Saturday, July 24, 2010

Thanks for the Stupid Advice Captain Obvious

Number one of which is "Don't Pay Minimum Payments on Your Credit Card." I'm sick of hearing dumb stuff.
From "How Life Works," (Thanks Captain, I did not know that):
"Beware of just paying the minimum payments on your debts. This will results in your overall debt actually growing and your problems will only become worse."
Oh really?! While I was unemployed I went out and bought a big screen TV, instead of paying double payments on my credit cards.

No you insufferable moron, there was less money coming in and I'm paying it out in the most grudging fashion possible, so I'll have enough for next month's payment, and to eat. Furthermore, I don't know what Credit Card you have Rich B&^*&+, but mine, as bad as it's terms are, actually pays down a few dollars every time I make a payment. Maybe yours has a tempting "pile on your debt" feature low payment, but mine doesn't. Why is it I always feel like I'm getting debt advice from people who have money socked away?  By the way, I used my credit card for food, gas, car insurance payments and phone bills.

The benefits of making minimum payments are; I make SOME progress on my debt, they don't charge me off and ruin my credit>  Another thing to consider is; I don't just owe money on my credit cards. My debt is several instruments, some of which are lower interest but higher payment installment loans. My debt continues to plummet. Thank you. Imagine what happens when that $694 payment goes away next year. Imagine what happened when I paid that last $538 payment this month?
"Beware of relying on friends and family as it could damage relationships with the most important people in your life."
Yes, I didn't know that either. So you don't want me to do the following two things?
"Beware of unscrupulous credit counselors that demand cash upfront or high fees for help they promise, but don't deliver."
No kidding, those are scams? You mean they advertise all the time everywhere with the money they don't make off my unfortunate circumstance?
"Avoid taking out a new high-interest loan to pay off lower interest rate loans. It may be easier to just have one payment but it will actually increase the amount you have to pay back."
Really? That actually saved my butt once (ok three times), and yes, I paid it (them) off as fast as I could.
"Declaring bankruptcy when debt settlement may work for you..."
This isn't half bad. It's called "Be your own Credit Counseling Service." Credit card companies often will take part of the pie and call it a day, usually with some attendant notation to your credit file that isn't positive, and lasts for 7 years. Oh wait though, that's just like Chapter 13 bankruptcy.

All in all though, I'm supposed to avoid credit counseling and taking money from friends, and I'm supposed to avoid bankruptcy while not paying minimum payments on credit cards and I'll be fine.

Again, thanks Captain Obvious, I did not know that. I'll just dip into my savings and pay off that irksome card and I don't have any more debt problem. Or I'll shaft them with partial settlements, breaking my written word to them. That'll save me from making myself odious to relatives, and going bankrupt.

Now, for some GOOD advice:

Monocle Smile!

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