No Interest anymore. Time to resign.

Subject: No Interest anymore. Time to resign.
From: Rick Fielding
Date: 19 Nov 01 - 11:37 PM

A historic day! Thought I might share this with anyone who cares. After carrying a VISA balance that fluctuated between three or four hundred and three or four thousand bucks for almost thirty years.....I payed the whole sucker off today. No more ridiculously high interest payments....ever again!

This is probably a good time to resign (at least temporarily) from the G.A.S. (Guitar acquisition Syndrome) Club. Sorry Fortunato, Justa, Michael Miland, etc.

I realize that this is no big deal to folks who manage their money properly, and pay off their balance every month, but to those of us who, for whatever twisted reasons, continue to give the banks "free money" it IS a big deal.

Took quite a bit of saving over the last year, and being much more careful than I normally am.......after all, I only bought ONE instrument (well two actually) rather than the normal five or six.

I've always been one of those folks who can easily get "sort of" in debt, and stay there for long periods of time, so maybe this bit of maturity is a good sign. If I continue on like this, I'll be completely fiscally responsible by the time I'm 93. I'm not sure about tearin' the card up though!

Any good stories about gettin' into or outta debt?

Rick

Subject: RE: No Interest anymore. Time to resign.
From:
Date: 19 Nov 01 - 11:39 PM

buy rental real estate. Worked for me. mg

Subject: RE: No Interest anymore. Time to resign.
From: GUEST,.gargoyle
Date: 19 Nov 01 - 11:40 PM

Never been there.
Never want to go.

Subject: RE: No Interest anymore. Time to resign.
From: Rick Fielding
Date: 19 Nov 01 - 11:40 PM

Sorry, mean't to put a "BS" before the title and forgot. Oh well, it's 'sort of' about guitars.

Rick

Subject: RE: No Interest anymore. Time to resign.
From: CarolC
Date: 19 Nov 01 - 11:57 PM

Congratulations, Rick! You no longer qualify as a Third World Country (paying more interest than principal).

I still qualify. I wonder, in this new climate of generosity toward Third World Countries, if I can get the banks to forgive my debts... Nah. Probably not.

Subject: RE: No Interest anymore. Time to resign.
From: DougR
Date: 20 Nov 01 - 12:00 AM

That's great news Rick! I just got a notice from one of my credit card companies suggesting I consolidate my balances and I agreed! They have been transferred to you! Yeeeee hawwwwwww!

DougR

Subject: RE: No Interest anymore. Time to resign.
From: Amos
Date: 20 Nov 01 - 12:03 AM

Well done, Rick. For the love o' deep water KEEP it that way, now...okay?

I'se proud of ya!

A

Subject: RE: No Interest anymore. Time to resign.
From: Jeremiah McCaw
Date: 20 Nov 01 - 01:17 AM

Don't forget, folk, his last CD was titled: "This One's the Dreamer".

Best of luck on your best of intentions, Rick.

It's just that I don't think anyone ever really recovers from GAS completely. I wish you restraint.

Mind you, having said that, I do believe I've gotten over it myself. Unless, I run across that old Fender Mustang bass, or that Hagstrom 8-string bass . . .

Oh, dear . . .

Subject: RE: No Interest anymore. Time to resign.
From: DonMeixner
Date: 20 Nov 01 - 07:24 AM

Been Sears and Penny's free for several years now. Have one VISA Debit card for the jewelry business. All my credit is thirty day net. at suppliers and i like it that way.

Don

Subject: RE: No Interest anymore. Time to resign.
From: kendall
Date: 20 Nov 01 - 07:53 AM

...he looks the whole world in the face, for he owes not any man...(The village blacksmith by Henry W. Longfellow) That's where I am, and, that feeling is worth more than the finest guitar. Of course, I've had a lot longer time to get to this point than you, Rick,and, I've learned that what I want is not in another guitar! Think on that my friend.

Subject: RE: No Interest anymore. Time to resign.
From: UB Ed
Date: 20 Nov 01 - 08:21 AM

Home equity loans still make sense for those GASsy times...

