unindebted

[mellowtigger]

Look at me, folks!



I'm one of those rare American creatures: the unindebted!

I was debt-free prior to going unemployed 2.25 years ago, but quickly went "into the red" with unemployment, computer problems, car problems, etc.  Living frugally with a low-net-wage job, though, I still managed to crawl back "into the black".

Eerily, Wells Fargo increased my credit card interest rate, and my available credit is (roughly) equal to my annual income.  I dislike encouraging exponential economics, though, so I'll avoid using the card unless some sort of emergency crops up again.

Comments

[sctmpls.livejournal.com]

Congratulations. That is quite an accomplishment.

[mellowtigger]

Well, I am choosing to ignore my share of the national debt because that would just be depressing. :)

http://business.theatlantic.com/2009/05/us_debt_668621_per_household.php

[geometrician.livejournal.com]

YOU TOTALLY ROCK! Well done.

You might look into what Suze Orman says about keeping your credit limits down to a reasonable amount. There are some negative effects of having a limit that is high with a zero balance. However, I'm not sure if that means $5000, $15,000, or $100,000.

In any case, you can ask to have your limit reduced to a number you are comfortable with.

[mellowtigger]

Our financial system is obviously hosed up if having no debt is bad. I believe you that it's true, but it's just a very sad state of affairs.

:o)

[otterlover01.livejournal.com]

Well, I am another member of this rare breed that keeps being in black numbers all the tme. It just comes naural to me, some sort of in-debt-o-phobia, an irrational fear of being in debt!!! :o)

MERRY CHRISTMAS TERRY!!!
Lots of love,
Luis. ;o)

[joshuwain.livejournal.com]

Rock on, Terry!

[nudewoody.livejournal.com]

Communist!

[mellowtigger]

*shudder of realization* Actually, I'm more of a capitalist than those corporations and bigwigs who've passed their failures on to the populace.

*goes to take a shower to wash away the stink*

[bbearseviltwin.livejournal.com]

I am also debt free, except for a few days at a time. I have a very modest credit limit but I use the card mostly for paying things on line, (cable, phone, prescriptions, and the ever beckoning Ebay. But I pay everything off on at most a 2 week schedule. That way I never have to pay interest.

[mellowtigger]

Oh, I don't ever use a card to buy things that I want, only those expensive things that I need but can't afford right away (and can't put off until later).

I have a debit card that I use for the convenience of plastic without the bother of credit.

Without card payments and interest, I'm hoping to collect a small savings before it's necessary to spend it all away again on vehicle repairs.

[bbearseviltwin.livejournal.com]

I orginaly got a credit card for one reason, so I could get a aol account, it was at the time the only way you could get more than 10 hours a month on line

Mazel Tov

[litch.livejournal.com]

Have you double checked that they don't have a non-use or zero balance fee?

So, financially, do you have any long term plans/goals?

Re: Mazel Tov

[mellowtigger]

No, if it comes to that, I'll find a way to put a small recurring charge onto the card so I don't have "service fees" take away my money.

Plans? Goals? My goal right now is to outlive T'Reese (my cat, pictured here). I'll learn more about the feasibility of that idea after I get to force Minnesota taxpayers to help me spend time with a neurologist. Hopefully I'll get to do that after January 1st.

If I ever collect more than $1000 in my checking account (after truck repairs that I know I need), then I suppose I'll consider finding some form of wealth to store it in that doesn't involve feeding the exponential growth machinery.

[bluebear2.livejournal.com]

Excellent!
I'm from a place where being in debt is considered really bad and somewhat immoral even. It's too bad because maybe I should've gone in debt a bit at times to accomplish some things I didn't.

[mellowtigger]

No, not at all. Debt is bad. If I didn't have the credit card, though, then I would've had trouble paying rent, keeping my car operating, and keeping my computer operating (which I need for remote access for my job).

Credit card, to me, is a necessary evil rather than an enjoyable plaything.

[kroyd.livejournal.com]

You've done well.

[pangolin.livejournal.com]

Congrats!

[kroyd.livejournal.com]

I had about $10k of unexpected expenses on my guesthouse and it'll take me till the end of 2010 to pay it all off. It does get to be a race to get ahead of the interest charges.

You are probably in a position where you could negotiate a lower interest rate. Threatening to close the account can work wonders.

My rate is the lowest I could possibly find.