Payday Loans

May 2006 Monthly Archive


1. You shuffle debt around from credit cards to credit cards.

When I use to be in debt doo-doo, instead of finding ways to pay off my debt (or reducing it), I would think up of ways to prolong the repayment of the debt. I would work on my credit score, spending more money on credit reports and reporting services just to increase that FICO score a wee bit higher, just so I can apply to more credit cards so I can transfer the balances around. Although I reduced the interest charged on my debt by quite a bit, the faster way—actually paying off the debt—would have worked much better than my attempts to defer repayment.

2. You have that nagging feeling in your head when you spend money.

It’s strange how when you’re in debt, you may build up a layer of denial about your situation in your mind. “Ah, I’m okay… I’ll be fine.” So you continue to spend money as if everything is peachy; but you’ll have that nagging feeling in the back of your head—aka a sound mind—when you blow money on more needless crap. It’ll scream: stop buying crap! But who cares, you’ve worked hard, you deserve to spend a little bit now & then. Right?

3. You don’t let people close to you know that you’re in debt.

Hey, if you won’t even let yourself know you’re in trouble, why let family and friends know? If they find out, they might—gasp—stop you! Take it from me, when you start to let people know that you’re in debt, you start to let yourself know a bit more too. Sure, it’s a bit embarrassing, but if you have family and friends that really care about you, they’ll make sure you don’t blow anymore money. Besides, if they’re really important people to you, they shouldn’t care about things such as your net worth, so don’t feel too ashame about it. If all you found out your “friends” stop being friends because you told them you’re broke; well, trust me, you don’t need friends like that anyway.

4. You avoid looking at the [credit card] bills.

No one likes being reminded of their mistake or the debt they owe. Maybe you’ve finally realized that you gotta stop your crazy spending ways, but you sure as heck hate looking at the bill. “Argh, I’ll look at it later.” So you look at it later. “Crap, I forgot to pay the minimum.” So you get that late fee. For many people, the bill is a real reflection of their spending habit, take a look at it—maybe it’ll scare you to your senses.

5. You worry constantly about the next paycheck or the next income source.

So now that everyone knows you’re in debt, everyone knows it when you’re worrying about it too. You’ll start worrying so much about what to do with the debt that your annoy the people around you. Or, you haven’t told anyone yet, so when people ask you what’s wrong (because you have this worrying look on your face as you look over the bill), you have no choice but to say “Um, nothing’s wrong.”

_______

Examples from own experiences. The money trouble mentioned here are self-incurred debt, whereas compare to unforeseen financial hardship such as illness or accidents, self-incurred debt are a lot easier to manage and a lot easier to handle. If you’re in the latter category, this doesn’t really apply to you. If you’re in the former, well, you probably know what I’m talking about.



Stop Buying Crap #1 | #2 | #3 | #4 | #5 | #6 | #7 | #8 | #9 | #10 | #11 | #12

More Frappuccino Than You Can Shake a Stick At

This is me, driving PAST a Starbucks.

They’re sooo expensive.

That is all.



The 50th Carnival of Personal Finance is up today over at Madame X’s My Open Wallet.

A round of applause to her for taking the time out on putting the carnival together during this holiday weekend.  Hope everyone’s memorial weekend is going swell and spiffy.



Hmm. Do you feel iffy about depositing cash into the ATM?

I was reading Madame X’s post on how she felt a momentary worry in depositing a large sum of check into the ATM machine, which I understand completely—because I’ve had a few moments of “what if” myself too.

But depositing a check is different from depositing cash into the ATM, although I believe most institutions allow you to deposit cash into the ATM. I do deposit cash at my local credit union and Bank of America, but only for small amounts. If it approaches a few hundred, I head into the branch and deposit it via the teller. In fact, I do the same thing for large amounts even if they’re in the form of a check, just because I’m paranoid.

Click to Continue Reading…



You think the previous credit card offer was bad? This one easily takes the cake. In fact, it’s so bad it makes the previous offer look like the holy grail of credit offers.

Finally finished/failed my finals. To celebrate, I sat on the couch, watched TV and munched on Cheetos. I eventually came across a commercial from a company called BlueHippo.

The advertisement touts no-credit check for brand new computers and laptops. If you have bad credit, no credit, you can get a brand new computer or laptop without a credit check whatsoever.

No credit checks and approvals are guaranteed, all you need is a checking account. Order now? Free color TV and free color printer! Greatest deal ever?

Of course not. Final cost of the system after all the vague payment terms? Over $2,000.

