Had a good chat with a dude today on the street car. He's from the Dominican Republic but has been in Canada for most of his life. Though his mother is a millionaire he's still working 40hrs a week living in Toronto with a girlfriend he's not sure he loves anymore. His exact words were "I feel like she's sucking the life out of me". Having been on both sides of that situation, I could definitely identity. He went on to say that they're different in their ideologies. He explained that although she knows how to save she values money over people and is materialistically driven. They argue for months at a time and even when they're together it feels like they're apart. Taking a vacation together was suggested as a means to solve the issues but in my advice the problems would still be waiting when they got back. I told him about a friend of mine and how he spent five years with a girl and not marry her because he wasn't happy in the relationship. I also told him about my experiences in my past relationships and how I'm now learning what I need to learn. It's funny how life comes at you sometimes huh, especially when you least expect it. I've had my fare share of conversations on the 501 street car but this one by far was the best. We're both introverted and looking that opening to talk to more people. We both listen to Eric Thomas as a motivational speaker and trying to get to that next level of consciousness. All in all I couldn't help but think that Gods sense of humor is not funny at times but other days I'm humbled by how timely it is.
At the end of it I couldn't help but think that my struggle isn't only unique to me but there are others out there struggling as much as I am. However I need to bear in mind that my struggle does not define me. It's just one part of who I am. For I am a man made in the image of God, made to thrive not merely survive.
Friday, June 24, 2016
Friday, June 3, 2016
Paying off my credit card debt
4 years ago I got into a car accident. The repairs were estimated to cost me $2,500.00. Money I didn't have at the time. In trying to find a solution to my problem I applied for a credit card. I figured I'd be able to advance the money from my card and pay it back in installments. The application process was pretty simple. Within a matter of days the card was approved.
Thankfully I got a second quote on the repairs and was able to pay out of pocket. A few months after I went on vacation and the card came in quite handy.
My understanding was that I could pay off the overall balance in installments. Though I knew of interest fees and late payment fees I paid them no mind. And thus the cycle began.
Emergency bill payments were added to the mix as well as another vacation. As I was diligent with my minimum monthly payments (nothing to celebrate) my limit was raised (without consultation) and I felt like I had arrived in good card heaven. But this bliss was short lived as I soon realized that there were monthly interest fees against my outstanding balance which pretty much nullified my above minimum payments.
Fast forward four years later and another stint in higher education I was still liking down the barrel of a $5,000.00 balance. My wake up call came when a hopeful relationship ended due to my debt situation. It was o e of those moments where you either put up or shut up, and I put up.. This meant doubling the amount I had previously budgeted as well as committing my extra earnings towards clearing off this balance.
Happy to report that in two months of once and for all deciding to clear it all up, I did it. Funnily enough during this time frame the bank offered me a pre approved loan as well as a second credit card. I tried desperately not to laugh at the teller as he made his sales pitch. Little did he know that I was once behind the counter and made the same pitch to unenlightened (not sure if that's a word) customers. Fortunately for me I had years of experience to draw from and knew that the only way to end the cycle is to end the cycle.
If you're struggling with credit card debt my advise to you is to get out as soon as you can. This may mean getting a part time job or simply bootstrapping your weekly/monthly budget and squeezing the very last drop out of it. This may mean no drinks with friends or a few other frills for a while but trust me when I say it'll be worth it.
Thankfully I got a second quote on the repairs and was able to pay out of pocket. A few months after I went on vacation and the card came in quite handy.
My understanding was that I could pay off the overall balance in installments. Though I knew of interest fees and late payment fees I paid them no mind. And thus the cycle began.
Emergency bill payments were added to the mix as well as another vacation. As I was diligent with my minimum monthly payments (nothing to celebrate) my limit was raised (without consultation) and I felt like I had arrived in good card heaven. But this bliss was short lived as I soon realized that there were monthly interest fees against my outstanding balance which pretty much nullified my above minimum payments.
Fast forward four years later and another stint in higher education I was still liking down the barrel of a $5,000.00 balance. My wake up call came when a hopeful relationship ended due to my debt situation. It was o e of those moments where you either put up or shut up, and I put up.. This meant doubling the amount I had previously budgeted as well as committing my extra earnings towards clearing off this balance.
Happy to report that in two months of once and for all deciding to clear it all up, I did it. Funnily enough during this time frame the bank offered me a pre approved loan as well as a second credit card. I tried desperately not to laugh at the teller as he made his sales pitch. Little did he know that I was once behind the counter and made the same pitch to unenlightened (not sure if that's a word) customers. Fortunately for me I had years of experience to draw from and knew that the only way to end the cycle is to end the cycle.
If you're struggling with credit card debt my advise to you is to get out as soon as you can. This may mean getting a part time job or simply bootstrapping your weekly/monthly budget and squeezing the very last drop out of it. This may mean no drinks with friends or a few other frills for a while but trust me when I say it'll be worth it.
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