Debt Dumpers - 2015

[dayvewc]

Well, I am a bit excited. I have most of my taxes done (waiting on my Interest and Dividend statements which should be published this Friday to finalize) and should get back about $4000. I have 3 cc's, my gas card has about $1500 on it, another one has about $1400 on it, and my 3rd biggie has about $4000 on it. It was in the $2400 range, but had to use it to pay my annual fees and taxes in January.

I already have my trip booked and paid for for Spring Break, so just need to buy park tickets, pay for the rental car for a week, and food. I have those (plus souvenirs) estimated at about $1000, so my plan is to pay off my 2 smaller CC's and take my trip on my tax refund. Then roll the payments all over to the last card, which should have me making payments of around $600/month on it (up from $300), so hopefully will have it paid off by the end of the year.

Now, if I can just get the roommate (demoted from significant other) to either leave or get a job ... I could pay it all off faster.

 

[ruadisneyfan2]

Well, I am a bit excited. I have most of my taxes done (waiting on my Interest and Dividend statements which should be published this Friday to finalize) and should get back about $4000. I have 3 cc's, my gas card has about $1500 on it, another one has about $1400 on it, and my 3rd biggie has about $4000 on it. It was in the $2400 range, but had to use it to pay my annual fees and taxes in January.

I already have my trip booked and paid for for Spring Break, so just need to buy park tickets, pay for the rental car for a week, and food. I have those (plus souvenirs) estimated at about $1000, so my plan is to pay off my 2 smaller CC's and take my trip on my tax refund. Then roll the payments all over to the last card, which should have me making payments of around $600/month on it (up from $300), so hopefully will have it paid off by the end of the year.

Now, if I can just get the roommate (demoted from significant other) to either leave or get a job ... I could pay it all off faster.

Can't you just tell him it's over and that he needs to move out? People will only take advantage of you if you let them.
He needs to find someone else to sponge from.

 

[dayvewc]

I know that I should have done that months ago. We just have/had so much history and I wanted to do everything I could to help, but there is that point where I can't do everything. We did have a talk the other day, and if there is no job by the time roomies tax return comes in, it will be used to move out. So, I'm looking at either having help or being solo by the end of the month.

And yeah, I definitely should have been firmer on the issue.

 

[ruadisneyfan2]

I'm not trying to make you feel bad.
As women we are nuturing and always wanting to help but at some point you realize it's not worth the pain.
Before I met dh I was in a toxic relationship for 5 years. He never hit me but was verbally abusive. It was "not so bad" at the time and I stayed out of convenience and not wanting to be single. He was a loser going from one odd job to another, all min wage type jobs, with no ambition or direction. Also constantly getting his license revoked, lots of tickets, etc.

One day I just woke up and knew I had enough and just couldn't see spending my life with him. To stay would only be wasting my time. I would rather move back with my parents than stay with him.
Never looked back and got over him way more easily than I anticipated.

Good luck to you.

 

[FFpooh]

Count me in. Working on getting rid of all my credit card debt and never keeping a balance on revolving debt. That's a good goal I think.

 

[PrincessKymm]

Everyone is doing so good!!! I decided to not take the trip in June. Nothing will stop me after I'm debt free! I could go twice a year if I wanted to!!! I won't because I'll be working on getting rid of my student loans but I won't rev that up until I pay for my 2016 trip. Yes that's right I'm going to go to WDW next year and I'm going to pay cash!

Thanks everyone!!! I love the motivation on this thread.

 

[ruadisneyfan2]

Everyone is doing so good!!! I decided to not take the trip in June. Nothing will stop me after I'm debt free! I could go twice a year if I wanted to!!! I won't because I'll be working on getting rid of my student loans but I won't rev that up until I pay for my 2016 trip. Yes that's right I'm going to go to WDW next year and I'm going to pay cash!

Thanks everyone!!! I love the motivation on this thread.

Stay strong! You're in the home stretch!

Count me in. Working on getting rid of all my credit card debt and never keeping a balance on revolving debt. That's a good goal I think.

