Debt Dumpers - 2015

[gracie1]

Ouch! I've ordered from them in the past, and it is some really good stuff. A bit pricier than going to the store, but really good cuts of meat and highly convenient. Though, I usually look for a free shipping promotion. They don't happen often, but I generally see it offered once or twice a year. I ordered this time because they had a free 3 lb boneless ham for orders over $50. I paid about $90 total for groceries, and then $20 in shipping. Of course, according to their "regular prices" that $90 represented a bit over $200 in meat.

I feel like an Arby's commercial "I got the meats". ;-)

I've been wanting to try them too. Has anyone ordered the Kansas city steaks? I see them on qvc and they look yummy too!! As for the cc - I would apply the extra money to the one with interest. Seems like the ones with the 0% will be paid off by the time the promotion ends, right?
Good for you for not letting him sponge anymore!!!!!!!

 

[ruadisneyfan2]

Hold me back. Finally got rid of the roommate, and I've been celebrating. lol.

Planned and made summer vacation reservations yesterday, then this morning made an order from Omaha Steaks. Probably shouldn't have done either, but darn it, I'm rewarding myself of getting rid of the leech.

On the plus side of debt dumping, I also went through my cell-phone bill and discontinued a couple of monthly apps that I didn't need - especially now that Google Maps is working well as a GPS routing system, saved me $15/month. And by downgrading my data plan, I'll save another $20/month. Last week I checked over my satellite bill, and canceled the on-demand movie package ($10/month) and sent back the third tv receiver (since that was the one in roommates room) at $7/month. Thinking about sending back the 2nd tv receiver (another $7/month) but it's the one in my bedroom. Not sure I want to get rid of it yet.

But overall, I'm down $50 + taxes each month on bills. That will let me snowball a few things faster. My only question is: do I want to start applying the snowball to my 0% interest promotional items (which I'm already paying more than the minimum so that they pay off the last month of the promotion), or do I snowball over to my single remaining CC (that I just added $300 to today)?

Congrats! Stay strong!
BTW, I'd choose the "other" card as long as you're not cutting it really close with the 0% card. Personally, I like to pay those off 1 month early at least so there's no question about whether it was paid by the last billing cycle vs. the due date of the last billing cycle, etc.

 

[Angeejoe]

Feeling down today after tax appt today. I was hoping we would break even (of course I really always hope for a giant check, lol)as last yr we came out a little ahead overall, but DH had a nice size raise mid 2014. So we owe $909 which is just such a bummer. So now we will have to dig into our emergency savings that I was just starting to feel good about. Our CPA has recommended some changes for DH to arrange with HR for next year. I guess at least we have it, but it's got me depressed. Just neede to vent.

 

[HubbDave]

2 small store cards done. 2 medium store cards done
Snowball is getting bigger

On track to get rid of $16K in debt in 12 months. 2 months in and $3k done

 

[momtosam]

2 small store cards done. 2 medium store cards done
Snowball is getting bigger

On track to get rid of $16K in debt in 12 months. 2 months in and $3k done

Awesome-sauce!!!

 

[bcwife76]

Our tax refund was deposited today (we only filed it a week ago! Way to go CRA - the Canadian equivalent of the IRS). With the money I paid off the airline tickets that were sitting on my Amazon visa (no interest yet, woohoo!), the Disneyland park hoppers that were sitting on my PC mastercard (again, no interest yet, woohoo!), then transferred over a lump sum to our vacation account to incur a tiny bit of interest and will be there for when our cruise comes due in July. A little bit left over so that will be applied to our HELOC and we're taking the kids out to dinner tonight (but using a coupon from our Entertainment book so we're even being a bit frugal there, too!)

 

[gracie1]

Feeling down today after tax appt today. I was hoping we would break even (of course I really always hope for a giant check, lol)as last yr we came out a little ahead overall, but DH had a nice size raise mid 2014. So we owe $909 which is just such a bummer. So now we will have to dig into our emergency savings that I was just starting to feel good about. Our CPA has recommended some changes for DH to arrange with HR for next year. I guess at least we have it, but it's got me depressed. Just neede to vent.

