Triple Lock Revolvers Against Creditcard Debt

iby said:
What does a high credit score matter if you don't finance anything ;)
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Everybody finances something . Your home and car are for instance . A good credit score is important even if you never plan on financing anything else in your lifetime because stuff happens and you never know what you might have to do before you die. Cutting up cards and canceling them does ding your credit a bit at first but in 12 month or sometime less you will be back to normal . All of my cards are gone , don't even have a gas card anymore just use my debit card for everything. I can walk into my bank at any time and borrow just about anything I want , no questions . It's because even though I no longer use a credit card I still have maintained a high credit rating by paying two mortgages on time and an occasional small personal loan that I take to show some responsible credit use.

Not wanting to hurt any ones feelings but getting $20,000 into credit card debt that keeps you up at night is a first rate sign that you have no business with a credit card with a limit over $5,000 and probably would do better without one at all. A large percentage of those that keep the card after they get a balance like that paid off will eventually do the same thing again .
 
I don't have Triple locks and I don't have CC debt. I only paid interest once in my life when my wife wrote the check for the wrong ammoount leaving a balance. We have used our cards to get paid back either cash or car discounts. Made it a practice to never charge anything we didn;t have money to pay for. More then once in my life I had to pass on a good gun deal or to sell some guns to keep to the rule.
All the previous posters are correct triple locks come and go but cc interest payments rob you of chance to get more,
 
I suspect you have already assessed the fact that NOBODY who has posted is a fan of credit cards! I stopped using them years ago, and although it does cause some concern at times, I'm happier paying cash.... and I suspect I'll pass away before the whole scene becomes digital. At any rate, Credit Card interest rates these days are horrendous. Dump the cards! ML
 
I was thrilled to get my first credit card (probably 40 years ago?)
I no longer had to go inside the gas station office to pay first.
I have never(?) paid interest except by error.
I have redeemed many free airline flights/hotel rooms etc by using them.
If someone jacks your card you never pay.
Now I use a 2% cash back card and I pay for everything I can with it.
It is an excellent tool but the perks I get are paid for by people that don't know how to use them
 
Triplelockshooter said:
This is my first post I can remember placing. That may be incorrect as I forget a good deal and according to my family I am "wrong all the time." Sound familiar?

I do have four, yes, four. Triple lock S&W revolvers. one in 45 webly convered and returned by the brits-blued/nice, two 44spl nickle 6.5 bbl guns look poor on the exterior but have good lockwork and bores, and finally a 45 colt/long colt with a 6.5 bbl restored by either a gold or brass finished cylinder and barrel-all purchased for under $350 each back in the 1990s.

Now to my dilemma -Should I I sell them to pay off part of a $20K credit card bill? What are they worth? They are very hard to find comparables and they shoot so well. This makes me loose sleep and thought.
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You're going to need to give members a lot more detail on the guns to get values, photos, years, etc.
 
sousana said:
Truck man on the ball. After I retired from the Navy, went to Nursing school, I got me an AMEX card, put 100% of monthly bills on it, paid cash for nothing, but at the end of the month I paid it off. Now, I'm nearly 6#, nearly 23 years after retiring, still do the same except the AMEX isn't green anymore, and I've got rewards enough that the wife and I take an annual 3 week cruise AND 2 weeks in a nice hotel away from home and office.

I say, pay off your cards. If your contemplating cards, get one that pays you, pay it in full monthly and enjoy paid vacations.
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American Express, without a doubt, is the best of the best. I've had mine since 1985 used 100% for my business - they back you up like no other company if you're a good customer. The limits can be enormous, which is important in a business environment. They offer protection far beyond a bank/cash payment system.

For example, a few months ago I paid a transaction overseas with an unscrupulous business through PayPal on AX. The overseas company came up with a BS story and PayPal, without verifying with me, swallowed it and denied my claim. So I then disputed it with AX. With only a small explanation and without hesitation, they back charged PayPal who back charged the overseas company and AX immediately refunded my card. A few months later, an executive from AX called me to make sure I was satisfied with their service. Oh yeah I am!
 
GypsmJim said:
The BIG question here, though, is how did the debt get that high in the first place? Furthermore, if it IS paid off, will it happen again?
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^^^This. If you haven't already, the cause of the debt has to be figured out first. If it's simply living beyond your means, cut out non-essentials. If you've already done that and still can't live on what you make, you might seek council from trusted friends, family, or church staff. Many churches have financial counselors these days.

As far as paying down debt, there are a few basic principals that may help. If you have balances on multiple cards, pay off the one with the lowest balance first. Then apply that payment to the next lowest balance until it's paid off, and so on.

You might also contact the credit card company and ask them for relief. Many card companies will now accept reduced payoffs or set up payment plans so as to help you avoid default, bankruptcy, etc. Both of these options will, of course, require the account(s) to be closed. You don't want to be using these cards for daily expenses as they have no more grace period-only interest accrual. Payments are applied to interest first and then to existing debt and new charges based on the applicable interest rates. See the attachment below.

Another option is using a HELOC to consolidate your debt at a lower interest rate. The danger here is that you first have to figure out the cause and solution for the debt. If you get a HELOC and continue to incur debt, you'll eventually end up with no equity in your house, more CC debt and be in a worse position than you started.

As mentioned above, post pics here so the knowledgeable members of the forum can help you estimate value. They'll likely sell quickly in the classifieds here. That money can then be applied to the CC debt or used for a savings fund for unexpected expenses, cost overruns, etc.

