I am Paying Off My Debt and so is the Rest of America

Day 311 of my Financial Freedom Countdown

I have paid off over $20,000 of credit card debt this year and I am not the only one reducing my debt. Americans have paid off nearly $1 trillion in debt over the past 2 years. Total consumer debt was $11.6 trillion as of September 30; down 7.4%, or $922 billion, from the peak reached in the third quarter of 2008.

"Americans are borrowing less and paying off more debt than in the recent past. This change, which we continue to study carefully, can be a result of both tightening credit standards and voluntary changes in saving behavior." Donghoon Lee, senior economist in the Research and Statistics Group at the New York Fed Said in a statement.

"Lending practices are tight making it more difficult for people to secure more debt," said Chris Viale, president and CEO of Cambridge Credit Corp., a non profit credit counseling agency based in Agawam, Mass, "The only choice they have is paying down debt."

I am pleased to see so much debt being paid down. However, from the sounds of it, it seems that most of the debt reduction is due to cosumers being forced to by their creditors. Like me, many have had their limits reduced or credit card accounts closed through balance liquidation programs. But if you are following Dave Ramsey's plan it doesn't matter if your credit card accounts are closed. You aren't going to need them anyway. Debt snowball those balances into an oblivion!

(via CNNMoney.com)

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

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Good Riddance Wells Fargo Financial

Day 310 of my Financial Freedom Countdown

This has just not my week for good news. I almost had a judgement filed against me, the hot water heater went out at my rental property, and the second mortgage on my investment property has been sold to another servicer before we could get a loan modification on it. So what else can happen? Two of my credit card accounts that have been paid in a timely matter have been closed.

I hadn't paid attention to the expiration date on my Wells Fargo Financial cards, but they did expire last month. Not only did they expire, but Wells Fargo Financial sent me a letter stating they were closing the accounts and not re-newing the cards.

The thing is these credit cards were the only cards that we did not have on a balance liquidation program. So we now have no available credit whatsoever. Is this a bad thing, really? Not at all. We have our emergency fund in place and now there is no way we can get into financial trouble again since all of our credit cards are now closed. One thought however...How is this going to change my credit score with no open credit lines? Credit scores? We don't need credit scores where were going.

photo via (Credit.com)

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

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Last But Definitely Most

Day 273 of my Financial Freedom Countdown

After nine months of on time payments I have finally fallen below my credit limit on my highest balanced credit card. The card had reached a balance $4,000 over it's limit and with today's payment it has dropped below the line.

This card reached a balance of $26,000 before I put it on a balance liquidation program. Unlike like my other creditors, which my other creditors had given me generous conditions like zero percent interest rates and deducting past due interest, this credit card company didn't really offer me much, but an interest rate reduction from 29.99 percent to 3.5 percent. 

Nevertheless, the drop in the interest rate was a significant help. For nine months I have been able to maintain the payments and the balance is coming down nicely. I am almost through the first year of my five year plan and now we are able to start getting down to the meat and potatoes.

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

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Problems with Bank of America's Balance Liquidation Program

Well, I have managed to experience another reason for me to think that Bank of America's Balance Liquidation Program still sucks. I have had to put the majority of my credit cards on balance liquidation programs in order to turn the tide in my war against debt, but Bank of America has once again given me a reason to doubt my once favorite bank.

A requirement of the balance liquidation program is to have the payments set up on an automatic payment plan. For the past seven months that has worked out great for me, but the bank had decided to take this months payment early and caused my checking account to be overdrawn. This of course did not make me happy as I will have more payments coming due within the next few days and with things as tight as they are right now I needed this like a hole in the head.

