The Billfold » credit cards http://thebillfold.com Everything About Money You Were Too Polite To Ask Wed, 22 May 2013 21:40:49 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 In Support of Credit Card Points, With Caveats http://thebillfold.com/2013/05/in-support-of-credit-card-points-with-caveats/ http://thebillfold.com/2013/05/in-support-of-credit-card-points-with-caveats/#comments Fri, 17 May 2013 14:30:23 +0000 Sydney Bufkin http://thebillfold.com/?p=29973 Sydney Bufkin


My husband and I put almost all of our expenses on our Costco American Express card. Dinner, groceries, gas, travel—it all goes on the card. And then once a month, I use money from our joint checking account to pay the bill in full. Sometimes we’ve had an expensive month: We’ve been doing a lot of traveling lately, and we’re preparing for a cross-country move, so our credit card bills have been much higher than usual lately. When that happens, I figure out how much more money we need, and we each transfer that amount from our individual accounts to the joint one (we have a standard amount we put in the account each month that covers normal expenses, so the extra transfers only happen when we buy something big, like furniture or plane tickets).

This works for us because we don’t live paycheck-to-paycheck. I would never recommend making heavy use of credit if you’re coming up lean at the end of every month. But we do have enough that we could pay off last month’s credit card bill and pay for this month’s spending. So always being one month behind in paying for things, so to speak, isn’t something that worries me. Besides, when I calculate how much money we have, I always subtract the current credit card balance from whatever’s in savings. I’m very aware of the fact that at any given point in the month, our checking balance isn’t accurate until I account for what our credit card bill will be.

I like this system for a number of reasons. I’m pretty good at managing our finances (and am much more temperamentally suited to the task than my husband), but I’m not one of those people who can track the minutiae of spending with sub-categorized budgets and spreadsheets. My overall philosophy is to make sure there’s more money coming in than going out and to ask myself hard questions about most of my purchases: Do I really need this? Is it really worth eating out twice in one week? Can I wait a few days and see if I still want this? The monthly credit card bill is how I keep an eye on our overall spending. I know how much it usually is, and when it’s higher than normal, I can look over the statement and figure out if we need to cut back.

My credit cards are also the only things that appear on my credit history (I have a personal credit card in addition to the one I share with my husband—I put expenses like shoes and clothes on that one). I bought my car in cash and I don’t have any student debt, so all a credit check turns up is a long list of paid-in-full-and-on-time credit card payments. Sure, there are other ways to build credit, but I’m lazy, and this is the easiest.

And then there are the rewards. Our American Express gives us 3 percent cash back on gas and travel, 2 percent back on some things I don’t remember, and 1 percent on everything else. My Chase card has similar, though less generous, rewards. Once a year, we get a check in the mail and go down to Costco to cash it (and to buy rice and flour in bulk as part of our preparations for the zombie apocalypse). This year, the check was about $250. Not an earth-shattering amount, but it paid for our Costco purchases and a couple of nice dinners out. My Chase card actually lets me apply the cash back directly to my bill, which means that rather than thinking of that money as a reward, I just think of it as “income”.

I’ve been paying for things with credit cards for at least a decade. Though I can understand how some people would experience credit as free money, I tend to fall into the other category, and it often feels like I’m paying for things twice: Once when I make the decision to buy something (often after debating over whether or not I really need it), and then again when I pay the bill at the end of the month. Credit cards, in other words, don’t make me any more inclined to impulse purchases or over-spending.

There are a lot of good reasons to avoid relying on credit, but there are also reasons to take advantage of it, with caveats: If you have a comfortable emergency fund and save more than you spend, if you usually aren’t tempted into impulse spending, if you will remember to pay your bill every month, and if your expenses are high enough to make the rewards worthwhile. If a credit card company wants to pay me for living within my means and paying my bills on time—something I’m going to do anyway—I don’t see why I shouldn’t take their money. They’d be all too happy to take mine.

 

Previously: How to Stop Going into Credit Card Debt for the Sake of “Points”

See More: Stories by Sydney

Sydney Bufkin lives in Austin and tries not to let her dissertation take over her life. Sometimes she even finds time to write about other things. Photo: Portal Abras

23 Comments]]> Sydney Bufkin


My husband and I put almost all of our expenses on our Costco American Express card. Dinner, groceries, gas, travel—it all goes on the card. And then once a month, I use money from our joint checking account to pay the bill in full. Sometimes we’ve had an expensive month: We’ve been doing a lot of traveling lately, and we’re preparing for a cross-country move, so our credit card bills have been much higher than usual lately. When that happens, I figure out how much more money we need, and we each transfer that amount from our individual accounts to the joint one (we have a standard amount we put in the account each month that covers normal expenses, so the extra transfers only happen when we buy something big, like furniture or plane tickets).

This works for us because we don’t live paycheck-to-paycheck. I would never recommend making heavy use of credit if you’re coming up lean at the end of every month. But we do have enough that we could pay off last month’s credit card bill and pay for this month’s spending. So always being one month behind in paying for things, so to speak, isn’t something that worries me. Besides, when I calculate how much money we have, I always subtract the current credit card balance from whatever’s in savings. I’m very aware of the fact that at any given point in the month, our checking balance isn’t accurate until I account for what our credit card bill will be.

I like this system for a number of reasons. I’m pretty good at managing our finances (and am much more temperamentally suited to the task than my husband), but I’m not one of those people who can track the minutiae of spending with sub-categorized budgets and spreadsheets. My overall philosophy is to make sure there’s more money coming in than going out and to ask myself hard questions about most of my purchases: Do I really need this? Is it really worth eating out twice in one week? Can I wait a few days and see if I still want this? The monthly credit card bill is how I keep an eye on our overall spending. I know how much it usually is, and when it’s higher than normal, I can look over the statement and figure out if we need to cut back.

My credit cards are also the only things that appear on my credit history (I have a personal credit card in addition to the one I share with my husband—I put expenses like shoes and clothes on that one). I bought my car in cash and I don’t have any student debt, so all a credit check turns up is a long list of paid-in-full-and-on-time credit card payments. Sure, there are other ways to build credit, but I’m lazy, and this is the easiest.

And then there are the rewards. Our American Express gives us 3 percent cash back on gas and travel, 2 percent back on some things I don’t remember, and 1 percent on everything else. My Chase card has similar, though less generous, rewards. Once a year, we get a check in the mail and go down to Costco to cash it (and to buy rice and flour in bulk as part of our preparations for the zombie apocalypse). This year, the check was about $250. Not an earth-shattering amount, but it paid for our Costco purchases and a couple of nice dinners out. My Chase card actually lets me apply the cash back directly to my bill, which means that rather than thinking of that money as a reward, I just think of it as “income”.

