Debt Dumpers - 2014

[gracie1]

Hi I'd like to join this thread..

In 2013 we paid off Hubs student loan and one CC ..

This year we'd like to pay off the other 4 CC's (one is closed and 3 are open) Hubs Truck and personal loan.. then we'd be debt free ..

we actually are trying to get our credit rating up enough to cash in on the "old" moblie home act, basicly anything 1976 and older (ours is 1973) they give you a grant to swap it out for a new"er" one.. The grant covers taking out the old one and putting in the new one - on your same spot you have this minute and they are waiving some of the first time home buyer rules..

I also have to look into getting a second car again when we get that other debt paid off.. just before Thanksgiving my 17 yr old DS hit a 150 deer with my car on the way home from Hockey practice - he was fine, the deer was not and neither was my 13 yr old car.. so we've been a one car family for quite some time and it's getting old.. haaa ..

looking forward to cheering everyone on. Michelle

Welcome to the thread! Sounds like you have been doing a great job with your debt dumping

 

[gracie1]

ceemys congrats on the engagement!!

I have just been on sporadically - had to take my furbaby to have her stitches out last night. Thank goodness that is done My mom is now retiring the end of March so my dad and I are in the process of putting together a retirement party for her. Not sure how many people will show up since it's going to be the day before easter, but we will see.
Now, I use the word loosely when I say we are planning it. I will be the one planning, cleaning, decorating and cooking everything - and my father will go around and say what a great party he threw By the time I am done cooking I will not be looking at him very happily if he says what a great party he threw LOL!!


You guys are all doing a fantastic job! Keep plugging away at the debt!!!

 

[AirGoofy]

So I have a new debt coming up! I'm engaged! . Time to start looking around. No clue where to start. Most likely a destination wedding.

Congratulations. Time to add it to your budget.

The zero-based budget for every pay period is working very well for our household. It provides a sense of control, which I now laugh at when I think about it. Because we have always been in control of our money - it’s not like anyone else has ever been! It’s amazing what happens when you finally wake up about things!
!

It was amazing how much money we found when we went to the zero based budget - found where it was going. Glad to hear a trip to dentist went well.

I haven't checked in in awhile. I've made some progress on my emergency fund while also putting some money aside for our upcoming cruise. I want everything paid in cash, not credit! When I reach $1000 on my emergency fund, I'll start putting more of my money toward my CC debt but I'm slowly chipping away at it so that's better than nothing!
!

That's the first step. Keep it up.

 

[ruadisneyfan2]

Well my family is approaching our 1 year mark for cutting our debt! We are still on track and have paid off a little more than 5k in debt over the last year. Hoping to cut our remaining debt in half when taxes come in. The fact that an entire year has gone by without adding debt has been a huge relief and peace of mind. It can be done!!! We can make good choices and see results!!!

Seeing the finish line so close is so encouraging. When we started everything was difficult to take in. Now every purchase is thought about...even when we decide to splurge a little we tend to feel guilty afterwards. Now if only we had a solution for lower child care costs...$800 a month is CrAZY to think about.

Kudos to everyone plugging away!

I know just how you feel with child care. Mine are now 17 & 14.5 but for a while we were paying over $1300/month for day care. Still I couldn't afford to quit my job as it paid for day care + our mortgage. Even once they entered school the before/after school care was much less but summer day camps are crazy high around here, like $400/week per child. That's unless you live in the city (Philly)and can get some subsidized care.
Now that they're older we've had a few years to coast but now looking at college makes child care look cheap.
Hang in there. One day you will look back & recall the days when your kids were little and realize they are truly the best days of your life.

As for "seeing the finish line" I discovered this on www.debtMD.com
According to My Plan they outline, we will have all our bills paid off except mortgage & dh's truck by next April (2015) and the truck paid off by Oct 2015. I know we can do it we keep plugging away.
It feels great to finally get the car insurance paid (much higher since ds17 got his license yesterday) and now I can get back to our snowball.

So I have a new debt coming up! I'm engaged! . Time to start looking around. No clue where to start. Most likely a destination wedding.

Congrats!!

 

[Lurker Geoff]

WOW! Some of your stories are amazing. I keep switching between feeling inspired and so far behind that I want to bury my head in the sand.