Subject: RE: No Interest anymore. Time to resign.
From: Steve Latimer
Date: 20 Nov 01 - 08:35 AM

I put my cards away a few years ago. I didn't destroy them because in todays world you need them to book hotels and things like that. But I no longer carry them with me. It's just too easy to make those spontaneous purchases. I carry a debit card only. That way I can't spend what I don't have.

How the credit card companies get away charging the interest they do is beyond me. Legalized loansharking.

Congratulations Rick.

Subject: RE: No Interest anymore. Time to resign.
From: GUEST,Russ
Date: 20 Nov 01 - 08:38 AM

Well done!! Next step: blow up your TV.

Subject: RE: No Interest anymore. Time to resign.
From: McGrath of Harlow
Date: 20 Nov 01 - 08:43 AM

"Another whinger announcing the fact that the Mudcat is going to have to do without them, because Fings Ain't Wot They Used to Be" I thought - and opened it up in a moment of idle curiosity.

And then I saw Rick's name there, and thought "Oh NO!!

Very glad that in fact it's just the guitar dealers who are going to be losing Rick and not the rest of us.

(But I bet he doesn't stick to it, so far as getting guitars is concerned...)

Subject: RE: No Interest anymore. Time to resign.
From: Jeri
Date: 20 Nov 01 - 09:17 AM

Well, I saw the title and Ricks name, and I wondered what he'd resigned from, 'cause he doesn't have a real job, anyway.

Mind you, HE may not succomb to GAS, but I believe he's going to continue being a 'facilitator'. "Ooh, you really should buy that small-bodied cutaway..."

I still have a credit card, but I went to a debit card for most things, and may eventually dump the credit card completely. Why should I pay an annual fee to give them the privilege of charging me interest on payments made after their deadline, which I figure is a a day or so before they send the bill?

Subject: RE: No Interest anymore. Time to resign.
From: Maryrrf
Date: 20 Nov 01 - 09:56 AM

I'm working on achieving this too! Glad to hear that you did it because it encourage me. Mind you, I'm not head over heels in debt and it's manageable - but I want to get rid of it entirely as you did. Then, as you said, it's a matter of not getting caught up in the cycle again. Good for you, Rick!

Subject: RE: No Interest anymore. Time to resign.
From: SINSULL
Date: 20 Nov 01 - 10:05 AM

If I can ever sell my co-op, I plan to do the same. Pay them off; cancel them (all but one for car rentals, hotels, etc.) and live debt free. Congratulations Rick. Jeri - why do you have a card with an annual fee? Almost all banks offer "No Fee" cards now except AMEX.

Subject: RE: No Interest anymore. Time to resign.
From: Llanfair
Date: 20 Nov 01 - 11:09 AM

If you cut the card into quarters, Rick, you will have four spare plectrums (plectra?).
Well done!
Cheers, Bron. (Who daren't have any credit cards because of a spendthrift nature!)

Subject: RE: No Interest anymore. Time to resign.
From: Rick Fielding
Date: 20 Nov 01 - 11:21 AM

Jeezus!! EVERYONE here (well almost) is financially responsible!

Ya know, I'm a great believer in 'microcosms' and so I know that I'll always have to be really careful about money. If I have three or four pennies on my desk, I just brush 'em into the garbage. An ex saw me doing that once and practically had an apoplectic fit!

I've always been "pound foolish AND penny foolish". Workin' on it though.

Thanks for the support AND jokes!

Rick (former third world Country)

Subject: RE: No Interest anymore. Time to resign.
From: Deda
Date: 20 Nov 01 - 11:38 AM

I'm staring at needing to use my credit card more than I ever have, because I just bought my first rental property and it needed various minor fix-ups, and I don't have a tenant yet for Dec 1, which is when I was hoping to get it occupied. So I may have to ride the debt roller coaster for a little while until I get the place stably occupied. It's a little scarey but at least I know the property will hold its value.

Congrats on getting out of debt. A consummation devoutly to be wished. Bravo.