I’ve been paying for things with credit cards for at least a decade. Though I can understand how some people would experience credit as free money, I tend to fall into the other category, and it often feels like I’m paying for things twice: Once when I make the decision to buy something (often after debating over whether or not I really need it), and then again when I pay the bill at the end of the month. Credit cards, in other words, don’t make me any more inclined to impulse purchases or over-spending.

There are a lot of good reasons to avoid relying on credit, but there are also reasons to take advantage of it, with caveats: If you have a comfortable emergency fund and save more than you spend, if you usually aren’t tempted into impulse spending, if you will remember to pay your bill every month, and if your expenses are high enough to make the rewards worthwhile. If a credit card company wants to pay me for living within my means and paying my bills on time—something I’m going to do anyway—I don’t see why I shouldn’t take their money. They’d be all too happy to take mine.

 

Previously: How to Stop Going into Credit Card Debt for the Sake of “Points”

See More: Stories by Sydney

Sydney Bufkin lives in Austin and tries not to let her dissertation take over her life. Sometimes she even finds time to write about other things. Photo: Portal Abras

23 Comments]]> http://thebillfold.com/2013/05/in-support-of-credit-card-points-with-caveats/feed/ 23 How to Stop Going into Credit Card Debt for the Sake of “Points” http://thebillfold.com/2013/05/how-to-stop-going-into-credit-card-debt-for-the-sake-of-points/ http://thebillfold.com/2013/05/how-to-stop-going-into-credit-card-debt-for-the-sake-of-points/#comments Thu, 16 May 2013 14:30:36 +0000 Alexa Mills http://thebillfold.com/?p=29873 Alexa Mills


First you have to have this revelation: Spending money now to save money later does not make sense. It’s illogical. Points systems make you think that spending extra on your credit card, right now, is a responsible thing to do. It isn’t. It took me six years to figure out why.

Back in 2007, I got an Amtrak Guest Rewards credit card. I knew the interest rate was double that of my old card, but I wasn’t worried. I always paid my bills on time. Plus, I’d studied the card benefits and determined that this card was going to be a financial boon. If I used it for my regular purchases—stuff like groceries, Friday nights, and clothes—I’d be traveling on Amtrak for free about half of the time.

I’ve been East-Coast-city-hopping on Amtrak for over a decade now. I’ve lived in Washington, Baltimore, New York, and Boston. No matter which city I’m in, I go to one of the others at least once a month. There have been whole years in which I’ve ridden Amtrak six or even eight times per month. What could be more sensible than a credit card perfectly tailored to my bizarre lifestyle?

The card worked exactly as I thought it would. Amtrak’s points system is honest, so I traveled on a free “points” ticket almost every second trip. What’s more, I paid the bill in full and on time every month. I never paid interest or late fees.

So why did I give up my Amtrak Mastercard and all of the free travel that came with it?

Sometime in 2010, New York Penn Station started to make me physically ill. Penn Station smells. There are too many humans in once space, and you inevitably touch one of them. (Ew.) The workers at Primo Cappuccino pretend they can’t hear your coffee order so that they can squeeze an extra dollar out of you by giving you a larger size or extra foam. And you’re stuck with a vat of prissy caffeine. Every bathroom is disgusting. Sure, having so many points that you get unlimited access to the first class lounge helps. Points-ing yourself up to the first class car helps. But bearable is not the same thing as pleasant.

Then in 2012, I realized that I was losing money on this card. Despite my ability to beat the interest trap, I was living my life one month in debt. I always knew how many Amtrak points I had, but I never knew exactly how much money I’d spent that week. I was swiping my card more often than I wanted to because credit card money didn’t feel like real money. And it isn’t real money. Credit is money that you haven’t yet earned.

I’d forgotten what cash was. Cash is a thing you use to buy ice cream at the ice cream truck when you’re seven. A credit card is a thing you use to make an impulse purchase at H&M because you had a bad day and you think, for a moment, that an ill-constructed but brightly colored shirt will make your life better.

So how do you free yourself from the “points” addiction? It’s not easy. If, after rent and bills, you spend $1,000 per month, it would take you $2,000 to go cold turkey on your credit card. You’d have to pay this month’s bill ($1,000) and then have your upcoming month’s spending money (another $1,000) in your checking account, waiting to be withdrawn from the ATM.

Maybe your finances are stable enough that you could switch from credit to cash today. You have double your monthly spending money just sitting there, ready to make an honest spender out of you. Congratulations! But beware: If you’ve been relying on a credit card for the past several years, you may not know your own spending habits anymore.

It took me five months to make the switch. I failed during the first month. I didn’t have enough cash to both pay last month’s bill and allot myself next month’s spending. I didn’t want to break into savings, and I was terrible at penny pinching. Even though I’d given up buying clothes altogether for one year, I couldn’t let go of the other treats that have become routine for me.

The second month I decreased spending in general, and tried to make all purchases with either cash or my ATM card. After doing that for three months, I became cash positive. On the fourth month I was finally able to spend cash only. But on the fifth month, I allotted myself too little cash and I ended up spending $150 on my credit card in the last week of the month. On the six month I got it right.

There are a million ways to go wrong with a credit card. Some people are impulse shoppers. Some are spending on their cards because they don’t have enough income to meet basic expenses. That’s a different scenario than the one I’m talking about here, and one that I have great sympathy for.

But if you’re a person who thinks you’re outsmarting the system by earning your points, take a closer look. Are you? And do you even want the things your points can buy?

You know what does make sense? Saving money now to spend later on something you’re looking forward to. Just ask your grandmother, or this woman who moved to Paris and spent her days sipping coffee in cafés for a few months because she saved for it. You can’t buy joy on points.

 

See also: “How to Play the Airline Miles Game”

Alexa Mills lives in Boston. Photo: Wikimedia Commons

46 Comments]]> Alexa Mills


First you have to have this revelation: Spending money now to save money later does not make sense. It’s illogical. Points systems make you think that spending extra on your credit card, right now, is a responsible thing to do. It isn’t. It took me six years to figure out why.

