Category Archives: Debt Reduction

Will my 401k continue to increase in value in 2008

So far 2008′s been a bumpy year for my 401k It’s dipped to some of it’s lowest lows. The past week has seen a slow and steady increase back to the bottom of last year’s median range. I’d like to see it really take off this year, but what with economists saying there’s a 50-50 chance of a recession, I’m cautious trying to make any assumptions this early.

Carnival Of Debt Reduction #28

The Carnival of Debt Reduction has made it’s round to our neck of the woods here in Dallas, TX. This Carnival is for fun and we invite your attendance. Step right up and witness the debt-defying! Without further ado…

Supermom from New York helps us manage our debt by giving us five practical ways to reduce our expenses.

Free Money Finance advises on some upcoming credit card trends that will enable us to plan for our debt appropriately.

Journey To Financial Freedom instructs us on carefully using debt, through lines of credit, for some risky investing strategies.

Young and Broke breaks it to us the hard way. It takes action and not whining to overcome debt.

Personal Finance Advice shows us some videos that demonstrate how debt affects our stress levels.

Mighty Bargain Hunter has an excellent article that puts debt reduction as a goal, and lays out a plan to accomplish the goal.

Aridni shares from a Dave Ramsey book about some basic steps to guide us through the process of reducing debt.

NCN, one of the few, the proud, the debt-free, introduces us to Debt Monster, who’s closing debt gap with an awesome $4000 USD eliminated in 20 days.

Managing Credit Card Debt

Many of my readers already know that while I’ve already started my savings plan and enrolled in the company’s 401k, I do have some outstanding debt that I’m in the process of eliminating.

One of the first credit cards I got when I was trying to repair my credit was a CapitalOne card. It cost a bunch for the setup fee and the yearly fee was terrible (about $170-$200 combined), but I had to do something to get things turned around and headed in the right direction…no one else was giving me a credit card, and this was an unsecured card, so I took it.

I’ve maintained that account and watched my credit score climb. They were satisfied with me as a customer and have since offered me two more cards (Platinum Plus Preferred) with a 0% introductory rate and lower annual fees.

I took them up on both offers. That left me with three CapitalOne cards. It’s a hassle to manage all of those accounts and also pay for the annual fees, so I decided to do something about it.

After the success with lowering my interest rate on one of the cards, I thought maybe they could offer something as far as merging the accounts. I called and they were very accomodating. I combined the two lower credit limit cards into one and waited for that process to complete.

Today, I called to combine the remaining two. Those two calls took less than 20 minutes combined and saved me $90 this year. Yes, I’m really happy about it.