Check out Dave Ramsey. He is highly recommended by many.

https://www.nerdwallet.com/article/credit-cards/how-credit-card-payments-applied
 
AlHunt said:
Reading through 25 or so responses, I'd say the tribe has spoken ... 😀
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Frailer said:
Obviously paying down your debt is the wise choice.

That said, there is a potential trap here that I don't think anyone has mentioned. I've seen many collectors that will sell stuff off (usually at a loss) to pay bills, only to buy similar items later, ending up right back where they started.

How important are these guns to you? In this specific case you won't lose money on the sales, but if you get the urge to replace them it will cost you.

If you think you might find yourself in this situation you may want to keep your favorite gun and sell the other three.
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That would be my recommendation as well, you didn't get into debt overnight, you won't get out over night.. if you do sell a couple of guns, call the card company and make arrangements to pay that toward the principle of the card!

My wife and I both went through expensive divorces, she has a daughter and twin boys, and I have 4 daughter's from my first marriage, we had 7 children, and it was CRAZY! Yes, I was in a very similar situation to yours. I always had more taxes taken out than I would owe, and in this manner, we managed to save a little.

We had a miscarriage, and we were both so broken hearted, I told my wife we would plan to have another baby. We ended up with two beautiful twin daughters, who have been the salvation and light of our family..

I always kept good health insurance, which my share cost about two thirds of my take home.. I had 4 jobs for most of those years, I was a social worker for 21 1/2 years, and then became a hospice Chaplain, I pastored a small Baptist church, worked on my Dad's farm to help him out, and he passed along a little beef and a little cash... he wouldn't have been able to keep farming without some help..

I even worked evenings at Klem's Aero Repair, so yes, keep paying on those bills, keep praying, and try to sock a little back from every check.. we both ended up with a nice little inheritance from our parents farms. We still have some debt, (we could have paid off), but then our cash would have been gone.

We own our home, have done some remodeling, still carry the babies telephones on our account, and try to help our kids when they get into a real bind.. I drive a school bus and we have a small family farm that we cash rent, a little crop land and some pasture, and I DO have one very nice 1916 Triple Lock Target, and more than a couple of nice Smith and Wesson's, and a Colt or two.

My lovely wife manages our local bank very well, and takes good care of all of her customers, and her bosses love her and take good care of her.. She's not getting rich, but her employees all love her, and they do very much appreciate her.. So hang in there, keep plugging away, and it will get better..

None of us are perfect, and we wouldn't need a real Jesus if we were, our God sometimes likes to keep us a little needy, (I need him every day), but I have a chance to help someone almost every day, and I do my best to be generous when I can.. we have a beautiful family, and 16 beautiful Grandchildren, my quiver is full!

billy
 
Works for me. I use AMEX, never carry a balance month-to-month, huge bunch of Skymiles.
 
Debt elimination has to become part of your personality.. part of your DNA.. it is just how you need to be to reverse the path you have been on... selling the TL's is just the first step... the freedom you will feel when you become debt free is indescribable.. and from there you build on your independence by amassing assets... which may include TL's... but only from savings never on credit ever again...
 
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Truckman said:
I don't have any Triplelocks...

But I use credit cards to pay for everything that does not offer a lower price for cash...My credit cards have no annual fee and they all pay me a percentage of what I charge...I pay the balance off monthly...I haven't carried a balance forward in decades...

I still want a Triplelock...:cry:...Ben
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I have a TL, but we're just like you with CC's! My Fidelity Visa puts 2% of every dollar I spend on the card directly in a Roth IRA. I funnel everything through it that I can. I haven't paid ANY interest in well over 10 years. Once you've seen the other side of debt, it's so liberating.
 
Many years ago I began following Dave Ramsey's Baby Steps to achieve financial independence, and I've taught that philosophy to my sons. The first four steps are critical:
1) Establish an emergency fund (start with $1000 to get things going)
2) Pay off all debt (except mortgage) using the snowball method. Make minimum payments on all CCs except for the smallest. Attack the smallest CC until it's paid off, then use funds to attack the next smallest, and so on. As Dave says, eat beans and weenies if you have to and use the money to get rid of debt.
3) Save 3-6 months in your emergency fund to cover expenses should bad things happen
4) Invest 15% of your income in a retirement fund (401K, IRAs, etc.)

I'm sure that at this point in your life you're only interested in #2, and that's good. Sell what you can and pay off your $20K debt. Like others here on the Forum, the wife and I only use our AMEX card for purchases, and we pay it off every month. We use the points for other purchases and travel. We have been debt free for 25 years, except for a small mortgage. Our Financial Advisor suggested that we do not pay off the mortgage (3.65%) and leave our $ in our retirement accounts since our retirement accounts are earning 8%+ it would be silly to pay off the mortgage. Good luck with your decision, but I'll tell you that being debt free is a great feeling!
 
moosedog said:
God Bless my lovely wife of 36 years. She never once has carried over a CC debt to the next month. Not cheap by any means but frugal.
I have a few friends who will never get out of debt.
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Same here, I have a gorgeous amazing wife,, she looks great, takes good care of herself, eats right, faithful to the Lord and to me! she recently had a positive biopsy and a lumpectomy, and a few lymph nodes removed. Good margins on the lumpectomy and clear lymph nodes, so very thankful!

but, it's a lot, and Chick's carry a lot emotionally, so she's doing great, now maybe a little chemo? (I hope NOT), and some radiation, and take an estrogen blocker... life without estrogen is more than a little scary!!!
 
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