Getting out of debt one kitten at a time
“When I first started tracking my spending, for example, I discovered that 70% of it was going towards eating out. In one final move of disgust, I wanted to kill myself by buying a bag of cheetos and stuffing every single morsel in my mouth at once. I would then ask Alanis Morrisette to give my eulogy, during which time she would learn the actual meaning of irony.”
Consumer credit card debt in the states is rising fast - too fast:
“The annual growth rate has now been over 7 percent for three months running, the first such stretch since 2001, when a recession was driving up borrowing by hard-pressed consumers.
The surge in credit card borrowing comes as credit card default rates are gradually rising, albeit from low levels, and may reflect the fact that it has become harder for consumers to borrow against the value of their homes, both because home values have fallen in many markets and because mortgage lending standards have tightened.”
Some interesting discussions this weekend on just how intense is too intense when trying to be Dave Ramsey gazelle intense.
Gather Little by Little: “My kids are growing up fast, every minute with them counts. There are things I want them to remember, experiences I want them to have. Sure 2 years in the scheme of things isn’t a large amount of time, but 2 years of my children’s lives are.”
Mrs Micah: “I value being sane. Wanting to get out of debt is part of being sane, but so is not being completely miserable at my job because it pays more.”
Wow. People in Toronto spend 45% of their incomes on housing! And that’s considered an improvement over the 60% they were spending before the 1990’s housing crash.
“A lack of affordability led to the 1990 housing bust in Toronto. At that time, the average Torontonian with a detached bungalow was spending just over 60% of his income on housing. Right now, Torontonians are spending about 45% of their incomes on housing. In Vancouver, owners of detached bungalows spend an incredible 71% of their incomes on housing, while in Calgary they spend 45%, and in Edmonton 42%.”
This is wayyyy more than the Dave Ramsey recommended amount of 25% on housing.
The 2007 Dorfman Robot Portfolio (Canadian version) didn’t do so hot this last year. Which just goes to show that by the time everyone has heard of some great, simple stock picking strategy it’s probably headed for a bad year.
“By mid year they were boasting an over-all return of 29.6 per cent, counting the dividends. But the market became volatile as the world fretted about a possible recession, and many of our stocks crashed with a thud.”
I’ve Paid For This Twice Already shows that just asking for something and expecting more from your credit card company and the other vendors in your life can pay off:
“My becoming more assertive, starting with that call to my credit card, has really served me well. Let it serve you well too. If you are paying interest on a credit card that you carry a balance on - call them today and ask for a reduction. You have nothing to lose and a potentially incredible amount to gain.”
” I always have people telling me that $1 million is ‘not that much’ whenever I write about saving to reach $1 million. While it’s true that $1 million is not what it used to be (nothing is), it’s also not chump change. Having $1 million is puts you in the top few percentages of people in the U.S., so it’s more than most people have (including, probably, those people that make the ‘it’s not that much’ comments.)”
Lots of people suggest freezing your credit card as a way to make it more difficult to use. The shame of being up at 1 AM waiting for it to thaw is supposed to be enough deterrent to keep us on track.
It’s an ok idea but I have a better one. Just cut up the card.
I know, I know what if you NEED it later. Well, if you need it later just call the credit card company and they will send you a replacement.
Simple. And frankly, almost too easy.
If not having the card in your wallet causes you to order a replacement in under a week, however, you probably have a problem and you have no choice but to cancel the damn thing.
Why Married People are Richer - Dual Income No Kids
Money Management is Simple: Don’t Listen to the Noise - Online Savings Blog
Loonies and Sense - (proposing to his love in 2008!) Now that’s a good goal!
Trying to Figure Our Net Worth - DebtFREE Revolution