Debt Dumpers - 2014

[southlakejr]

Well, I'm in!

DH and I were fortunate enough to buy a house at the end of 2012. Fortunate because values have shot up enough since then that we are already priced out of the market. But, it wiped out our savings account and added to the credit card debt that seems to like hanging around with us. This last year has been fantastic, but a definite adjustment to higher commute costs (500 a month! not including a car payment!) and a mortgage that is a little more than we had ever paid in rent (but equal to what we would be paying in rent if we were renting now)

Right now, we would really like to finally get rid of our CC debt, which is hovering around 12k. We would also like to get DLR APs again, and save for a 2015 (first time!) WDW vacation. Paying off the entire 12k may be a bit of a stretch for the year, but depending on my bonus and our tax return, could be very possible with everything else as long as we are smart about it. But, we have already recreated our EF, and paid about 1k towards debt. We have another 1500 or so that we can either keep in savings, or put towards debt. Just have to decide on that soon, before it starts to burn a hole in our pocket!

I started a trial with YNAB this week and I am already in love. We tried Mint before, but I never really felt like it worked for us. YNAB seems much more proactive, and I feel much more in control of our finances than I ever have. DH is fully on board, and we are both enjoying (as weird as that is!) tracking our transactions and seeing where everything is going.

DH and I are (hopefully!) each up for pay increases this year, and DH has decided to pick up two OT shifts per week. We should also have a good tax refund due to home sweet home. Now that we are getting smarter about spending our money, we should be able to actually take advantage of these "bonus" funds. Here's to a prosperous 2014!

 

[MillauFr]

If you want to cut your cellphone bill, check out Virgin Mobile. My daughter has an IPhone and gets unlimited data and texting for $32.85 a month all taxes included.

 

[LoveBWVVBR]

We have some sort of Google service for our cellphones. It works like any other cell service but is a lot cheaper.

Here is the scary thing, though. My friend and I were out the other night and saw something really shady happening...looked like a crime in progress. When we tried to call 911 from my phone (twice!), it didn't work! It didn't connect to anything...just hung up as soon as we hit the call button. We ended up having to call the non-emergency number which took a lot longer. DH is looking into it, but in the meantime, I'm skeptical of the cheaper phone services because of this at the moment.

 

[gracie1]

I have been debating on whether or not I want to keep my Iphone or go back to a basic plan. I do love my Iphone, but I could live with just using the internet on my computer! I did it for many years before!!
I am on a plan with my mom since she gets a discount through work, and my plan is $50.50 a month - which is $606 a year. If I just went back to a basic smartphone on her plan I only have to pay the $10 for the additional line, which is $120 a year. I just have to decide if I really want to give up my phone - because I am still on a grandfathered plan. Hmm... this will give me something to think about...

 

[MEM]

If you want to cut your cellphone bill, check out Virgin Mobile. My daughter has an IPhone and gets unlimited data and texting for $32.85 a month all taxes included.

I just checked out their site and you have to buy your iPhone from Virgin and can't use a phone you already own We have 2 iPhones and 1 low-tech Samsung phone and pay $200 a month via Verizon. I have to think we can do better than that!

 

[yupikgal]

I would love everyone's opinion. Once our Sears card is paid off in February, starting in March, I will be majorly be paying down my Discover card. That card has the 2nd highest interest rate that we are paying. I just noticed on Mint that it showed a Chase Slate card that has 0% interest for 15 months. I'm wondering if I should open an account & transfer our Discover balance, since we are paying about $105-$110 per month for interest on that one? I have a plan to pay it off by December 2014, which means we would have paid approximately $1000 in interest by then if I just continue as normal (I know it will continue to decrease each month, especially as I start paying triple what I have been). First off, I'm not sure how much of a credit line they would even give based on our debt right now, especially since we pay a mortgage & rent. Although I haven't tried to get any credit since we both are making a significant amount more money with our new jobs. But in the event that we were able to, is it a good idea? I hate to have yet another cc, but saving almost $1000 sounds great. Thanks for your input!

 

[SpaceGirl]

I have been debating on whether or not I want to keep my Iphone or go back to a basic plan. I do love my Iphone, but I could live with just using the internet on my computer! I did it for many years before!!
I am on a plan with my mom since she gets a discount through work, and my plan is $50.50 a month - which is $606 a year. If I just went back to a basic smartphone on her plan I only have to pay the $10 for the additional line, which is $120 a year. I just have to decide if I really want to give up my phone - because I am still on a grandfathered plan. Hmm... this will give me something to think about...

Gracie

I know I could do without my I-Phone I never use any of my data, my DH purchased the phone back in 2011 when we went to Europe the 1st time. So it would allow us to have access to the internet at all times. I can only remember using my phone twice during our first trip, and that was to call home to my Mother the morning we arrived and when we visited the Eiffel Tower. All our hotels, bed & breakfast's and apartment had free internet.