My main beef with Bank of America was the less than pleasing offer they gave me compared to the offers other creditors had given me. This is what bank of America offered me:

• Interest rates from 2% to 5% on various accounts
• Waiver of any future late payments
• 5 year repayment plan 

Now Bank of America didn't have to help me at all, but compared to Chase I think Chase's balance Liquidation program is fantastic. Here is what Chase offered me:

• All interest rates dropped to 0%
• Waiver of past late and over the limit fees
• Thousands in back owed accrued interest waived 

For me Chase really wants to help their customers. I truly felt like a valued customer with them and that really wanted to help. I think they understand that they have more to lose by not helping make a borrowers payment more affordable, but with my latest adventure with Bank of America, they are really pushing my buttons.

Once I discovered the overdraft I immediately called the bank about the payment that was taken early. I figured it would be no big deal and they would just refund the payment and take it out  as originally agreed. This however was not the case. They gave me such a run around it really pissed me off. They didn't want to do anything.  I couldn't believe it. It was like, "Too bad you have other bills to pay. We got our money." I had to get firm with them and finally they agreed to correct the problem. I shouldn't have had to get firm with them. This should have been a no brainer. It was an obvious mistake and should have been offered to be corrected right away. There wasn't even an offer to refund the overdraft fee charged to my checking account originally.

On  a positive note, they did follow up with me today and gave the status on the refund. Not only of the refund of the payment, but for the overdraft charge on my checking account.

In the end it was great that they followed up with me, but with Bank of America always tooting their own horn on how they want to help their customers, I say they are full of it. Dave Ramsey always talks about how these collectors make minimum wage and never last and I think he's right. Bank of America, if you truly want to help your customers, you need to hire a better class of employee and maybe even pay these folks a little better. It also wouldn't hurt to do the right thing for the customer. I know you have to deal with a lot of deadbeats, but I am not one of them. I truly am trying to do the right thing and pay you back. The least you can do is treat me with more respect.

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

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Keep Your Guard Up When it Comes to Debt Collectors

From CNNMoney: Protect yourself from debt collectors

Complaints of harassment by debt collectors increased by 50% in 2009, according to the Federal Trade Commission.

While calls to your home or workplace are not illegal, foul language is. Complaints of debt collectors using abusive or foul language surged 35% last year.

If you are being harassed, you are protected under the Fair Debt Collection Practices Act. Illegal collection tactics include everything from threatening to garnish wages or press fraud charges to contacting your family or neighbors to discuss the debt. 

I forgot what it's like to have our phone ringing off the hook with collectors calling constantly. Ever since we started our balance liquidation programs and have begun getting loan modifications on our home loans, the calls have come to a halt. I haven't had anyone get out of line with me, but the one after another calls are ridiculous.

One thing I find interesting in this article is debt collectors can now contact you on social networks like Facebook. But they cannot friend you without telling you that they are a debt collector. Remember you have rights.

Have you ever been contacted by a debt collector? What was your experience?

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

We Also Suggest:

• What's the Best Way to Pay off My Credit Card Debt If I Have a High FICO Credit Score ?

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Feeling Down About Your Debt? It May Not be Easy, but There is Hope

I had a bit of down day today in regards to my credit card debt. This year has been great so far because I have began to get a grip on my over six figures of debt. Balances are coming down instead of going up and have around $20,000 of my debt paid off so far, but I still have a couple of accounts I need to get under control and the fact that these are still haunting me is why I feel like Debbie Downer.

I have been in this mess before and I got myself out and ended up with high FICO score of 811 when I was done. This time I am following Dave Ramsey's Seven Baby Steps to get my financial life in order. I know there are tons of people like me, who owe $100,000 or more on their credit cards, which sucks. But I also know it is possible to pay off that kind of debt without declaring bankruptcy.

It is not easy to get out of debt. You may have to go to extremes and live on half your income. If you can do that you can pay those credit cards off in a few years.

Even cutting back though might not be enough. You might just have find ways to make more money. Not by gambling or day trading or robbing bank either. You might just have to work your way out of the hole. The last time I had to take a second job cleaning toilets at the YMCA at night. Last year I worked full time as a security guard just to get by. That eventually caught up with me as I was only getting 3 hours of sleep a night, but it can be done.

