The last time I called up my CC company to ask about disparate rates (one card was 9%, the other 20!) and if they could do anything about it, I was put on hold 4 times, dropped once, transferred at least 3 times, until I finally got to an ‘account specialist’ who, after asking about my job, income, etc. told me that A) not only could he not do anything about the interest rates but B) he was dropping the limits on both cards to within 100 dollars of the current balance (resulting in a net loss of about 4,000 in free credit, thus making me look MUCH more ‘tapped out’ and affecting my credit score).

Needless to say, I wasn’t happy about the ‘it can’t hurt to ask’ advice I’d read all over, and I was even more pissed about the company’s policy (BoA, in case you were wondering).

Just something to keep in mind.

That’s easy to make $500 an hour- just sell something you own that’s worth over $500.
On eBay, I sell stuff that goes between $50 to $1000. If it takes me 1/2 hour to create a nice ad for something that will sell for $500 then spend another 1/2 hour boxing it up and shipping it I made $500/Hr minus costs.

Sure, you can call me an idiot, but I didn’t sell you or try to sell you an over-hyped sales pitch charging you $30 for a booklet on how to make $500 an hour!
Very few people make that kind of money, and even when I do, it’s a one-time shot, it is NOT a 40 hour week! Everyone likes to think when they read that kind of stuff .

Maybe you know someone who has stuff they want to sell and doesn’t know how to price or sell it. You could offer to sell their stuff for 5-25% commission if and when it sells due directly to your effort. That’s best of all, you only have time invested and not $$$$.

Think outside the box! Too many people are looking for a “job” and not Abundance. There are things for sale right in front of your eyes if you will be open and see them!

There always were and always will be deals to be made in every corner of the planet. Maybe the next one could have your name on it!

Cast away your fears and have a real good look around you with an open mind and you’ll find things you’ve never seen before even though they’ve always been there.

All the Best,

Tom

I did the same analysis. I have a mortgage and car loan. Even though the car loan has lower interest rate, the tax deduction of the mortgage interest more than makes more sense for me to pay off the car first.

JimmyO’s scenario makes perfect sense if there are no other debts to consider. In my case, after paying the car loan, I will snowball the mortgage.

Bankrate has great calculators to start the analysis and go out at least a few years past the payoff date of the near term debts to get a true picture.

My home brewed coffee with some real cocoa or a shot is Kahlua is not only cheaper but much better!

So true. In addition, the public really needs to understand how debt is computed. I saw a Facebook entry that complained about a loan paying out over double in its life due to interest. People do not understand that the outstanding balance is charged interest every month. Maybe if they understood this, they wouldn’t be in such a hurry to borrow.

One also doesn’t want to pay off student loan debt too early if there are tax benefits and the interest rates are low.

Remember that getting rid of debt often makes you more vulnerable because you have less cash available for emergenices or a job loss. You may be debt free but then you’ll have to borrow money at a much higher rate to get by.

UH2L