Wealth Today » Debt Reduction

Will my 401k continue to increase in value in 2008

joshuak — Fri, 15 Feb 2008 03:54:21 +0000

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

joshuak — Mon, 27 Mar 2006 04:58:43 +0000

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.

Hosting Carnival of Debt Reduction #28

joshuak — Tue, 21 Mar 2006 23:58:47 +0000

This week’s Carnival of Debt Reduction is hosted at PF Advice. PF Advice has taken to a strict, no-monkey-business, Debt Reduction only post for the carnival, and I’ll be hosting it next week where I’ll inherit the rules, so please send me your debt reduction submissions at

Paying off my highest balance credit card

joshuak — Fri, 03 Mar 2006 03:43:36 +0000

Today, we had a pretty big success for our goals towards paying off our debt. I paid off my highest balance credit card paid off. It was a nice chunk, but we were prepared. There’s a few more accounts that have a little bit of balance, but that should be smooth sailing.

Managing Credit Card Debt

joshuak — Fri, 24 Feb 2006 06:35:42 +0000

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.

Lower rate on CapitalOne Credit Card

joshuak — Mon, 23 Jan 2006 22:08:37 +0000

I took the Daily Financial Challenge #1 and I got a lower rate on my CapitalOne credit card, with much success. It was easy. I simply asked. My interest rate has gone from %16.9 to %12.9. There was some hold time, but it was definitely worth it.

Now I have to move on, and take the next challenges. Thanks Jeff!

Money – Do It Now – 10 Resolutions

joshuak — Mon, 23 Jan 2006 21:32:01 +0000

I found a great all in one article on CNNMoney.com today. It’s not a site I regularly frequent, but this article is definitely top notch. It covers “10 simple strategies for finally achieving your financial goals“.

It takes a deeper look into saving more money, investing smarter, getting out of debt, getting your career kick-started, and more.

It’s actually a collection of 10 articles, and will take some time to get through all of them, but it’s time well spent.

Minimum Monthly Credit Card Payment Increases

joshuak — Mon, 23 Jan 2006 06:18:04 +0000

By now, if you have a credit card, you’re probably already well aware that the credit card’s minimum monthly payment is increasing. As a person with debt, and a previously bad credit record and someone who is now in the process of that repair, I have to ask… Is from 2% to 4% enough? Is it enough to deter someone from getting a credit card? Is it enough to encourage debt to be resolved earlier, with less interest being paid to the banks?

Sure, depending on your income compared to your level of debt, this increase may be difficult to swallow at first. Take a look at the big picture though, and you’ll clearly see the only person that this law is really supposed to be hurting, is the banks.

My suggestion, look the challenge the law has thrown your way in the face, and fight back. Start by recognizing that this really is in your favor, and try to increase your payments on your own. Increase them at a rate you’re comfortable with. Even an extra $5 will benefit you. try for $10 more the next month. You’ll relieve much of the stress and burden debt has pushed onto you, and you’ll be glad you did.

Carnival of Debt Reduction

joshuak — Wed, 11 Jan 2006 05:06:45 +0000

Personal Finance Advice wrote to mention that this week’s edition of the Carnival of Debt Reduction has turned on the lights in the midway. Mongering many morsels of massive money manifestation makes mouths merry!

have a good time I did.