Author Topic: Debt Free!!!  (Read 8494 times)

Offline derajer

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Debt Free!!!
« on: June 02, 2009, 10:17:53 AM »
I just wanted to share, with someone else who understand the significance, that I just made my last payment, on my last loan. The only monthly bills I have now are Rent, power, and phone.

Now to start saving and looking for a BOL so I can bury myself in debt again.

Offline Klapton

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Re: Debt Free!!!
« Reply #1 on: June 02, 2009, 10:25:49 AM »
Congratulations!  I'll be able to make the same declaration very soon.  I'll come back here and celebrate with you then.

ldjo225

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Re: Debt Free!!!
« Reply #2 on: June 02, 2009, 11:23:48 AM »
That's great news! Congratulations.

Offline “Mark”

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Re: Debt Free!!!
« Reply #3 on: June 02, 2009, 01:19:21 PM »
Congrats!

I hope to be there in about two years.

Offline Louisiana Suvivor

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Re: Debt Free!!!
« Reply #4 on: June 02, 2009, 01:28:11 PM »
grats! feels great eh?! i payed off my debt last month. i only pay rent cable/phone electric and insurance now too. it's awesome!

Offline The Wilderness

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Re: Debt Free!!!
« Reply #5 on: June 02, 2009, 01:30:03 PM »
I just wanted to share, with someone else who understand the significance, that I just made my last payment, on my last loan. The only monthly bills I have now are Rent, power, and phone.

Now to start saving and looking for a BOL so I can bury myself in debt again.

Good for you!  Definite plus 1.

Know keep it that way ;)

The Wilderness

Offline derajer

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Re: Debt Free!!!
« Reply #6 on: June 02, 2009, 01:33:18 PM »
I hope to buy a BOL in the next year or two, so I'll be back in debt then, but not the superbad kind.

One thing I am trying to decide about is my credit card. I haven't ever really carried a balance on it and it is nice to be able to get a quick "micro-loan" if I have some sort of emergency. On the other hand, part of me would feel much better if I didn't have a credit card at all.

What do you guys think?

Offline Louisiana Suvivor

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Re: Debt Free!!!
« Reply #7 on: June 02, 2009, 01:40:26 PM »
Jack gave his opinion on it. he said that it was really our call but he keeps one.....but i think he then said he was going to cancel it. so i got nothing. i don't have one.

Offline fritz_monroe

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Re: Debt Free!!!
« Reply #8 on: June 02, 2009, 01:50:55 PM »
I will always have one unless they start to hit me with an annual fee.  I have the will power, but my wife isn't as good at keeping it in her wallet.  I'll have to keep one with just my name on it or our balance will start growing again.


Offline Louisiana Suvivor

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Re: Debt Free!!!
« Reply #9 on: June 02, 2009, 01:52:51 PM »
I will always have one unless they start to hit me with an annual fee.  I have the will power, but my wife isn't as good at keeping it in her wallet.  I'll have to keep one with just my name on it or our balance will start growing again.



im pretty sure his might have had a annual fee so he just dropped it. if it doesn't it's not hurting you :)

Offline Klapton

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Re: Debt Free!!!
« Reply #10 on: June 02, 2009, 01:53:21 PM »
I was considering getting rid of all our credit cards, simply because I HATE the CC companies so much.  But I sometimes travel for work, and having a credit card for car rentals makes life easier.

Offline “Mark”

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Re: Debt Free!!!
« Reply #11 on: June 02, 2009, 01:59:41 PM »
It also makes staying at hotels much easier.

Offline product85

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Re: Debt Free!!!
« Reply #12 on: June 02, 2009, 02:29:25 PM »
I hope to buy a BOL in the next year or two, so I'll be back in debt then, but not the superbad kind.

One thing I am trying to decide about is my credit card. I haven't ever really carried a balance on it and it is nice to be able to get a quick "micro-loan" if I have some sort of emergency. On the other hand, part of me would feel much better if I didn't have a credit card at all.