Sorry to hear that your going to owe money. That is always a bummer. Feel free to vent away here - we all know what it feels like. Sometimes it seems like every step forward you get hit with something that puts you two steps back. Just stay positive!!!

 

[gracie1]

2 small store cards done. 2 medium store cards done
Snowball is getting bigger

On track to get rid of $16K in debt in 12 months. 2 months in and $3k done

That is fantastic! What a goal to have $16k of debt paid off in 12 months!

 

[Angeejoe]

Our tax refund was deposited today (we only filed it a week ago! Way to go CRA - the Canadian equivalent of the IRS). With the money I paid off the airline tickets that were sitting on my Amazon visa (no interest yet, woohoo!), the Disneyland park hoppers that were sitting on my PC mastercard (again, no interest yet, woohoo!), then transferred over a lump sum to our vacation account to incur a tiny bit of interest and will be there for when our cruise comes due in July. A little bit left over so that will be applied to our HELOC and we're taking the kids out to dinner tonight (but using a coupon from our Entertainment book so we're even being a bit frugal there, too!)

Congrats on the refund!!! I'm jealous.

 

[Angeejoe]

Sorry to hear that your going to owe money. That is always a bummer. Feel free to vent away here - we all know what it feels like. Sometimes it seems like every step forward you get hit with something that puts you two steps back. Just stay positive!!!

Thanks for the support Gracie! I really appreciate it.

 

[ruadisneyfan2]

Feeling down today after tax appt today. I was hoping we would break even (of course I really always hope for a giant check, lol)as last yr we came out a little ahead overall, but DH had a nice size raise mid 2014. So we owe $909 which is just such a bummer. So now we will have to dig into our emergency savings that I was just starting to feel good about. Our CPA has recommended some changes for DH to arrange with HR for next year. I guess at least we have it, but it's got me depressed. Just neede to vent.

Well, it does stink when you owe but try to look on the bright side:
1. your dh had a good raise. So right now you're focused on the fact that owe the IRS, overall you brought in more $ so you are still ahead in the grand scheme of things.
2. you have the $ to be able to pay what you owe. The one year we owed it was very unexpected. We had a car payment and 2 preschoolers in day care all at the same time. Money was crazy tight and we had to pay it with a credit card. We have since adjusted our withholdings but I do know how you feel. Hopefully your accountant also advised your dh so that it doesn't happen again next year.

2 small store cards done. 2 medium store cards done
Snowball is getting bigger

On track to get rid of $16K in debt in 12 months. 2 months in and $3k done

Great job!
Doesn't it feel great?! It's very motivating.

 

[Dentam]

2. you have the $ to be able to pay what you owe. The one year we owed it was very unexpected. We had a car payment and 2 preschoolers in day care all at the same time. Money was crazy tight and we had to pay it with a credit card. We have since adjusted our withholdings but I do know how you feel. Hopefully your accountant also advised your dh so that it doesn't happen again next year.

Yep, last year I owed a little over 3K and had to put it on a cc... definitely no fun. Luckily this year I'm getting enough back to pay the online filing fees so should break even.

 

[HubbDave]

The biggest change we have made was making an accurate budget and just using cash enveloped. Our old monthly budget was okay bad was ok but had numerous holes in it. Going cash has simplified things quite a bit and it feels great

We have an emergency fund and plan on filling up a 6 month fund once the other debts are set. We might be getting an inheritance that would speed up the process but are moving forward without that assumption

 

[HubbDave]

We still get a refund, but that has been shrinking each year as our mortgage interest and child care decreases. We hope to be refund free soon, but not owe.

 

[yupikgal]

Feeling down today after tax appt today. I was hoping we would break even (of course I really always hope for a giant check, lol)as last yr we came out a little ahead overall, but DH had a nice size raise mid 2014. So we owe $909 which is just such a bummer. So now we will have to dig into our emergency savings that I was just starting to feel good about. Our CPA has recommended some changes for DH to arrange with HR for next year. I guess at least we have it, but it's got me depressed. Just neede to vent.

