Happy New Year

As the year draws to a close, I wanted to wish one and all a very Happy new Year. The past year has been a great year. As you can see here, I made a lot of posts and since beginning this blog, I have made a lot pf progress towards my debt. Still though, I have a long way to go. I have some plans to get better control of my finances, if things work out.
In addition, I must find a way to start and or finish these projects that I need to get done around my home.

Home Office (approx.$500) started a few years ago in my basement. Basically a room in my unfinished basement, that will be the most secure room in the house for my computer equipment. Even if the house is broken into, they would have to break into this room while the alarm was going off. (the work would be done by myself and volunteers. In addition to security, it would create more room in my living areas and with the new sub floor get things off the damp cement.

Insulation ($200-$300) I have been here for 8 years and I still have no insulation in the attic. I am estimating that I will need 10 rolls, to get a good start. If that is correct I will need another 10 to put on roof side of the attic. Obviously, the 1ST priority is getting insulation in the ceiling as that is the closest barrier to the living area.

Driveway ($2500-$5000) In my backyard I have one parking spot where a garage used to be. I would like to bring in a bulldozer and remove the retaining wall, leveling the ground some (probably a slight slope) and put in a driveway to get both the roommates car and mine off the street. Cost estimates from a neighbor in the business is $2500 graveled and $5,000 paved. Of course I think I will start with gravel. Since there would be the slope, I think when I pave it, it should be heated for the winter. IE: don't want to slide down hill into a narrow alley and hit the neighbors garage. I have no idea how much that would cost, but I can go a few years with a graveled driveway.

So the new year looks bright as I pay down my debt, but I wonder where I am going to get funds for the projects I need to work on also, especially the insulating the attic project.

January 1st Update

As the year comes to a close (and since I didn't get you at a Dec 1 update) I thought it would be an excellent time to review the past 9 months of personal finance blogging and just what I was able to get paid off. If you haven't seen my goals for 2007, I encourage you to look over the blog and read over them. If you have any comments or suggestions, they are more then welcome.

Now since I started this blog I have paid off more then $4,817. That translates into a 24.588% paid off, leaving $14,774 to get paid off. I am hopeful to make enough extra cash to get this debt paid off by the end of the year. God bless and have a Happy New Year.

News You Need To Know

I would like to thank the News You Need to Know radio show on KMAJ 1440 AM for the $5 gift certificate to the Coffee Break Cafe.

Kansas To Consider Capping PayDay Loan Interest

(Associated Press) -- When North Carolina lawmakers capped the amount of interest payday loan companies could charge their customers for short-term loans, the industry went bust in that state.
Melody McCray-Miller, a Wichita Democrat is hoping a measure she plans to introduce in the upcoming legislative session - which could include and interest rate cap similar to the one that drove the payday loan industry out in North Carolina - would make "predatory lending" less lucrative in Kansas.
Sunflower Community Action, a grass roots community group seeking tighter restrictions on payday lending, backs Miller's efforts.
"Whatever they're doing in North Carolina should be what's done everywhere," said J. J. Selmon, community organizer for the groups northeast chapter.

After reading the above story, I set out to ask Representative Miller a few questions. Below is the result of that interview between her and I.

P. O. T.) Can you explain, for the readers what the bill is and what it would do if it passes?

McCray-Miller) The bill will do 3 things: 1. Strengthen the current Payday Loan statute with additional consumer protection clauses. 2. Regulate consumer loan transactions secured by a motor vehicle (better known as car title loans). Cap the interest rate of these "secured" loans at 36%. 3. Create a data base for the purpose of verifying compliance from the lending industry.

P. O. T.) Why do you want to regulate the payday loan industry?

McCray-Miller) We are looking at this issue from a consumer protection lens. The amendment and new law proposed are designed to better protect consumers from predatory lending while at the same time better educate the public to the need for financial literacy and bring awareness that other lending currently exist and more are needed.

P. O. T.) Do you have any co-sponsors? Bi-partisan?

McCray-Miller) Currently, the co-sponsors are, Rep. Oletha Faust-Goudeau (D-Wichita) and Sen. Donald Betts(D-Wichita). Rep. Deena Horst (R-Salina) and Sen. (Chris) Steineger (D-Kansas City) have both shown a keen interest in the proposed legislation.

P. O. T.) Will this bill also affect the high-priced rent to own stores, title loan places and other such rip off artists.

McCray-Miller) This bill will directly affect title lenders.

P. O. T.) What do you think the chances of this bill passing?
McCray-Miller) I believe the bill has a good chance of getting a fair hearing and becoming law.

P. O. T.) When do you plan to introduce this bill?

McCray-Miller) The bill will be introduced at the beginning of the 2007 Legislative Session.

P. O. T.) What do you think is the possibility of Congress taking up a bill like this and making these regulations national?

McCray-Miller) Congress just recently approved and passed a law that caps the interest rate on loans considered to be predatory for military personnel and family members. I and many others believe that if Congress identified Payday, Auto title and other predatory lending practices as harmful and a threat to our nations security, the same is true for our local communities and the people that work and live in them.

Whitney Damron, lobbyist for the Kansas Payday loan Association said, "people who are critical of payday loans are trying to take a choice from customers." In addition, he said that government shouldn't get involved credit decisions for consumers any more than it should tell consumers how many credit cards or mortgages they should have.

