Holy cow!
I just checked my credit scores on Credit Karma (I love Credit Karma. It's reliable. It's got nice graphics. It's FREE!) Since paying off my credit cards, my scores have increased by about 40 points!
Granted, the whole point here is to avoid taking out additional loans, but this is gratifying nonetheless. What if our current (also only and issue-ridden) car suddenly craps out? Or what if we need to get a loan for whatever reason? A high credit score will be useful in the long run by helping ensure a low interest rate loan so that we don't have to rely on our high interest rate credit cards.
Meanwhile, we took some action and made some decisions today:
1) We started selling some of our belongings on eBay. A few years ago I sold a bunch of our stuff on eBay with good success. I'll be interested to see whether we can do so this time around. No time like the present to start living a lighter life!
2) After a lot of research and discussion, we've decided that our first RV for this grand adventure will be a Class C RV. We really like fifth wheel trailers, but we don't have a truck and we don't want to go in for a truck loan. So the goal is to save enough to purchase a used, livable class C within the next several months, take it on a few shakeout trips, get it ready to go, and live in it for about a year. If we're still gung-ho about the RV life after that time, we'll upgrade to a nicer, roomier unit.
Showing posts with label credit cards. Show all posts
Showing posts with label credit cards. Show all posts
Sunday, January 24, 2016
Wednesday, January 20, 2016
Two more credit cards bite the dust
This morning, we paid off two more of our credit cards. Gone. Done. Good riddance. May we never see that debt ever again.
By cashing in our retirement funds and paying off much of the cc debt, we're going to save more than $1000 a month in expenses. That's exciting. That's a relief.
Do I feel concerned about our diminished retirement fund? A little, but I also feel like the economic situation has changed so much in the past ten years that putting one's money into the stock market is a real gamble anyway. I know many would disagree with our approach. This is simply what we need to do to live a better life now, and since nobody's guaranteed the future... I'd rather bet on the present.
We still have a ways to go. While I was in graduate school, I was paid a (rather small) salary for teaching and research assistantships. I was also lucky enough to receive health benefits. However, my alma mater does not allow grad students to work a second job (a rule that I think is irresponsible), so I couldn't bring in extra income. My husband, meanwhile, was busy working from home AND being the stay-at-home parent. We ended up putting a lot of expenses - including clothing, travel fares, furniture, etc. - on our credit cards, and the balances ballooned quickly. Even with what we've paid off, we still have about $7K to pay off.
And then there are the school loans, but that's another story. One debt at a time.
By cashing in our retirement funds and paying off much of the cc debt, we're going to save more than $1000 a month in expenses. That's exciting. That's a relief.
Do I feel concerned about our diminished retirement fund? A little, but I also feel like the economic situation has changed so much in the past ten years that putting one's money into the stock market is a real gamble anyway. I know many would disagree with our approach. This is simply what we need to do to live a better life now, and since nobody's guaranteed the future... I'd rather bet on the present.
We still have a ways to go. While I was in graduate school, I was paid a (rather small) salary for teaching and research assistantships. I was also lucky enough to receive health benefits. However, my alma mater does not allow grad students to work a second job (a rule that I think is irresponsible), so I couldn't bring in extra income. My husband, meanwhile, was busy working from home AND being the stay-at-home parent. We ended up putting a lot of expenses - including clothing, travel fares, furniture, etc. - on our credit cards, and the balances ballooned quickly. Even with what we've paid off, we still have about $7K to pay off.
And then there are the school loans, but that's another story. One debt at a time.
Sunday, August 16, 2009
Membership Perks
Today I discovered that Capital One charged me a $59 "Membership Fee." Wow. So glad to be part of the Capital One club.
My balance on the card *was* zero. Really, this was too kind of them.
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