Jump to content

I didn't go through with it


Recommended Posts

I should post this here as well:

but I quickly jumped out of the pool.

My credit report is definitely not a thing of beauty. It's on the upswing, but still has some blemishes. I tried to get some cash to fix the house. The cash was so tempting, but I would rather wait a year until some of the other blemishes are gone and I have better credit. Here goes my current situation versus my would be situation had I taken the loan:

Current interest rate: 8.25%

Proposed: 12.5%

Current morgage payment: $530/month including taxes and insurance

Proposed: $700/month not including taxes and insurance

The loan would have paid off a few small accounts, but nothing I can't handle myself.

So then I googled the company's name and found out that they are famous for their predatory lending practices. I just paid off my car and I am looking forward to having the extra cash. I think this is where some people go wrong...they are so used to being in debt...paying and paying...that when they are not in debt they have to jump back in.

12.5% ???

Heyall to the naw!

Link to comment
Share on other sites

I'm glad you didn't!

that when they are not in debt they have to jump back in.

Very true. It's about our "earn to spend" mentality. Like if we get a raise, instead of saving it each month or using that extra money to pay off an exisiting debt, we think that now we can afford a more extravagant lifestyle so we go out and accumulate more debt.

Link to comment
Share on other sites

Thanks! It used to have a slower grind to it, but Scorch edited it for me so it would be smaller and fit. :)

Wells Fargo huh? I was thinking it might be Citi-Financial. They did the same thing for me but with my car. I only owed like 3,500k on my car and they paid off the note plus quote a bit of other debts I had accumulated and I got some cash out of the deal to help out a family member in some legal trouble. But they also raised my interest rate from Ford's 10% to their 24.99%. My car payment went from $99/month to almost $300. :( I have since refinanced a few times and gotten my rate back down, (thank God), but I still look at that as the turning point in my "financial life". Now it is at $215, but I'm still paying for the mess I created with that loan. :( Worst financial decision ever that will NOT be repeated.

So I was very happy to hear that you did not go through with this! :)

Link to comment
Share on other sites

This topic is now closed to further replies.

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.