So one of the new catchphrases these days is that if you think you have done a great job on a task, you announce, “Nailed it!”, thus showing how good you are. What I am also enjoying is the fact that some very funny folks are taking this term and standing it on its head.
With this in mind, I give you some classic “Nailed it!” moments in the area of debt:
- Using a payday loan to pay off your Large Box Store credit card, Nailed it!
- We couldn’t afford to pay for the mid-size sedan that we bought, so we traded it in (with only 1/3 paid off) and managed to be able to afford a Canyonero Class SUV on a new lease, Nailed it!
- I broke my mortgage with a higher interest rate, and thanks to the penalties for breaking the loan, I ended up paying the same amount monthly, but I now have a lower rate on my mortgage. Nailed it!
- Borrowed more than my house is worth, so I could buy nice furniture, and appliances and make a down payment on a new car lease, Nailed it!
- My Visa card was at the limit, so I got a Mastercard from a different bank to get some more stuff, Nailed it!
- I owe over $17,000 in discretionary credit, but I have a great credit score, Nailed it!
- I can barely afford my own mortgage, but I have co-signed for a loan for my brother-in-law, it shouldn’t be a problem, Nailed it!
Any other Nailed it! Moments that I have missed?
Other Debt Articles
My list of debt commentary articles is quite long, so let’s stick with the basics.
- Three Solid Ideas For Your HeLOC is a misdirection title. With interest rates going up, home equity lines of credit are becoming heavier anchors on your financial life.
- Pay Day Loans? Absolutely, positively NO! Go talk to a licensed insolvency professional before you do this.
- Surreal Paragraphs Found in Credit Card Bills, if you carry balances on your credit cards, you are in trouble. Look at their estimate for how long it will take to pay off the debt on minimum payments.
- A Mortgage Changes You, which is very accurate. When you get a mortgage, your life changes, and it will be a major element of your financial decision-making process.
- Make More by Reducing Debt with some elementary (maybe naive) arithmetic.
- Straight Talk on Your Money is not just a good book (and podcast). It explains how debt can get out of control quickly.
- Debt-shaming: Debt is Bad, but You Aren’t having a poke at the “influencers” who say my commentaries about Debt being BAD is debt shaming.
- My coup de grace There is No Such Thing as good debt. Debt is a tool, like a chainsaw, and must be respected.
I needed to consolidate my debts, so I got a debt consolidation loan, paid off my credit cards, and ran them back up. Nailed it!