Debt Dumpers - 2015

[rizzo0904]

Problem is I'm not a very patient person, and would like to speed up the process. I'm looking into doing a refi at 4% and pulling 12K out
of the equity in my home. This would lower my mortage by $230 per month and the 12K I'm pulling out would pay off other bills and reduce my monthly bills by an additional $450 per month. (total savings of $680 per month) I hate the fact that I would now start back to square one on a 30 year mortgage. I may opt to pay $200 per month extra on my mortgage to lower the number of years I will need to pay on my home and apply the rest to my car note.

Additional info. After my refi I would still have about 17,500 of debt to pay on...(I owe about $7500 on my auto loan and 10,000 to DVC) I plan to use the extra cash to pay that off. I will also be getting a $300 per month raise in August which will also be used to pay down my debt. I figure I could get all of the debt paid off in 2 years by doing this.

What do you think? It looks like the refi will go through later this week...Is it the right thing to do? OR??? Advice?

How much equity do you have in your home?

 

[momtosam]

Also try whatsthecost.com

 

[momtosam]

I have minimal points on DVC, so it only is usable for about 1 trip every 3 years. Most of my trips are on my other time shares, which let me get 3-4 weeks a year, most of which I roll over, which means that about every 3-4 years I have to take either really long trips, or go several different trips, or what I've done in the past is take the entire extended family somewhere for a week.

Since I'm not staying on property most of the time and I'm using my time share for the rooms, I don't get discounts on the rooms, and not staying on property I can't get the dining plan, and also don't get free parking.

Though, the fact that parking on DVC trips is free is something I didn't consider. It would move out the break even point quite a bit. But if I ever make 2 trips in a single year (on those years I have to take multiple trips) the savings on the ticket will be much more than the cost of parking for a week.

Sorry, I mixed you up with another poster. I thought you were deciding if you should get DVC.

 

[dayvewc]

No, I love my DVC. There are days I think I shouldn't have gotten it, but those are few and far between. What I do wish, is that I did not have to finance as much as I did. That was the bad decision, IMHO.

What I am trying to decide is if it will truly be cost effective to get AP's. It pretty much mandates that I go at least once a year for the next 6 before it breaks even. Now, if I go for multiple trips a year, or do more than 5 park days each trip, it is obvious that it will be worthwhile. I'm just not entirely certain that that will happen, and for the length of time it would take to be cost effective, I'm not sure it is the best plan.

 

[dayvewc]

Doin' the happy dance!!!

Just checked my bank account, and my state refund has been deposited.

So, tomorrow I'll be able to swing by Target and pick up the gift cards to buy my DisneyLand tickets, pay for the Memory Maker, and have extra GC for in-park spending (and dining).

Just Disney don't raise the prices on tickets THIS weekend!!!

 

[gracie1]

Doin' the happy dance!!!

Just checked my bank account, and my state refund has been deposited.

So, tomorrow I'll be able to swing by Target and pick up the gift cards to buy my DisneyLand tickets, pay for the Memory Maker, and have extra GC for in-park spending (and dining).

Just Disney don't raise the prices on tickets THIS weekend!!!

I love seeing the tax return deposit! Although all mine went towards unexpected expenses - root canal!!
Have you been to Disneyland before?

 

[dayvewc]

I love seeing the tax return deposit! Although all mine went towards unexpected expenses - root canal!!
Have you been to Disneyland before?

So sorry to hear about the unexpected expenses. Especially one like that!!!

Yep, first time to DisneyLand. Getting pretty excited, I leave in 29 days.

Although, I was just going through doublechecking my estimated food budget, and , I apparently made some REALLY expensive reservations. I don't want to drop any of them, but I may have to drop a couple based on the menu prices. Calculating an estimated budget by adding the most expensive appetizer, entree, and dessert, then $10 for drink and tip*, and rounding up to the nearest $10 - I'll need $400 for 5 table service meals!! That's more than I usually spend in 2 months for food at home! (* I tend to tip more than this would seem, don't hate on me. This is just my method to figure an upper limit need for finances).

Granted, I seldom order both an appetizer AND dessert. And I don't usually order the most expensive entree, but considering that I save up to go splurge at CiCi's Pizza Buffet for $5.99 + drink ...

 

[gracie1]

So sorry to hear about the unexpected expenses. Especially one like that!!!

