Debt Dumpers - 2013

[Eureka]

Eureka, I think having a happy husband is worth more than winning the battle. Even if it costs you more in the long run. You and I both know that, but as long as husband is happy that is worth it to me. JMO

Totally agree. I don't need to always get my way, and his way is still planning for our future, so it will all be fine.

 

[SpaceGirl]

You are preaching to the choir we have had this same conversation and it is getting close to an argument, so I have backed off. He is a govt contractor up for rebid this year and is 9 years older than I, so he is nervous about things like losing his job, the house, and not being able to retire someday. As long as we don't squander the money, it will all work out is what I am telling myself. And I know we won't. Plus the very fact that I will have a consistent paycheck (unlike freelancing) makes it easier to not use the CC (until my checks arrive etc) and to pay off large chunks each month.

Eureka
So he is more motivated to make sure that you and your children are provided for long term, maybe the age difference has more to do with him wanting the mortgage paid down then you realize. With all the foreclosures over the last few years maybe this is a larger influence on him. In truth a unpaid credit card doesn't mean you would lose your home.

Sounds like with both of you working on eliminating all your debt both of you will be happy.

Good luck on your new job.

 

[SpaceGirl]

Today was my dentist appt (yes, another one with quite a few more to come) with a bill of $850. I was in the chair for 3 hours. Excruciating!! Lol. So tomorrow I have to look at the budget and see where I stand. I will more than likely have to dip in my savings, which I didn't want to do but might have to.

Gracie
There's no stopping you now girl, just keep going soon this will all be over and you will be smiling all the way to the bank as you can start saving even more $$$$$.

 

[gracie1]

Gracie
There's no stopping you now girl, just keep going soon this will all be over and you will be smiling all the way to the bank as you can start saving even more $$$$$.

Lol!!! Thanks!! Or atleast I will have a nice smile if I make it to Disney

 

[Eureka]

Eureka
So he is more motivated to make sure that you and your children are provided for long term, maybe the age difference has more to do with him wanting the mortgage paid down then you realize. With all the foreclosures over the last few years maybe this is a larger influence on him. In truth a unpaid credit card doesn't mean you would lose your home.

Sounds like with both of you working on eliminating all your debt both of you will be happy.

Good luck on your new job.

SpaceGirl, you are completely correct. That is even what he said to me in regard to the credit card debt vs. the mortgage. It was just surprising at first, because the age difference has never made a difference. But obviously there have been some things he has thought about and is only now sharing with me because we have the chance to do something positive about it.

 

[gracie1]

SpaceGirl, you are completely correct. That is even what he said to me in regard to the credit card debt vs. the mortgage. It was just surprising at first, because the age difference has never made a difference. But obviously there have been some things he has thought about and is only now sharing with me because we have the chance to do something positive about it.

Eureka, if you don't mind me asking, what is the age difference between you and your husband?

 

[Eureka]

Eureka, if you don't mind me asking, what is the age difference between you and your husband?

Nine years. I am 42 and he is 51. It's not like either of us is going to retire tomorrow. (Our kids are 10 and 12; college is closer than we'd like to think)

 

[SpaceGirl]

SpaceGirl, you are completely correct. That is even what he said to me in regard to the credit card debt vs. the mortgage. It was just surprising at first, because the age difference has never made a difference. But obviously there have been some things he has thought about and is only now sharing with me because we have the chance to do something positive about it.

Nine years. I am 42 and he is 51. It's not like either of us is going to retire tomorrow. (Our kids are 10 and 12; college is closer than we'd like to think)

Eureka

This does make so much sense, It's wonderful that after being together so long that you two are talking about what you both want for your future.

The age difference doesn't effect the way each of you feel but he is looking at the future as being 10 years closer then you are.

He will be close to retirement while your youngest child is still in college. He knows that if your mortgage is paid-in-full or very close to being paid off it will be easier financially. (Smart Man)

I have one year left on my mortgage while I could go ahead and pay it off now, with my interest rate of 1.5% it isn't financially worth it because I'm earning more then 1.5% on money that is invested.

Now that you will be working full-time with a guaranteed paycheck would it be possible for you to take some freelance work on the side and put the extra money on the credit card debt?

You are doing great either way, just keep that communication with each other open and you will have any problems cut in half.

 

[SpaceGirl]

Lol!!! Thanks!! Or atleast I will have a nice smile if I make it to Disney

Gracie

You should already be planning that trip...you'll need new photos of that SMILE

 

[SpaceGirl]

You are right, it is VERY easy to get back into the charging if it is there. How many cards to do you have? Maybe you can just start getting rid of them? Do you keep them for extra points? At least you know what to do now.

Christine

While I do have a few cards (6) I use two cards for rewards, one being a Disney card.

The other cards I have had for years some +20 years they have very high credit limits so I would never close any of them because of the Credit History the length of your history makes up 15% of my credit report, Payment History another 35%...Accounts Owed is 30%.