Long story short, I've got a ton of debt and I'm trying to get everything under control. I know it's possible, but my wife and I haven't been very disciplined in the past and it seems like such a long journey.

Well... I've got some motivation, anyway. One of my options is selling off my DVC points Which I REALLY do not want to consider... so I'm looking for other options now.

Thanks for sharing, everyone!

 

[BernardandMissBianca]

Filled out my medical reimbursement forms yesterday. Aetna canceled my FSA card when target was breached and it took forever to get a new one. That will be $500 I will get back so I'm using that to pay off the first CC and put the rest toward to next.
Nothing like getting found money! I love it.
And so far so good on the food front. I'm trying to limit the amount of eating out we do. I told the kids we are hazmating the kitchen this weekend. If it's clean, people tend to cook more. They have to step up and help.

 

[ceemys]

Thanks Everyone! It will be a small wedding and cash! Neither one of us want to waste money on "one day". lol I am already putting it in my budget. He is very budget minded like I am! Only has one payment (outside his house) which is his car. Now we have to get his house sold.

So many are doing so well with their budgets and emergency funds! So proud!

I am so sorry for those that are having health issues. These things add to not only the budget but family stress. Big hugs and I hope things start looking up soon.

Welcome to our New 'budgetears"!

 

[Eureka]

Hi, checking in. We are doing well. I figured out our taxes last week and now need to file them. (I use the old pencil and calculator method and still mail them in) Our return is a little less than I expected and will be going toward the credit card. Our short term savings account just hit the "magic number" I like to keep it at this week, so from now on, anything above that number will be thrown toward the credit card too.

My birthday is this weekend and we're going to brunch at a very nice place near my office. And I don't cook on my birthday, so we'll probably get some takeout to eat while watching the Oscars. But, I have planned for all of it, so we'll whip out the debit card instead of the credit card.

Love reading about everyone's plans! Keep plugging away…and have a great weekend.

Oh, forgot to ask, what is the zero balance budget someone mentioned?

 

[gracie1]

WOW! Some of your stories are amazing. I keep switching between feeling inspired and so far behind that I want to bury my head in the sand. Long story short, I've got a ton of debt and I'm trying to get everything under control. I know it's possible, but my wife and I haven't been very disciplined in the past and it seems like such a long journey. Well... I've got some motivation, anyway. One of my options is selling off my DVC points Which I REALLY do not want to consider... so I'm looking for other options now. Thanks for sharing, everyone!

Welcome! It is definitely possible to get your debt under control. We have all felt like we've been buried under the sand. And sometimes when you get a little ahead and Murphy hits, it will feel like your in quicksand!! Lol. Start slow, sit down and get your debt amounts listed and put together a budget. Then you will see where you can cut back and sink that extra money into your debt. Maybe start with your smallest debt and work on getting that paid off. Once you get your first item paid off and feel that accomplishment, then look at what you want to attack next. Were all here for support and advice!!!!

 

[ceemys]

Hi, checking in. We are doing well. I figured out our taxes last week and now need to file them. (I use the old pencil and calculator method and still mail them in) Our return is a little less than I expected and will be going toward the credit card. Our short term savings account just hit the "magic number" I like to keep it at this week, so from now on, anything above that number will be thrown toward the credit card too.

My birthday is this weekend and we're going to brunch at a very nice place near my office. And I don't cook on my birthday, so we'll probably get some takeout to eat while watching the Oscars. But, I have planned for all of it, so we'll whip out the debit card instead of the credit card.

Love reading about everyone's plans! Keep plugging away…and have a great weekend.

Oh, forgot to ask, what is the zero balance budget someone mentioned?

A couple of good news! Yea for reaching your savings goal. Happy Birthday! Have a great weekend and enjoy not cooking.

 

[delmar411]

Hi, checking in. We are doing well. I figured out our taxes last week and now need to file them. (I use the old pencil and calculator method and still mail them in) Our return is a little less than I expected and will be going toward the credit card. Our short term savings account just hit the "magic number" I like to keep it at this week, so from now on, anything above that number will be thrown toward the credit card too.

My birthday is this weekend and we're going to brunch at a very nice place near my office. And I don't cook on my birthday, so we'll probably get some takeout to eat while watching the Oscars. But, I have planned for all of it, so we'll whip out the debit card instead of the credit card.