For our trip 2013 I made a few more calls but I didn't need the data, even the one Hotel in Edinburgh that charged for access gave us the codes at no charge. My DH does and did use his I-phone here locally and while we were on our trip but I just use mine to text or make calls. (don't need a I-phone for that)

He purchased me a I-Pad before our trip in 2013, we both used the Pad as did my niece during the trip, now that we are back I never use the I-Pad I rather use my Laptop.

 

[Eureka]

I posted a few days about the Honda place estimating $2000 in repairs on our van. Took it to our usual place this morning and he just called me. NOTHING that Honda said needed doing, actually needs doing right now!! He doesn't know what they were talking about and it confirms what DH and I have said, that the Honda people don't know what they are doing. Our guy did recommend some maintenance stuff that will be about $400 and I completely trust him. So, instead of paying $2000+, we decided to transfer $1000 from savings to pay for the repairs and pay off the small balance on one of our credit cards. This is NOT the monster balance on the Discover card, but one that we pay off monthly but had a few holiday purchases on. Very pleased and excited this morning.

 

[Eureka]

I'm debating canceling my Netflix and switching to Amazon Prime. I'm currently in a 30 day trial that expires the 18th so I need to decide. It will save me over 100 a year not including the free shipping options. Does anyone have Prime that can compare it to Netflix? TIA

We have prime, Hulu plus and Netflix (DH is a streaming junkie, lol). I prefer Netflix, mostly because I watch a lot of documentaries and they have the best selection according to my taste.

 

[SpaceGirl]

I would love everyone's opinion. Once our Sears card is paid off in February, tarting in March, I will be majorly be paying down my Discover card. That card has the 2nd highest interest rate that we are paying. I just noticed on Mint that it showed a Chase Slate card that has 0% interest for 15 months. I'm wondering if I should open an account & transfer our Discover balance, since we are paying about $105-$110 per month for interest on that one? I have a plan to pay it off by December 2014, which means we would have paid approximately $1000 in interest by then if I just continue as normal (I know it will continue to decrease each month, especially as I start paying triple what I was). First off, I'm not sure how much of a credit line they would even give based on our debt right now, especially since we pay a mortgage & rent. Although I haven't tried to get any credit since we both are making a significant amount more money with our new jobs. But in the event that we were able to, is it a good idea? I hate to have yet another cc, but saving almost $1000 sounds great. Thanks for your input!

Yupikgal

In one word YES

Have you checked your credit report and FICO score lately? I might do this first it's a great indicator as to rather you would be able to secure a new card. But as long as you pay the balance down and the rate on the transfer doesn't revert to a astronomical rate after the offer ends you will have a win-win situation, don't forget the transfer fee most are 3% of total amount that you transferred.

Opps!!! do you have any current credit cards that maybe offering you the same deal without opening a new card? If you do I would use the existing account.

Beckie

 

[SpaceGirl]

I posted a few days about the Honda place estimating $2000 in repairs on our van. Took it to our usual place this morning and he just called me. NOTHING that Honda said needed doing, actually needs doing right now!! He doesn't know what they were talking about and it confirms what DH and I have said, that the Honda people don't know what they are doing. Our guy did recommend some maintenance stuff that will be about $400 and I completely trust him. So, instead of paying $2000+, we decided to transfer $1000 from savings to pay for the repairs and pay off the small balance on one of our credit cards. This is NOT the monster balance on the Discover card, but one that we pay off monthly but had a few holiday purchases on. Very pleased and excited this morning.

Erica

Doing the THE HAPPY DANCE for you...

 

[yupikgal]

Yupikgal

In one word YES

Have you checked your credit report and FICO score lately? I might do this first it's a great indicator as to rather you would be able to secure a new card. But as long as you pay the balance down and the rate on the transfer doesn't revert to a astronomical rate after the offer ends you will have a win-win situation, don't forget the transfer fee most are 3% of total amount that you transferred.

Opps!!! do you have any current credit cards that maybe offering you the same deal without opening a new card? If you do I would use the existing account.

Beckie

Hi Beckie, no I haven't checked our credit/FICO score since before we bought a truck in the fall. I can't remember the name of that place that gives a free one? The rate would revert to 12.99-22.99% after the promo period is over. I wouldn't be using it after that anyway, so it really isn't an issue. It says there is no transfer fee. I don't have enough credit on other cards to transfer the balance unfortunately, but that is all going to change in the future! Thank you for your suggestions!

 

[SpaceGirl]

Hi Beckie, no I haven't checked our credit/FICO score since before we bought a truck in the fall. I can't remember the name of that place that gives a free one? The rate would revert to 12.99-22.99% after the promo period is over. I wouldn't be using it after that anyway, so it really isn't an issue. It says there is no transfer fee. I don't have enough credit on other cards to transfer the balance unfortunately, but that is all going to change in the future! Thank you for your suggestions!

