Debt Dumpers - 2013

[jenbelles]

When does the interest run out on your 0% cards? And what will the interest rate be on the cards compared to the loan that you have?

They range from November of this year until December of 2014. No matter how we allocate the money, we will have to make allowances for these cards to be paid before the 0% expires so that all of the deferred interest does not added in.

 

[gracie1]

They range from November of this year until December of 2014. No matter how we allocate the money, we will have to make allowances for these cards to be paid before the 0% expires so that all of the deferred interest does not added in.

I would start with the loan if that will be paid off 1st, since you have interest on that. And then start with the cc that will have the first expiring 0% interest

 

[BernardandMissBianca]

The ductless vents are fantastic! I don't have one but work with various contractors that have started installing them and its a nice system!

Good to know.
We have 2 small bedrooms upstairs and an open floor plan downstairs so we may just go with the ductless unit downstairs for now. The 2 bedrooms are pretty small so I'm not sure if we want to get a ductless for up there.

 

[BernardandMissBianca]

So I just updated our Own up to your Debt worksheet that I had posted at the beginning of this thread. Since 1/1/13 we have paid off $9430 in debt. I really haven't been as agressive as I could be but we've had a few expenses pop up.

Good news, DH is getting a new job and his pay will double. There will be some additional expenses due to this because we will be using our RV as a second home so we are paying a seasonal and monthly fee at an RV park but the cost is 1/2 - 1/3 the cost of a studio or one bedroom apt in or near the town the new job is in.
It's a long and complicated story but we will keep this house because the school the kids go to is fabulous and the town pays the tuition. DH will live 90% of the time in the RV and we will split our time 50/50 between the house and the RV. DH's commute will go from 8 hours to 1 1/2 hours. Ours will be 30 minutes from the RV park.

Our plan is to pretty much live off his current salary and use the rest to pay for the RV park and pay the credit cards.

 

[gracie1]

So I just updated our Own up to your Debt worksheet that I had posted at the beginning of this thread. Since 1/1/13 we have paid off $9430 in debt. I really haven't been as agressive as I could be but we've had a few expenses pop up.

Good news, DH is getting a new job and his pay will double. There will be some additional expenses due to this because we will be using our RV as a second home so we are paying a seasonal and monthly fee at an RV park but the cost is 1/2 - 1/3 the cost of a studio or one bedroom apt in or near the town the new job is in.
It's a long and complicated story but we will keep this house because the school the kids go to is fabulous and the town pays the tuition. DH will live 90% of the time in the RV and we will split our time 50/50 between the house and the RV. DH's commute will go from 8 hours to 1 1/2 hours. Ours will be 30 minutes from the RV park.

Our plan is to pretty much live off his current salary and use the rest to pay for the RV park and pay the credit cards.

That is fantastic to have paid that much towards your debt in just five months!!

 

[BernardandMissBianca]

That is fantastic to have paid that much towards your debt in just five months!!

We still have a long way to go but with the new job we will get there. Just in time to start paying for college for DS16.

 

[AuroraRora]

I completely empathize with the previous posters who mentioned how major expenses always come at the worst times - it's so true! Last year for me it was some big vet bills and a root canal/crown when I had no insurance. It's really the worst feeling. Thinking of you!

Today I paid off the last $347 to my credit card which got rid of all my credit card debt And I got a bonus at work for $2300 which I'm not even touching - it's going straight to my student loans. Now I'm at the point in my snowball I've been looking forward to (looking forward to, as much as you can look forward to paying debt ), which is working on my loans now all the smaller credit/store card debts are gone. I dug out an old "My Debts" list I made about 2 years ago, and realized I've paid $8760 towards my debt since then - I had no idea! I wrote it at the very top of my new Snowball list as motivation

Now is the hard part... adding up how much I owe I student loans so I can start tackling them. I'm ashamed to say I only have a rough idea as I've been trying to avoid looking at the exact number. Seeing how high it is and how little my minimum payments made a difference was just depressing. But hopefully this is the start of a good thing!

 

[BernardandMissBianca]

Now is the hard part... adding up how much I owe I student loans so I can start tackling them. I'm ashamed to say I only have a rough idea as I've been trying to avoid looking at the exact number. Seeing how high it is and how little my minimum payments made a difference was just depressing. But hopefully this is the start of a good thing!

Look at it from another perspective.
It's not depressing, it's motivating!! Motivating to get it paid off as soon as possible. You can do it!

 

[gracie1]

I completely empathize with the previous posters who mentioned how major expenses always come at the worst times - it's so true! Last year for me it was some big vet bills and a root canal/crown when I had no insurance. It's really the worst feeling. Thinking of you!

Today I paid off the last $347 to my credit card which got rid of all my credit card debt And I got a bonus at work for $2300 which I'm not even touching - it's going straight to my student loans. Now I'm at the point in my snowball I've been looking forward to (looking forward to, as much as you can look forward to paying debt ), which is working on my loans now all the smaller credit/store card debts are gone. I dug out an old "My Debts" list I made about 2 years ago, and realized I've paid $8760 towards my debt since then - I had no idea! I wrote it at the very top of my new Snowball list as motivation

Now is the hard part... adding up how much I owe I student loans so I can start tackling them. I'm ashamed to say I only have a rough idea as I've been trying to avoid looking at the exact number. Seeing how high it is and how little my minimum payments made a difference was just depressing. But hopefully this is the start of a good thing!