 

[dtr_angel]

Everyone is doing so good!!! I decided to not take the trip in June. Nothing will stop me after I'm debt free! I could go twice a year if I wanted to!!! I won't because I'll be working on getting rid of my student loans but I won't rev that up until I pay for my 2016 trip. Yes that's right I'm going to go to WDW next year and I'm going to pay cash!

Thanks everyone!!! I love the motivation on this thread.

That's great news! You will be debt free before you know it. Disney world will still be there

 

[OhMari]

Just want to say hi from Disney. My dh has work down here. I am sitting in the BC Villa's little laundry room, the studios do not have their own washer and dryers. We try not to pack so much, so when we go over to his conference we have all clean clothes again. It was warm down here but the mornings and nightswere in the low 60's. So we had to wear lots of layers.

We had the Dining Plan. I wanted everything paid off before we got here. I really wish I would not have. It made us over eat. I like desserts, but desserts don't like me. I can see eating a treat once in awhile, but my thinking was, "it is included, so I needed to have it." Plus a drink was included, I usually only drink water. Both me and my husband said we don't feel good and we agreed it was sugar over-load. We used 1 CS credit for breakfast and shared and 1 CS credit for lunch and shared. You get plenty of food. The only time we didn't share was at Disney Studios. We also had a TS meal credit to use each day.

I also found out the price of food increased Feb. 1st. I heard ticket prices were suppose to increase Feb. 1st, but food prices did.


I am going back to just using my reward dollars from Chase and Disney Gift cards for food purchases.

 

[dtr_angel]

Just want to say hi from Disney. My dh has work down here. I am sitting in the BC Villa's little laundry room, the studios do not have their own washer and dryers. We try not to pack so much, so when we go over to his conference we have all clean clothes again. It was warm down here but the mornings and nightswere in the low 60's. So we had to wear lots of layers.

We had the Dining Plan. I wanted everything paid off before we got here. I really wish I would not have. It made us over eat. I like desserts, but desserts don't like me. I can see eating a treat once in awhile, but my thinking was, "it is included, so I needed to have it." Plus a drink was included, I usually only drink water. Both me and my husband said we don't feel good and we agreed it was sugar over-load. We used 1 CS credit for breakfast and shared and 1 CS credit for lunch and shared. You get plenty of food. The only time we didn't share was at Disney Studios. We also had a TS meal credit to use each day.

I also found out the price of food increased Feb. 1st. I heard ticket prices were suppose to increase Feb. 1st, but food prices did.


I am going back to just using my reward dollars from Chase and Disney Gift cards for food purchases.

I hope you're having a great time! My DH and I used to love the DDP but after 5 trips I finally convinced convinced him to ditch it. It just doesn't work for us anymore like you we only drink water and too much food and dessert! I like the freedom of being OOP.

 

[AlohaNow]

I won $12 from last night’s Powerball drawing! I can finally get that car wash I’ve been needing!

 

[Canadian Harmony]

Hi Everyone. I'm kinda new, but finding this board awesome so far! Here's a hypothetical for you to help me with a potential difficulty... Let's say you come into money, about $15K. You have four options:

1 - pay off 3-4 little debts. Interest rate on each is negligible. Monthly payments on the total equal about $500-$600.
2 - pay off a credit card in your spouse's name. This will help their credit immensely and get this albatross off the collective back of the spouses. Monthly payment is $325.
3 - pay off a joint debt that has a VERY high interest rate. Monthly payment is $465.
4 - pay for a school year's worth of tuition for your two kids. Monthly payment is $1700 (over 10 months, vice 12).

What would you do and why?

 

[gracie1]

Hi Everyone. I'm kinda new, but finding this board awesome so far! Here's a hypothetical for you to help me with a potential difficulty... Let's say you come into money, about $15K. You have four options:

1 - pay off 3-4 little debts. Interest rate on each is negligible. Monthly payments on the total equal about $500-$600.
2 - pay off a credit card in your spouse's name. This will help their credit immensely and get this albatross off the collective back of the spouses. Monthly payment is $325.
3 - pay off a joint debt that has a VERY high interest rate. Monthly payment is $465.
4 - pay for a school year's worth of tuition for your two kids. Monthly payment is $1700 (over 10 months, vice 12).

