credit cards

They are in fact evil,

somewhere at a Credit Card company right now someone, possibly in India, is working earnestly to offer an American the chance to go slowly, deeper into debt at only $9.95 a month
for adding onto their account - charging onto their account - that monthly fee in order to 'protect' the card user from identity theft or unauthorized charges. Little does the cardholder know that the majority of card companies can only hold the cardholder responsible for a whopping $50.00 of unauthorized charges. So on the 9.95 a month that turns into $119.40 yearly charge for the possibility of an unauthorized charge of $50.00. Of course this is not including finance charges of 14% and up...

If you are paying the minimum on your credit cards you are in essence taxing yourself for year's to come.

pay off that card now! whether your balance is $1000 or $100,000 pay it off. Do not let some faceless credit card company have a hold on your freedom. They want you to commit to the idea that all Americans should have everything they want - the moment they want it.

Lifelong wealth takes time - have patience, cut back, pay off that debt.

first post -

So i guess I should start this blog by introducing myself briefly:

I am a black male, 20-something who has 'good' credit at the present point in time, but it wasn't always that way.

A few years ago after a fun stay in Chicago, I realized I was easily paying out more than I was bringing in (which is very bad) - I also realized around the same time my mother, back in a smaller Midwest town, was pretty ill (double-whammy). So at her suggestion, I moved back home - much to my humiliation - with a good $18,000 of debt in tow. I stayed with moms & then dad for about 4 mos before finding a place of my own.

As of next week that debt will be down to $2,790. And with any luck by the end of July(2007) I will be among America's debt-free minority.

My net worth is now in the positive. My credit score at last glance is in the mid 700's.

Currently, I have a wonderful girlfriend who just moved into her first place of her own. Her family has instilled in her the value of saving and she knows all about my prior finance issues. Since this is her first time on her own I've been helping her a lot with her budget. She now has her own 'envelope' system. My girlfriend - let's call her 'Boopsie' - has been not-so-subtly hinting that 'Reggie should get her a ring.' My main condition in order to do that was that she live on her own for a bit since, being in her mid-20's, it might be a good time to exert some independence.

Since Boopsie has since taken that step, I have been looking for a ring while trying to pay off my remaining debt 'with a Gazelle-like intensity' as Dave Ramsey says.

I guess I decided to make this blog
1) out of inspiration from Him & Her's wonderful blog Make Love, Not Debt
2) because I think more minorities, especially blacks, need to focus on finances rather than the 'appearance of wealth'
3) I'd like to retire, be a millionaire, and live on a small island (most likely w/ Boopsie) in 10 years or less and I think storing my experiences (and having people comment on them) might help achieve those goals.

OK well it's way past bed time so I think I'll go now.