If you're like I was once and were behind on a lot payments you will be offered settlements to pay the debt for pennies on the dollar. I did however, choose to take the debt reduction or balance liquidation programs my creditors offered me. But if debt reduction programs with your creditors aren't available a settlement may be the way to go. Since you are broke the creditors will be happy to get what they can and probably smell bankruptcy on you over the phone.

I probably could have taken those settlements, but I felt that I made those charges so I need to pay them back. I don't believe in the easy way out and I have taken responsibility for what I have done. The credit card companies didn't hold a gun to my head to make those charges. It's not fair that someone else needs to suffer for my mistake. Just remember if you go on a debt reduction plan you still have to pay the credit card balance. If you don't, you will be right back where you started. If you take a settlement it will show on your credit report for the next seven years.

I feel better now just knowing that I can get out of this mess and you can too. You might just have to work your behind off and sacrifice for a while. Unfortunately, it's fun going into debt; but it sucks getting out.

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

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Which Order Should I Payoff My Credit Cards?

The first time I was in six figures of debt I followed Suze Orman's advice and started with my highest interest rate credit cards. I would say the the majority of financial guru's out there would say do to do the same simply because the math makes sense. High interest rates will kill you and you won't feel like you are getting anywhere. You also may begin to feel like paying off your debt is hopeless.

This go around with my latest bout with six figures of debt, I decided to give Dave Ramsey's way a go. As Dave says, "Personal finance is 20 percent head knowledge and 80 percent behaviour." Making some quick decisive strikes against your debt will motivate you to continue going and get that debt paid off. When you are able to see the credit cards paid off one after the other you'll begin to see results and think, "I can do this."

Ironically for me following this method is causing me to payoff my higher interest rate cards first. Since the majority of my high balance credit cards have been put on balance liquidation programs (BLP), they now have zero to five percent interest rates, so I am paying the lower balance cards first, but they happen to be the higher interest rate cards at the same time.

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

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• Should I Use My 401K to Pay Off My Mortgage?
• Should I Take Out a 401K Loan to Pay Off My Credit Cards? 

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How Should I Handle Collectors and Credit Card Companies?

My wife and I have been diligently working with our creditors to get our payments adjusted to a more affordable level to pay off our debt. We have reduced our debt by $15,000 so far this year! Thanks to banks like Chase that have balance liquidation programs we were able to do this,
but we had to deal with some pain the butt collectors to get to that point.

We still have a couple of business credit cards that we are still working on and one has actually gone to collections. We just received this ridiculous offer from the collection agency. We owe over $40,000 and they have offered to lower the debt to $34,000, which is great, Chase reduced are balance too by removing the interest we owed, but here's the kicker with the collection agency - where Chase is giving us 5 years to repay our debt, the agency is giving us two months. That's $17,000 a month for two months. If we had $17,000 a month to pay the account we wouldn't have gone to collection. The other offer they are offering us is $3,400.00 a month until the balance is paid. Again if we had $3,400 to pay a month he account wouldn't have been past due.

So what is the deal with collectors and collection agencies? Well, most collectors are just doing their job. You owe money and it is the collectors job to get you to pay back the debt you owe them. It is perfectly legal for them to call you and ask when you are going to pay them back. It's OK to talk to them, but if they are rude or harass you don't have to take it.

A lot of collectors do however break the law all the time. Collectors are not paid very well and are generally not very well trained. They are not interested in helping you. Their only concern is to get you to pay the money you owe them. There is usually a high turnover rate for collectors. Being a bully takes a lot out of you.

The collectors are taught to make you emotional once they get you on the phone. If they get you emotional, whether it be, angry, upset or even get you to cry, you will most likely pay them rather than your rent or mortgage.They will yell, intimidate, scream, and threaten you. Excessive phone calls are illegal, but they will happen.

Many people are choosing not to pay their bills, but I am not one of them. I am looking for a little help to get through this economic crisis. So I won't tell you to avoid your creditors or not pay them what you owe them, but if you stay on the phone with these guys for any length of time chances are they will get you to crack. The longest you need to be on the phone with them is long enough to tell them where are at with making your payments.