Love reading about everyone's plans! Keep plugging away…and have a great weekend.

Oh, forgot to ask, what is the zero balance budget someone mentioned?

Have a great birthday weekend!! Sunday is my YDS's 8th birthday so we are celebrating this weekend too!

The zero balanced budget means every dollar has purpose in the budget. There are $0 leftover. So outside the basics that everyone thinks of you also have line items for sinking funds for expenses that don't occur on a monthly basis plus savings plus mad money, etc. No dollar is unaccounted for. It is really helpful to ensure all bills are covered and there are no unexpected expenses that end up going on a CC.

 

[jenny105]

Ugh. Those neighbors I was complaining about struck again. We went to a hockey game last night and got home around 10:30 or so. There was a SUV parked in our driveway. They don't have a car so we knew it was one of their friends. I honked the horn, knocked on their door, no one would come out to move it. I didn't want to park in the street because there's ice and snow everywhere but I didn't really have a choice. So I did just that and hit a big chunk of ice. When I came out this morning I noticed that the bumper of the front side passenger tire was cracked and hanging off. It's $107 to get it replaced from a junkyard part. Needless to say I'm NOT happy. Any other person would tell their friend 'park in the street, my neighbors use the driveway.' Their friends obviously do not pay rent or live there so I don't know why they'd assume it's ok. I'm so fed up with them. Next time I'll call the cops and have the car towed.

 

[PrincessKymm]

WOW! Some of your stories are amazing. I keep switching between feeling inspired and so far behind that I want to bury my head in the sand. Long story short, I've got a ton of debt and I'm trying to get everything under control. I know it's possible, but my wife and I haven't been very disciplined in the past and it seems like such a long journey. Well... I've got some motivation, anyway. One of my options is selling off my DVC points Which I REALLY do not want to consider... so I'm looking for other options now. Thanks for sharing, everyone!

Everyone feels like they need to hide from their debts at some point. But this board is very motivating so welcome!

If you don't want to sell the points, have you considered renting them out? It would help generate some cash at least for the short term. You can ways sell later on if you change your mind.

Try tracking your expenses for a month. Either with software or pen and paper, doesn't matter but it's a nice start and great eye opener!

 

[PrincessKymm]

Filled out my medical reimbursement forms yesterday. Aetna canceled my FSA card when target was breached and it took forever to get a new one. That will be $500 I will get back so I'm using that to pay off the first CC and put the rest toward to next. Nothing like getting found money! I love it. And so far so good on the food front. I'm trying to limit the amount of eating out we do. I told the kids we are hazmating the kitchen this weekend. If it's clean, people tend to cook more. They have to step up and help.

Nice job!!! That's not a small chunk of change either!

Good luck with cooking. I hate cooking anymore because my kitchen is never clean. When I do clean it I don't want to mess it up again. good plans tho!!! Keep it up!

 

[crazycatstacy]

Hallelujah to everyone doing well! Congrats on the engagement! Boo to bad neighbors- they can suck the life out of you really quick! Encouragement to those still struggling- it will get better.

I am frustrated and a little more than irritated. I have a LOT of student loan debt that was to be paid back starting this year. my first payment was due in February and in January I applied for a consolidation loan so that I can do the public service loan forgiveness (if you work in public service and pay your loan for 120 consecutive months on time they will forgive the balance). The consolidation said it would take between 3-4 weeks to complete. After consolidation loan payment would be $700, before loan consolidation loan payment is $1,200. Well February comes and still not finalized. Call numerous times and get no real response. Call mid February and they apologize for delay but look at account and say nothing is wrong and nothing I can do to speed it up but should be done by end of February. Friday (last day of February) I call and it is still NOT done! Now they are saying they need documents from one of my loan holders- call the loan holder and they say consolidation place has to request it. Consolidation place says no they don't do that. Try to call loan holder back but their officers are closed so I am stuck until tomorrow when I can call back. Super frustrated and irritated not to mention broke as i don't have $1200 to pay!!! Thanks for listening to me vent!