Yep, first time to DisneyLand. Getting pretty excited, I leave in 29 days.

Although, I was just going through doublechecking my estimated food budget, and , I apparently made some REALLY expensive reservations. I don't want to drop any of them, but I may have to drop a couple based on the menu prices. Calculating an estimated budget by adding the most expensive appetizer, entree, and dessert, then $10 for drink and tip*, and rounding up to the nearest $10 - I'll need $400 for 5 table service meals!! That's more than I usually spend in 2 months for food at home! (* I tend to tip more than this would seem, don't hate on me. This is just my method to figure an upper limit need for finances).

Granted, I seldom order both an appetizer AND dessert. And I don't usually order the most expensive entree, but considering that I save up to go splurge at CiCi's Pizza Buffet for $5.99 + drink ...

Wow! That is a lot for table service meals! Although I am like you - I tip well because waiters/waitresses work hard!
I am looking at Disney in December - I really want to see it decorated at Christmas but just have a hard time justifying the cost!! I keep thinking that money can be better spent towards the house, or the car since its been having some problems.

Are you doing this trip solo?

 

[dayvewc]

Wow! That is a lot for table service meals! Although I am like you - I tip well because waiters/waitresses work hard!
I am looking at Disney in December - I really want to see it decorated at Christmas but just have a hard time justifying the cost!! I keep thinking that money can be better spent towards the house, or the car since its been having some problems.

Are you doing this trip solo?

Yep, this is a solo trip. I originally planned it last August when ex-SO finally got another job. But, I had to borrow against next years DVC points, so it is essentially use-or-lose. I told SO that going would be the reward for getting an keeping the job, but 10 days after I finalized the reservations, SO(b) quit. Then never found another job, thinking I would pay for it all. Uh-huh. You knew the requirement to go, you failed, not my problem. It was one reaon SO finally moved out - got tired of hearing me doing all my planning on the trip.

I have been "to" Disney at Christmas, but wasn't staying "on" Disney. I know I didn't see everything that they had, but it was beautiful what I did see. If you can go early November or early December (less peak times) I would definitely recommend going. And missing the biggest draw weeks (Thanksgiving and Christmas/New Years) you might be able to get good discounts still.

 

[ruadisneyfan2]

Late to the game here! Saw the thread and was hoping someone could point me in the direction of a web site that provides a credit card payoff calculator.

CNN used to have a great one where you could enter your balance, APR, and minimum payments and you could enter how many months you want to pay them off in and it would generate a payment schedule for you. For instance, month one you pay X amount of dollars on Visa card, X amount of dollars on MC, etc. It took care of cards with the highest APR first, and told you exactly what to pay on each card each month. Anyone know of any sites that have something similar? I've found the basic ones that show "if you pay X, it will take you X months to pay it off" or "if you want to pay it off in X months, pay X dollars" but they're not as helpful.

I don't think this does exactly what you're looking for but I found it helpful.
http://www.debtmd.com/

It may be hard to find a calculator like you describe because people only have x amount of leftover $ (discretionary spending) Most debt calculators assume you will putting in as much possible. That amount varies with people so the person running the numbers must enter that. What you're looking for is something to tell you how much extra $ you need at the end of the month.
With the link above, you enter balances & % and how much you can apply to debt and it will give you a paydown plan.

 

[nkereina]

I don't think this does exactly what you're looking for but I found it helpful.
http://www.debtmd.com/

It may be hard to find a calculator like you describe because people only have x amount of leftover $ (discretionary spending) Most debt calculators assume you will putting in as much possible. That amount varies with people so the person running the numbers must enter that. What you're looking for is something to tell you how much extra $ you need at the end of the month.
With the link above, you enter balances & % and how much you can apply to debt and it will give you a paydown plan.

Thanks for the link. I'm really just looking for one to help knock down some credit card debt, not including mortgage or discretionary income or anything. The one with CNN was nice because I could enter my CC balances, min payment requirements (by the CC company), the APR, and the number of months I wanted to pay it all off in. If I typed in 12 months and the payments were too high, I could bump it to 14 or 16 months based on what I could afford, not including my other bills. Once I decided how many months, it would tell me how much to pay on each card to pay off the highest APRs first while still remaining within my payoff window. I'm surprised these calculators aren't more common actually!