Back in 2007, I got an Amtrak Guest Rewards credit card. I knew the interest rate was double that of my old card, but I wasn’t worried. I always paid my bills on time. Plus, I’d studied the card benefits and determined that this card was going to be a financial boon. If I used it for my regular purchases—stuff like groceries, Friday nights, and clothes—I’d be traveling on Amtrak for free about half of the time.

I’ve been East-Coast-city-hopping on Amtrak for over a decade now. I’ve lived in Washington, Baltimore, New York, and Boston. No matter which city I’m in, I go to one of the others at least once a month. There have been whole years in which I’ve ridden Amtrak six or even eight times per month. What could be more sensible than a credit card perfectly tailored to my bizarre lifestyle?

The card worked exactly as I thought it would. Amtrak’s points system is honest, so I traveled on a free “points” ticket almost every second trip. What’s more, I paid the bill in full and on time every month. I never paid interest or late fees.

So why did I give up my Amtrak Mastercard and all of the free travel that came with it?

Sometime in 2010, New York Penn Station started to make me physically ill. Penn Station smells. There are too many humans in once space, and you inevitably touch one of them. (Ew.) The workers at Primo Cappuccino pretend they can’t hear your coffee order so that they can squeeze an extra dollar out of you by giving you a larger size or extra foam. And you’re stuck with a vat of prissy caffeine. Every bathroom is disgusting. Sure, having so many points that you get unlimited access to the first class lounge helps. Points-ing yourself up to the first class car helps. But bearable is not the same thing as pleasant.

Then in 2012, I realized that I was losing money on this card. Despite my ability to beat the interest trap, I was living my life one month in debt. I always knew how many Amtrak points I had, but I never knew exactly how much money I’d spent that week. I was swiping my card more often than I wanted to because credit card money didn’t feel like real money. And it isn’t real money. Credit is money that you haven’t yet earned.

I’d forgotten what cash was. Cash is a thing you use to buy ice cream at the ice cream truck when you’re seven. A credit card is a thing you use to make an impulse purchase at H&M because you had a bad day and you think, for a moment, that an ill-constructed but brightly colored shirt will make your life better.

So how do you free yourself from the “points” addiction? It’s not easy. If, after rent and bills, you spend $1,000 per month, it would take you $2,000 to go cold turkey on your credit card. You’d have to pay this month’s bill ($1,000) and then have your upcoming month’s spending money (another $1,000) in your checking account, waiting to be withdrawn from the ATM.

Maybe your finances are stable enough that you could switch from credit to cash today. You have double your monthly spending money just sitting there, ready to make an honest spender out of you. Congratulations! But beware: If you’ve been relying on a credit card for the past several years, you may not know your own spending habits anymore.

It took me five months to make the switch. I failed during the first month. I didn’t have enough cash to both pay last month’s bill and allot myself next month’s spending. I didn’t want to break into savings, and I was terrible at penny pinching. Even though I’d given up buying clothes altogether for one year, I couldn’t let go of the other treats that have become routine for me.

The second month I decreased spending in general, and tried to make all purchases with either cash or my ATM card. After doing that for three months, I became cash positive. On the fourth month I was finally able to spend cash only. But on the fifth month, I allotted myself too little cash and I ended up spending $150 on my credit card in the last week of the month. On the six month I got it right.

There are a million ways to go wrong with a credit card. Some people are impulse shoppers. Some are spending on their cards because they don’t have enough income to meet basic expenses. That’s a different scenario than the one I’m talking about here, and one that I have great sympathy for.

But if you’re a person who thinks you’re outsmarting the system by earning your points, take a closer look. Are you? And do you even want the things your points can buy?

You know what does make sense? Saving money now to spend later on something you’re looking forward to. Just ask your grandmother, or this woman who moved to Paris and spent her days sipping coffee in cafés for a few months because she saved for it. You can’t buy joy on points.

 

See also: “How to Play the Airline Miles Game”

Alexa Mills lives in Boston. Photo: Wikimedia Commons

46 Comments]]> http://thebillfold.com/2013/05/how-to-stop-going-into-credit-card-debt-for-the-sake-of-points/feed/ 46 Defer Student Loans? Paying the Minimum on Credit Cards? http://thebillfold.com/2013/04/defer-student-loans-paying-the-minimum-on-credit-cards/ http://thebillfold.com/2013/04/defer-student-loans-paying-the-minimum-on-credit-cards/#comments Tue, 30 Apr 2013 20:45:58 +0000 Mike Dang http://thebillfold.com/?p=28681 Mike Dang

My husband lost his job about a month ago and his emergency fund has run out (we keep our finances mostly separate and it works for us, I don’t want you guys or any of the readers judging the size of his emergency fund). We are very fortunate that our expenses are manageable enough that he can contribute what he’s able to from his unemployment and I can make up the difference to get the bills paid. I’m the main breadwinner and do well enough for myself that I don’t mind, but I might have to put my aggressive debt reduction plan on hold until he starts working again.

So here’s the thing: I’m in grad school, but have continued making student loan payments to try and make a dent in the principal before I graduate. I also am using the snowball method to pay off my credit cards. If I ultimately have to either stop paying my loans (which are in deferment while I’m a student) or go back to paying just the minimums on my cards, what’s the better choice? The dollar amount I would save monthly is the same. — J.

You’ve done the math. Honestly, if the dollar amount you’d save is basically the same, do what feels right to you. Financial experts like to tell people to prioritize student loan debt over credit card debt because if you ever have to declare bankruptcy, you can discharge your credit card debt but not your student loan debt. The federal government can also garnish your wages if you default on your student loans.

What if I had to declare bankruptcy!? Correct me if I’m wrong, but I reckon you won’t be declaring bankruptcy anytime soon. A person who is in aggressive debt payoff mode is probably not worried about declaring bankruptcy. If I were in your position, I’d defer the (probably lower-interest) student loans, and focus on getting rid of the (probably higher-interest) credit card debt. Once the credit cards are paid off, I’d start tackling those loans again. But again, do what you feel is right—if the student loan debt bothers you more than the credit card debt, continue throwing money at the student loans and pay the minimum on the credit cards until your husband finds work again. You can’t really go wrong. Best of luck to you and your husband.

9 Comments]]> Mike Dang

My husband lost his job about a month ago and his emergency fund has run out (we keep our finances mostly separate and it works for us, I don’t want you guys or any of the readers judging the size of his emergency fund). We are very fortunate that our expenses are manageable enough that he can contribute what he’s able to from his unemployment and I can make up the difference to get the bills paid. I’m the main breadwinner and do well enough for myself that I don’t mind, but I might have to put my aggressive debt reduction plan on hold until he starts working again.