What do you guys think?

I would think that keeping it even for just enough time to allow you to save enough money that you could use for a personal bailout,You might have an emergency car repair or another sort of emergency that costs more than you have on hand.. Once you can cover yourself that way i would then re-evaluate where or if there is a place in your life for a CC. Congrats!!

Offline TrashCanMan

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Re: Debt Free!!!
« Reply #13 on: June 02, 2009, 02:44:12 PM »
I need a credit card for business expenses.  Some months I can spend 10K USD on expenses so I use the card and my company reimburses me at the end of the month and I collect the loyalty reward points which equates to a few european flights a year :)  It gets paid in full with no interest as it has 56 days interest free period.

Offline RonH2K

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Re: Debt Free!!!
« Reply #14 on: June 02, 2009, 08:08:54 PM »
+1!  Congratulations!  An awesome achievement!

As a Dave Ramsey, Financial Peace "graduate", there is one thing I was able to frustrate my group leader with about keeping a credit card.  Aside from the convenience and protection when used for online purchases, travel, and at gas stations... ...I found one clear-cut advantage that no known debit card can match.

You see, I have a good deal of electronic goodies.  Gaming system, flat screen TV, PDA, Smart Phone, laptop, AV system, etc.  The credit card I currently have doubles the manufacturer warranty of items purchased with the credit card, at no charge.  There is no annual fee for my credit card either, so I'm in no way paying for this benefit.

So, buy a TV with a one (1) year warranty and it breaks in 14 months, call the credit card company, fax them the receipt, and they setup the repair.

 8)

Goatdog62

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Re: Debt Free!!!
« Reply #15 on: June 02, 2009, 08:24:27 PM »
Congratulations. Debt free makes you a happier person, I can't be convinced otherwise.

I have yet to encounter an issue using a debit card in place of a credit card. I travel more than most. Most perks really aren't worth it, IMHO. The "perk" of watching my savings grow has been "reward" enough. I could easily be convinced that credit card companies are evil.

Offline Klapton

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Re: Debt Free!!!
« Reply #16 on: June 02, 2009, 08:36:34 PM »
Congratulations. Debt free makes you a happier person, I can't be convinced otherwise.

I have yet to encounter an issue using a debit card in place of a credit card. I travel more than most. Most perks really aren't worth it, IMHO. The "perk" of watching my savings grow has been "reward" enough. I could easily be convinced that credit card companies are evil.

Have you managed to do Car Rentals with a debit card?

Goatdog62

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Re: Debt Free!!!
« Reply #17 on: June 02, 2009, 08:57:21 PM »
Have you managed to do Car Rentals with a debit card?

Yes, less than two months ago rented one in New Hampshire for 8 days.

It helps to be a member of the various travel clubs like AAA and Good Sam. It also helps to reach the point where you are "Gold" or "Elite" status with rental car companies, hotels, airlines. No credit card needed for that either. Just have to use them whenever you use that type of service and eventually you'll reach that level. Not snobby crap, just good for discounts, preferred seating, bypassing rental counters, etc.

Anyway, here's the policy at Hertz;

Q: Can I use my Debit Card or Bank Card to reserve a Hertz car?
A: At most Hertz locations, debit cards (sometimes called check cards) issued under a VISA or Mastercard logo which draw funds directly from the cardholder’s account may be used to qualify for rental. However, prepaid or stored value cards which have a VISA or Mastercard logo are not accepted to qualify for rental. Debit cards must have available funds for the estimated amount of the rental charges plus a reasonable amount to cover any incidental charges in order to secure the rental. Both debit cards and prepaid or stored value cards issued under a VISA or Mastercard logo may be used as a form of payment when you return the vehicle. Please contact your local Hertz Reservations Office if you have a question about whether Hertz will accept a certain card.

