Debt Dumpers - 2015

[gracie1]

I received my bonus this morning. I have eliminated 2 whole credit cards! I will also pay my quarterly city taxes this week. I had half the money saved so I transferred it to my checking and will write the check once I get my new checks in the mail.

I have to figure out how much will hit my savings. Ohio is doing their first tax free holiday the weekend of August 7th so I want to get DS's school supplies and some new clothes.

I have a situation to deal with as well. My mother is disabled and relies on everyone to take care of her. Everyone but me and my grandpa have quit helping her because she won't help herself. I'm to that quitting point though. I go to a therapist a few times a month and she is the main topic of conversation lately. I know I need to make boundaries and all but not sure how to. She still has cable so I told her to get rid of it but of course every excuse in the book why she can't. I'm just sitting in the corner crying and rocking and wanting to scream "you don't work! Why do you have cable if you don't work?!?! I work hard and barely afford cable!!!!" I can't talk to my parents like that as the guilt would eat at me and I can't calmly rationalize with my mother as she thinks whenever someone says no it's because they don't love her so I agreed to buy her a TiVo and pay for Hulu and Netflix and an MLB subscription and an antenna so she can get regular tv too because she just has to have her shows. I already pay for Netflix but the rest will add up. I'm just so exasperated. I so badly want a trip to just escape from this mess. Why does my hard earned money just seem to leak out? I'm tracking how much I'm spending so hopefully I will see how much I actually spend on my mom. I've been avoiding her so its only $35 this month. I just don't want to pay for her luxuries. If she needs something I don't mind as much. I guess I need to find my big girl pants and pull them on!

Way to go on getting 2 cc paid off!! Is your mom on disability? I know that cable is a luxury - but I think if I was disabled and stuck home all the time I would want it as well. That is just me ... I know everyone's situation is different. I know taking care of parents is stressful. Especially when only a couple are willing to take care of them and you have no help or support from other family members.

 

[gracie1]

Also Macy's online is having a big sale - plus 20% off and free shipping on everything - you don't have to spend a certain amount!

 

[Angeejoe]

Also Macy's online is having a big sale - plus 20% off and free shipping on everything - you don't have to spend a certain amount!

Plus ebates has 8% today for Macy's. It's normally 3%!!!!

 

[ruadisneyfan2]

Thank you, I found it! It seems to really to be for back to school shopping, very limited to 3 groups:

• Clothing priced at $75 per item or less;
• School supplies priced at $20 per item or less; and
• School instructional material priced at $20 per item or less.
  
  This will be a great deal for your back to school shopping, but not so much for me. I'm needing to buy a new grille after the tree smashed mine, it's a large purchase so tax free would've been awesome...lol!
  
  I wonder how stores know not to tax?

They probably program the cash registers. In NJ food isn't taxed but non-food items are (except clothes) so if we go grocery shopping and buy milk and paper plates, it will list on our receipt a "T" next to the items that are taxed.

 

[bcwife76]

So the Bank of Canada announced another rate drop on lending rates in this country, another 25 bases points. Everyone is waiting to see what the big banks will do.
Well our bank, TD Canada Trust, has already announced that starting tomorrow they are dropping their prime lending interest rate down (also knows as the Prime Rate) to 2.75%. So for us that means the interest rate on our HELOC will drop down to 3.45%. And if it affects the interest rate on our mortgage (as I think it will) that will drop down to 1.9%!!!

Of course, this also meant the CDN $ took a hit, so while we will be spending less money on interest on our HELOC and mortgage, we'll be dinged more for any US purchases because the CDN loonie dipped down to 77cents, the lowest it's been since 2009 Win some, lose some.

 

[UDFlyer12]

You will get there. I find this thread incredibly helpful. Don't spend what you don't have. Live within your means. Your loans will be there so concentrate on the smaller debt and don't accumulate anymore. Easier said than done.

Track your spending and follow your budget! Again, easier said than done. To get there, you need to prioritize your goals and budget.

For instance, if you need a new pair of shoes, figure out what you are willing to spend, shop for the best deal, and stick to your budget! If you get the shoes for less, what will you do with the difference? If you can't find something, are you willing to spend more? Where will that money come from? Can you wait until you can save more money?

I ask myself these questions each time I need to purchase something. It helps but sometimes I tell that voice to go away and that I'll deal with it later. DONT DO THAT!

That is definitely the plan. I added some to one of them because I had ZERO work appropriate "adult" clothes. Luckily I managed to use coupons and find a good deal and I should be set for awhile with what I bought. May be time to bring back the little voice in my head when making purchases Good advice though, thanks!

Welcome!
I agree with the pp to start out with the small bills and don't add to them. Is there anyway you can stand to live with your parents for a few more years to power-pay-down some student loans? Life only gets more complicated as you get older (marriage, homeownership, & children, etc.) so pay down as much as you can while your young and single!