Congrats on getting all your credit cards paid off!! This is a huge accomplishment! Once you get together the amounts you owe in loans, you will feel better when you see those totals go down!

 

[milwaukeemommy]

Wow, everyone is doing so well~ congrats!!!

We, on the other hand, are getting nowhere fast. Unexpected expenses keep popping up & I'm getting very down about it. I'm meeting with our credit union tomorrow to see if refinancing is an option, but I know we have way too much debt & won't qualify

 

[gracie1]

Wow, everyone is doing so well~ congrats!!!

We, on the other hand, are getting nowhere fast. Unexpected expenses keep popping up & I'm getting very down about it. I'm meeting with our credit union tomorrow to see if refinancing is an option, but I know we have way too much debt & won't qualify

Good luck tomorrow!! I hope your refi goes through! Don't get down about your debt going slower than you expected. You should be proud of yourself for working hard to get it paid off!

 

[gracie1]

Wow, everyone is doing so well~ congrats!!!

We, on the other hand, are getting nowhere fast. Unexpected expenses keep popping up & I'm getting very down about it. I'm meeting with our credit union tomorrow to see if refinancing is an option, but I know we have way too much debt & won't qualify

How did you make out with the refi??

 

[milwaukeemommy]

How did you make out with the refi??

I can't believe it, but we actually qualified! They had to bump up the rate a bit, 3.87% for good credit, & we are getting 4%. And I wasn't able to find out until a few hours AFTER I had left, for some reason he couldn't get on to the credit bureau web site. So he left me a message that we got it, & he will email the paperwork to me tomorrow.

I really wanted to do the 20 year mortgage, the thought of going back to a 30 year when we already have 11 years paid on it is painful BUT the payment will be more than $200 less a month - about $240 - whereas the 20 year would have only been $100 less a month. I was just thinking about our debt, & how much faster we can get out with that extra $200-some a month more.

 

[gracie1]

I can't believe it, but we actually qualified! They had to bump up the rate a bit, 3.87% for good credit, & we are getting 4%. And I wasn't able to find out until a few hours AFTER I had left, for some reason he couldn't get on to the credit bureau web site. So he left me a message that we got it, & he will email the paperwork to me tomorrow.

I really wanted to do the 20 year mortgage, the thought of going back to a 30 year when we already have 11 years paid on it is painful BUT the payment will be more than $200 less a month - about $240 - whereas the 20 year would have only been $100 less a month. I was just thinking about our debt, & how much faster we can get out with that extra $200-some a month more.

Congrats I know you probably feel like a weight has been lifted!! Normally when I go into something with the feeling it's not going to work out, it does!!

My budget buster yesterday was I broke my tooth Blah!! With no dental insurance it will be a nice little bill.

 

[Dayton Flyer]

My wife and I just finished paying the last of our interest-bearing credit card accounts, which at its worst had totalled nearly $20,000. We're snowballing our way through our car payment, then around the end of the year should be ready to start tackling her deferred student loans before they start bearing interest, and hopefully can get those paid off prior to June 2015 when they are due. It's exciting!

 

[Doodlebug939]

My wife and I just finished paying the last of our interest-bearing credit card accounts, which at its worst had totalled nearly $20,000. We're snowballing our way through our car payment, then around the end of the year should be ready to start tackling her deferred student loans before they start bearing interest, and hopefully can get those paid off prior to June 2015 when they are due. It's exciting!

Wow that is a huge amount to pay off! You should be so proud of yourselves. I keep plugging away at my debt slow and steady and you have definately inspired me to keep on keeping on!

 

[gracie1]

My wife and I just finished paying the last of our interest-bearing credit card accounts, which at its worst had totalled nearly $20,000. We're snowballing our way through our car payment, then around the end of the year should be ready to start tackling her deferred student loans before they start bearing interest, and hopefully can get those paid off prior to June 2015 when they are due. It's exciting!

Way to go!! You both should be proud of yourselves!! That is a huge accomplishment!

 

[gracie1]

Wow that is a huge amount to pay off! You should be so proud of yourselves. I keep plugging away at my debt slow and steady and you have definately inspired me to keep on keeping on!

Doodlebug, you are doing a great job!

 

[AuroraRora]

My wife and I just finished paying the last of our interest-bearing credit card accounts, which at its worst had totalled nearly $20,000. We're snowballing our way through our car payment, then around the end of the year should be ready to start tackling her deferred student loans before they start bearing interest, and hopefully can get those paid off prior to June 2015 when they are due. It's exciting!

Good job Dayton! It sounds like you're doing really well, so motivating to hear!

 

[Dayton Flyer]

Thanks everyone. Reading all the stories on here is exciting too... we've been at that place where you think you are getting on top of things, and then you are hit with a medical bill, a car repair, and a broken water heater all at once. It's no fun, and very disheartening. I am going to be 38 in another 2 months, so I am proof that if you keep plugging away at it, you will get there. It may not be next week, but it can happen for you!