 

[mommytoxzande]

Advice needed-Ok debt dumpers I need some help. I have a decent amount of money coming in between our tax return and a bonus my husband will be getting. So I can pay off one big bill. Do I pay off our home loan which has just under 5k left on it or do I pay off our credit card with 3500 on it. Now I know that I should pay off the cc first, but if I get rid of the home loan we will get rid of a 310 dollar payment each month. The CC only has a minimum of 75 dollar payment each month.

Any thoughts appreciated. Thanks!

 

[crazycatstacy]

Advice needed-Ok debt dumpers I need some help. I have a decent amount of money coming in between our tax return and a bonus my husband will be getting. So I can pay off one big bill. Do I pay off our home loan which has just under 5k left on it or do I pay off our credit card with 3500 on it. Now I know that I should pay off the cc first, but if I get rid of the home loan we will get rid of a 310 dollar payment each month. The CC only has a minimum of 75 dollar payment each month.

Any thoughts appreciated. Thanks!

I think you should pay off whatever will make you feel most secure to have paid off. Paying off the house would be an awesome feeling and that money put towards your credit cards would wipe those out quick.

 

[sara mom]

Advice needed-Ok debt dumpers I need some help. I have a decent amount of money coming in between our tax return and a bonus my husband will be getting. So I can pay off one big bill. Do I pay off our home loan which has just under 5k left on it or do I pay off our credit card with 3500 on it. Now I know that I should pay off the cc first, but if I get rid of the home loan we will get rid of a 310 dollar payment each month. The CC only has a minimum of 75 dollar payment each month. Any thoughts appreciated. Thanks!

Are you paying more interest in the home loan or credit card? Could you possibly pay off cc and make an extra 2-3 payments (or a big principal) payment on home loan?

 

[AirGoofy]

Advice needed-Ok debt dumpers I need some help. I have a decent amount of money coming in between our tax return and a bonus my husband will be getting. So I can pay off one big bill. Do I pay off our home loan which has just under 5k left on it or do I pay off our credit card with 3500 on it. Now I know that I should pay off the cc first, but if I get rid of the home loan we will get rid of a 310 dollar payment each month. The CC only has a minimum of 75 dollar payment each month.

Any thoughts appreciated. Thanks!

I think Dave Ramsey would say pay off the credit card, use the $1500 towards completing your 6 month emergency fund, then towards retirement, then kids college, and then pay off the house.

However, it would be really tempting to pay the house off. I am so looking forward to that moment.

Hallelujah to everyone doing well! Congrats on the engagement! Boo to bad neighbors- they can suck the life out of you really quick! Encouragement to those still struggling- it will get better.

. Consolidation place says no they don't do that. Try to call loan holder back but their officers are closed so I am stuck until tomorrow when I can call back. Super frustrated and irritated not to mention broke as i don't have $1200 to pay!!! Thanks for listening to me vent!

So sorry to hear about the runaround. Keep at them. Paying off DW's student loans was our last debt. So glad it is gone.

 

[AmyAnne]

Hallelujah to everyone doing well! Congrats on the engagement! Boo to bad neighbors- they can suck the life out of you really quick! Encouragement to those still struggling- it will get better.

I am frustrated and a little more than irritated. I have a LOT of student loan debt that was to be paid back starting this year. my first payment was due in February and in January I applied for a consolidation loan so that I can do the public service loan forgiveness (if you work in public service and pay your loan for 120 consecutive months on time they will forgive the balance). The consolidation said it would take between 3-4 weeks to complete. After consolidation loan payment would be $700, before loan consolidation loan payment is $1,200. Well February comes and still not finalized. Call numerous times and get no real response. Call mid February and they apologize for delay but look at account and say nothing is wrong and nothing I can do to speed it up but should be done by end of February. Friday (last day of February) I call and it is still NOT done! Now they are saying they need documents from one of my loan holders- call the loan holder and they say consolidation place has to request it. Consolidation place says no they don't do that. Try to call loan holder back but their officers are closed so I am stuck until tomorrow when I can call back. Super frustrated and irritated not to mention broke as i don't have $1200 to pay!!! Thanks for listening to me vent!

Wow that's horrible. We are still paying off some of my student loans but our payment is about $250 a month (and I owe in the neighborhood of $40,000). Just wondering, how much did you borrow? Can you get the loan company to reduce the monthly payment?