Subject: RE: No Interest anymore. Time to resign.
From: mooman
Date: 20 Nov 01 - 11:54 AM

I thought I'd completely cured myself of these wretched things and the balance was clear.

Then I happended to see a very nice 1920s Lyon and Healy banjo for sale at what I thought was a very reasonable price.

The easy part: the transaction. The vendor even let me pay in a couple of instalments prior to collecting the instrument. Credit cards are wonderful things indeed.

The very, very hard part indeed: Lady McMoo is by nature a furious animal. But hell hath no fury like a instrument-widow faced with yet another instrument purchase ("But you haven't even learned the last one properly yet...").

I'd be interested to know if anyone else has experienced this phenomenon with their partner (my guess is probably yes!).

mooman

Subject: RE: No Interest anymore. Time to resign.
From: GUEST,Fiver
Date: 20 Nov 01 - 11:57 AM

About five years ago, I officially became millionaire--that is, my lifetime spendings were more than a million dollars. Only thing was, my lifetime earnings never caught up. For some reason, a lot of people are touchy about that, but I figure that with every honor comes a little bit of grief.

Subject: RE: No Interest anymore. Time to resign.
From: GUEST,bbc at work
Date: 20 Nov 01 - 11:59 AM

That's great news, Rick! I was able to learn the lesson painlessly from 2 generations before me. My dad's folks ran into credit card trouble. Dad raised me to only use a credit card for convenience, ie. to pay it off completely each month, which I've always done. I must be a very unsatisfying credit card customer. My big challenge, after my divorce, was to get credit in my own name. I was amused to find, after I accomplished that, that, employed or unemployed, I now regularly get offers for fee-less gold & platinum cards all the time! I have a Barnes & Noble Mastercard that gives me certificates for $10 worth of free books every time I spend a thousand dollars. It makes those necessary purchases that much more fun. Certificates can be redeemed at the store or online. Pretty neat!

best to all,

bbc

Subject: RE: No Interest anymore. Time to resign.
From: katlaughing
Date: 20 Nov 01 - 12:03 PM

Congratulations, Rick! We used cash only for about 15 years, then got an account with a debit card about 7 years ago. Two years ago we got a credit card for the first time in 20 yrs. or more. Kept the charges down, used only for emergencies and paid off. Now, we have one other which has a much higher limit. Same thing, though, emergencies and pay off. When we were younger, maybe it was having kids at the time, too, but we could never just keep them for emegencies and paid off. That's why we went to cash only. Living within one's means is a good way to go. Anyway, sometimes I marvel at how responsible we are now. I guess we've also seen enough of family and friends who got in over their heads to the point of bankruptcy and never want to go there, so we use them sparingly.

Of course, I don't suffer from GAS, but I do have my eye on a pretty little harp, from time to time.:-)

kat

Subject: RE: No Interest anymore. Time to resign.
From: GUEST,Lyle
Date: 20 Nov 01 - 03:48 PM

I try to keep MANY charge accounts open and at least a few hundred dollars owed in each one. That way I know there are a lot of people who want to see me stay alive...

Lyle

Subject: RE: No Interest anymore. Time to resign.
From: Homeless
Date: 20 Nov 01 - 04:02 PM

Wait a minute...
How can Rick Fielding be God, and be a former third world country?
Isn't there supposed to be separation of Church and State?

On a serious note tho, congrats Rick, from someone who did get in over his head. I used to have credit cards that I used responsibly - usually only for emergencies. Then I had the grave misfortune of marrying a woman who 1) believed that anything she wanted constituted an emergency, and 2) didn't believe in paying bills. Interest and fees racked up fast. Part of our divorce agreement was that we filed bankruptcy together. Now I'm forced to live within my means, while trying to rebuild my credit. And I'm still trying to pay off old debts. (Just because Uncle Sam says it's okay for me to be irresponsible, doesn't mean my conscience agrees.)

