Today is a good day

Discussion in 'After Hours Lounge (Off Topic)' started by LanieParker, Dec 13, 2004.

  1. LanieParker

    LanieParker Supporting Actor

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    As of today we are completely debt free! Whooooooot! This is such a great feeling. Bye Bye credit cards. Hello to cash only purchasing!

    I will remember this day forever! LOL!
     
  2. Matt Butler

    Matt Butler Screenwriter

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    Bastards. [​IMG]
     
  3. LanieParker

    LanieParker Supporting Actor

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    You know I have really learned my lesson. Credit Cards are not worth having.... too easy to use and yes while I understand that I am an adult and should have better self control, it's not always that simple.

    School loans, paid off! Our move across country, paid off!

    I just can't even describe this feeling I have right now. I guess it sounds sort of silly, but it's an amazing feeling to be free and out of debt. No more worrying about it anymore.

    We are keeping one card for emergencies ( put away in our filing cabinet) and everything else is going to be paid for with cash!
     
  4. Matt Butler

    Matt Butler Screenwriter

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    Congrats Lanie; seriously. I only have one CC which is close to being maxed and a mild car payment. I want to get a loan to consolidate cause my interest sucks. But that is the only debt I have. I was in trouble a few years ago so this is nothing.
     
  5. ChrisHeflen

    ChrisHeflen Supporting Actor

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    Even though I hate you, I am very happy for you. I think it would be a great feeling to have and one that I think more people should have.

    Good job!
     
  6. LanieParker

    LanieParker Supporting Actor

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    THANKS!

    I think the key is to have a credit card for certain purchases if you don't have the cash on hand( appliance repairs, airline tickets, car rentals) but have a certain limit ($500 being our max). Hide the card away so it's not easy to get to for stupid spending. Pay off immediately!

    I am also going to start making a monthly budget for myself for things like groceries, gas, school needs for the kids. I will not buy anything I don't need. If I don't have the cash I don't need it. Let's hope that works, right?
     
  7. Mike Broadman

    Mike Broadman Producer

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    Congrats.

    I am currently slowly moving towards that goal, and it is tough. Being in debt totally messes up any future plans you want to make.

    It will take me a few years, but I'm determined to one day achieve the same goal.
     
  8. Elinor

    Elinor Supporting Actor

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    Using VISA can be good, too, for doubling manufacturer's warranties when you are not inclined to buy the extended warranty.

    It's good for ex-US (or even in-US) travel, for getting cash from ATMs (and it's so fun to go to an ATM in England and have it spit British pounds at you !!). You get great exchange rates doing it that way.
     
  9. Paul Bond

    Paul Bond Stunt Coordinator

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    Congrats, Lanie!!

    We're 4-5 years away from debt freedom. Putting a son AND a wife through college just threw our financial status for a triple loop. And we are still crawling up out of the hole. But we ARE crawling out.

    Thanks for showing us it can be done.

    Paul
     
  10. Scott Strang

    Scott Strang Screenwriter

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    I know the feeling of paying off one card so I can imagine all debt.

    If you don't mind saying how did you go about it? Don't tell us how much money you make or anything like that. Just the method you used.

    Thanks
     
  11. MarkHastings

    MarkHastings Executive Producer

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    About 8 years ago, I got out of my $25,000 Credit Card debt. It felt SO great and I have not had any debt since.

    It was actually amazing how I was able to do it. It was just a matter of figuring out how much I spend each month (on necessities), sticking to that amount (i.e. not spending more than that amount each month) and putting the rest towards my bills.

    The biggest thing was patience. Most people don't like the notion of having to wait 2 to 3 years to pay it all off, but that's the only way to do it. Stick to it and it gets easier to pay off as the months go by (and the debt gets smaller).

    My GF has a lot of debt and everytime she thinks about it, she gets discouraged and says something like "It's going to take years to pay off" so then she uses that rationale to make other purchses. She figures if it's going to take that long, then what's the point in trying so hard to pay it off [​IMG] That's what'll keep her in debt.
     
