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Just received $51.06 collection bill from Convergent

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Money Talk > Credit & Loans

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yotux
New Member


Cash: $ 1.20

Posts: 6
Joined: 25 Feb 2017
Location: Wisconsin
Collection  Reply with quote  

Sadly yes it can be on your credit report. I am a person that does not want a credit score, I want freedom. Freedom of having payments. Currently I am working to be debt free. There are two schools of thought, one is to have a super high credit score, this requires borrowing money that you don't have and giving allot of interest to the banks. The other school is to have zero credit score and use manual underwriting. Harder but it leads to a life of less stress and freedom!

The first step to freedom is make a budget, tell your money where to go, also list you debts smallest to largest. I saw that you in school that is great, how much student loan debt have you racked up?

I am not proud of it but my spouse had $90,000 in student loans prior to our marriage, now it time to attack the debt a live the life of freedom....

Feel free to PM me I would love to help you walk down the path of freedom.....
Post Sat Feb 25, 2017 7:18 pm
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oldguy
Senior Member


Cash: $ 737.05

Posts: 3584
Joined: 21 May 2006
Location: arizona
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quote:
Currently I am working to be debt free. There are two schools of thought, one is to have a super high credit score, this requires borrowing money that you don't have and giving allot of interest to the banks. The other school is to have zero credit score and use manual underwriting. Harder but it leads to a life of less stress and freedom!


I've followed the "borrowing" school of thought. Over the past 40 years, I borrow as much as I can against real estate. I bought rental houses with very small down payments. As soon as one of the houses grew equity I refinanced it and used the equity for a down payment on another house.

Later I stopped adding more houses but I kept doing refi's - I invested those refi monies into an SP500 Index Fund. For example, $25k in an SP500 for 30 years grows to $550,000. When I retired I sold the houses - but those blocks of money that I put into the SP500 are still there, still growing.

IMO, the way to become a multimillionaire is to borrow capital at a low rate and invest it 11% or 12%. The Rule of 72 - your money doubles about every 6.5 years. Conversely, a wage earner CANNOT become a millionaire without using debt.
Eg, if you SAVE $10,000/year for 30 years, all you'll have is $300,000. But if you INVEST $10,000/year at 11%/yr for 30 years, you'll have $2,200,000. Same amount of money ($10,000/yr) but a vastly different outcome.

In fact, even tho I'm wealthy, I don't even pay cash for new cars, I borrow the entire amount and pay interest for the full 60 months. Meanwhile, my money staying in the SP500, nearly doubling in that 60 month period.
Post Sat Feb 25, 2017 10:12 pm
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