Subject: RE: No Interest anymore. Time to resign.
From: Little Hawk
Date: 20 Nov 01 - 04:38 PM

Good going, Rick! I have always figured that the ONLY thing to do with a credit card is use it for convenience and pay it off totally each month before the due date...but that's my nature. I also must make a very disappointing customer for credit card companies, cos they never get any interest from me. Strangely enough, they all keep sending me applications, tempting me with higher and yet higher possible credit limits, hoping I will lose control and plunge deeply into debt with their encouragement. Weird isn't it?

God knows, life is complicated enough, without 3 more credit cards to worry about.

I seem to have gotten over GAS too. I had 5 guitars a year ago, have now sold 3 of them and am actively trying to sell the 4rth, a Martin M-38 that is a real beauty. You know it, it's at the Twelfth Fret in Toronto.

I will be keeping only the trusty Yamaha, the guitar that never fails to meet the occasion.

I also seem to have gotten largely over my lifetime fixation on folk music...which is pretty disturbing...I hardly know what to concentrate my energies on now.

It's been a very strange year.

- LH

Subject: RE: No Interest anymore. Time to resign.
From: GUEST,cookielessgnu
Date: 20 Nov 01 - 04:52 PM

But you just gotta have one a them "five percent of your purchases off your next vehicle" cards ! Of course, you still have to have the money in the bank to pay it off before the due date every month, but it's a rush when you're closing the deal on a vehicle and you say, "By the way, I have this Ford Visa balance to apply to the purchase." Kinda feels like you got one up on them for a change.

Subject: RE: No Interest anymore. Time to resign.
From: catspaw49
Date: 20 Nov 01 - 04:53 PM

You people are all disgusting..........this whole financial resposibility thing..................I figure we'll be out of debt when I'm about 147.

Spaw

Subject: RE: No Interest anymore. Time to resign.
From: weepiper
Date: 20 Nov 01 - 05:05 PM

I've managed to resist credit cards and intend to keep it that way, but I've just been daft enough to whack my overdraught up to the limit a month before Christmas to buy some new (bag)pipes. Not so much GAS in my case as BWFCAFAS...work that one out if you can...
As for being penny-wise, by the way, it makes sense...I dump loose change from my pockets every day into a bag, I took it to the bank the other day (feeding that overdraught :-)! ) after about 8 months and there was fifty four quid!

Subject: ;-)
From: Clinton Hammond
Date: 20 Nov 01 - 05:10 PM

I've been dodging an outstanding student loan for so long, that I've been advised 'legally' (dad-in-law is a lawyer) that another couple of years and the whole thing just vanishes... I'm about to achieve my dream of socailised education! I'll never get credit, but I don't want it nywy... :-)

Capitalists suck! And not in the good way!

Subject: RE: No Interest anymore. Time to resign.
From: Eric the Viking
Date: 20 Nov 01 - 05:24 PM

Well since you're clear of debt-You can buy me a decent guitar if you wish- something really nice, that'd make me sound good and more than I can afford (The wife and kids get my dosh+being the household taxi-most of my money goes to the I.R.)

Seriously, I could'nt live with an overdraft- 1st wife did that to me quite big time, I'd earn it, it was gone before I got home ! NOT even on guitars or useful stuff.

I could get a nice expensive guitar on the plastic, but could'nt live with the spend when my kids need it more than me.

I guess I'll have to do without, but to tell the truth, I'd love to have the chance to get a real good guitar before life goes too far down the road of no return!

Enviously yours

Eric

Subject: RE: No Interest anymore. Time to resign.
From: Erica Smith
Date: 20 Nov 01 - 05:24 PM

luckily living in NYC one can only have so many instruments unless you'd get completely crowded out of your apt.

although i'm learning one more thing about the expenses of music -- getting your CD duplicated . . . owwwwwccchhh!!!

Subject: RE: No Interest anymore. Time to resign.
From: Tinker
Date: 20 Nov 01 - 05:43 PM

Can't say I'm exactly in that responsible crowd.... it's too easy to get overloaded and forget a due date, but it's getting closer to everyone paid off..... NOw about that guitar syndrome... I think that's just in the starting stages, but I still haven't caught up to the Mister's pen habit.

