Dec. 24th, 2009 11:27 am
mellowtigger: (Default)
[personal profile] mellowtigger
Look at me, folks!

unindebted, at long last

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.

Date: 2009-12-24 05:35 pm (UTC)
From: [identity profile] sctmpls.livejournal.com
Congratulations. That is quite an accomplishment.

Date: 2009-12-24 05:45 pm (UTC)
From: [identity profile] geometrician.livejournal.com

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.


Date: 2009-12-24 06:00 pm (UTC)
From: [identity profile] 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)

Lots of love,
Luis. ;o)

Date: 2009-12-24 06:35 pm (UTC)
From: [identity profile] joshuwain.livejournal.com
Rock on, Terry!

Date: 2009-12-24 06:54 pm (UTC)
From: [identity profile] nudewoody.livejournal.com

Date: 2009-12-24 07:04 pm (UTC)
From: [identity profile] 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.

Date: 2009-12-25 06:55 pm (UTC)
From: [identity profile] 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

Date: 2009-12-24 08:49 pm (UTC)
From: [identity profile] 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?

Date: 2009-12-24 11:12 pm (UTC)
From: [identity profile] bluebear2.livejournal.com
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.

Date: 2009-12-26 01:20 am (UTC)
From: [identity profile] kroyd.livejournal.com
You've done well.

Date: 2009-12-25 03:20 pm (UTC)
From: [identity profile] pangolin.livejournal.com

Date: 2009-12-26 01:24 am (UTC)
From: [identity profile] 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.


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