Avis;

Debit Card Policies

Avis reserves the right, in its sole discretion, to seek a Debit Card authorization hold in excess of the estimated rental charges. When using a debit card at Avis there may be a minimum hold of $500 and a maximum hold of the estimated rental charges will be placed on your account.
Upon returning the vehicle, Avis will process a release of the unused portion of the hold subject to your Bank’s procedures. The hold may take up to 2 weeks to be released by your bank.

Budget;

If you’re using a debit card at a location that accepts them, we’ll require a hold of total estimated charges plus 25% or $300, whichever is greater. However, for insurance/service replacement rentals and tour rentals, the minimum debit card authorization hold is $100. At select locations in the Northeast and North Central regions, the minimum authorization hold is $500. Renters under 25 years of age may not use a debit card.

At some locations, debit and pre-paid charge cards are not accepted at time of rental but are accepted for payment at time of car return.

National and Enterprise are more restrictive.

Also I found this a moment ago;

Summary:
Almost every major rental car agency WILL allow you to reserve a car using a debit card. Most, however, will place a “hold” on your debit card in the amount of the full rental price plus, in some cases, a pretty healthy deposit percentage. Some rental agencies do not accept debit cards for reservation or have very strict policies. As for PAYMENT, however, almost ALL of the companies WILL accept a debit card as a method of payment when you RETURN the automobile. So, for now, perhaps the best way to rent a car is to either:
A) Reserve the car with a company that allows you to use a debit card. If yo do this, be sure that you have sufficient money in the bank to cover the entire rental fee and a rental ‘hold’ that the rental agency will no doubt place on your card.
B) RESERVE the car using your credit card and PAY for the car rental using cash or your debit card. (As I’ve stated before, I did not cut up my credit cards, and I carry one with me wherever I go. If pressed, for the safety and security of my family, I would use a credit card to reserve a rental car and pay cash whenever I returned the car.)






Offline Klapton

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Re: Debt Free!!!
« Reply #18 on: June 02, 2009, 09:03:53 PM »
Thanks for all the info.  I don't travel for work all that often (once or twice a year at most), so the gold member stuff probably won't ever happen.  I'll probably keep at least one CC just to avoid the hassle in the future.  I've got good control over my spending, and don't have any kind of credit card "habit."  My current debt is Mortgage and Car, which will both go away as soon as I sell my current home.

Offline derajer

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Re: Debt Free!!!
« Reply #19 on: June 03, 2009, 10:15:43 AM »
I always have more money in the bank than what I have for a credit limit, so there's nothing significant as far as that goes.

I don't have any perks.

I have a company credit card for all of those expenditures.

I have never rented a car, but I could see that being a possible need.

Offline nikki1843

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Re: Debt Free!!!
« Reply #20 on: June 03, 2009, 10:31:05 AM »
Congrats on being debt free!!

Offline BerserkerPrime

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Re: Debt Free!!!
« Reply #21 on: June 03, 2009, 10:31:32 AM »
Dude that is momentous!  Huge weight off the shoulders and allows you to prep and save live never before!

As far as credit cards go, we opted to keep one for internet purchase purpose.  I could not shake the unease of using our debit card on the net.  99% of the time I use cash and cash only.  The CC never carries a balance.  

Good luck and keep that momentum going, it's contagious. Plus you can really rage at the Gov for not balancing the books when you and your family do.

Congrats!  
Berserker Prime

Offline NightOwl

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Re: Debt Free!!!
« Reply #22 on: June 10, 2009, 09:34:04 AM »
+1 to derajer for paying stuff off.  Now we just need to get Congress on board with the idea.

No debt here either.  No credit cards.  Rental cars are a nuisance, but if you keep some extra money in the bank then a deposit hold isn't a big problem.  We did have at least one occasion where we had to say bye-bye and walk to another rental car counter because they didn't like debit cards.  Their loss.