So here’s the thing: I’m in grad school, but have continued making student loan payments to try and make a dent in the principal before I graduate. I also am using the snowball method to pay off my credit cards. If I ultimately have to either stop paying my loans (which are in deferment while I’m a student) or go back to paying just the minimums on my cards, what’s the better choice? The dollar amount I would save monthly is the same. — J.

You’ve done the math. Honestly, if the dollar amount you’d save is basically the same, do what feels right to you. Financial experts like to tell people to prioritize student loan debt over credit card debt because if you ever have to declare bankruptcy, you can discharge your credit card debt but not your student loan debt. The federal government can also garnish your wages if you default on your student loans.

What if I had to declare bankruptcy!? Correct me if I’m wrong, but I reckon you won’t be declaring bankruptcy anytime soon. A person who is in aggressive debt payoff mode is probably not worried about declaring bankruptcy. If I were in your position, I’d defer the (probably lower-interest) student loans, and focus on getting rid of the (probably higher-interest) credit card debt. Once the credit cards are paid off, I’d start tackling those loans again. But again, do what you feel is right—if the student loan debt bothers you more than the credit card debt, continue throwing money at the student loans and pay the minimum on the credit cards until your husband finds work again. You can’t really go wrong. Best of luck to you and your husband.

9 Comments]]> http://thebillfold.com/2013/04/defer-student-loans-paying-the-minimum-on-credit-cards/feed/ 9 Let’s Throw Some Money at Our Problems: April 2013 Check-In http://thebillfold.com/2013/04/lets-throw-some-money-at-our-problems-april-2013-check-in/ http://thebillfold.com/2013/04/lets-throw-some-money-at-our-problems-april-2013-check-in/#comments Thu, 25 Apr 2013 21:15:59 +0000 Mike Dang http://thebillfold.com/?p=28382 Mike Dang

It’s time to check in on our debt payments and savings goals again. If you’re joining us for the first time, you can read about our decision to publicly keep track of our debt here.

Let’s get straight to it.

Logan’s paying off a Barclay Card, which currently has an APR of 22.24 percent, and a minimum monthly payment of $47.
March 2013 Balance: $1,124.95
April 2013 Balance: $1,147.31

[Logan Note: How can the balance go up when you're in payoff mode? MAGIC.]

I’m paying off one of my Sallie Mae Private Student Loans, with a current interest rate of 4.5 percent, and a minimum monthly payment of $55.
March 2013 Balance: $921.36
April 2013 Balance: $844.61

March 2013 Vacation Savings: $175.00
April 2013 Vacation Savings: $225.00

And as always, if you pay off one of your debts, email me your address and I’ll mail you a note to congratulate you. And if you hit your savings goal, I’m happy to send you one as well. I still owe a few of you guys cards, but they’re coming I promise.

 

See previous months here.

98 Comments]]> Mike Dang

It’s time to check in on our debt payments and savings goals again. If you’re joining us for the first time, you can read about our decision to publicly keep track of our debt here.

Let’s get straight to it.

Logan’s paying off a Barclay Card, which currently has an APR of 22.24 percent, and a minimum monthly payment of $47.
March 2013 Balance: $1,124.95
April 2013 Balance: $1,147.31

[Logan Note: How can the balance go up when you're in payoff mode? MAGIC.]

I’m paying off one of my Sallie Mae Private Student Loans, with a current interest rate of 4.5 percent, and a minimum monthly payment of $55.
March 2013 Balance: $921.36
April 2013 Balance: $844.61

March 2013 Vacation Savings: $175.00
April 2013 Vacation Savings: $225.00

And as always, if you pay off one of your debts, email me your address and I’ll mail you a note to congratulate you. And if you hit your savings goal, I’m happy to send you one as well. I still owe a few of you guys cards, but they’re coming I promise.

 

See previous months here.

98 Comments]]> http://thebillfold.com/2013/04/lets-throw-some-money-at-our-problems-april-2013-check-in/feed/ 98 Let’s All Throw Some Money at Our Problems: March 2013 Check-In http://thebillfold.com/2013/03/lets-all-throw-some-money-at-our-problems-march-2013-check-in/ http://thebillfold.com/2013/03/lets-all-throw-some-money-at-our-problems-march-2013-check-in/#comments Tue, 26 Mar 2013 21:15:23 +0000 Mike Dang http://thebillfold.com/?p=26224 Mike Dang

It’s time to check in on our debt payments and savings goals again. If you’re joining us for the first time, you can read about our decision to publicly keep track of our debt here.

Pull up your accounts, and let’s get to it!

Logan’s paying off a Barclay Card, which currently has an APR of 22.24 percent, and a minimum monthly payment of $47.
Feb. 2013 Balance: $1,377.18
Mar. 2013 Balance: $1,124.95

I’m paying off one of my Sallie Mae Private Student Loans, with a current interest rate of 4.5 percent, and a minimum monthly payment of $55.
Feb. 2013 Balance: $1,010.01
Mar. 2013 Balance: $921.36

Feb. 2013 Vacation Savings: $100.00
Mar. 2013 Vacation Savings: $175.00

And as always, if you pay off one of your debts, email me your address and I’ll mail you a note to congratulate you. And if you hit your savings goal, I’m happy to send you one as well.

 

See previous months here.

97 Comments]]> Mike Dang

It’s time to check in on our debt payments and savings goals again. If you’re joining us for the first time, you can read about our decision to publicly keep track of our debt here.

Pull up your accounts, and let’s get to it!

Logan’s paying off a Barclay Card, which currently has an APR of 22.24 percent, and a minimum monthly payment of $47.
Feb. 2013 Balance: $1,377.18
Mar. 2013 Balance: $1,124.95

I’m paying off one of my Sallie Mae Private Student Loans, with a current interest rate of 4.5 percent, and a minimum monthly payment of $55.
Feb. 2013 Balance: $1,010.01
Mar. 2013 Balance: $921.36

Feb. 2013 Vacation Savings: $100.00
Mar. 2013 Vacation Savings: $175.00

And as always, if you pay off one of your debts, email me your address and I’ll mail you a note to congratulate you. And if you hit your savings goal, I’m happy to send you one as well.

 

See previous months here.

