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10-03-2007, 03:18 PM | #16 | |
Mojo, LilyGrace & Me Donating Member Moderator Join Date: Dec 2005 Location: cuddling with my babies<3
Posts: 17,329
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So.....you are not penalized for borrowing from your 401k? For some reason, I thought you were.....I haven't looked into it. What is the criteria for paying it back...how long do you have, interest, etc. I would love to hear about it.
__________________ Hi I'm Jenn Mom to..... Mojo,LilyGrace & DD Kate RIP Mojo FOREVER in our hearts! | |
Welcome Guest! | |
10-03-2007, 03:21 PM | #17 | |
Luvs Lulu Donating Member | Quote:
__________________ Lulu will always be in my heart | |
10-03-2007, 03:23 PM | #18 |
Donating YT 11K Club Member | I was in debt $5,000 and now i am down to $2,900. I am going to pay the whole balance in a few weeks cause i got lucky with some money and i am so thankful for that. But my CC company put me on a program thing, where i basically told them freeze my CC, so i haven't used it and every month i put in money, $100 or more, whatever i can and they don't charge me interest or anything. The $100 just goes and lowers my debt. I have seen the suzy orman show and its great. I hope you get rid of your debt. I can't wait to be completely debt free!
__________________ Primrose, Teddy..RIP, Livie..RIP, And can never forget my duo Sophie and London, Run in Peace <3 |
10-03-2007, 03:26 PM | #19 |
Yorkie Talker Join Date: Jul 2007 Location: Oregon
Posts: 20
| So.....you are not penalized for borrowing from your 401k? For some reason, I thought you were.....I haven't looked into it. What is the criteria for paying it back...how long do you have, interest, etc. I would love to hear about it.It really depends on the 401(k). The plan document has to allow for loans. The plan administrator should be able to answer this question. Many don't allow for loans or only allow for major hardships, terminal illness,etc. If it is not a loan but a distribution, then the rules apply that I posted before. |
10-03-2007, 03:26 PM | #20 | |
Mojo, LilyGrace & Me Donating Member Moderator Join Date: Dec 2005 Location: cuddling with my babies<3
Posts: 17,329
| Quote:
And....congrats on getting yours paid down!! WAY TO GO!
__________________ Hi I'm Jenn Mom to..... Mojo,LilyGrace & DD Kate RIP Mojo FOREVER in our hearts! | |
10-03-2007, 03:28 PM | #21 |
Mommy's Lil' Miracle Donating Member Join Date: Mar 2007 Location: Mufreesboro, TN
Posts: 1,028
| Credit card companies know that people are being told that they can call and ask for lower interest rates. As soon as you ask the question, the customer svc rep goes to a scripted answer and says that they can't lower the rate. Don't even bother with them, ask to speak to a supervisor instead. And don't give up if they say no, persistance is the key.
__________________ I LOVE my little Furbutts! |
10-03-2007, 03:34 PM | #22 |
Senior Yorkie Talker Join Date: Apr 2005 Location: Linwood, KS
Posts: 249
| Freeze your credit card in a gallon of water. That way you can get to it if you need it but not really easily. You have to wait for the ice to melt to get the card and that gives you time to talk yourself out of the purchase. Another easy way to stop using your cards is to not carry them in your purse. Again you have to go home to get your card and back to the store which gives you time to decide it's not worth it. I too am in the process of paying off my credit cards. There are two recommended methods, you can start by paying off either the lowest balance card or the highest interest card. You pay the most you can on one card and only the minimums on the others. Then when you pay the first one off you role that payment into the next card and so on. It works great but seems to take a long time. |
10-03-2007, 03:38 PM | #23 | |
My hairy-legged girls Donating Member Join Date: Jan 2007 Location: lompoc, ca.
Posts: 12,228
| Quote:
Go to a financial advisor and they will help you. | |
10-03-2007, 03:49 PM | #24 |
Mommy's Baby Doo Donating Member Join Date: Mar 2005 Location: DesMoines ,Ia
Posts: 5,318
| i cut my cards up and am now paying on my cards no more credit cards for me .and i find myself staying home more to keep me from being tempted to spend money it does work .i just paid off capitol one and now working on wal-mart.
__________________ mommy to Lizzie, charliegirl Rip Scrappy doo, Rip Sunday. |
10-03-2007, 03:57 PM | #25 | |
Donating YT 11K Club Member | Quote:
__________________ Primrose, Teddy..RIP, Livie..RIP, And can never forget my duo Sophie and London, Run in Peace <3 | |
10-03-2007, 04:05 PM | #26 |
Donating YT 10K Club Member Join Date: Jul 2004 Location: Alabama
Posts: 17,674
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10-03-2007, 04:21 PM | #27 | |
Aubrey's Mom Donating Member Join Date: May 2007 Location: Georgia
Posts: 9,369
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10-03-2007, 04:35 PM | #28 |
Senior Yorkie Talker Join Date: Jul 2007 Location: Detroit, MI
Posts: 129
| I agree with Wylie's Mom. Suze orman has some great tips for getting out of debt. |
10-03-2007, 04:45 PM | #29 |
Donating YT 1000 Club Member Join Date: Jul 2005 Location: Chicago Suburbs
Posts: 3,306
| Paying off debt is hard but it is so awesome when you are done (or almost done!) Listen to Dave Ramsey and read "The Millionaire Next Door" (from the LIBRARY, not Borders!) I like Suze Orman too.
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10-03-2007, 04:49 PM | #30 |
Donating YT 1000 Club Member Join Date: Apr 2007 Location: Jacksonville, NC
Posts: 1,133
| A lil under 4 years ago, my husband and I had $36,000 in debt. Yes, you read that right. $36,000. We were so close to declaring bankruptcy. Instead, we went to Family Means, which is a program funded by United Way in our area. All of our credit cards were shut down, rates adjusted and we began paying them off. Come Februaryish, we'll be completely paid off. (Save our house, cars etc) So debt management is not always a bad thing. It depends on who is doing it and how committed you are to getting your debt paid off.
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