Always stay in control. Don't let them convince you to pay your debts over your basic needs - shelter, food, clothing, and transportation.

How do you get the credit card companies and collectors to stop harassing you? First off you owe them money. You borrowed it and when you borrow money the idea is you have to pay it back. I know it sucks, but it is what it is. There is no magic bullet to get out of debt. But you do not need to be abused in the process.

Go to the Federal Trade Commission if collectors get out of hand with you. If you ask the collection agency to stop calling you at work and they don't, you need to send a letter to the company harassing you. Send it overnight and make sure you get proof of delivery and a tracking number. Your letter should state, "My financial adviser has informed me that you have broken the law. Under the Federal Fair Debt Collections Act, once I notify to stop contacting me at my place of employment, you most stop." You need something like a letter so if you end up going to court you have proof you asked collection agency to stop harassing you at work.

Now creditors can pull out the big guns and tell you they are going to garnish your wages. Don't panic. If you don't owe that much the creditor probably won't sue you because the lawsuit will cost more than what you owe them. So creditors will use other tactics like fear and anger. Remember - anger, fear, aggression...the dark side are they.  Here's what you should do:

• Screen your calls using caller ID. You only have to be in contact with the creditor every two weeks.
• Get an answering machine that you would be able to record harassing phone calls.
• Send them your budget so they can see what you can afford to pay them each month. When you can send more, send more.      

I have not had this happen, but I do NOT recommend that you give them your account information to pay them electronically. They may "accidentally" charge your account again unexpectedly. Your best bet is to overnight a cashiers check to the payment address.

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

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• Should I Take Out a 401K Loan to Pay Off My Credit Cards? 

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I Believe in as Many as Six Impossible Things Before Breakfast

I just watched Tim Burton's version of "Alice in Wonderland" and it inspired me to keep moving forward with my "It's a Wonderful Financial Life" project by giving me somethings to think of each day before breakfast.

In the movie Alice's father makes the statement  I believe in as many as six impossible things before breakfast hence, he can make impossible things possible, which in the end always make him successful at whatever he pursues in life. Alice later remembers this statement and it helps her achieve her destiny in Underland. Her six impossible things were:

1. There are drinks that can make you smaller
2. There are cakes that can make you bigger
3. Animals can talk 
4. Cats can disappear
5. There's a place called Wonderland
6. I can defeat the Jabberwocky 

I have decided to make a six impossible things to believe in list myself. Many of which I already believe in because the impossible has become possible.

1. There are banks that will help you payoff your credit cards through their balance liquidation programs (BLP)
2. There are banks giving loan modifications to borrowers in distress
3. There is a difference between "wants" and "needs"
4. Credit can be repaired
5. There is a place called financial freedom
6. I can defeat debt

I thought paying off six figures of debt was impossible at one time in my life, but I did it once and I can do it again. If you ever think something is impossible you are just pronouncing the word wrong. It should actually be pronounced " I'm possible."

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

We Also Suggest:

• Bank of America's Balance Liquidation Program (BLP) Still Sucks     
• What's the Best Way to Pay off My Credit Card Debt If I Have a High FICO Credit Score ?
• How did This Economic Crisis Start?
• Should I Use My 401K to Pay Off My Mortgage?
• Should I Take Out a 401K Loan to Pay Off My Credit Cards? 

Now What Do I Do? 

• Follow my journey to pay off debt and subscribe by email.
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Another Credit Card Gets Re-Aged!

Our financial situation continues to improve as we get our credit card accounts back on track. Thanks to our creditors Balance Liquidation Programs (BLP).

We just received a letter from Chase. Actually two letters, but whose counting. Well to tell the truth I am. Every time we get a letter like this it motivates me to keep pushing forward and get our debt paid off.

