No New Debt
Every year around this time I get total buyer's remorse. I'm pretty sure it has to do with my holiday spending habits and the fact that my credit card debt has slowly creeped up over the years. But if you can't be generous at Christmas then what's it all for?
Anyways, my paying habits are just as much to blame as my spending.... It doesn't take much when your formula consists of minimum payments + outrageous finance charges.
Although I don't use it very often, my Sears card has to be the absolute worst... their rates are worse than what the local pawn shops charge. If I thought I had anything worth pawning I would get rid of this debt now, but everything I ever bought has either been eaten, worn twice before getting lost in the closet, or got broke the day after.
The only thing I have that's worth pawning is my house, which is slowly falling apart as we speak. The heating system hasn't worked in months [I use my woodstove for heat], the plumbing needs to be roto-rooted, my cupboard doors are all falling off, and the kitchen sink fell apart a couple of weeks ago. But the good news is the walls are still standing and it's paid for. And although I can't get a conventional bank loan because it is a HUD house and it is on the rez, I found out that I can get a Section 184 loan.
I went to the housing office the other day to see exactly what kind of borrowing power I have in this 184 program. I was hoping I could finance something like $20,000 for repairs and some renovation. I want to tell you that I was shocked to find out I can actually finance WAYYYYYYY more than that.... something in the six digits. OMG... if I ever need to exercise self-discipline, it's now. On the one hand it's nice not to have that house payment every month, but it almost seems insane to keep jimmy riggin' the house.
Anyways, I'm not sure what I'm going to do at this point, but I'm pretty sure this is going to mess up my plans of No New Debt.
Anyways, my paying habits are just as much to blame as my spending.... It doesn't take much when your formula consists of minimum payments + outrageous finance charges.
Although I don't use it very often, my Sears card has to be the absolute worst... their rates are worse than what the local pawn shops charge. If I thought I had anything worth pawning I would get rid of this debt now, but everything I ever bought has either been eaten, worn twice before getting lost in the closet, or got broke the day after.
The only thing I have that's worth pawning is my house, which is slowly falling apart as we speak. The heating system hasn't worked in months [I use my woodstove for heat], the plumbing needs to be roto-rooted, my cupboard doors are all falling off, and the kitchen sink fell apart a couple of weeks ago. But the good news is the walls are still standing and it's paid for. And although I can't get a conventional bank loan because it is a HUD house and it is on the rez, I found out that I can get a Section 184 loan.
I went to the housing office the other day to see exactly what kind of borrowing power I have in this 184 program. I was hoping I could finance something like $20,000 for repairs and some renovation. I want to tell you that I was shocked to find out I can actually finance WAYYYYYYY more than that.... something in the six digits. OMG... if I ever need to exercise self-discipline, it's now. On the one hand it's nice not to have that house payment every month, but it almost seems insane to keep jimmy riggin' the house.
Anyways, I'm not sure what I'm going to do at this point, but I'm pretty sure this is going to mess up my plans of No New Debt.
posted by Rezilla | 11:52 PM
0 Comments:
Post a Comment
<< Home