 

[SirDuff]

Thanks for the link. I'm really just looking for one to help knock down some credit card debt, not including mortgage or discretionary income or anything. The one with CNN was nice because I could enter my CC balances, min payment requirements (by the CC company), the APR, and the number of months I wanted to pay it all off in. If I typed in 12 months and the payments were too high, I could bump it to 14 or 16 months based on what I could afford, not including my other bills. Once I decided how many months, it would tell me how much to pay on each card to pay off the highest APRs first while still remaining within my payoff window. I'm surprised these calculators aren't more common actually!

What about this?

Ignore that it is pounds. http://www.whatsthecost.com/snowball.aspx

It does the opposite (you put in how much you can pay and it tells you how long it will take), but you could still play around with that (i.e. put in an amount and if it looks like it will take too long, up it). It let's use choose to pay based on highest interest or lowest amount first.

 

[ruadisneyfan2]

Thanks for the link. I'm really just looking for one to help knock down some credit card debt, not including mortgage or discretionary income or anything. The one with CNN was nice because I could enter my CC balances, min payment requirements (by the CC company), the APR, and the number of months I wanted to pay it all off in. If I typed in 12 months and the payments were too high, I could bump it to 14 or 16 months based on what I could afford, not including my other bills. Once I decided how many months, it would tell me how much to pay on each card to pay off the highest APRs first while still remaining within my payoff window. I'm surprised these calculators aren't more common actually!

You could always leave your mortgage out of it. I left our truck payment out too just to keep it simple.

What about this?

Ignore that it is pounds. http://www.whatsthecost.com/snowball.aspx

It does the opposite (you put in how much you can pay and it tells you how long it will take), but you could still play around with that (i.e. put in an amount and if it looks like it will take too long, up it). It let's use choose to pay based on highest interest or lowest amount first.

Exactly. With any calculator you can change the amount of extra $ you can pay per month.
I first entered $845 which is our comfortable amount. If we can really cut down elsewhere even more I could make it $1000. So I click "Edit My Plan" and it will map out each month if I were paying $1000. (Which will make the last date of payments much sooner.)

 

[ruadisneyfan2]

What about this?

Ignore that it is pounds. http://www.whatsthecost.com/snowball.aspx

It does the opposite (you put in how much you can pay and it tells you how long it will take), but you could still play around with that (i.e. put in an amount and if it looks like it will take too long, up it). It let's use choose to pay based on highest interest or lowest amount first.

I like this calculator! Mostly because we have 4 cards with 0% for different dates when the promotional 0% ends so that alters the order in which I'd like to pay them off so we don't miss the deadline. The calculator I posted a link to doesn't take all of that into effect.

 

[dayvewc]

Happy dance time again!!!

Checked the Where's my Refund IRS website this morning, and it is saying I should have my federal refund deposited by Wednesday. If it comes in on time, I should be able to pay off one of my credit cards BEFORE this months normal payment. Which will be an extra $100 I can snowball over to my other card a month early!

Or, use it to buy an extra gift card to pay for meals at DL next month.

 

[Dentam]

Getting ready to work on my taxes this afternoon - wish I was getting a refund too! Congrats, and I think paying more on the cc is a great use of the refund!

 

[gracie1]

Happy dance time again!!!

Checked the Where's my Refund IRS website this morning, and it is saying I should have my federal refund deposited by Wednesday. If it comes in on time, I should be able to pay off one of my credit cards BEFORE this months normal payment. Which will be an extra $100 I can snowball over to my other card a month early!

Or, use it to buy an extra gift card to pay for meals at DL next month.

That is great! I would pay off the cc with it.

 

[Dentam]

Just finished my taxes and was surprised to find that I'm actually getting a refund from the state and only owe $13 for federal! The state refund should cover the cost of filing online. Woohoo!!

 

[gracie1]

Just finished my taxes and was surprised to find that I'm actually getting a refund from the state and only owe $13 for federal! The state refund should cover the cost of filing online. Woohoo!!

That is good news!

 

[ruadisneyfan2]

Just finished my taxes and was surprised to find that I'm actually getting a refund from the state and only owe $13 for federal! The state refund should cover the cost of filing online. Woohoo!!

You can file online for free using www.freefilefillableforms.com
It's easy if you're familiar with the old paper forms. I've been using it for years.