Get out of debt brehs

[winb83]

I been doing what he's talking about for years. I figured it out on my own. I always get at least 2-6% cash back on everything I purchase. The only bill I can't pay with a credit card is my rent because there's no way to do it without paying at least 2% extra minimum.

I use these cards.
Citi Double Cash 2% on everything uncapped (this is my general card for whatever doesn't apply to the below).
Chase Freedom and Discover It 5% back on rotating categories usually gas, dining, warehouse clubs, and home improvement.
US Bank Cash+ 5% back on selectable categories. I always pick electronics stores (I shop at Best Buy a lot) and utilities (covers my power and gas).
Amex Blue Cash Preferred 6% back at grocery stores and 3% back at gas stations (has a $95 annual fee but I spend enough to cover it paying itself).
Amazon Prime Visa 5% back at Amazon if you're a Prime member.

This year I plan to get the 3% back Capital One Savor card for dining when none of my 5% back cards covers that.

Now that pay a mortgage using a line of credit stuff that other guy is talking... I don't know about all that. I looked into manufactured spending but the shyt is too complex for me. It's basically spending your cash back cards credit on stuff that you can easily turn back into cash to pay the balance back.

 

[phcitywarrior]

I been doing what he's talking about for years. I figured it out on my own. I always get at least 2-6% cash back on everything I purchase. The only bill I can't pay with a credit card is my rent because there's no way to do it without paying at least 2% extra minimum.

I use these cards.
Citi Double Cash 2% on everything uncapped (this is my general card for whatever doesn't apply to the below).
Chase Freedom and Discover It 5% back on rotating categories usually gas, dining, warehouse clubs, and home improvement.
US Bank Cash+ 5% back on selectable categories. I always pick electronics stores (I shop at Best Buy a lot) and utilities (covers my power and gas).
Amex Blue Cash Preferred 6% back at grocery stores and 3% back at gas stations (has a $95 annual fee but I spend enough to cover it paying itself).
Amazon Prime Visa 5% back at Amazon if you're a Prime member.

This year I plan to get the 3% back Capital One Savor card for dining when none of my 5% back cards covers that.

Now that pay a mortgage using a line of credit stuff that other guy is talking... I don't know about all that. I looked into manufactured spending but the shyt is too complex for me. It's basically spending your cash back cards credit on stuff that you can easily turn back into cash to pay the balance back.

Sheesh, 6 CCs. More power to you. I have one, might get another one and call it a day tbh. Give me a general cash back card and then one for travel. I'm good. I'm a simple man tbh.

 

[winb83]

Sheesh, 6 CCs. More power to you. I have one, might get another one and call it a day tbh. Give me a general cash back card and then one for travel. I'm good. I'm a simple man tbh.

I don't want all these cards but you have to have all of them to maximize cash back. If you're gonna spend the money anyway why not get back the most possible?

It might not seem like much but that cash back adds up quick. I usually wait until there's something I want to buy like I bought an Xbox One X when it launched just using the cash back on my Amex for nothing out of pocket.

 

[phcitywarrior]

I don't want all these cards but you have to have all of them to maximize cash back. If you're gonna spend the money anyway why not get back the most possible?

It might not seem like much but that cash back adds up quick. I usually wait until there's something I want to buy like I bought an Xbox One X when it launched just using the cash back on my Amex for nothing out of pocket.

Curious, do you feel you spend more with all these CC's to justify the cash back or would you have spent the same without the CCs?

 

[winb83]

Curious, do you feel you spend more with all these CC's to justify the cash back or would you have spent the same without the CCs?

No. My policy is never buy anything I don't have enough cash to pay for outright right then and there on a credit card. Instead of using cash I just buy on a CC and pay it all off before the bill is due. I'm not using a card to overextend myself financially with the thought of I can pay it back later. When you play the cash back game you can't get finance charges because the interest rates on the cards are at least in the low teens and the cash back you earn is in the low single digits.