The first letter thanked us for our willingness to try and improve our financial situation and for enrolling in the Balance Liquidation Program. It reminded us of the benefits for enrolling in the program including a zero percentage (APR) and a waiver of late and over-limit fees. They also acknowledged our efforts in continuing to make payments to our account during our financial hardship. All in all it was a nice letter and I felt it made us feel like a valued customer.

The other letter was to let us know that we officially qualified for their re-age program and that this card would no longer reflect as past due. That makes a total of four cards that have now been brought current for us. We only have two more cards to go, which those will be current by the end of June.

Our journey down the path to financial freedom is underway. We're on a five year plan to get out of debt, but watch out, I want to do it in three.

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

We Also Suggest:

• Bank of America's Balance Liquidation Program (BLP) Still Sucks     
• What's the Best Way to Pay off My Credit Card Debt If I Have a High FICO Credit Score ?
• How did This Economic Crisis Start?
• Should I Use My 401K to Pay Off My Mortgage?
• Should I Take Out a 401K Loan to Pay Off My Credit Cards? 

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Financial Re-Cap of Last Weeks: The Good, The Bad, and The Ugly

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

Here's a quick re-cap Clint Eastwood style of last weeks challenges with debt.

The Good: My wife and I have begun looking into reducing our utility bills as much as possible. So my wife had called our cable provider and was able to get our bill reduced by $17. It's not a whole lot, but $17 is $17. That's a savings of $204 a year that can go towards debt or savings.

The Bad: I received an offer from Bank of America to settle one of my credit cards. It was the last card that I had put on their balance liquidation program and thought what the heck was going on. I had immediately called them, but they were closed for the day. The following business day they beat me to the punch and called me instead.

Apparently, the offer had crossed in the mail. The counselor told me I could take the offer, but I declined and preferred to stick the BLP plan. They had called to set me up on an automatic payment plan for this card. My other cards are set up for auto pay, which is a requirement to be on the plan. Typically, you need to be on the auto payment plan for 6 to 12 months depending on the bank you are with.

What had turned out to be what I thought was going to bad actually turned out to be good. The counselor had told me after my next payment on my other cards they would report me as current. I still have 3 more on the last card before they report me up to date. I am definitely on my way to be back on track.

The Ugly: As my wife had posted a few days ago we had received a collection notice for a medical bill. My wife called National Enterprise Systems to make arrangements to make payments on the bill, but they would have nothing to do with payments.

They offered her to settle for $2,700, which was about $700 less then then original bill or that we had to pay $1,000 before they would talk a payment plan. So for now I guess they get nothing.

These collection companies are so dumb. We are willing to pay back the entire amount, but they don't want it. So until they wise up they can just suck it.

We Also Suggest:

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• Should I Use My 401K to Pay Off My Mortgage?
• Should I Take Out a 401K Loan to Pay Off My Credit Cards? 

Now What Do I Do? 

• Follow my journey to pay off debt and subscribe by email.
• Subscribe in a Reader (RSS)
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Where Can I Find Coupons to Save Money?

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

One of my good friends has unfortunately been forced to file bankruptcy. It's not like being on a Balance Liquidation Program would help and he wasn't having a problem paying debt like his credit cards or car payment, but he did have a short sale a couple of years ago and it is now coming back to haunt him.

The bank that suffered the short sale has garnished his bank account for the difference he owed at the time of the short sale.

Now I don't know if they did it as a warning or what because they only took a small amount. It may have been the garnishment was only allowed for that amount per month.

So without knowing what would be next (like garnishing his wages) he had decided to file bankruptcy so they couldn't come after him any further. Part of his bankruptcy requirement is to go through a Consumer Credit Counseling course.

While attending his online course his credit counselor suggested he check out some sites to help cut down expenses. He had told me about them and a lot of these are pretty cool so I had him send me the links.

Check out these sites below. With the money you save on everyday expenses you can turn around and put the money save towards your debt.

1. TheKrazyCouponLady.com-If you're looking for deals on breakfast foods, medicine and household supplies, this is the place to start.

