Tuesday, October 6, 2009

Prosperity Update #1


So one day, I was thinking about my worst credit card and how I was going to keep it from increasing, when an idea occurred to me.  I work for a small business and my boss is a very helpful person.  Almost a year ago my car needed serious repairs and he loaned me a small sum of money to get it fixed.  That situation worked out quite well.  After all he needed me to be able to get to work everyday.  So as I was thinking, the idea, that maybe, just maybe he would help me again popped into my head.  This time it was a larger sum of money.  I was very nervous and thought that I was asking way too much.  I decided to give it a shot.  I had nothing to lose.  I came to him and asked if he could help me with a financial issue that was getting out of hand and showed him the statement.  He was appalled at the 29.5% APR.   Even though I have been recently making payments on time, the balance was climbing up to the $2000 range very fast; especially since my credit limit of $750 had been idiotically maxed out a year and a half earlier (damn interest, past due, AND over the limit fees!!!).  We called up the credit card company and settled the balance for $1,200.  I saved $600 and am now making payments to my boss instead of throwing my money down the drain.

My credit situation is looking better.  Gotta keep on with the positive thoughts!! :)

11 comments:

spldbch said...

Wow -- 29.5% APR! That's absolutely ridiculous. How can a person ever expect to pay off their debt when they are paying that much interest?

You are very lucky to have such a wonderful and invested boss.

plainolebob said...

Man i gotta give you credit that was smart

sahasrara said...

LOL thanks Bob. If I didn't have the nerve to ask I would have been drowning in fees!!!!!!!!!

Sarah said...

where did you find this boss and more importantly, is he hiring???

sahasrara said...

LOL he is a neighbor of one of my bf's friends. Unfortunately hes not hiring LOL

caligirly_24 said...

I just turned 18
and your blog just convinced
me to never get more than
one credit card

davido said...

credit card debt was eating up my paychecks 18 months ago, say dave ramsey on fbn. gave his ideas a try. today, except for mortgage and a surgery bill we are debt free even though my wife lost her job dec 08. we havw alittle left over each month to pay on whats left. paying off those cards freed up over $500 a month. never again will i have a credit card. thanks for the post

sahasrara said...

Caligirly24,

Glad my post could help. i was about that age when i got my first credit card. at first i could handle it, then i stopped working as much and started putting EVERYTHING on it...not a good thing.

sahasrara said...

davido,

glad to hear that you have successfully gotten out of the hole!!

aynzan said...

What a helpful boss you got there!

www.aynzan.blogspot.com

Unknown said...

You are so LUCKY!