Last payment of debt vol: sallie Mae? FDB

handullz

handullz

4,150
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Oct 30, 2009
Famb

Debt free. Felt like a load of my shoulders when I hit submit.

The way I did it was finesse intro rates on credit cards.

They were giving me 18 months interest-free, so I'd get a new card, pay the higher interest rate loans (since they're grouped) off and just beat the **** out of the principal on the credit card before the trial was up.

Did it across 7 or 9 cards.

Had spreadsheets and calendar reminders to keep up with payments and when the trial period ended.

Missed three or four payments when things got tough which hurt my score, but the amount of payments between all the cards (7+) means my % of on time payments was still looking good


I do okay income wise, but live below my means. I still drive my impala with 200k while all my associates have Porsches or higher end common cars.

You can do it. Just takes patience.

Once I got rid of all my credit cards and student loans, it just feels like I got a raise because a fourth of my check just got freed up for me to use.

Any other tips on attacking debt?
 
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Almost there with my student loans, only 1 more to go :pimp:

Basically had 4 loans. When I payed off the loan with the lowest balance, I'd take that monthly payment and add it to the monthly payment of the next loan with the lowest balance (paying it down faster than if I were to continue doing the minimum payment).

When THAT loan's balance is low enough, I pay it off and repeat the process on the next loan with the lowest balance.

Idk if it makes sense or not when I type it out lol.
 
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Congrats bro that's major. I went Student Loan debt free back in September. I dont have any real advice, the real key for me was getting a new job which afforded me the luxury to attack my loans aggressively. I did refinance my loans twice however, which was a huge value add and something I would recommend everyone look into. When I graduated my blended rate was around 8.5% which is insane, through refinancing I brought it down to 5.375% which is still bad, but better than where it was at before? In your case did paying Student Loans with credit cards charge a fee? In a lot of cases its about 1% of the amount that's owed if not that's major.

My only real advice to tackle debt is to not take on any debt. Post student loans, a house would ideally be the only thing I'm ever in debt for again in life. I live my life by the tenet of  "If I cant afford it cash, then I dont deserve to have it". To that end I have never paid a cent of credit card debt and dont ever plan to. This rules out car loans but I also have a hard price limit on a car which I've never exceeded, but could potentially raise later down the line. 
 
JVII said:
Almost there with my student loans, only 1 more to go :pimp:

Basically had 4 loans. When I payed off the loan with the lowest balance, I'd take that monthly payment and add it to the monthly payment of the next loan with the lowest balance (paying it down faster than if I were to continue doing the minimum payment).

When THAT loan's balance is low enough, I pay it off and repeat the process on the next loan with the lowest balance.

Idk if it makes sense or not when I type it out lol.
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The snowball method, I'm doing that now :pimp:
 
Antidope said:
Congrats bro that's major. I went Student Loan debt free back in September. I dont have any real advice, the real key for me was getting a new job which afforded me the luxury to attack my loans aggressively. I did refinance my loans twice however, which was a huge value add and something I would recommend everyone look into. When I graduated my blended rate was around 8.5% which is insane, through refinancing I brought it down to 5.375% which is still bad, but better than where it was at before? In your case did paying Student Loans with credit cards charge a fee? In a lot of cases its about 1% of the amount that's owed if not that's major.

My only real advice to tackle debt is to not take on any debt. Post student loans, a house would ideally be the only thing I'm ever in debt for again in life. I live my life by the tenet of  "If I cant afford it cash, then I dont deserve to have it". To that end I have never paid a cent of credit card debt and dont ever plan to. This rules out car loans but I also have a hard price limit on a car which I've never exceeded, but could potentially raise later down the line. 
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Who did you refinance through if you don't mind me asking?
 
Congrats. I'm a few years away.

To those who refinanced, how did you go about it? I've been looking into consolidating my loans.
 
carbon16 said:
 
Antidope said:
Congrats bro that's major. I went Student Loan debt free back in September. I dont have any real advice, the real key for me was getting a new job which afforded me the luxury to attack my loans aggressively. I did refinance my loans twice however, which was a huge value add and something I would recommend everyone look into. When I graduated my blended rate was around 8.5% which is insane, through refinancing I brought it down to 5.375% which is still bad, but better than where it was at before? In your case did paying Student Loans with credit cards charge a fee? In a lot of cases its about 1% of the amount that's owed if not that's major.

My only real advice to tackle debt is to not take on any debt. Post student loans, a house would ideally be the only thing I'm ever in debt for again in life. I live my life by the tenet of  "If I cant afford it cash, then I dont deserve to have it". To that end I have never paid a cent of credit card debt and dont ever plan to. This rules out car loans but I also have a hard price limit on a car which I've never exceeded, but could potentially raise later down the line. 
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Who did you refinance through if you don't mind me asking?
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Llerraj said:
 
Congrats. I'm a few years away.

To those who refinanced, how did you go about it? I've been looking into consolidating my loans.
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I refinanced through Earnest.

https://www.earnest.com/

The second time I refinanced I spent a good amount of time looking into lenders that were offering good rates and settled between Earnest, Sofi, Commonbond, and First Republic. Those four places are offering the lowest rates out of anyone that I came across in terms of student loan refinancing. To  apply you need to put in a lot of your personal info including bank account balances and the like but its a soft pull.

What I liked about Earnest was that they had a lot of flexible payment arrangements available. Once I got approved I was able to set my monthly minimum (which then altered the rate I got), if I paid more than the minimum my required minimum went down, and after six months of payments I was able to apply for a new rate if I wanted. 

I very much enjoyed my experience with them. 

I have a referral code that gives you $200 if you guys end up rolling with them.
 
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@Antidope  I'm with you I've gotten to the point where I see no point to have any credit cards . Charge cards are fine if you are disciplined , because you have to pay it off in full every month , so no debt no interest. Once my cards are paid off I'm cancelling all of them except my AMEX. 

Then I will start paying more on my student loans.

I am also curious how much you paid in fees doing all of those BT most require you to pay a 3% fee.

Would have been great if you didn't miss any payments, but its all good. 7 years til they fall off.
 
I still use my credit card as a pseudo debit card. No point in using your debit card for anything it adds no benefit.
 
Antidope said:
I still use my credit card as a pseudo debit card. No point in using your debit card for anything it adds no benefit.
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Personally I'd rather use my charge card. It get points too. 3x 2x 1x on categories and bonus offers.
 
Only took out like 5000 in loans. And that's because I wanted more financial aid. Went to a CC, transferred and I was considered an independent by then so my financial aid took care of everything. Folks have to learn more about community colleges.
 
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Ricky papi flourishing. 
nthat.gif
 
Checklist4aCloz said:
This...if only I knew. When I was going to school there was a stigma around cc.
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People looks down on CC's for some reason. I went and transferred and now I'm pretty much being paid to go to college. Getting grant after grant.
 
tay1 said:
People looks down on CC's for some reason. I went and transferred and now I'm pretty much being paid to go to college. Getting grant after grant.
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Same ones who fell for the American dream and went to a private college with 6 figures of debt making 35K/yr.

CCs are great. Cheap and for most you get to transfer into the top schools guaranteed admission with 3.5 GPA.
 
Antidope said:
I still use my credit card as a pseudo debit card. No point in using your debit card for anything it adds no benefit.
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This is how I do it, have two credit cards that I use as debit pretty much. Have never paid a dime of interest fees or racked up any debt
 
How does one pay loans with a cc tho? None of my loans give me that option, you have to use a bank account.
 
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