97 Comments]]> http://thebillfold.com/2013/03/lets-all-throw-some-money-at-our-problems-march-2013-check-in/feed/ 97 The Getting Out of Debt Storyline http://thebillfold.com/2013/03/the-getting-out-of-debt-storyline/ http://thebillfold.com/2013/03/the-getting-out-of-debt-storyline/#comments Tue, 26 Mar 2013 16:30:17 +0000 Mike Dang http://thebillfold.com/?p=26153 Mike Dang

Over at LearnVest, Jill Davi shares her story about how she racked up $30,000 in credit card debt, and then paid it all off. It’s a nice “taking control of your finances” story, but like a lot of other narratives about people getting themselves out of debt, it follows a familiar storyline: Person with massive credit card debt decides to cut up her credit cards, then makes major life changes to cut back on spending (i.e. moving in with another person to pay less in rent, cutting out shopping completely, creating spreadsheets), and then pays off the massive debt load in a relatively short period of time (for Davi, it was paying off $30K in 18 months, while earning a little more than $30K a year—which is extraordinary).

I like a good “getting out of debt” story—they can be inspiring. I just wish they were sometimes a bit more relatable, because stories like these can make it sound like pulling yourself out of debt can be an easy thing to do, when it’s something a lot of people struggle with. I’d love to read a piece about someone who got herself or himself out of debt, but about how it wasn’t easy, how it took a lot of time to fix some deep-rooted, unhealthy habits, and how it’s fine if you fail a few times along the way, but that it can eventually be done. Anyone have a story like that?

73 Comments]]> Mike Dang

Over at LearnVest, Jill Davi shares her story about how she racked up $30,000 in credit card debt, and then paid it all off. It’s a nice “taking control of your finances” story, but like a lot of other narratives about people getting themselves out of debt, it follows a familiar storyline: Person with massive credit card debt decides to cut up her credit cards, then makes major life changes to cut back on spending (i.e. moving in with another person to pay less in rent, cutting out shopping completely, creating spreadsheets), and then pays off the massive debt load in a relatively short period of time (for Davi, it was paying off $30K in 18 months, while earning a little more than $30K a year—which is extraordinary).

I like a good “getting out of debt” story—they can be inspiring. I just wish they were sometimes a bit more relatable, because stories like these can make it sound like pulling yourself out of debt can be an easy thing to do, when it’s something a lot of people struggle with. I’d love to read a piece about someone who got herself or himself out of debt, but about how it wasn’t easy, how it took a lot of time to fix some deep-rooted, unhealthy habits, and how it’s fine if you fail a few times along the way, but that it can eventually be done. Anyone have a story like that?

73 Comments]]> http://thebillfold.com/2013/03/the-getting-out-of-debt-storyline/feed/ 73 It’s The Good Advice That You Just Didn’t Take http://thebillfold.com/2013/03/its-the-good-advice-that-you-just-didnt-take/ http://thebillfold.com/2013/03/its-the-good-advice-that-you-just-didnt-take/#comments Fri, 01 Mar 2013 22:00:01 +0000 Mike Dang and Logan Sachon http://thebillfold.com/?p=24584 Mike Dang and Logan Sachon

Logan: Big week for me, Mike. I finally paid you back the $20 I borrowed from you so I’d have enough to pay my therapist two weeks ago (he loved that) (actually he hated that).

Mike: Haha. Yes, I told you that you didn’t have to pay me back that money, but you insisted on it. Which I think is good! Holding yourself accountable for things and all.

Logan: Yes, well, having an outstanding debt for money borrowed to pay a therapist with whom to talk about one’s debt seems … problematic. I pay my therapist in cash, by the way, so that it will feel like real money. This was his idea. It’s a good idea. Also so he won’t worry about my checks bouncing. Also his idea. Also probably a good idea.

Mike: So, the other day, I was in the room with you when you called your credit card company and insisted that they reimburse you for a returned payment. I was so glad you did that! And the interest rate on that credit card is killer, and you asked for them to lower it, which was also great!

Logan: I think “insisted” might be a really strong word there, Mike, but I’ll take it. I really really reallllllllllly hate calling customer service. I mean, everyone does, obviously. Last time I had to call the credit union (last month) I emailed them instead, which is less effective. Or at least didn’t inspire the lady who got my email to reverse some ATM fees based on … me wanting her to reverse them.

But yes. I called the credit card customer service line and asked them to reverse that fee and they did! The main purpose of the call, though, was to ask for a lower interest rate. I had done some ill-advised and day-ruining math and realized that I paid $1,000 in payments to this credit card last year, but my balance only went down $500. Meaning I paid $500 in interest. AHHH. So I called the credit card company and I asked to have my interest rate lowered. I was a little bit in shock. And really grumpy. And you were like, “That is how interest works.” And I was like, “I know! But I forgot!”

Mike: And after the call, I misheard you, because at first, I thought that you said you convinced them to lower your interest rate by 3 percent—which isn’t something to scoff at! But what did they do for you really?

Logan: They lowered it by three QUARTERS of a percent. Which is not even worth me doing the math to figure out what that will be “saving” me each month. I thanked her profusely anyway.

Mike: And then you hung up the phone! That was the first thing they put on the table, but I think you could have pushed back on it and convinced them to lower it even more. We sort of talked about the strategy before you called—how you could have told them that if they didn’t lower the interest rate, you would transfer the balance to a lower interest rate card and close your account (and you didn’t have to actually follow through on this—just threaten to do it, basically).

Logan: I know, I know and then I used all of my energy just, like, dialing and trying to get them to find my account, and I took their first offer. Their first, generous, three-quarters of a percent offer. Credit cards are terrible. Don’t ever use them. Wish I’d learned that lesson the first 480238490284 times someone told it to me. I think I’ve got it now, though. Pretty sure.

6 Comments]]> Mike Dang and Logan Sachon

Logan: Big week for me, Mike. I finally paid you back the $20 I borrowed from you so I’d have enough to pay my therapist two weeks ago (he loved that) (actually he hated that).

Mike: Haha. Yes, I told you that you didn’t have to pay me back that money, but you insisted on it. Which I think is good! Holding yourself accountable for things and all.

Logan: Yes, well, having an outstanding debt for money borrowed to pay a therapist with whom to talk about one’s debt seems … problematic. I pay my therapist in cash, by the way, so that it will feel like real money. This was his idea. It’s a good idea. Also so he won’t worry about my checks bouncing. Also his idea. Also probably a good idea.

Mike: So, the other day, I was in the room with you when you called your credit card company and insisted that they reimburse you for a returned payment. I was so glad you did that! And the interest rate on that credit card is killer, and you asked for them to lower it, which was also great!

