week 8: Keep your debt under control
Last evening we discussed ways to reduce debt , freezing our credit due to identity theft and breach of credit bureau. Review your payment obligations and write about 1 – 3 bills that you plan to immediately reduce and the method you plan to use to do so.
.png)
Hello. The class was very informative. Santos was very good and helpful with all the tools to use. Especially freezing our credit. I'm going to work on paying down two bills in November. They are very low balances that I can work with. The method I'm going to use is the snowball method. Eileen gave me the idea to do a spreadsheet and write down the company and the balance that I owe
ReplyDeleteStacy, I agree that Santos's presentation was very good and helpful. May you please explain the snowball method; I am interested in learning about this method. Lastly, creating a spreadsheet is a really good idea! Thank you for sharing this information.
DeleteStacy, it is good to hear that what you have learned you put into action right away, the snowball method. I have been using this and it keeps me in a form of spending control. I have found that I do less spending during the months but also pay ahead to stay ahead. Nice.
Delete****crystal deleon response *****
Deletehello stacy I've never used spreadsheets before in order to tackle the snowball affect. that is really tech savy and a great idea. thank you for sharing
Hello ladies, I obtained a lot of beneficial information from Santos's presentation. For example, the significance of freezing your credit to protect from identity theft and the various methods to reduce debt. I have a couple credit cards that have a high utilization rate that I need to pay. I plan on paying as much as I can of the balance when I make the monthly payment. Another payment obligation I need to resolve is my phone bill. I currently have an almost $300 balance. I plan on paying 75 next week when I get paid. Overall, the presentation this week was very beneficial and informative; and these are the payment obligations I need to immediately reduce.
ReplyDeleteAnnastacia it's good you are taking charge of paying down your credit cards and phone bill. What I do is pay the minimum so I won't be late but then the I go back later on and pay additional money on the account. You will get there in time. It can get discouraging sometimes because I made this debt. The snowball effect is writing down your balance and start working on the smaller amounts and work your way up. It's a great method. So far I paid down a few bills. Just continue to stick to it.
DeleteAnnastacia, I liked the fact that you were very honest on how you did not know the methods of the snowball bill pay. That was helpful to me as well, so I think use building on each others knowledge will keep us focused on the big picture of our long-term goals.
DeleteGood afternoon my fellow Co-Hort's of FinLit., Santos was on point when he explained strategies to build credit. I liked the fact that it can be done in a way that if you start small it can be done in small but effective ingrements. If it is small pay all on time in full. I always thought when I did this I can be causing other things to get out of control, but the key is consistancy. I like that. One other things was not to use all of your credit you have earned in one good credit building card, this was very informative and helpful. My plan is to look at what I have rebuilt as far as my credit worthiness and not to excede the 20 to 30 percent rule of spending
ReplyDeleteSheila your right being consistent is the key. Once you start nothing can stop you. Starting small is a great tool as well. I'm excited for you.
DeleteThis comment has been removed by the author.
Delete*****crystal response to sheila *****
Deletehello sheila, it is important to pay on time its a great way to rebuild your credit.
******crystal deleon post******
ReplyDeletegood evening, I found his presentation informative about how he penny pinches still even if he works at a bank its hard to save money. i thought it was interesting to know that he works with a multimillionaire who acts like he's broke. its important not to invest in materialistic things than credit worthiness. happy to see someone who came from nothing and is able to represent his town and was able to work at a bank in his community. i plan on living within my means and not indulge spending.
I'm paying every 2-week my credit cards that have the higher balance.
ReplyDelete