I waited a little over a year after graduation from undergrad to move out, since I was getting my masters online. I put what I saved into an emergency fund for myself, my dog, and my car. Unfortunately my parents have downsized since all the kids have left the nest so the only thing left for me there is a garage haha. I did manage to get a roommate though to lower my monthly bills on rent, electric, etc. so that should be a huge help. Growing up stinks, am I right?

 

[Dentam]

I have a situation to deal with as well. My mother is disabled and relies on everyone to take care of her. Everyone but me and my grandpa have quit helping her because she won't help herself. I'm to that quitting point though. I go to a therapist a few times a month and she is the main topic of conversation lately. I know I need to make boundaries and all but not sure how to. She still has cable so I told her to get rid of it but of course every excuse in the book why she can't. I'm just sitting in the corner crying and rocking and wanting to scream "you don't work! Why do you have cable if you don't work?!?! I work hard and barely afford cable!!!!" I can't talk to my parents like that as the guilt would eat at me and I can't calmly rationalize with my mother as she thinks whenever someone says no it's because they don't love her so I agreed to buy her a TiVo and pay for Hulu and Netflix and an MLB subscription and an antenna so she can get regular tv too because she just has to have her shows. I already pay for Netflix but the rest will add up. I'm just so exasperated. I so badly want a trip to just escape from this mess. Why does my hard earned money just seem to leak out? I'm tracking how much I'm spending so hopefully I will see how much I actually spend on my mom. I've been avoiding her so its only $35 this month. I just don't want to pay for her luxuries. If she needs something I don't mind as much. I guess I need to find my big girl pants and pull them on!

This can be such a tough situation and can really tear families apart. However, on the tv stuff, I agree with a previous poster that if I was disabled and at home a lot as a result I would need something to take my mind off of that I'm sure. If you get Netflix online streaming it is very reasonable... that's what I have and it's only about $8/month. You can purchase devices that allow you to watch the online streaming on your tv. Don't think they cost more than $50 and it's a one time expense. I also thought that Hulu was free? An antenna is pretty cheap too - that's what I use in combination with Netflix since I don't watch enough tv to justify paying for cable.

Also, I try to remember that our parents put a lot of money into raising us and our turn to give back comes around as they age. Not sure of the specifics of your situation and I'm sure there's a lot more to it, especially if only you and your grandpa are left willing to help.

 

[ruadisneyfan2]

Well, I finally did it! I paid off my cc debt!

When I first found this thread I had over $22k in cc's that kept creeping up. Also we were just a couple months away from a big trip to Europe that was too late to cancel and in need of a new roof. With all the tips and support from everyone here I slowly plowed through it.

We still have dh's truck loan & our mortgage. Since I transferred dh's remaining truck loan balance to a 0% visa, so technically now cc debt, the monthly payment is only $80 instead if $500.
I can power-save to rebuild our emergency fund, car ins fund and Christmas fund. By mid October I can start attacking the truck loan.
Hang in there everyone. There is a light at the end of the tunnel.

 

[Gr8t Fan]

Well, I finally did it! I paid off my cc debt!

When I first found this thread I had over $22k in cc's that kept creeping up. Also we were just a couple months away from a big trip to Europe that was too late to cancel and in need of a new roof. With all the tips and support from everyone here I slowly plowed through it.

We still have dh's truck loan & our mortgage. Since I transferred dh's remaining truck loan balance to a 0% visa, so technically now cc debt, the monthly payment is only $80 instead if $500.
I can power-save to rebuild our emergency fund, car ins fund and Christmas fund. By mid October I can start attacking the truck loan.
Hang in there everyone. There is a light at the end of the tunnel.

That's AWESOME!! Congrats!

 

[ruadisneyfan2]

That's AWESOME!! Congrats!

Thanks!
I never could/would have without this thread. Well, the 2013 thread.
I'm not done with debt by any stretch but it's one hurdle done.

 

[AquaDame]

Well, I finally did it! I paid off my cc debt!

When I first found this thread I had over $22k in cc's that kept creeping up. Also we were just a couple months away from a big trip to Europe that was too late to cancel and in need of a new roof. With all the tips and support from everyone here I slowly plowed through it.

We still have dh's truck loan & our mortgage. Since I transferred dh's remaining truck loan balance to a 0% visa, so technically now cc debt, the monthly payment is only $80 instead if $500.
I can power-save to rebuild our emergency fund, car ins fund and Christmas fund. By mid October I can start attacking the truck loan.
Hang in there everyone. There is a light at the end of the tunnel.

Congratulations! We hope to be in the same boat by this time next year and have all CC & the husband's PLoC paid off leaving just the mortgage and a small student loan (and are 49 days away from Europe ourselves which will delay us a bit...)!

We've knocked out three cards over the last year, one with a pretty nice balance to boot.

 

[gracie1]

Well, I finally did it! I paid off my cc debt!

When I first found this thread I had over $22k in cc's that kept creeping up. Also we were just a couple months away from a big trip to Europe that was too late to cancel and in need of a new roof. With all the tips and support from everyone here I slowly plowed through it.