Logan: I think “insisted” might be a really strong word there, Mike, but I’ll take it. I really really reallllllllllly hate calling customer service. I mean, everyone does, obviously. Last time I had to call the credit union (last month) I emailed them instead, which is less effective. Or at least didn’t inspire the lady who got my email to reverse some ATM fees based on … me wanting her to reverse them.

But yes. I called the credit card customer service line and asked them to reverse that fee and they did! The main purpose of the call, though, was to ask for a lower interest rate. I had done some ill-advised and day-ruining math and realized that I paid $1,000 in payments to this credit card last year, but my balance only went down $500. Meaning I paid $500 in interest. AHHH. So I called the credit card company and I asked to have my interest rate lowered. I was a little bit in shock. And really grumpy. And you were like, “That is how interest works.” And I was like, “I know! But I forgot!”

Mike: And after the call, I misheard you, because at first, I thought that you said you convinced them to lower your interest rate by 3 percent—which isn’t something to scoff at! But what did they do for you really?

Logan: They lowered it by three QUARTERS of a percent. Which is not even worth me doing the math to figure out what that will be “saving” me each month. I thanked her profusely anyway.

Mike: And then you hung up the phone! That was the first thing they put on the table, but I think you could have pushed back on it and convinced them to lower it even more. We sort of talked about the strategy before you called—how you could have told them that if they didn’t lower the interest rate, you would transfer the balance to a lower interest rate card and close your account (and you didn’t have to actually follow through on this—just threaten to do it, basically).

Logan: I know, I know and then I used all of my energy just, like, dialing and trying to get them to find my account, and I took their first offer. Their first, generous, three-quarters of a percent offer. Credit cards are terrible. Don’t ever use them. Wish I’d learned that lesson the first 480238490284 times someone told it to me. I think I’ve got it now, though. Pretty sure.

6 Comments]]> http://thebillfold.com/2013/03/its-the-good-advice-that-you-just-didnt-take/feed/ 6 Let’s All Throw Some Money at Our Problems: February 2013 Check-In http://thebillfold.com/2013/02/lets-all-throw-some-money-at-our-problems-february-2013-check-in/ http://thebillfold.com/2013/02/lets-all-throw-some-money-at-our-problems-february-2013-check-in/#comments Tue, 26 Feb 2013 22:15:01 +0000 Mike Dang http://thebillfold.com/?p=24248 Mike Dang

We’re nearing the end of the month and it’s time to check in with our debt payments again. If you’re joining us for the first time, you can read about our decision to publicly keep track of our debt here.

We’ve also decided to start checking in with our savings goals as well. So if there’s something you’re saving for—a vacation, a nice pair of shoes, a wedding, a down payment—you should start tracking it here as well.

Logan’s paying off a Barclay Card, which currently has an APR of 22.99 percent, and a minimum monthly payment of $47.
Jan. 2013 Balance: $1,424.11
Feb. 2013 Balance: $1,377.18

I’m paying off one of my Sallie Mae Private Student Loans, with a current interest rate of 4.5 percent, and a minimum monthly payment of $55.
Jan. 2013 Balance: 1,098.97
Feb. 2013 Balance: 1,010.01

Jan. 2013 Vacation Savings: $50.00
Feb. 2013 Vacation Savings: $100.00

And as always, if you pay off one of your debts, email me your address and I’ll mail you a card to congratulate you (I know I have a few outstanding ones to send out—they’re coming!). And if you hit your savings goal, I’m happy to send you one as well.

 

See previous months here.

99 Comments]]> Mike Dang

We’re nearing the end of the month and it’s time to check in with our debt payments again. If you’re joining us for the first time, you can read about our decision to publicly keep track of our debt here.

We’ve also decided to start checking in with our savings goals as well. So if there’s something you’re saving for—a vacation, a nice pair of shoes, a wedding, a down payment—you should start tracking it here as well.

Logan’s paying off a Barclay Card, which currently has an APR of 22.99 percent, and a minimum monthly payment of $47.
Jan. 2013 Balance: $1,424.11
Feb. 2013 Balance: $1,377.18

I’m paying off one of my Sallie Mae Private Student Loans, with a current interest rate of 4.5 percent, and a minimum monthly payment of $55.
Jan. 2013 Balance: 1,098.97
Feb. 2013 Balance: 1,010.01

Jan. 2013 Vacation Savings: $50.00
Feb. 2013 Vacation Savings: $100.00

And as always, if you pay off one of your debts, email me your address and I’ll mail you a card to congratulate you (I know I have a few outstanding ones to send out—they’re coming!). And if you hit your savings goal, I’m happy to send you one as well.

 

See previous months here.

99 Comments]]> http://thebillfold.com/2013/02/lets-all-throw-some-money-at-our-problems-february-2013-check-in/feed/ 99 The Way We Think About Debt http://thebillfold.com/2013/01/the-way-we-think-about-debt/ http://thebillfold.com/2013/01/the-way-we-think-about-debt/#comments Fri, 25 Jan 2013 22:00:46 +0000 Mike Dang and Logan Sachon http://thebillfold.com/?p=22391 Mike Dang and Logan Sachon

Mike: One of the things we examined this week was what debt means to us as individuals. What should we think about when paying it off? There is no one right answer, of course, because debt means something different to each of us. So let’s talk about this. Logan, your debt is all consumer, right? You don’t have any student loans.

Logan: Yes, mine is consumer debt. Consumption. Ha. Yes. But it is an interesting division. Does the kind of debt matter, psychologically? When I had a car loan, I thought about that debt differently than I thought about my credit card debt.

Mike: How so?

Logan: I’m not sure. I didn’t think about the car debt, at all. So much that when I was adding up my debt last year, I had to be reminded to factor in it. To me it was another bill. But the credit card debt totally felt like this disgusting black cloud. DARK. TERRIBLE. DANGEROUS.

Mike: Maybe it’s because the car is something you needed and were happy to pay for, while your consumer debt was mostly a bunch of stuff that you wanted, but could have survived fine without. I feel that way about my student loans. I’d probably freak out about credit card debt and would want to pay it all off ASAP, but with my loans, they’re there, I pay them every month and don’t really think about it. My interest rates are pretty low and the interest accrued adds up to less than $2,500 a year, which is the deduction limit for student loan interest come tax time. Anyway, that’s boring tax talk, but what I’m getting at is that I’m not too worried about it. I know they’ll be paid off by the time I’m in my 40s—possibly sooner. And in the meantime, I can live pretty comfortably.

