Welcome to General Chat - GAW Community Area
This General Chat area started off as a place for people to talk about things that are off topic, however it has quickly evolved into a community and has become an integral part of the GAW experience for many of us.
Based on its evolving needs and plenty of user feedback, we are trying to bring some order and institute some rules. Please make sure you read these rules and participate in the spirit of this community.
Rules for General Chat
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Be respectful to each other. This is of utmost importance, and comments may be removed if deemed not respectful.
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Avoid long drawn out arguments. This should be a place to relax, not to waste your time needlessly.
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Personal anecdotes, puzzles, cute pics/clips - everything welcome
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Please do not spam at the top level. If you have a lot to post each day, try and post them all together in one top level comment
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Try keep things light. If you are bringing in deep stuff, try not to go overboard.
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Things that are clearly on-topic for this board should be posted as a separate post and not here (except if you are new and still getting the feel of this place)
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If you find people violating these rules, deport them rather than start a argument here.
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Feel free to give feedback as these rules are expected to keep evoloving
In short, imagine this thread to be a local community hall where we all gather and chat daily. Please be respectful to others in the same way
I just made the final payment to a credit card and will close that sucker asap. It was our only card debt until recently when I racked up a bit on another that will be able to be paid off more quickly now. All that just in time for my student loans to kick back in! I've applied for many jobs, and for people to be hurting for employees, I'm sure not getting any calls back!
We're making it, but it's tough!
The job market sucks...and I don't understand why when everyone needs help. Salaries have certainly not caught up to inflation...it is a very sad reality...
Don't close it. Cut it up if you think you'll use it again, but leave the account open to keep your utilization down. Closing it will hurt credit score, especially if it's an older account. Not financial advice, just experience.
I would just leave it open but get it. I want to close mine so bad based on my principles and what that company does, but it would hurt my credit history and utilization and drop my credit score. If your credit is just fine then go ahead and make your statement. Not that they would notice but it'll make you feel better kek
I don't even know where the card for it is. We haven't used it in so long. It's been difficult to pay off lately, but we've been chipping away.
What Dran says is, technically, solid financial advice. However, those of us who've been there know sometimes doing things by "the book" can lead to trouble i.e. falling back on that card in an emergency.
Better, I think, to perhaps keep the card for a short while while using every cent that went towards paying it monthly into an emergency cash savings. When I used to listen, I believe Dave Ramsey recommended $1500 - these days I'd personally bump it up to 3k.
Thinking further on it, probably cancel it since you already have another card open. Pay into that emergency savings ASAP, over all else. Then work on other debt, and eventually building credit.
Really, check out Dave Ramsey.
Beans and rice, rice and beans. 🙏
We have followed Dave Ramsey's advice and before him Larry Burkett. In our 46 years of marriage we have only had a mortgage or a car payment as any type of extended credit. We pay off any credit cards used monthly and have never been in debt other than house and cars which have been paid off for years. I was a stay at home mom with 5 kids and we knew how to pinch a penny...we had to to achieve financial freedom.
I see how tough it is on people today (even my kids) when the money just doesn't go as far as it used to. But God really does provide in some very surprising ways. Actually we love red beans and rice...
We remember someone saying you can live more easily off 90% of your earnings when you have given 10% first fruits to the Lord as opposed to living off 100% of your earnings. This has proven true. We have ALWAYS tithed and that is key. Someone once tried to outgive the Lord and he couldn't...exciting stuff...
I used to adhere to Dave's advice more solidly, but now it's so much tougher. Heck, even rice and beans cost more! I'm trying to find at least a part time job to pay off this debt, but it just isn't even happening. I fight to keep a meager savings. It seems so much is taken out of one of his checks, and of course it's when big bills are due, so we have to use a bit of savings until he gets paid again. Sloooowly but surely we're getting there. I trust the Lord to get us through. When I worked, we had a healthy savings account and wanted for nothing, but things are working against us now.
This economy sucks and the fact that he hasn't gotten a raise in years doesn't help at all!!
Thank you for your help!