We still have dh's truck loan & our mortgage. Since I transferred dh's remaining truck loan balance to a 0% visa, so technically now cc debt, the monthly payment is only $80 instead if $500.
I can power-save to rebuild our emergency fund, car ins fund and Christmas fund. By mid October I can start attacking the truck loan.
Hang in there everyone. There is a light at the end of the tunnel.

That is fantastic! Isn't it a great feeling? You should be proud of how much you accomplished paying off!!

 

[gracie1]

Congratulations! We hope to be in the same boat by this time next year and have all CC & the husband's PLoC paid off leaving just the mortgage and a small student loan (and are 49 days away from Europe ourselves which will delay us a bit...)!

We've knocked out three cards over the last year, one with a pretty nice balance to boot.

Sounds like you've done a great job!! Three cards in a year is awesome!!!

 

[AquaDame]

Sounds like you've done a great job!! Three cards in a year is awesome!!!

Amazing what you can do when you get serious! Bonuses and every extra penny that isn't meant for elsewhere goes straight to the debt now! I am over it!!

 

[Angeejoe]

Well, I finally did it! I paid off my cc debt!

When I first found this thread I had over $22k in cc's that kept creeping up. Also we were just a couple months away from a big trip to Europe that was too late to cancel and in need of a new roof. With all the tips and support from everyone here I slowly plowed through it.

We still have dh's truck loan & our mortgage. Since I transferred dh's remaining truck loan balance to a 0% visa, so technically now cc debt, the monthly payment is only $80 instead if $500.
I can power-save to rebuild our emergency fund, car ins fund and Christmas fund. By mid October I can start attacking the truck loan.
Hang in there everyone. There is a light at the end of the tunnel.

Patti this is FANTASTIC NEWS!! I'm so happy for you, what a great accomplishment! Great job!


How long ago did you start here on the thread? What was the time frame?

 

[Dentam]

Well, I finally did it! I paid off my cc debt!

WOOHOO!! Congratulations and well done!! It will probably take me over a year to have everything paid off so thank you for the inspiration!

 

[ruadisneyfan2]

Patti this is FANTASTIC NEWS!! I'm so happy for you, what a great accomplishment! Great job!


How long ago did you start here on the thread? What was the time frame?

Thanks.
Looking back to page 1 of The Plan, I first totaled up all my cc debt on 4/13/13. We were all set to go on a big trip and had half of our roof $ saved so I did start snowballing right away but really it was for the spending I was already committed to. By that Oct I started paying down my first cc, a Sears bill for $250 and it even took me a few weeks because my snowball was so small. I didn't delete any of that old stuff because that's what kept me going when I get tired of living like po folks. I can look back and see how far we've come. That's inspiring in itself.

Amazing what you can do when you get serious! Bonuses and every extra penny that isn't meant for elsewhere goes straight to the debt now! I am over it!!

Seriously. I sometimes scraped up $3.00 payments. If there was $8.00 left in checking (besides our little cushion) on the day before payday, I pay a bill with it.

Paying online makes it so easy & fast. The $ is gone from my bank account the next day. I guess if I had to keep mailing in checks and using stamps I may not have been so diligent.

WOOHOO!! Congratulations and well done!! It will probably take me over a year to have everything paid off so thank you for the inspiration!

Just keep swimming! You'll get there. I never thought I would. I haven't been without credit card debt since my early 20's and I'm 48. I really just needed a strategy that could work and DR's snowball really did it for me. Someone mentioned before that he's obnoxious and others have said his wealth-building advice is awful but his debt snowball works.

 

[ruadisneyfan2]

And I'm still a financial moron because now I want to celebrate with a trip to WDW!


The only thing that holds me back is that we really need to save for Christmas.

 

[gracie1]

And I'm still a financial moron because now I want to celebrate with a trip to WDW!


The only thing that holds me back is that we really need to save for Christmas.

Just think - the money it costs for that trip can be used towards Christmas and even your truck loan!! Although it is still fun to go on there and plan!! I really can't wait to have my home equity loan paid off. I think there's still 8 years left this September. It's my focus right now. I may end up doing what you did with the truck payment - after I get it so far down to do the 0% interest and put the rest on it.

 

[BernardandMissBianca]

Sounds like you have raised a responsible young man!! I remember the days of working 3 and 4 jobs! If I only had that energy now..... Lol

Thanks. He is determined to learn from our mistakes. He wants to live in a tumbleweed home and has no intentions on having debt. He's been toying with getting a student loan but he's dragging his feet on that because he's pretty sure he can pay at least one more semesters tuition with his jobs. If he can get a loan for just the last 2 semesters, he will be in great shape.

On my side it's another story.
Sunday was a bad day. DH went to go get milk and his car died. Thankfully we have AAA so the tow was free but to fix his car was $289. Then also on Sunday DS19 was at a comic book convention and his friend had to leave by ambulance so he was stressed about that. Then on my way to get DS19 a rock kicked up and broke my windshield. YAY for glass coverage! Totally worth it because this is the second time I've replaced the windshield in this car.
But the down side, I got my property tax bill for the cars, $1500!! That one is going to take some time to pay off.