Category Archives: debt

Time is worth something… not debt

I am facing a slight quandry. Recently, my employer relocated to a new building and it has lengthened my commute from 45 mins to 1 1/2 hours. Right now, I leave the house at 6:45 am and I do not get home until almost 6:20 pm (that is if all trains and buses are on schedule – I take 3 trains and 1 bus).

Someone said I should just borrow the money to buy another car. I thought about it and realized that wasn’t a smart idea. I would be trading my time for debt and I think that my time is more valuable than debt (especially debt on a depreciating item that loses value) Sometimes, I wish that I had another car but I am also thankful not to have the car payment to go along with the other car. It gets discouraging when your train or bus is late because then it has a domino effect.

We recently completed Financial Peace University at our church and it has transformed our financial life. We are working our plan to get out of debt and I have to remind myself that I need to keep going and not get derailed. Getting out of debt is a process not something instantaneous.

We have survived almost three years having one car. I think we can make it another year or so and get our debt paid and be able to save up money to pay cash for a car.

Time is money and it is a valuable commodity, just not worth trading it for debt.

Wells Fargo hates consumers!

I have been a Wells Fargo customer for over 7 years now.  I have several accounts with them (checking, savings, etc).  I have been fairly satisfied with them until today.  I recently received a letter from them telling me that the interest rate on my credit card was going from 4% to 20%!   This is appalling.  I have never been late on a payment in 7 years. My credit is great.

WF took bailout money from the government, see here.  The agent that I spoke told me emphatically that WF did not take bailout money from the government.   I guess when the taxpayer helps you out, you reward them by giving them default like interest rates to good customers who pay their bills on time.  This agent told me that there was nothing that could be done.  I had no choice but to close the account.  I had moved some other high interest debt on this card in an effort to pay it down because WF was giving me a great interest rate and they were fair.   Now, we have a lying agent who argued with me regarding WF taking bailout money and she did absolutely nothing to help.  All she could say was “I’m sorry”.  That is customer-no- service!

I will be looking for another bank, I have never been so disgusted in my life.  I used to recommend people to WF because they were a good and fair bank.  Now they have turned ugly.

Dave Ramsey and Clark Howard are right about Wells and other big banks…

If they had raised it from 4 to 8,9, or 10 % this would have been reasonable and I could have lived with it, but 20%! Unbelievable!  They are on-par with the payday lenders!

If anyone from Wells Fargo reads this, I challenge you to make this right…. I do not think that you will.

Getting closer

I know that I have not said much about our journey to being debt-free lately. I just authorized a large payment that will payoff one of our credit cards. The payment will go out Monday and I just shredded the card a few minutes ago (even though I have not used it in a while). We still have 3 cards to go. We are using the Dave Ramsey debt snowball method to pay off our debts from smallest to largest. The way I was able to send a large payment to pay this card off first was from a sale of some stock that I had inherited from my mother. We still have a long way to go, but little victories like this are nice along the way!

Confession is good for the soul

I have been struggling with debt in recent years. It is all mine from before our marriage. I am not acquiring any new debt, but just trying to get what I have paid off. I have been reading a few personal finance blogs, listening to the Dave Ramsey Show, and in process of trying to find the best method for dealing and getting out of debt, I came across the No Credit Needed Network
I really do not talk about it much, but felt like I needed some accountability.

NCN as he is known on his blog has an incredible story about getting out of debt and how he has stayed out of debt. You can read about his story on his blog No Credit Needed Blog.

I have submitted a chart for creation on his website to help motivate me with regard to getting out of debt.

I am hoping to be out of debt soon and maybe I will call the Dave Ramsey Show and get to scream that “I AM DEBT FREE”

Here is a question to ponder:

What would our economy/society/culture be like if we were out of debt? How would things be ?

I have asked this question to different people and have received some surprising and different answers.