Offline fngrlickingood

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Re: Debt Free!!!
« Reply #23 on: July 12, 2009, 07:33:56 PM »
You see, I have a good deal of electronic goodies.  Gaming system, flat screen TV, PDA, Smart Phone, laptop, AV system, etc.  The credit card I currently have doubles the manufacturer warranty of items purchased with the credit card, at no charge.  There is no annual fee for my credit card either, so I'm in no way paying for this benefit.

So, buy a TV with a one (1) year warranty and it breaks in 14 months, call the credit card company, fax them the receipt, and they setup the repair.

RonH2K, I must have been living under a rock for the last 10 years. I had no idea some credit cards did this. Do tell more :)

Offline fngrlickingood

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Re: Debt Free!!!
« Reply #24 on: July 12, 2009, 07:36:59 PM »
I need a credit card for business expenses.  Some months I can spend 10K USD on expenses so I use the card and my company reimburses me at the end of the month and I collect the loyalty reward points which equates to a few european flights a year :)  It gets paid in full with no interest as it has 56 days interest free period.

That's the way to do it TrashCanMan! I used to have a company that did a similar thing and it was great! I don't work there anymore but for anyone who has this option to charge company stuff/travel to a card in your name, pay everything off 100% every month, and get the points/cash back, do it!

Offline fngrlickingood

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Re: Debt Free!!!
« Reply #25 on: July 12, 2009, 07:40:02 PM »
I just wanted to share, with someone else who understand the significance, that I just made my last payment, on my last loan. The only monthly bills I have now are Rent, power, and phone. Now to start saving and looking for a BOL so I can bury myself in debt again.

CONGRATULATIONS derajer! It must feel amazing to be debt free, way to go!

Offline RonH2K

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Re: Debt Free!!!
« Reply #26 on: July 13, 2009, 06:09:33 PM »
RonH2K, I must have been living under a rock for the last 10 years. I had no idea some credit cards did this. Do tell more :)

http://www.creditcards.com/credit-card-news/card-member-benefits-visa-warranty-manager-1268.php

This article mentions sending the receipt in to activate, that's usually optional.  My card allows me to send it in only when there's a problem and I need to activate the insurance.  Doing it ahead of time only speeds things up.  In this world of overnight mail, though, not a big deal to me.


Offline fngrlickingood

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Re: Debt Free!!!
« Reply #27 on: July 13, 2009, 10:40:42 PM »
http://www.creditcards.com/credit-card-news/card-member-benefits-visa-warranty-manager-1268.php
This article mentions sending the receipt in to activate, that's usually optional.  My card allows me to send it in only when there's a problem and I need to activate the insurance.  Doing it ahead of time only speeds things up.  In this world of overnight mail, though, not a big deal to me.

Thanks RonH2K, I am totally going to use this!

Offline Nadja*isk*en*isk*ie

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Re: Debt Free!!!
« Reply #28 on: July 30, 2009, 03:24:50 PM »

One thing I am trying to decide about is my credit card. I haven't ever really carried a balance on it and it is nice to be able to get a quick "micro-loan" if I have some sort of emergency. On the other hand, part of me would feel much better if I didn't have a credit card at all.

What do you guys think?

I have a credit card with a $500 max limit on it. Useful for paying for stuff over the internet (mainly my monthly gaming fees and utility bills).  I always pay the total balance by the end of the month + it it very difficult to get myself into financial strife using a card with such a low max balance. The only problem with the card is receiving nearly weekly requests to increase my limit.

Credit cards are neither good nor bad - it's the person misusing them that is the problem (the same principle applies with guns, baseball bats and cherry flavoured candies). 

Offline LvsChant

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Re: Debt Free!!!
« Reply #29 on: July 30, 2009, 06:33:16 PM »
Nadja*isk*en*isk*ie: Welcome to the forum!

I recently cancelled a credit card we had for 14 years because they refused to drop the credit limit below $5K... crazy, huh? The $500 max sounds good for rental car stuff...