The company has been around since 2003. It appears to be pretty infamous and I’m surprised I never came across the advertisement before. Looks like I’m not watching enough TV. *tsk tsk*

I went straight to the company’s website before doing a search online. They also offer a 42″ plasma television. Same deal, no credit check, approval guaranteed. Awesome.

The online search itself is priceless. Avoid this like the plague, please.

Related links:



Could this be the best credit card offer ever?

Look at the face on the envelope. It’s saying: “This deal is too good to be true.”
Opening up the envelope reveals even more exciting action.*

Never raised your fist in joy due to a credit card offer?
You haven’t been receiving the right one then!

Three words. High-freakin’-tech*.

Wow. Value of $850**!!

So, transfer $5,000 and maintain a balance of $3,500 for only a year and a half?*** That’s not so bad, right? Wait, what happens if I don’t have enough to transfer?
I can request a cash advance? Sweet!

______________________

* Not.
** Actual value of an Inspiron B120/B130? ~$560
*** Balance falls below $3,500 within 18 months? $600 fee.

$3,500 at 9.99% over 18 months ~ $563 in interest.

Break even? Yeah right. Initial balance must be $5,000. Balance transfer & cash advances do not have grace period; so, interest starts accumulating right away. You must maintain $3,5000 balance, which means if you pay off $1,500 right away to save on interest, you better charge just the right amount to counter balance future minimum payments.

Although purchase APR being variable is pretty standard, for this offer, your balance transfer APR is variable, unlike many other fixed offers. As of today, the rate is prime (8%) + 2.24%. According to the terms, after December 2006, it’s prime + 3.74%. So APR WILL increase.

Prime rate getting too high and you want out? Don’t forget the $600 fee.

Silliest credit card offer ever.



Stop Buying Crap #1 | #2 | #3 | #4 | #5 | #6 | #7 | #8 | #9 | #10 | #11 | #12

More Mobile Phones Than Your Undergarments

So. I’ve been using a cellular phone for over nine years now; which is really wild because that’s over a third of my life. Unlike most people in my demographic though, I’ve only had two phones through my almost decade-long usage of mobile phone.

Look at these 'old' phones!

Look at that “old” Nokia 5190! It even has the Pacific Bell Wireless logo! Which became Cingular, then SBC, and now um… AT&T? I just can’t wait for all the telecommunication companies to merge together and call themselves “Your Only Choice Sucker.” It’s NYSE ticker symbol would be YUCK.

Along with the LG VX6000 that came with the Verizon Wireless service, these are the only two cell phones I’ve ever owned. And as mentioned, that’s really not the case with a lot of people. Some people seem to change mobile phones at the rate of changing undergarments. What the heck?

“Hey check out my new mobile, Cap,” says random dude #1, “It can send videos to Mars!”

“You know,” says random dude #2, “I’ve been thinking of getting a new phone.”

“Why? Whats wrong with your current one?”

“Nothing. I’m just in the mood for something new. You know?”

Alright. Fair enough. New phone with new contract? That’s fine too. But if you have a huge credit card debt and you’re buying your 36th mobile phone…

Me? I use my phone to call the three friends I have. I didn’t need a camera phone, but it was a gift so I gladly accepted it. I never understand the need for a mobile phone with features out the wazoo or more processing power than my computer; but hey, why not? Some people do use those features, even if those phone cost more than my car.

Still, the onset of mobile phones with more feature has brought about an annoying trend…

Obnoxious Ringtones That Cost More Than Starbucks

Do you know what the ringtone for my cell phone is?

*Ring-ring*

When I feel the mood for a change?

*Beep-beep*

Unfortunately, old fashion ringtones seem to have gone the way of dinosaurs.

Punch me, please

I have nothing against different ringtones. But boy, there are some pretty loud and annoying ones out there.

Ever notice that every time a cell phone goes off in the theater, library, classroom, meeting, or quiet-time in pre-school—it’s always an obnoxious ringtone? It’s never a relaxing or soothing ringtone.

Argh.



So my review of HSBC Direct is fairly positive, but if you’ve actually read it and had experiences like those below, then you would think that I’m full of doggie doo-doo.

  • Savvy Saver’s problem w/ opening a joint HSBC account.
  • lpkitten’s problems w/ opening an individual HSBC account.

It seems when you have anything to deal with the words customer service and bank, results will greatly vary.

I’ve opened my account quite awhile ago, before HSBC flung out their advertising ogre, so I think I’ll update my review when I get a chance to. Perhaps like many other banks out there, they’re too busy marketing their product and not spending enough time servicing the actual product?

Nahh. That can’t possibly be it.



Next Page »