When I was a bit younger I was using credit to overextend myself though. I ended up consolidating my credit card balances on a loan with a credit union and paid all that debt off. The credit union bought up all my debt and sent letters canceling all my cards as part of the terms of it. They gave me a much lower interest rate.

Some of my cards have really bad interest rates on them cause they're from back when I got that loan and my credit was poor. The Chase Freedom I have right now has a 21% interest rate on it. My APR on the Chase Amazon card is 16.49 and the lowest they do is 16.24 but they raised all my APRs on all my cards just this past month due to the Fed raising rates.

 

[winb83]

If I was in debt I'd maybe use some aspects of this theory to get out faster.


Basically you stop saving any money. You take your entire paycheck and pay it on a credit card and live off the credit card. I don't think you can pay a mortgage or car note off it like he claims but do everything else that way if you can't and don't put those things on the credit card. Using that method with is kinda like a debt snowball to the extreme you pay off your debt incredibly fast. You're also building credit.

The advantage of it is as you spend the money you still have access to it via the credit card if you need more. Your lack of saving any money becomes less of an issue there. This method forces you to pay off your debt as quickly as possible because all your free money is going to the debt by design.

 

[phcitywarrior]

2 weeks I'll be free

 

[Monsanto]

Debt free in a month. By moving some dollars around I'll be in the clear an extra 4 weeks prior to my projected date.

 

[mannyrs13]

Gotta get out of debt so i can get in more debt. But traveling makes it worth it. Hopefully by the end of the month/beginning of next month, i'll have cleared most of my current debt. Got 3 more paychecks coming in until then.

Speaking of debt and emergency funds and all that in general. My homegirl today asked me why i was working so much lately. She asked me if i was real deep in debt. They forcing us to do 10 hours of overtime at work. Last week I did 25. She asked me that and i'm thinking to myself "bytch are you serious?" I grind so i can keep my savings intact and enjoy life. But some people don't have what it takes to pay their debt or work hard to do it.

 

[Silkk]

Gotta get out of debt so i can get in more debt. But traveling makes it worth it. Hopefully by the end of the month/beginning of next month, i'll have cleared most of my current debt. Got 3 more paychecks coming in until then.

Speaking of debt and emergency funds and all that in general. My homegirl today asked me why i was working so much lately. She asked me if i was real deep in debt. They forcing us to do 10 hours of overtime at work. Last week I did 25. She asked me that and i'm thinking to myself "bytch are you serious?" I grind so i can keep my savings intact and enjoy life. But some people don't have what it takes to pay their debt or work hard to do it.

Maaaaaan I haven't gotten OT in like two years. Would shoot somebody for 10 hours of OT a week.

 

[mannyrs13]

Maaaaaan I haven't gotten OT in like two years. Would shoot somebody for 10 hours of OT a week.

Considering the fact that your hourly rate is almost five times what mine is, I don't think you should be complaining.

I do need to quit slacking and get at least my A+ and escape this modern day slavery they got us in.

 

[phcitywarrior]

How we progressing?

 

[dterpsss]

If I was in debt I'd maybe use some aspects of this theory to get out faster.


Basically you stop saving any money. You take your entire paycheck and pay it on a credit card and live off the credit card. I don't think you can pay a mortgage or car note off it like he claims but do everything else that way if you can't and don't put those things on the credit card. Using that method with is kinda like a debt snowball to the extreme you pay off your debt incredibly fast. You're also building credit.

The advantage of it is as you spend the money you still have access to it via the credit card if you need more. Your lack of saving any money becomes less of an issue there. This method forces you to pay off your debt as quickly as possible because all your free money is going to the debt by design.

Homeboy paying mortgage with his credit card with no transaction fees? I would pay to see that

 

[winb83]

Homeboy paying mortgage with his credit with no transaction fees? I would pay to see that

You can write checks against a home equity line of credit.

 

[dterpsss]

You can write checks against a home equity line of credit.

He mentioned using a credit card