  12. Ron-P

    Ron-P Producer

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    Congrats Lanie, there is no better feeling.

    We paid off our CC's about 3 years ago and have lived without them since. The only debt we have now is my wife's Toyota Sienna and that will be paid off in 4 months. We're making $1,500 a month payments on it until it's ours.

    Once the van is paid off, no more debt at all, nothing, nada, zilch, we'll be 100% debt free. No mortgage, no cars, no CC's, nothing!

    Again, congrats, enjoy your new found freedom.
     
  13. John Alvarez

    John Alvarez Screenwriter

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    No mortgage....How sweet that would be...
     
  14. JustinCleveland

    JustinCleveland Cinematographer

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    Bravo! I'll be in the same position in about... 20 years, barring acceptance to grad school. Why, oh why, did I go to a private college...
     
  15. Scott L

    Scott L Producer

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    Good work Lanie and Mark. Whenever I save up enough I always end up buying another toy rather than putting it towards to my 2 CC's. I'm slowly changing this but it's hard!

    Nice thread to bring up around Christmas btw, lol. :p)
     
  16. LanieParker

    LanieParker Supporting Actor

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    Debt consolodation. The best way to go. Puts everything in one place and you can usually get a really good rate.

    For those of you trying to get out of debt, it is possible and don't let it get you down if you have a lot of debt.

    I still have a mortgage, so I guess I am still in debt to the bank who owns my house, but I am just happy that my CC's and school loans and my move across country are paid off!
     
  17. Jim Sentry

    Jim Sentry Stunt Coordinator

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    Hey

    Great on paying off your debt. But, Please continue to use your charge cards.

    Pay them off every month and you will build a high credit score which will give you the best interest rate when it comes time to finance something.

    I wish I knew back then what I know now.

    signed: A Mortgage Broker and a Real Estate agent
     
  18. Matt Gordon

    Matt Gordon Supporting Actor

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    Congratulations to all those who have become debt-free! I'm on my way myself! ...but it'll be a while!

    If anyone aspires to be debt-free, I can't recommend this book highly enough:

    The Total Money Makeover , by Dave Ramsey



    With all due respect, bull.

    If you're going to live debt-free, you won't be financing anything, anyway. You know, people can actually pay cash for cars. I recently did, for a Mercedes.

    As far as mortgages, people can easily qualify for Class A paper as long as they've lived right, meaning:
    • You've paid the landlord early or on time for two years.
    • You've been in the same career field for two years.
    • You have a good down payment.
    • You have no other credit, good or bad.
    • You are not trying to take too big a loan.

    A quality mortgage professional will get you into a home if he or she knows how to do actual underwriting, not just looking at the Beacon score (lending for dummies).

    signed: An educated consumer. [​IMG]

    PS: I, too, wish I knew then what I know now! Seems to be a lot of that going around!
     
  19. LanieParker

    LanieParker Supporting Actor

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    I agree, you don't need to use credit cards to get a good credit score. I am done with credit cards. No more will I be using them for purchasing anything other than car rentals and airline tickets and they will get paid off immediately!

    It's been really freeing these last few days I must say. I feel more in control of my spending and finances than I have in years.

    The thing is, it even crosses over into my entertainment spending.... if there was a new movie or dvd or cd I wanted I always just bought it (not always, but alot of the time) and now I am looking at things and thinking, " I don't need it, I can live without it". If it's not groceries or gas for the car or school supplies for the kids, I am not buying it.


    I mean think about it, if you were like me and used your card for most purchases.... you are still paying on that $15 dvd or that $30 dinner from X restaurant years down the road.... EEEEK! That is crazy to me. My new rule is if I don't have the cash in hand for it, DO NOT BUY IT!
     
  20. Timon Russo

    Timon Russo Stunt Coordinator

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    Count me as another fan of credit cards. The convenience and protection are the obvious benefits. And since I have always paid it off monthly (I have one, my wife has one), and never carried a balance, I haven't had the problems some people seem to have. What amazes me is that everyone seems to come to the conclusion that its the credit cards that are the problem with their financial situation.
     

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