2. RetailMeNot.com-The site puts out great coupons for big name retail stores like L.L. Bean, Kohls, Victoria's Secret and thousands of other web sites.

3. Dealighted.com-This site is particularly good for tech gadgets and some department stores.

4. CheapStingyBargains.com-This site may be the best place on the web to find computer coupons. They also advertise some sweet deals on other electronics like cameras and even smart phones.

5. CouponMom.com-Has a simple and attractive mission statement: help shoppers cut their grocery bills in half. The site advertises free samples and of course, grocery store coupons. But one of the best features on this site is a breakdown of grocery store deals by state.

6. RedPlum.com-Here you can find coupons on essentials like cereal and flu medicine. The site also lets you search for coupons for restaurants by zip code.

7. CouponCabin.com-This site has an incredible variety of offers. According to the site, there are nearly 45,000 coupons and deals currently active.

8. SmartSource.com-This site specializes in advertising printable grocery coupons in your local area.

9. Coupons.com-This site is great for finding deals on household goods and gifts.

10. CoolSavings.com-Grocery coupons that you can print and use in grocery stores.

Before you start bookmarking these sites and printing out coupons, it's important to stay organized.

One site, TipNut.com, has several good suggestions for doing this. Get an accordion folder or binder to put your coupons into and arrange them either by expiration dates or by products. Before you go shopping, make a list of what you plan to buy and then check off which items on that list you have coupons for.

The following may be of help in reducing your monthly grocery bills:

1. 1-800-771-2303 FeedingAmerica.org (national network of food banks)

2. AngelFoodMinistries.com (provides low cost, high quality food through churches and civic organizations in many states)

3. MealsonWheels.org (Food for Seniors) 703-548-5558

4. TheTreasureBox.org (Western US)

5. Alice.com (purchase nonperishable grocery items online with any coupons automatically applied, no shipping charges)

6. Federal Supplemental Nutrition Assistance Program (SNAP) Using food stamps can help you fill your grocery bag. It’s easy to find out if you’re eligible and to apply. Benefits are provided on an electronic card that is used like an ATM card and is accepted by most grocery stores.

These sites will take some time to go through, but it's worth it in the long run. Happy savings!

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A Wife's Point of View on Debt

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

Hey y'all John's wife here. Thought I would give you all insight to my experiences with debt consolidation. First off, I have to say that I sat through two great DVDs featuring Dave Ramsey, and I really enjoyed him and the message that he was selling. One thing that I really liked was that he talked about a budget not being a bad thing, but being a road map as to where your money was going, and you could decide where it was going.

I have to admit I was against the budget from the very beginning- I hated that John was tracking all our money and asking me questions, seriously must you question the $20 that I spent at Target? The answer to that, YES! I have learned that $20 here and $10 there really adds up. We are still working out all the kinks with the budget, but hopefully in 60-90 days we will be doing better.

We are also getting our emergency fund set up- that to me is very important, it scares to me think that if something happened we would be scrambling or freaking out- having $1,000 in savings, makes that flat tire or that bill you forgot about seem a little easier to swallow.

We are also making headway on our loan modification with Bank of America- it has been a little over a month since we mailed our paper work back, and when I called to check on the status I was told that we were still in the "processing" phase. So hopefully no news is good news. We have been very honest about our finances with the bank, we are not trying to hide anything- and honestly we do quality for the loan mod and deserve it.

Overall, I am pretty happy with where our financial road is leading- we are definitely in a much better place then we were six months ago and six months from now we will be even better. I do miss shopping- that has been the hardest thing for me. Not being able to buy what I want, when I want is rough. But I have learned that I am an emotional impulse buyer. I now only buy things I LOVE and I really think about things before I buy them, mostly because I think about "is this worth explaining to my husband!!!??" But for me it's good, my spending was completely out of control- I did now know where my money was going and it was being spent on things that I really didn't need or want.

We continue to keep looking ahead to bigger and brighter things, things do not turn around overnight, but they do look a whole lot brighter!

