Debt consolidation

Heeven wrote:

I've often wondered when people leave the country, how they pay or file their taxes after leaving.

I live outside the U.S. and have to pay taxes (since Americans have to pay tax on foreign income anyway) and I just do it all online and e-file and have the reimbursement direct-deposited.

But I list a U.S. living address so I just do it as if I were living there. Next year I might try to file with a foreign mailing address and it might get more complicated.

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Robert Gentel wrote:

I live outside the U.S. and have to pay taxes (since Americans have to pay tax on foreign income anyway)

Wait ... do you pay taxes in the foreign country AND have to pay taxes in the U.S. on that same foreign income too?

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Dagmarka, I respect your integrity and your desire to take the honorable course of action. I will not debate your decision.

Still, this thread upsets me...

The credit card companies have probably already made a couple of thousand of dollars off of your difficult times. They did this not only with obscenely high interest rates, but also with every trick they can muster.

Its the imbalance that gets me. When one party will use any means legal or questionably legal to make money with no regard to ethics takes advantage of people who are trying to act ethically, it sets up this unfair situation that ends in the good guys getting taken advantage of for the benefit of sharks.

On this loan, it is the interest rate (not the monthly payment) that determines whether this is a good deal or not. An APR of 14% is bearable (you will end up paying $4,000 in interest and be finished in 5 years with a $243 monthly payment).

A much lower interest rate than this is a good deal. Any more than this is robbery.

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i wouldn't say it was thousands by any means. i had 15 months of 0%apr on one of the cards and 12 months on both other ones. all three of these options expired in the past few months, which is why i decided to pay them off right away. I knew the terms and conditions beforehand. i could have done without some of the purchases. i could have consolidated sooner.
it's a game as old as money. sure it's not 'nice', but not everything is 'The Man' 's fault either.
action, responsibility, consequences. I'm learning.

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ebrown_p wrote:

The other problem with no-interest credit cards is that they are credit cards. This means you are still playing the game of the sharks who are charging you the obscene interest rates in the first place.

The goal is to get as much of your money as possible (that is the only way they make money)... and the reason they offer no-interest credit cards is because they think there is a good chance you will slip and owe them lots more money.

Be careful.

Honestly?

It's not that hard to beat them at their own game.

Sure they are hoping you slip up, so....you don't. Simple as that.

You pay them what they have to have, when they have to have it.

You look at the damn calander and do what you're supposed to do it.
You write yourself a note saying "Pay bills this weekend"

If you're unable to do that, remembering to do something when you're supposed to, then as far as I'm concerned you must be an Epsilon Minus.

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i'm sure it's unfair to those who find themselves in credit card debt by some great misfortune or utter necessity.

that is largely not my case, perhaps a portion due to department of homeland security's doing, but the rest is entirely my own doing.
my mother says:"if you can't afford it, don't buy it." i should have heeded her advice more. i'd still have debt now if i did, but less.

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Month one
debt at start 10,000
interest 8%
repayment 234/month

first calculation
10,000 *8% per annum =800 / 12months=66.67 per month

second calculation 10,000 + 66.67 = 10,066.67

third calculation 10,066.67 minus 234 = 9832.67

At the end of month one you owe 9832.67

Month 2
9832.67 *8% = 786.61/annum /12 months = 65.55/month

9832.67 + 65.55=9898.22

9898.22 - 234 = 9664.22

end of month 2 you owe 9664.22

class exercise
use excell to calculate you total interest payments?

How many monthly repayments will you make?

Is the interest calculated on a daily or monthly balance owing.

If interest is calculated on a daily basis you can save further by making payments on a fortnightly basis.

Calculate you total interest payment assuming you make fortnightly repayments of 117.00. (half of 234)

Will you need to make foreign currency transactions to meet your repayments? What will these transfers cost? add these costs to your total interest payments

How will changes in international money market rates affect your repayments?
This is a question to ask a CPA and could be very very important.

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except... the first two months i'll pay $1,000 and about $700-800 every month after that.

class, recalculate.

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no foreign transactions. i'll keep getting paid for part time work in the u.s. to a u.s. bank account, in the same bank.

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dagmaraka wrote:

except... the first two months i'll pay $1,000 and about $700-800 every month after that.

class, recalculate.

A simple doubling of your monthly minmum payment would cut a 5-year loan to a 2-year loan. If you are paying that much per month then you should have it wiped out in a year or so. Wink

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that's the plan, fishin. hopefully less.

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...and hopefully my mom will never find out :wink:

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fishin wrote:

dagmaraka wrote:
except... the first two months i'll pay $1,000 and about $700-800 every month after that.

class, recalculate.

A simple doubling of your monthly minmum payment would cut a 5-year loan to a 2-year loan. If you are paying that much per month then you should have it wiped out in a year or so.

And after you wipe out the loan - continue to pay yourself the money and soon you will have a nice little savings account.

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dagmaraka wrote:

except... the first two months i'll pay $1,000 and about $700-800 every month after that.

class, recalculate.

good work.

adding in fees.

Some banks charge an early repayment fee on some types of loans.

Are there any early repayment, dishcharge or transaction processing charges.

Add any fees to your total interest payed.

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no early repayment fees. that i asked about... i knew i wanted to get rid of it asap.

the rest of the stuff you talk about - it's all blue potatoes to me...

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some banks charge a fee for processing you monthly repayments. I feel sure you would have been made aware of this if this was the case.

Make yourself do the entire calculation for both monthly and fortnightly repayment schedules substituting the increased repayments you intend to make.

It sounds like you have it covered though.

Want to meet behind the bike shed at lunch?

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schedule? i'm gonna set up an automatic withdrawal from my account for the minimum payment, and pay whatever i can extra inbetween (hopefully about $500 a month)... that's my 'schedule'. i'm good at remembering stuff like that though.

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Debt consolidation

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