Logan: The car was a decision made with a sound mind, and it’s a decision that I didn’t have to validate or feel bad about. I needed a car, I bought a car, I got insurance, I made my payments. It was a good car but a modest car. The payments were reasonable. There was no sense of, I’ve really screwed myself here (though there were months when, sure, I bemoaned my month payment and thought, I’ve really screwed myself here!). The credit card debt was different in that it was a lot of tiny decisions that I validated at the time (I deserve this dinner out, I need this haircut to feel better about myself) but added up were not so easily defensible. “I spent $20K to make myself feel better,” just doesn’t work the same way, “I spent $20K to get to and from work” does. Sometimes I’ve toyed with the idea of thinking about it almost like a medical debt. I spent that money on regular sessions with a not very good or effective a therapist, called dinner and a bottle of wine.

Mike: But you also don’t feel the need to pay it off ASAP, right? I mean, the way I’d feel about it, or the way Lisette and her partner have decided to tackle it so aggressively. I don’t think I would tackle it as aggressively as they did/are, but I do think I’d make paying it off a priority.

Logan: Well, there was a time when I for sure felt like I had ruined my life by racking up this credit card debt, and that I wouldn’t be able to “start my life” until I paid it off. I’ve since changed my mind about that, mostly. I don’t feel ashamed about it anymore, mostly. But I didn’t ever feel that way about my car debt. I didn’t feel like the car payment held me back in the same, way, psychologically. Even though the payments, well at least for a long time, was pretty similar. I think it has something to do with the fact that interest rates on the cards are high, and so there’s this sort of feeling that I can’t save any money, that I need to pay off the cards first. But … I also don’t want to not spend any money? So in my head, it’s always been, pay bills, live, pay off cards further with extra if there is extra (the only time I’ve managed to have “extra” is when I’m close to paying off a card and just want it gone!), and then ONE DAY, I’ll save for …. something.

Mike: It’s all about finding that balance and whatever will work for you to reverse that debt back to zero. I think it’d be unrealistic for you to go from charging things without thinking about it to magically breaking all your bad habits and focusing all of your money to get your credit cards paid off. But I also think it’s fine for people to want to do that—to go through a period of misery in pursuit of some bigger goal in mind. I think about my parents—how when they were my age, I was already old enough to start school. And I think about how we lived in this awful one-bedroom apartment together—my family of five—for a few years until they had saved up enough money for a down payment for a house. I don’t remember it being so miserable, but I’m sure it was for them. They made it seem like we were one big happy family in that single bedroom, but I’m sure in the back of their minds, they were like, “The kids need their own rooms! We need our own space!” And then I was in third grade, and we had a house, and a backyard, and all that temporary misery was worth it. So, I don’t know why Lisette and her partner are putting themselves through hell while shedding their debt or what their end goal is, but I do have an understanding of why people do it.

Logan: I used to wish I was the kind of person who could do that, I used to daydream about moving somewhere and doing a job—oil fields! cruise ship dishwasher! I don’t know—where I’d work all the time and have zero places to spend money and I’d just do it for a year and then I’d pay off my debt and I’d start fresh. I do like the idea of starting fresh. But it’s not something I’m actually interested in doing. And to people who are? Bravo.

Mike: Bravo, indeed. Bravo to anyone who figures out the thing that works for them when it comes to debt (or savings, or just living, basically).

11 Comments]]> Mike Dang and Logan Sachon

Mike: One of the things we examined this week was what debt means to us as individuals. What should we think about when paying it off? There is no one right answer, of course, because debt means something different to each of us. So let’s talk about this. Logan, your debt is all consumer, right? You don’t have any student loans.

Logan: Yes, mine is consumer debt. Consumption. Ha. Yes. But it is an interesting division. Does the kind of debt matter, psychologically? When I had a car loan, I thought about that debt differently than I thought about my credit card debt.

Mike: How so?

Logan: I’m not sure. I didn’t think about the car debt, at all. So much that when I was adding up my debt last year, I had to be reminded to factor in it. To me it was another bill. But the credit card debt totally felt like this disgusting black cloud. DARK. TERRIBLE. DANGEROUS.

Mike: Maybe it’s because the car is something you needed and were happy to pay for, while your consumer debt was mostly a bunch of stuff that you wanted, but could have survived fine without. I feel that way about my student loans. I’d probably freak out about credit card debt and would want to pay it all off ASAP, but with my loans, they’re there, I pay them every month and don’t really think about it. My interest rates are pretty low and the interest accrued adds up to less than $2,500 a year, which is the deduction limit for student loan interest come tax time. Anyway, that’s boring tax talk, but what I’m getting at is that I’m not too worried about it. I know they’ll be paid off by the time I’m in my 40s—possibly sooner. And in the meantime, I can live pretty comfortably.

Logan: The car was a decision made with a sound mind, and it’s a decision that I didn’t have to validate or feel bad about. I needed a car, I bought a car, I got insurance, I made my payments. It was a good car but a modest car. The payments were reasonable. There was no sense of, I’ve really screwed myself here (though there were months when, sure, I bemoaned my month payment and thought, I’ve really screwed myself here!). The credit card debt was different in that it was a lot of tiny decisions that I validated at the time (I deserve this dinner out, I need this haircut to feel better about myself) but added up were not so easily defensible. “I spent $20K to make myself feel better,” just doesn’t work the same way, “I spent $20K to get to and from work” does. Sometimes I’ve toyed with the idea of thinking about it almost like a medical debt. I spent that money on regular sessions with a not very good or effective a therapist, called dinner and a bottle of wine.

Mike: But you also don’t feel the need to pay it off ASAP, right? I mean, the way I’d feel about it, or the way Lisette and her partner have decided to tackle it so aggressively. I don’t think I would tackle it as aggressively as they did/are, but I do think I’d make paying it off a priority.

Logan: Well, there was a time when I for sure felt like I had ruined my life by racking up this credit card debt, and that I wouldn’t be able to “start my life” until I paid it off. I’ve since changed my mind about that, mostly. I don’t feel ashamed about it anymore, mostly. But I didn’t ever feel that way about my car debt. I didn’t feel like the car payment held me back in the same, way, psychologically. Even though the payments, well at least for a long time, was pretty similar. I think it has something to do with the fact that interest rates on the cards are high, and so there’s this sort of feeling that I can’t save any money, that I need to pay off the cards first. But … I also don’t want to not spend any money? So in my head, it’s always been, pay bills, live, pay off cards further with extra if there is extra (the only time I’ve managed to have “extra” is when I’m close to paying off a card and just want it gone!), and then ONE DAY, I’ll save for …. something.