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• Bank of America's Balance Liquidation Program (BLP) Still Sucks     
• What's the Best Way to Pay off My Credit Card Debt If I Have a High FICO Credit Score ?
• How did This Economic Crisis Start?
• Should I Use My 401K to Pay Off My Mortgage?
• Should I Take Out a 401K Loan to Pay Off My Credit Cards? 

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Good News From Chase Regarding My Balance Liquidation Program

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

I am so excited. I just received a letter from Chase regarding the first credit card I put on their BLP (Balance Liquidation Program).

Here's what the letter had to say:

We have good news for you! Your recent payments have qualified your credit card account for our Reage Program and it's no longer past due. As long long as you continue to pay the minimum due each month on your current balance, you will enjoy these benefits:

- No Late Fees;
- Updated credit record to reflect your account is in good standing; and
- No collection calls.

I have only made two payments under the program and Chase has already put my account as current. My others accounts with them should be following in this cards shoes within the next couple of weeks.

I have my accounts with Bank of America on their version of the program too with a couple of differences. After two payments Chase will show your account as current while Bank of America's similar program takes four payments.

Bank of America has been no where near as generous Chase has either. Bank of America did lower my interest rates, but not to zero percent like Chase did. It is what it is, but I am already feeling so much better that my debt is finally getting under control.

Chase's letter went on to say if my account becomes delinquent again, I may not be eligible to take advantage of the program for the next five years. Right now my financial situation allows me to make these payments without any difficulty and hope that never changes. Chase has given more than a fair deal.

If you are getting the same offers I recommend you call and get your accounts set up on the program. You have nothing to lose and good credit to gain.

We Also Suggest:

• Bank of America's Balance Liquidation Program (BLP) Still Sucks     
• What's the Best Way to Pay off My Credit Card Debt If I Have a High FICO Credit Score ?
• How did This Economic Crisis Start?
• Should I Use My 401K to Pay Off My Mortgage?
• Should I Take Out a 401K Loan to Pay Off My Credit Cards? 

Now What Do I Do? 

• Follow my journey to pay off debt and subscribe by email.
• Subscribe in a Reader (RSS)
• Follow us on Twitter
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Ever Feel Like You Just Can't Get Ahead?

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

I have really been feeling like things have been coming together financially lately. Especially since I set my credit cards up on balance liquidation programs with Chase and Bank of America.

As most of you know I have endless praise for what Chase offered me in terms of a debt reduction program. My interest rates were dropped to 0.00%, over the limit and late fees were waived. and over $9,000 in interest was deducted from my total balances.

But now it seems things have gone backwards. Yesterday I learned my car needed new tires, which wiped out out my newly started emergency fund. I am getting the tires tomorrow, but today I just received to medical bills totalling over $6,000.

I don't know where these bills have been since I haven't seen them or why my wife hasn't told me about them. I guess she figured I had enough on my plate, but this kind of undoes everything we just started and makes our total debt to pay back even more. Not sure why the insurance companies didn't pay them. My wife will be working on the why later today.

So for all the steps forward we have taken I feel like we just took three back. It just wears me out. Then I just start freaking out out telling my wife we need to spend less and get that budget in order. I kind of tend to over do it when I get stressed out, but I want this over as soon as possible. Even though we are working on a 5 year plan to get out of debt.

I refuse to file bankruptcy and I am working on everything possible to prevent that from happening. Sometimes though it just seems like you can't get ahead.

We Also Suggest:

• Bank of America's Balance Liquidation Program (BLP) Still Sucks     
• What's the Best Way to Pay off My Credit Card Debt If I Have a High FICO Credit Score ?
• How did This Economic Crisis Start?
• Should I Use My 401K to Pay Off My Mortgage?
• Should I Take Out a 401K Loan to Pay Off My Credit Cards? 

Now What Do I Do? 

• Follow my journey to pay off debt and subscribe by email.
• Subscribe in a Reader (RSS)
• Follow us on Twitter
• Follow us on Blogger