Korean Job Discussion Forums

[madoka]

I'm still trying to wrap my head around why Yahoo considers this front page news:

http://finance.yahoo.com/news/first-person-paid-off-3-000-credit-card-165900518.html

Not too many years ago I was in college and living off my credit card. Only being able to work a part-time job, I was guilty of living outside my means. With nearly $3,000 in credit card debt, with no idea how to get out, I was given an ultimatum by my girlfriend: Either pay off the debt and throw the card in the trash, or put our wedding plans on hold until I was debt-free.

My income at the time was about $800-$1,000 a month. My personal savings account held $1,400. Luckily for me, I did not have car payments and my rent was only a couple hundred dollars a month.

The first part of my repayment plan came to fruition as I started quadrupling the $25 minimum payment to an affordable $100 a month. After the second billing, there was a decent drop in the principal balance.

The second, and more crucial step came in my tax refund. I planned on putting every dime of the refund toward my credit card debt, but when it came time to make that $1,000 payment, I hesitated. I had hoped to buy an engagement ring instead. I quickly snapped back to reality when I remembered her, "no credit card debt or no wedding" speech. I had $2,000 in my savings and my tax refund of about $1,000. My credit card debt was a little over $2,600. My first instinct was to double the monthly payments I was making. After some thought, I decided to pay the full amount in one lump sum. It was the best decision I ever made.

I distinctly remember the moment I paid that bill in full. It felt as if a huge weight had been lifted off my shoulders. So what if I had only a little under $400 left in my savings? I was debt free! That feeling of satisfaction has not left me to this day. I enjoy thinking back and reliving that victorious moment.

------------------------------------

There you have it folks. The way you get rid of $2600 in credit card debt is to have $3000 in your bank account. No need to thank me.

[Cacille]

I have well over 5000 in CC debt, savings used up a year ago in winter, two jobs that pay miniscule amounts here and there (I'm a house painter) but can barely make minimums. Lost my main job a while back due to a forced transfer of stores to a boss who was unable to handle her position and took it out on us.
Been outta work for 4 months save for painting jobs here and there, selling things I own, making cushion covers for a friend, giving up my volunteer job, etc. Decreased my bills as much as possible and have had a roommate to help cover some expenses till she started having financial problems too. We make our rent and basic bills, barely. Thankfully I also have no car payments, having paid it off with last year's tax return.
I easily have $65000 of debt total from college and CC to go.
No wonder I'm looking forward to going to Korea, and being able to have money again to pay down those credit cards and start paying down those loans!

Yahoo gives crappy advice. That person who had "no idea how to get out" of his/her debt, was obviously lying to themselves. They also got money back from their tax return, something us contractors rarely get (we usually owe, lots, per quarter). Yep, thanks Yahoo. Real helpful advice.

[flakfizer]

Hahaha.

How insightful. The secret to paying off your debt is to have someone more mature and responsible than you tell you to use the money at your disposal to pay off the debt.

[duke of new york]

Is anyone else curious why in the world he was only paying $25 a month when he had $1400 in savings? Why would you finance purchases at an outrageous interest rate when you have the money to just pay for it?

I never understand why anyone would buy something on credit that they will not have the money to pay off on time, unless it was an emergency. I understand if you can't make ends meet, but a college student with a part-time job and only paying $200 a month for rent is spending way too much money on pizza and beer if he has to resort to credit to get by. I made less than that in college, and my rent was higher, and I used a credit card to build credit and for the cash back, and I never made a late payment. I'm not even sure what my interest rate is because I never intend to pay it. At around 15-20% interest, you're just flushing money down the toilet.

[ricochet]

[ThingsComeAround]

At the moment, I love the Korean credit card system.

No long drawn out "minimal balance" fluff. Pay it full in one month or they call your job and harass you

[comm]

[radcon]

How to become a millionaire: 1. First you get a million dollars.