Mike: It’s all about finding that balance and whatever will work for you to reverse that debt back to zero. I think it’d be unrealistic for you to go from charging things without thinking about it to magically breaking all your bad habits and focusing all of your money to get your credit cards paid off. But I also think it’s fine for people to want to do that—to go through a period of misery in pursuit of some bigger goal in mind. I think about my parents—how when they were my age, I was already old enough to start school. And I think about how we lived in this awful one-bedroom apartment together—my family of five—for a few years until they had saved up enough money for a down payment for a house. I don’t remember it being so miserable, but I’m sure it was for them. They made it seem like we were one big happy family in that single bedroom, but I’m sure in the back of their minds, they were like, “The kids need their own rooms! We need our own space!” And then I was in third grade, and we had a house, and a backyard, and all that temporary misery was worth it. So, I don’t know why Lisette and her partner are putting themselves through hell while shedding their debt or what their end goal is, but I do have an understanding of why people do it.

Logan: I used to wish I was the kind of person who could do that, I used to daydream about moving somewhere and doing a job—oil fields! cruise ship dishwasher! I don’t know—where I’d work all the time and have zero places to spend money and I’d just do it for a year and then I’d pay off my debt and I’d start fresh. I do like the idea of starting fresh. But it’s not something I’m actually interested in doing. And to people who are? Bravo.

Mike: Bravo, indeed. Bravo to anyone who figures out the thing that works for them when it comes to debt (or savings, or just living, basically).

11 Comments]]> http://thebillfold.com/2013/01/the-way-we-think-about-debt/feed/ 11 Let’s All Throw Some Money at Our Problems: December Check-In http://thebillfold.com/2012/12/lets-all-throw-some-money-at-our-problems-december-check-in/ http://thebillfold.com/2012/12/lets-all-throw-some-money-at-our-problems-december-check-in/#comments Thu, 20 Dec 2012 22:15:36 +0000 Mike Dang http://thebillfold.com/?p=20448 Mike Dang

It’s time to check in with our debt payments again. If you’re joining us for the first time, you can read about our decision to publicly keep track of our debt here.

Mike: Congrats on paying off your J. Crew card! The interest rate on the card was killer, so I’m glad you did it. It’s a wonderful way to end the year.

Logan: I suppose I need to start SNOWBALLING now … but Imma think about that later. How’s Cali??

Mike: Things are nice and slow here! And noticeably more sunny, because there aren’t any high-rises where I am. What is the next card you’re planning on paying off?

Logan: Okay, so I’ve been going over my card balances. And this is silly—I’m not sure why I’m doing this—but I’ve been paying double the minimum on my highest balance but lowest interest card. So I need to do some adjustments all around.

Mike: Haha, yeah. Hit that lower balance, higher interest card! It’s like snowballing and avalanching at the same time. Best of both worlds.

Logan: I think either the minimum used to be higher on that card and then went down as I paid it down? Or it was the easiest way to transfer my old car payments to a credit card. WE MAY NEVER KNOW. Ugh and here’s the other thing: The two cards that used to have 0% APRS, no longer have 0% APRs.

Mike: Start hitting whatever has the highest APRs next. I think that’s your best bet. So which card have you decided to focus on next?

Logan: Barclay Card.

Mike: Yay! I suspect you’ll get through this one in no time.

Logan: IMPULSE PAY OFF.

Mike: Haha. There should really be an app for that!

Logan is now paying off a Barclay Card, which currently has an APR of 22.99 percent, and a minimum monthly payment of $47.
Nov. 2012 Balance (J. Crew): $240.69, now paid off!
Dec. 2012 Balance (Barclay): $1,642.36

I’m paying off one of my Sallie Mae Private Student Loans, with a current interest rate of 4.5 percent, and a minimum monthly payment of $55.
Nov. 2012 Balance: $1,270.15
Dec. 2012 Balance: 1,190.42

Give us your updates below. As always, if you pay off a debt, email me, and I’ll mail you a personal note to congratulate you.

 

See previous months here.

57 Comments]]> Mike Dang

It’s time to check in with our debt payments again. If you’re joining us for the first time, you can read about our decision to publicly keep track of our debt here.

Mike: Congrats on paying off your J. Crew card! The interest rate on the card was killer, so I’m glad you did it. It’s a wonderful way to end the year.

Logan: I suppose I need to start SNOWBALLING now … but Imma think about that later. How’s Cali??

Mike: Things are nice and slow here! And noticeably more sunny, because there aren’t any high-rises where I am. What is the next card you’re planning on paying off?

Logan: Okay, so I’ve been going over my card balances. And this is silly—I’m not sure why I’m doing this—but I’ve been paying double the minimum on my highest balance but lowest interest card. So I need to do some adjustments all around.

Mike: Haha, yeah. Hit that lower balance, higher interest card! It’s like snowballing and avalanching at the same time. Best of both worlds.

Logan: I think either the minimum used to be higher on that card and then went down as I paid it down? Or it was the easiest way to transfer my old car payments to a credit card. WE MAY NEVER KNOW. Ugh and here’s the other thing: The two cards that used to have 0% APRS, no longer have 0% APRs.

Mike: Start hitting whatever has the highest APRs next. I think that’s your best bet. So which card have you decided to focus on next?

Logan: Barclay Card.

Mike: Yay! I suspect you’ll get through this one in no time.

Logan: IMPULSE PAY OFF.

Mike: Haha. There should really be an app for that!

Logan is now paying off a Barclay Card, which currently has an APR of 22.99 percent, and a minimum monthly payment of $47.
Nov. 2012 Balance (J. Crew): $240.69, now paid off!
Dec. 2012 Balance (Barclay): $1,642.36

I’m paying off one of my Sallie Mae Private Student Loans, with a current interest rate of 4.5 percent, and a minimum monthly payment of $55.
Nov. 2012 Balance: $1,270.15
Dec. 2012 Balance: 1,190.42

Give us your updates below. As always, if you pay off a debt, email me, and I’ll mail you a personal note to congratulate you.

 

See previous months here.

57 Comments]]> http://thebillfold.com/2012/12/lets-all-throw-some-money-at-our-problems-december-check-in/feed/ 57