Tinker

Subject: RE: No Interest anymore. Time to resign.
From: Mr Red
Date: 20 Nov 01 - 05:51 PM

played yer mastercard eh?
Had a VISAtation?
I find it easier to pay it off and just use it as a money organiser. My Visa gives me 1/2% of the deals, I could get 1% on a different card. Its cheaper keep it in my (red) wallet though.
You know I can't find a company that sports a red credit card!

Subject: RE: No Interest anymore. Time to resign.
From: GUEST,Chicken Charlie
Date: 20 Nov 01 - 05:55 PM

I was always told that deficit spending makes the world go 'round. Actually, though, I paid off my SUV and my sound system ahead of time and I have a plan to pay of my credit card in a year. Since I only want .... lessee now, one, two, three more instruments, and since--oh, no, four--I only buy instruments at yard sales (if I can't find them in dumpsters), I might make it.

Don't worry about the BS thing. A credit card is an "instrument" of credit.

CC

Subject: RE: No Interest anymore. Time to resign.
From: Rick Fielding
Date: 20 Nov 01 - 11:05 PM

Back in pre-history...when I was REALLY counter-culture, I had to get my MOTHER or girlfriend to co-sign everything for me. Didn't matter whether it was an apartment or car or whatever....geez, even a banjo once. An accountant told me to do three things....borrow money from a bank (for no reason other than to have a credit history) get a VISA card (same reason) and NEVER put my living in writing as "Musician". He suggested "Teacher of Classical music theory". I did. Sometimes still do! (doesn't matter that my "classical theory" is VERRRY weak)

Ahhhh, respect!

Rick

Subject: RE: No Interest anymore. Time to resign.
From: mooman
Date: 21 Nov 01 - 03:49 AM

Dear friend Eric,

We will help find you your dream guitar at a good price! Trust the Mudcat network!

PM me with your wish list and I'm sure eventually Moo Intelligence Services will find you something you like and can afford (I can think of many people I know with advanced GAS who could be easily leant on by a a Moo Agent in order to liberate one from their menagerie!)

Very best wishes and looking forward to seeing you at the EuroGathering May 3-6 (make a note folks!) in Brussels, if not before, e.g. Stony Stratford?

mooman

Subject: RE: No Interest anymore. Time to resign.
From: katlaughing
Date: 21 Nov 01 - 08:33 AM

Spawdarlin', don't feel badly; our old self-employed tax debt with the IRS, faithfully paid on each month will have us owing until we're around about 147, too, so you've got company.:-)

Subject: RE: No Interest anymore. Time to resign.
From: Raptor
Date: 21 Nov 01 - 09:27 AM

Rick
send me those pesky pennys
And arn't those twoonies a pain, I'll take those too so yer desk doesn't look messy.
Raptor

Subject: RE: No Interest anymore. Time to resign.
From: Rick Fielding
Date: 21 Nov 01 - 11:30 AM

Hi Raptor.

Fortunately my Scottish wife Heather who has ALWAYS seen the value in pennies, comes downstairs and collects them every few days for her Piggy bank.

Twonies I SAVE!

However, I just had a thought....now stop me if I'm being paranoid. I'm betting that my next statement from VISA will NOT say: "NO BALANCE", but will have some amount like three dollars and twelve cents on it from some charge I don't know about. Bet they have a "clear up your debt" fee, or something.

Rick

Subject: RE: No Interest anymore. Time to resign.
From: Jeri
Date: 21 Nov 01 - 11:41 AM

Rick, I get pissed of at 'em and pay off the $19.95 I owe with $50. I like the feeling of them owing me, even though it's probably not worth it. I think doing a Ginsu knife routine on the credit card is probably the only thing that works.

Try this: put the card someplace "safe." You'll never see it again. It'll be through some inter-dimensional wall with the keys to my safe and safety deposit box, my birth certificate, etc.

Subject: RE: No Interest anymore. Time to resign.
From: Eric the Viking
Date: 21 Nov 01 - 01:23 PM

Thanks Richard-if wishes were.......etc

See you soon I hope