The Website for your three FREE credit Reports a year is Annual Credit Report. Com...then they will give you an option if you would like your FICO score for a small fee.

https://www.annualcreditreport.com/index.action

 

[momof2mouses]

I just checked out their site and you have to buy your iPhone from Virgin and can't use a phone you already own We have 2 iPhones and 1 low-tech Samsung phone and pay $200 a month via Verizon. I have to think we can do better than that!

I use Straight Talk through Walmart. Can bring your own phone including IPhone and its $45 per month plus taxes. And service is great for us!

 

[gracie1]

I would love everyone's opinion. Once our Sears card is paid off in February, starting in March, I will be majorly be paying down my Discover card. That card has the 2nd highest interest rate that we are paying. I just noticed on Mint that it showed a Chase Slate card that has 0% interest for 15 months. I'm wondering if I should open an account & transfer our Discover balance, since we are paying about $105-$110 per month for interest on that one? I have a plan to pay it off by December 2014, which means we would have paid approximately $1000 in interest by then if I just continue as normal (I know it will continue to decrease each month, especially as I start paying triple what I have been). First off, I'm not sure how much of a credit line they would even give based on our debt right now, especially since we pay a mortgage & rent. Although I haven't tried to get any credit since we both are making a significant amount more money with our new jobs. But in the event that we were able to, is it a good idea? I hate to have yet another cc, but saving almost $1000 sounds great. Thanks for your input!

I would most definitely apply for a card with 0% interest. This is exactly what I did and transferred my whole balance over. Now, you may not get enough credit line to do that, but I would suggest whatever credit line you get, transfer that amount over. Take the total amount transferred and divide it by the amount of months of 0% interest and make sure you pay that amount, so you don't get hit with interest at the end. And then just keep paying on the card with interest, sinking as much possible as you can on it!

 

[gracie1]

I posted a few days about the Honda place estimating $2000 in repairs on our van. Took it to our usual place this morning and he just called me. NOTHING that Honda said needed doing, actually needs doing right now!! He doesn't know what they were talking about and it confirms what DH and I have said, that the Honda people don't know what they are doing. Our guy did recommend some maintenance stuff that will be about $400 and I completely trust him. So, instead of paying $2000+, we decided to transfer $1000 from savings to pay for the repairs and pay off the small balance on one of our credit cards. This is NOT the monster balance on the Discover card, but one that we pay off monthly but had a few holiday purchases on. Very pleased and excited this morning.

This is great news!! Congrats on getting one of the cards paid off I had a previous experience with my dealer and took it to another shop and it really didn't need the work. Sometimes I think they just try to drum up business.

 

[ruadisneyfan2]

I would love everyone's opinion. Once our Sears card is paid off in February, starting in March, I will be majorly be paying down my Discover card. That card has the 2nd highest interest rate that we are paying. I just noticed on Mint that it showed a Chase Slate card that has 0% interest for 15 months. I'm wondering if I should open an account & transfer our Discover balance, since we are paying about $105-$110 per month for interest on that one? I have a plan to pay it off by December 2014, which means we would have paid approximately $1000 in interest by then if I just continue as normal (I know it will continue to decrease each month, especially as I start paying triple what I have been). First off, I'm not sure how much of a credit line they would even give based on our debt right now, especially since we pay a mortgage & rent. Although I haven't tried to get any credit since we both are making a significant amount more money with our new jobs. But in the event that we were able to, is it a good idea? I hate to have yet another cc, but saving almost $1000 sounds great. Thanks for your input!

I would first look if there's a transfer fee & how much that could eat into your savings. Chances are it's less than the amount of interest you would be paying but just something to consider. Also be positive there are no fraudulent charges on the old account. Once they are transferred, they are considered paid by the old bank and it's harder to fight. Found that out the hard way. This was in the old days of paper statements & paying by check once per month.

 

[MillauFr]

I just checked out their site and you have to buy your iPhone from Virgin and can't use a phone you already own We have 2 iPhones and 1 low-tech Samsung phone and pay $200 a month via Verizon. I have to think we can do better than that!

Yes the upfront cost of her IPhone 4s was $400. They are not subsidized. Verizon and A&TT can afford to subsidize their phones because they are charging an extra $50 per month over the no contract plans from Virgin, T-Mobile, and Straight Talk. It doesn't take long before you are way ahead moneywise with a no contract plan.

 

[SpaceGirl]

Just found a letter from my Mortgage Company (that my DH forgot to give me yesterday) I had an Escrow Overage this year and a check should be in the mail. Plus my mortgage payment has deceased around $20.00 a month.

 

[Chelley00]

With money we were given for Christmas from ILs, we paid off the last of our DS's medical and therapy bills from his car accident. We also refinanced our house and closed on it last week so that helps with cash flow.

Next goal, start working on those stupid credit cards. We have two smaller balances that are going to be gone by June so we can then snowball on the big one.

Sigh.