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Old 01-29-2013, 02:27 PM   #271
Gamegrl1
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Debt Free already

I'm debt free already (except for the mortgage). Just refinanced and am thrilled...went from a 30-yr fixed to a 15-yr fixed so I'm mentally counting all the trips I'll be able to take when the mortgage is gone. But I'm still going to travel in the meantime - WDW in 2014, maybe Britain the year after.

I read an awkward post on this thread from someone who wanted to vacation first and work on their debt afterward. Uh...I hate to break it to you, but that mentality is going to keep you in debt. A trip to WDW (or whatever your goal is) should be the reward for dumping the debt. It's all about deferred gratification - you get the reward after you do the work. I wish you the best of luck with this.

Otherwise, sounds like a lot of folks are making progress...really proud of you.
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Old 01-29-2013, 07:13 PM   #272
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I am back on track. I got a little behind on everything but I am caught back up and was able to pay extra towards my car yesterday. Now back to dumping my debt.
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Old 01-29-2013, 07:39 PM   #273
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Originally Posted by arwood82 View Post
I am back on track. I got a little behind on everything but I am caught back up and was able to pay extra towards my car yesterday. Now back to dumping my debt.
Yay! This thread will help you stay on track!
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Old 01-29-2013, 08:37 PM   #274
k_reile
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I just found the debt minder app...wow that could get addicting. LOL! We have our mortgage and a few small credit cards and under a year left on my van (08). We have the money to pay off our credit cards (0% interest right now) but are waiting until after our taxes are done to pay them off...depending on how much we will have to owe this year. want to make sure we have the money to pay the government first. Then it will just be our car and mtg. Our ARM is up in July 2013. We are currently at 5.375 and hoping the ARM rates continue to drop. We have a 5/5 ARM so the new rate would be set for 5 years. I am hoping for under 3% to really pay down some principal. I knew we could really pay down principal paying the same amount we already pay...but if we add the additional amount from the debt minder app (the amount from the credit card/ car loan payment after they are paid off)...we could potentially pay down $55k in 5 years. Now that would be awesome.
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Old 01-29-2013, 10:25 PM   #275
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I would love to join! DH and I are okay financially. We had a few things pop up last year (2012) so we need to rebuild our savings and we want to focus on paying off debt.

Some changes we have recently made:
-Cancelled our water cooler water delivery
-Changed car insurance companies due to a lower rate

We also found out our home equity mortgage carrier has been charging us for flood insurance that we never needed. So they are cancelling the policy (which will save us over $100 a month) and we have an attorney who is going to go after them for a refund of the $5K in premiums we have paid since 2008.

We will be selling our camper in the next month or two and so that payment will be gone ($217 a month). We won't make a profit or anything, but to have the payment gone will be wonderful and then we can also stop paying taxes and insurance on it. So more money saved.

Lastly, we are getting ready to refinance our house. We have a first mortgage at 6.35% and a home equity at 8.99% (can you say what the hell were we thinking????). We are planning to refi both into 3.25%. We just need to hit the amount necessary during the appraisal. We are thinking there shouldn't be a problem, but we don't want to count on it until it goes through. This would save us almost $800 a month in payments. Fortunately the total on both loans isn't a massive amount. We owe a bit over $200K.

We have one car payment, our second car we own. We have several credit cards and our focus this year besides building the savings back up is paying off as much as possible. We should be able to get rid of quite a bit. We also have a student loan from my husband, mine was paid off years ago.

We do have a decent tax return coming in, plus my DH is getting a very nice bonus from work as well as a raise so those along will build that savings back up a lot. Hopefully it won't take too long to get the refund from the flood ins premiums, but we won't count on that in case it takes a long time because the company is known for being horrible.

We are also planning to do a few home repairs this year. Our garage needs a new roof and some other stuff. We want to do as much as possible, but all of that will be 100% cash purchases.

If all goes through with the refi we plan to put away close to $1K a month in savings and send an additional $600 a month to debt repayment.

I think this about covers our plans for this year. Now just to stay on task and focused! We are known for slipping up and making not so good choices with money, but we have been getting better over the years.
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Old 01-30-2013, 08:43 AM   #276
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Just paid off my smallest credit card!!! Whoo hoo!!
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Old 01-30-2013, 12:22 PM   #277
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Quote:
Originally Posted by PrincessKymm
Just paid off my smallest credit card!!! Whoo hoo!!
Way to go! The first one is tough!
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Old 01-30-2013, 12:33 PM   #278
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I'm joining. We have four credit cards with a total balance of $3,000. Our goal is to pay all of them off by the end of the year, if not sooner. We are trying to also save money for a new car.
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Old 01-30-2013, 12:47 PM   #279
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Quote:
Originally Posted by mjmartin01
I'm joining. We have four credit cards with a total balance of $3,000. Our goal is to pay all of them off by the end of the year, if not sooner. We are trying to also save money for a new car.
Depending on your overall credit story, you might be better off using the car savings to pay off the CC's quicker and then using the money you would have used on CC to build the car savings up quickly. It can save you interest, and having no cc debt could possibly raise your credit score up a little to where you getter a cheaper interest rate if you finance the car.

It's a lot of what-ifs and may not apply to your situation, but it is something to consider.
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Old 01-30-2013, 12:50 PM   #280
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Quote:
Originally Posted by PrincessKymm
Just paid off my smallest credit card!!! Whoo hoo!!
Awesome! Happy dance!
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Old 01-30-2013, 12:57 PM   #281
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End of month uno!

I am very happy to say that I paid off $960 in debt this month which is $29 more than the number I have to hit every month for the next 23 months to be completely out of debt except the house! So excited and proud of everyone on here for dumping debt! Thanks for keeping me accountable! One small debt paid off completely and hoping two gone by the end of February!
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Old 01-30-2013, 01:30 PM   #282
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Quote:
Originally Posted by danielle79
I am very happy to say that I paid off $960 in debt this month which is $29 more than the number I have to hit every month for the next 23 months to be completely out of debt except the house! So excited and proud of everyone on here for dumping debt! Thanks for keeping me accountable! One small debt paid off completely and hoping two gone by the end of February!
Woo hoo! Keep up that momentum!
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Old 01-30-2013, 04:52 PM   #283
gracie1
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Originally Posted by danielle79 View Post
I am very happy to say that I paid off $960 in debt this month which is $29 more than the number I have to hit every month for the next 23 months to be completely out of debt except the house! So excited and proud of everyone on here for dumping debt! Thanks for keeping me accountable! One small debt paid off completely and hoping two gone by the end of February!

Way to go!!
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Old 01-30-2013, 04:53 PM   #284
gracie1
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Just paid off my smallest credit card!!! Whoo hoo!!
Great job!! It always feels great when you get that first one paid off!
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Old 01-30-2013, 07:11 PM   #285
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Awesome job Kymm and Danielle!! Way to go ! :-)
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