Most of the accounts have zero balance with high limits this helps with the debt to credit ratio. To keep the account active and also to increase my credit score I rotate charging on them a few times a year. So that they report a small balance. In some cases, having a very small balance without missing a payment shows that you have managed credit responsibly, and may be slightly better than carrying no balance at all.

But August is over and I managed to pay everything off before their due dates.

No surprises for me this month so far so that's good.

Now Christmas is another factor I love giving to my family. Many presents will be purchased, but I hope to have the money before spending it.

 

[Eureka]

Eureka

This does make so much sense, It's wonderful that after being together so long that you two are talking about what you both want for your future.

The age difference doesn't effect the way each of you feel but he is looking at the future as being 10 years closer then you are.

He will be close to retirement while your youngest child is still in college. He knows that if your mortgage is paid-in-full or very close to being paid off it will be easier financially. (Smart Man)

I have one year left on my mortgage while I could go ahead and pay it off now, with my interest rate of 1.5% it isn't financially worth it because I'm earning more then 1.5% on money that is invested.

Now that you will be working full-time with a guaranteed paycheck would it be possible for you to take some freelance work on the side and put the extra money on the credit card debt?

You are doing great either way, just keep that communication with each other open and you will have any problems cut in half.

We have I think 12-13 years left on the mortgage, at 3.375 percent. He wants to travel and be able to help the kids if needed when they are just out of college, things that I want too, and it will be easier without a mortgage. I have not burned any bridges freelance-wise, so theoretically I could do some work on the side, but I am just not sure I will have the time. The days I will be commuting, it will probably be 60-90 minutes each way and the hours are long too. I am not worried about the credit card as much now because I realized I have been paying "chunks" on it when I have a good check, so not the same amount every month. With a steady paycheck, it should be easier to pay the same amount monthly to make it go more quickly. We have an account with a nest egg in case we ever need it, and it is more than enough to pay off the balance if we ever needed to.

One year left on your mortgage is awesome!

 

[utkscvol1]

Just now found this thread. Even though its September I would love to join!! We have a few student loans and a car payment/ house payment. Dd is in her senior year so we really want to buckle down. Our other dd is in eighth grade and we would like to downsize and travel when they are done with college. It will be here before you know it!

 

[ceemys]

Eureka
So he is more motivated to make sure that you and your children are provided for long term, maybe the age difference has more to do with him wanting the mortgage paid down then you realize. With all the foreclosures over the last few years maybe this is a larger influence on him. In truth a unpaid credit card doesn't mean you would lose your home.

Sounds like with both of you working on eliminating all your debt both of you will be happy.

Good luck on your new job.

Christine

While I do have a few cards (6) I use two cards for rewards, one being a Disney card.

The other cards I have had for years some +20 years they have very high credit limits so I would never close any of them because of the Credit History the length of your history makes up 15% of my credit report, Payment History another 35%...Accounts Owed is 30%.

Most of the accounts have zero balance with high limits this helps with the debt to credit ratio. To keep the account active and also to increase my credit score I rotate charging on them a few times a year. So that they report a small balance. In some cases, having a very small balance without missing a payment shows that you have managed credit responsibly, and may be slightly better than carrying no balance at all.

But August is over and I managed to pay everything off before their due dates.

No surprises for me this month so far so that's good.

Now Christmas is another factor I love giving to my family. Many presents will be purchased, but I hope to have the money before spending it.

Awesome on getting things paid off!!

Just now found this thread. Even though its September I would love to join!! We have a few student loans and a car payment/ house payment. Dd is in her senior year so we really want to buckle down. Our other dd is in eighth grade and we would like to downsize and travel when they are done with college. It will be here before you know it!

Anytime is a great time to work on debt!

As for me, this weekend I spent $80 on my daughters homecoming dress. She is just 14! Then I built a stuffed animal container for my 6 y/o. Cost $40. sigh. Oh well, although things will be tight, I am still on track. But! My ticker moved up again!! I have 1 more month to get to 100%. I just put my 60 day notice in at my apt complex. One more month before my mortgage guy will lock in a rate. Praying hard for the interest rate to lower. It will lessen my money I have to use to buy down the rate. I'm still nervous about getting the approval process again. He doesn't seem worried though...but I sure am.

Hope all did well this weekend. Back to the grind stone. lol

 

[SpaceGirl]

Just now found this thread. Even though its September I would love to join!! We have a few student loans and a car payment/ house payment. Dd is in her senior year so we really want to buckle down. Our other dd is in eighth grade and we would like to downsize and travel when they are done with college. It will be here before you know it!

Welcome

It's never too late to start down the road to Debt Free Living. This is an on going thread so while everyone here would love to be out of debt before December 31, 2013, this thread or one like it should be around as long as the Dis Members need to Dump Debt or give encouragement to those that are still going through the process.