What would you do and why?

A couple questions - the school tuition that your paying each month, is it interest free and will it be ongoing?
The credit card with the high interest rate- what is the interest if you don't mind sharing?

 

[Canadian Harmony]

Tuition is interest free and will be ongoing in the future, yes.
The interest rate on the Credit Card is 26.99%. The interest rate on the joint debt is closer to 26% (so very comparable, I guess).

 

[dayvewc]

Hi Everyone. I'm kinda new, but finding this board awesome so far! Here's a hypothetical for you to help me with a potential difficulty... Let's say you come into money, about $15K. You have four options:

1 - pay off 3-4 little debts. Interest rate on each is negligible. Monthly payments on the total equal about $500-$600.
2 - pay off a credit card in your spouse's name. This will help their credit immensely and get this albatross off the collective back of the spouses. Monthly payment is $325.
3 - pay off a joint debt that has a VERY high interest rate. Monthly payment is $465.
4 - pay for a school year's worth of tuition for your two kids. Monthly payment is $1700 (over 10 months, vice 12).

What would you do and why?

Tuition is interest free and will be ongoing in the future, yes.
The interest rate on the Credit Card is 26.99%. The interest rate on the joint debt is closer to 26% (so very comparable, I guess).

Just me, with these options, I would go for option 3.

With tuition being interest free, there is no advantage to paying it off early, so no option 4.
With near the same interest rate as option 2, option 3 will free up the biggest amount immediately to allow you to concentrate it on another payment.
While option 1 would clear 3-4 little debts, I think it is better to get rid of the higher interest amounts first.

Just my $0.02 worth.

 

[gracie1]

Tuition is interest free and will be ongoing in the future, yes.
The interest rate on the Credit Card is 26.99%. The interest rate on the joint debt is closer to 26% (so very comparable, I guess).

Then I wouldn't use the money to pay the tuition since its interest free. I would use the money to pay the high interest cc off. The joint one that you have with your spouse. If he has a separate card in collections has he tried to negotiate a lower rate? Then the money that you are saving each month from the high interest you can roll over onto either the other high interest card or put towards your smaller ones to get them paid off faster - I take it the smaller ones have lower interest?

 

[Canadian Harmony]

There's one cc that has the same rate (pretty much) as the joint debt. It's been cancelled but not gone to collections. The smaller debts have lower interest than the cc or the joint debt.

We're paying off the car this month or early next (YAY!) and that money $525/month, will go to either the CC or the joint debt until one can be paid off. I am expecting the next batch of money to appear in the summer.

The minimum payment on the CC pays for the interest with about $20 going toward principle. The monthly payment on the joint debt is probably the same, but because I don't see it on a monthly statement it's not as shocking as the CC.

 

[gracie1]

There's one cc that has the same rate (pretty much) as the joint debt. It's been cancelled but not gone to collections. The smaller debts have lower interest than the cc or the joint debt.

We're paying off the car this month or early next (YAY!) and that money $525/month, will go to either the CC or the joint debt until one can be paid off. I am expecting the next batch of money to appear in the summer.

The minimum payment on the CC pays for the interest with about $20 going toward principle. The monthly payment on the joint debt is probably the same, but because I don't see it on a monthly statement it's not as shocking as the CC.

I would focus on getting the joint card paid off first. Once it is then focus on the one in collections.

 

[ruadisneyfan2]

Just me, with these options, I would go for option 3.

With tuition being interest free, there is no advantage to paying it off early, so no option 4.
With near the same interest rate as option 2, option 3 will free up the biggest amount immediately to allow you to concentrate it on another payment.
While option 1 would clear 3-4 little debts, I think it is better to get rid of the higher interest amounts first.

Just my $0.02 worth.

I agree. We don't ever take into account which debt is in who's name. It's all OURS. I would choose to get rid of that crazy high interest. Interest-free tuition payments wouldn't even be a consideration.
Jmho.

 

[Canadian Harmony]

Thanks everyone. Just to be clear:

The JOINT debt is NOT a credit card.
The Credit Card is NOT in collections.

Thanks again for the suggestions.