Don't feel bad, we owe twice what you owe this year, due to us moving & husband and I both making a lot more than we used to. I look at it as a positive too, like ruadisneyfan2 said! I'm not sure that this will be enough of a tax strategy to reduce next years taxes, but DH upped his deferred comp. plan another $50, and he had just increased it by that same amount, I think in the fall. We may have to increase our tax withholdings too, haven't done that yet, since we have several events coming up that we need the $$ for.

We just paid off our Discover card, and today I'm trying to figure out whether to transfer a different card "back" to Discover since we have enough credit line to handle it, and they have a 0% interest rate for 12 months with 3% BT fee, OR see if Chase Slate will give us enough credit line to transfer to them (15 months 0% interest, NO BT fee!) I've also considered transferring the remaining 3 cards to a lending club like Prosper or Lending Club, but I know the also charge an origination fee, which I think is 1% of the balance, but there is no prepayment penalties, and you can set it for as low as 3 years payback, which I'm hoping to have done in 2-2.5.

 

[yupikgal]

I just thought about this! Does anyone know the answer? We have a little over $32 in our Disney Chase Rewards account, which is tied to our Disney Chase Visa card. If I transfer the entire balance over to a 0% interest card without redeeming it first, will they wipe those rewards away? Or even if I redeem them now, will they make me pay them back after the transfer? Hate to lose them, but will if I have to

 

[yupikgal]

Well I must be the only one on here today, lol! *Update* A bit frustrating, but Chase Slate isn't available to us because the card we want to transfer is the Disney Chase Visa, which is the same company essentially, so that is out

The other bummer is that our Discover offer is only for 12 months @ 0%, they won't honor the offer I saw for another Discover card for 18 months for the same interest (none) but we do have the 18 month available to us for 5.99% with 0% BT fee, so we save $279 there. I guess we should go with this one since it allows us more time and it's still about 1/2 the interest rate that we currently pay. Any other suggestions? I don't want to go the loan route because I don't want them calling up our employment to verify and also the int. rate would be higher than sticking with Discover.

Thanks for reading my posts~I just want to have them done & paid off already. Tired of paying them knowing they could be going into our savings/retirement accounts instead!

 

[gracie1]

I just thought about this! Does anyone know the answer? We have a little over $32 in our Disney Chase Rewards account, which is tied to our Disney Chase Visa card. If I transfer the entire balance over to a 0% interest card without redeeming it first, will they wipe those rewards away? Or even if I redeem them now, will they make me pay them back after the transfer? Hate to lose them, but will if I have to

I don't have the disney visa but the rewards cards I do have I would not loose the rewards. You would need to check though with chase.
As for the transfers - sounds like your not completely sure you could have the cc paid in 12 months. If you don't think you can , I would definitely just do the 18 months - your still dropping your interest in half, no transfer fee so your still saving money plus getting an extra 6 months to pay it off!

 

[dayvewc]

I just thought about this! Does anyone know the answer? We have a little over $32 in our Disney Chase Rewards account, which is tied to our Disney Chase Visa card. If I transfer the entire balance over to a 0% interest card without redeeming it first, will they wipe those rewards away? Or even if I redeem them now, will they make me pay them back after the transfer? Hate to lose them, but will if I have to

I don't have the disney visa but the rewards cards I do have I would not loose the rewards. You would need to check though with chase.
As for the transfers - sounds like your not completely sure you could have the cc paid in 12 months. If you don't think you can , I would definitely just do the 18 months - your still dropping your interest in half, no transfer fee so your still saving money plus getting an extra 6 months to pay it off!

Same here. I don't have the Disney Visa (I do want to get one eventually, but not til I pay off the cc I do have. I figure I spend enough doing Disney things it would be worth it) but the rewards program I am in I would keep the points. Every company is probably different, but I would think the odds are strong that you'll keep the rewards. It's not like they aren't getting the money back on the original sale, just that you are now paying interest (or 0% interest) to someone else.

 

[momtosam]

If you can cut your interest rate in half I wouldn't worry at all about $32 in rewards. Not worth keeping the card for that.