 

[pryncess527]

Welcome

It's never too late to start down the road to Debt Free Living. This is an on going thread so while everyone here would love to be out of debt before December 31, 2013, this thread or one like it should be around as long as the Dis Members need to Dump Debt or give encouragement to those that are still going through the process.

LOL, so true! Barring a lottery win (which is tough when you don't buy tickets . . .) I'll be in the Debt Dumpers 2014 thread too!

 

[SpaceGirl]

As for me, this weekend I spent $80 on my daughters homecoming dress. She is just 14! Then I built a stuffed animal container for my 6 y/o. Cost $40. sigh. Oh well, although things will be tight, I am still on track. But! My ticker moved up again!! I have 1 more month to get to 100%. I just put my 60 day notice in at my apt complex. One more month before my mortgage guy will lock in a rate. Praying hard for the interest rate to lower. It will lessen my money I have to use to buy down the rate. I'm still nervous about getting the approval process again. He doesn't seem worried though...but I sure am.

Christine

OMG 60 day notice you should be in your new home before Thanksgiving and you only need 12.8 % more until you reach your new goal.

Yes your daughter's are growing up First Homecoming Dance and a Stuffed Animal Container, definitely different stages in life, yet you are there ready for both of them.

I know you have been working to keep your Credit Score high and no new bills added so try and relax about the approval, t this is just another GOAL that you have been working on the whole time.

I would love to hear more about your new home, style, flooring, kitchen, yard. Will your girls have to change schools, will it be located closer to work for you? I know it's me being nosy ( unduly curious about the affairs of others; prying; meddlesome) but even a little information would satisfy me...

 

[Eureka]

I just put my 60 day notice in at my apt complex. One more month before my mortgage guy will lock in a rate.

So exciting! And yes, I would love to hear about your decorating plans

 

[summersalt]

My husband and I have just begun (better late than never, right?) budgeting and trying to dump debt. We are both 50 and only have THREE months left on our mortgage. That's good news, right?

Well, the bad news is we have about $25K in credit card debt, a $13k car loan, we need a new roof, and have a senior in high school planning to start college next year.

We're in disagreement about whether we should get a HEL for all this bad news or just start tackling this stuff one thing at a time...????

I am soaking up all this advice. You guys rock!

 

[PrincessKymm]

I'd suggest tackling things one at a time. Pay off the mortgage, save a little bit of an EF and then tackle things in order of importance. Make sure you are saving for retirement before you pay for college. You can always help your child pay off the student loans while in retirement if you are stable enough. My parents never helped me with school so it's good that you want to help but only do it if you can.

 

[SpaceGirl]

My husband and I have just begun (better late than never, right?) budgeting and trying to dump debt. We are both 50 and only have THREE months left on our mortgage. That's good news, right?

Well, the bad news is we have about $25K in credit card debt, a $13k car loan, we need a new roof, and have a senior in high school planning to start college next year.

We're in disagreement about whether we should get a HEL for all this bad news or just start tackling this stuff one thing at a time...????
I am soaking up all this advice. You guys rock!

Welcome

Your right later is better than NEVER You do have a lot going for you with that mortgage only having 3 months to pay. So without knowing more about the credit card debt ( How many cards, high low balances and interest rates) Here's what I would do....

I would never put my house at risk over credit card debt, (you have worked to hard over the years for this) if you take out a HOL that's what you would be doing. It is a proven fact that people that take out loans to pay-off credit card debt end up with just as much or more debt on the cards they paid off with the loan.

#1-About the credit card debt-I love credit cards-as long as you use the credit card company and don't let them use you it's all good.

Sounds like you are letting them use you right now so for the next three months I would pay as much as I could to start getting rid of the balances owed, not the card (unless you pay annual dues to have the card then close the card once it is paid-in-full)

I would try to consolidate your balances if possible maybe transfer them to a 0% interest rate for as long as you can.

#2-New Roof-now I would take a HOL for this but lock in a good low stable interest rate, hoping that you can wait until your mortgage is paid off in three months or wait as long as you can so more of your budget that is going toward your mortgage now can be snowballed toward the credit card balances. Take out the lowest amount of money you may need to get the roof only done.

#3-College Tuition-Is a full scholarship to much to hope for? Scholarships and grants that your daughter can get is the best option, after that student loans in her name not yours. (interest rates should be lower and your home is safe) She needs to be financially responsible for her education not you and your husband. That being said there nothing stopping you from helping her if she needs it further down the road.

#4-Car Loan-If you and/or your husband work having dependable transportation is a must, I would just keep paying the monthly payments until it is paid-in-full, then snowballing the payment toward the other debt. (If the other debt is paid-in-full then snowball the money toward the car loan)

Remember while your are trying to do all this keep up with your retirement fund.