Well Mr. Damron, I have to disagree with you here. Your objectivity is clouded by the money that this rip off industry is paying you. If a company or an industry specifically targeting and ripping off the consumer, it is the job of the government to protect the consumer. Protecting the consumer is all this bill is doing. I look forward for the January 8Th opening of legislative session and subsequently the introduction and eventual passage of this bill.

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Sponsored Post: HP Giving Away HP Equipment

Recently PayPerPost has been traveling around the country and visiting "posties" that is bloggers who use PayPerPost, and have them run a scavanger hunt. In the video above they met up with Robyn who had to run around downtown Chicago and find different items. I think the most interesting part of the video is when she had to get a hug and kiss from a stranger.
I had difficulty viewing the video because my computer is so low on memory that it often goes to the vitual memory. So when asked, yes I would love to have the postie patrol come to Topeka, so that I could get some HP equipment and Digital Photo Printing, hopefully a new computer with larger memory and newer features then this old computer. Of course the money that payperpost gives the scavanger hunt participant wouldn't hurt either. That money could eleminate one of the smaller debts.

"Brought to you by HP"

2007: Resolutions, Plans & A look Ahead

I don't usually make resolutions, in fact the last time I did, I was a teenager in high school, some 20+ years ago. Well this year, as the year comes to a close. I would not be the Prince of thrift if I did not at least take a look at what I plan to do in 2007 about the nasty debt that I have spent the last 9 months actively fighting.
So without further ado, here are my 2007 resolutions (aka goals)

Officially pay-off and eliminate the credit card. While the credit card has been cut up, auto payments continue to hit it and my balance continues to fluctuate between $800 and $1000.

Eliminate the remaining Home Improvement Loan. I still owe approximately $1400. I have been paying this down and in 2007 I will escalate my payments and get this debt paid off.

The Chevy. - In January of 2006 I took out a loan for a car that I should not have bought. Yep it was a stupid tax. I reasoned that I needed a new car because my old truck had been totaled twice by hit and run drivers and was dangerous to drive. While the reasoning may have been true, I did not need a 2004 nor did I need to spend $14,000 for a $11,000 car. I could have bought a $3,000 car to get around as I saved for a nicer car. In 2007 I resolve to find a way to either get out from the upside down loan or to find a way to escalate my payments and get the loan paid off quickly.

Education - I want to look more in depth to seeking CPA or other financial certification.

Love - I want to get to a position financially so that I can again consider meeting a special girl and dating.

SPONSORED POST: Trade Line Broker

A few weeks ago I reviewed a website called Seasoned Trades, today I am reviewing www.tradelinebroker.com/. According to this page,

You have stumbled across the greatest business opportunity in EXISTENCE. This isn't "Multi-Level-Marketing" or anything like it -- This business is Credit.

Unlike other websites that feed you a bunch of fluff about the "opportunity", and ask you to waste your time listening to conference calls for hours on end before revealing the product, we are going to cut to the chase.

The company is Seasoned Trade Lines, LLC. We market a program that allows our clients to legally and ethically add up to 200 points to their credit score in 90 days or less, by becoming an authorized user on established credit card accounts. We have hundreds of satisfied clients, and have been in business for 2 1/2 years.

As I read the page, my interest was peaked, how could I make money through the credit industry?

Well it wasn't long, before www.tradelinebroker.com/ was telling me their plan.

Seasoned Trade Lines, LLC in affiliation with several other online properties, receives hundreds of online requests for credit help daily.

When our clients enroll with us, we pay folks in our Credit Network (that's you) to add our clients as an Authorized User to your accounts. You will specifically ask your credit card company to send only 1 card in the name of our clients to YOUR home. You will place a charge on your card in any amount, and 60 days later the history of your account(s) will appear on our clients' credit files That's it! In fact, even Fair, Isaac, and Co. (the people who invented the FICO score) say that the fastest way to build credit is to be added as an authorized user to established credit card accounts. The FTC even says that this technique can help those who couldn't ordinarily obtain credit such as students and home makers

Pretty powerful stuff coming from the guys who write the rules.

The fact is, adding seasoned trade lines to a credit file is the fastest way to build prime credit. The only catch is that all primary account holders must continue to maintain their accounts.

What? Do I have stupid written across my forehead? They actually want people to add strangers to their credit accounts? If that isn't the stupidest thing I have ever heard. Like Dave Ramsey says, if a bank won't learn someone money, there must be a reason why.

Of course, www.tradelinebroker.com/ tries to reassure the reader of their page that it is safe.

Your good credit will always be protected.

Our clients will never know who you are, and if they do not maintain their credit, it has no effect on you whatsoever.

Your credit card company will issue a card in our clients' name, and only you will receive the credit card issued to that person.

Use that card once or twice for anything, and the next credit reporting period that cards history will be place on our clients' credit file...

All members are paid $50-$150 for every client of ours who purchases 1 Authorized User account. Total workload is roughly a 5 minute phone call to your credit card company, per authorized user. Most of our clients purchase 3 - 4 Authorized User accounts, so if you have 3 - 5 accounts that meet the criteria, you would be paid $150 - $450 for 20 minutes of work! Some of our card holders maintain 10-20 good credit cards, some with an unlimited # of authorized users that can be added, and make in excess of $2000 a week.

Finally, the website promises

No work or fees is required. Just say "I want to come on board", and your in. You will receive payments 24 hours after a client pays their fees.

Oh, Well, I guess I will just have to ruin my good name, to help some stranger raise their "credit score." jeez, no thanks.