becomes lowered signifigantly down from 24k (and refuse any raising of my credit limit afterwards, no matter what the rewards say). And i know you're all saying why the hell potentially ruin your credit score that way with that much of a cut? well, it's simple, I don't want to get in the same mess again, and i do not know anyone who hasn't taken a ding on their credit score lately (at least from what i have seen). but also i would have it available in a much smaller for any unexpected expenses (car breaks down, sudden medical bill, etc). Will it take 5-6 years to pay off that amount? yea. but you want to know something? it will be gone, out of my life, and not hanging over me like an albatross. ironically, it would also be about the same time the student loan would be paid off, if all goes to plan.
then i can worry about things like retirement and such like everyone else.
is this a stupid plan or a smart plan? not sure, you tell me. but i just see it as finally saying enough of how life is now, and i want it to change direction for the better, for a change, instead of more "damned if you do damned if you don't" situations. long term-success is what i am after. and if it takes 5 or 6 more years to do it, then so be it. but at least i want an end in sight.
then when i got home, i checked my mail. and i have to admit, I am worried enough now to have to take action. as you all know, there's a big gouging going on with banks, credit cards, and people. and sorry to say, with all the resources that have been extended over the years between job searches and the equipment to make those searches, relocation expenses, and such, I am one of those who built up more than a bit on a credit card. I also made some purchases here and there, some of them i could have maybe done without, most of which i can do with. but overall, the balance is in the 10.5k range. and i know, that's pathetic to have done that. well, with the 2nd 3-point jump in 6 months from citibank (first 12.99 to 15.99, and as of the beginning of next year 15.99 to 18.99, even with otherwise good credit). it seems that my doing more by cash instead of credit card isn't good enough these days (being that since i moved here and incurred those expenses, i have made it a point to pay cash as much as i can for my needs and wants, and if it's a major trip and i have the cash on the side, i did put it on the card, adding that cash to the normal payment to pay that expense off like it was cash). but that seems to not be enough.
so tomorrow in step 1, I am headed over to the bank and going to see if I can get a fixed rate loan for a much lesser percentage to pay off my credit card in full. and if i get that loan, then i make the payment, take the balance to zero. then the next month, as soon as i get the statement confirming that payment in full, I will call citibank asking that my credit becomes lowered signifigantly down from 24k (and refuse any raising of my credit limit afterwards, no matter what the rewards say). And i know you're all saying why the hell potentially ruin your credit score that way with that much of a cut? well, it's simple, I don't want to get in the same mess again, and i do not know anyone who hasn't taken a ding on their credit score lately (at least from what i have seen). but also i would have it available in a much smaller for any unexpected expenses (car breaks down, sudden medical bill, etc). Will it take 5-6 years to pay off that amount? yea. but you want to know something? it will be gone, out of my life, and not hanging over me like an albatross. ironically, it would also be about the same time the student loan would be paid off, if all goes to plan.
then i can worry about things like retirement and such like everyone else.
is this a stupid plan or a smart plan? not sure, you tell me. but i just see it as finally saying enough of how life is now, and i want it to change direction for the better, for a change, instead of more "damned if you do damned if you don't" situations. long term-success is what i am after. and if it takes 5 or 6 more years to do it, then so be it. but at least i want an end in sight.
say your piece
