s2000Junky

It’s a much broader philosophy on banks and financial industry today and how it operates, rather then just my sign up agreement on a credit card. No matter what happens, in the end its the people that get shafted by design, not the financial institutions who take advantage of people/government and the system in which WE have to abide by, not them. Regardless I don’t want to willingly put myself in a position to be powerless anymore then we already are by merely being born into this system as it currently operates.

Heyitsgary

Agreed--- I was worried this conversation was going to turn that way, which I don't think helps your question. I just fundamentally don't agree with one of the comments you made so I wrote my opinion on it.

I don't know your situation and likely won't, so I'll go back to the original question/answer, which I also posted.

Again, good luck with your situation and the decisions you make.

s2000Junky

I agree, and I think it’s shitty we are all on the hook, wile the banks ultimately are not. We subsidize there gains and losses so that they always come out with a profit, wile people with far, far less ability to absorb losses can be put out on the street or owned for life by either their own misfortune or the national debt in which we paid to bail out the "to big to fail banks" gambling on toxic assets, knowingly. Yeah it’s a corrupt and unethical, we live under a rigged system, meant to continue to keep those at the top of the system thriving wile we deal with any of the negative ramifications. If your fortunate to live in a non right to recourse state as I mentioned, you at least have more of a level playing field to do what every big business and bank has been doing since their inception and larger trend in the last decade, which is to let go of your toxic assets, in our case a house. It’s just a "business decision" no different. So I find it confusing when some people want to argue different, in favor of the financial institutions that are just as guilty if not more of creating the toxicity in our economy to begin with. At least I had the option to fight back, and wasn’t put out on the street for it like so many have been. I'm just tired of being willful participate in this financial charade. If cant pay cash for it, I wont have it.

s2000Junky

Thank you.

SlowTeg

Yep.. the banks lost their right to play the morality card after they sucked on the government teat themselves and needed to be bailed out. Anyone who uses "morality" as an argument has their head buried in the sand. Glad to hear things are working out for you. When I purchased my home I did so knowingly with the possibility of losing paper wealth/equity in the near future. Fortunately I've gained quite a bit of equity/paper wealth, but I'm not foolish enough to forget that it's just that, PAPER wealth and can disappear as quickly as it came, whereas too many people think their home is their fortune.

As long as you understand and fully accept that the house always wins (in this case the bank), you can sleep better at night. Our system is corrupt, but what system isn't. The sheep will get sheared is now my mentality, gonna happen one way or another. No sense resisting it.

s2000Junky

Right'o

IrishCarBomb

Had a similar situation with myself. Debt spread across 3 CCs. I agree with the above about paying one card off at a time. It's an awesome/liberating feeling to knock one off the list.

Mr.60trim

@Junky: What's your savings looking like? You may want to consider tapping into that resource to help pay off some debt.

s2000Junky

Yeah I gave this some more thought and decided to pull my second payment from the other two cards and use that to make 4x payment on one with the highest rate and largest balance. That will be paid off in one year now. Then I will move to the next card. At 10% even making the minimum will reduce the principal a noticeable amount in that timeframe so when I’m moving to the next card it won’t be as high as it is now thankfully. I want to be totally debt free by this time 2016.

s2000Junky

Not where I want it to be, ive got $1000 cash in the drawer at home is about all. I think I would feel better just keeping that there. I have allocated $200 a month to be withdrawn from my checking each month to go into savings currently as I would like that $1000 to continue to be added to, but I am considering using that $200 to throw at the debt instead. If I did that, I would pay down the debt even quicker but then I would also remove any cush that I have slowly building for emergency’s or the unexpected, and I am not sure I like that. Last thing I want to do is have to use a credit card again.