Debt Dumpers - 2016

[DebtFree]

MY DREAM!! Congrats! I feel your pain, but happy to see the bright light at the end of the tunnel is not a train!

Thanks so much! If there's one thing about student loans I wish would (the cost of education being another matter entirely) is the interest terms. The double whammy of high interest and daily compounding is insane.

I had a leg up in that I understood daily compounding interest when I took out my loans, but even that didn't stop the frustration of being on the hamster wheel of never ending loans.

 

[DisneyMandC]

Thanks so much! If there's one thing about student loans I wish would (the cost of education being another matter entirely) is the interest terms. The double whammy of high interest and daily compounding is insane.

I had a leg up in that I understood daily compounding interest when I took out my loans, but even that didn't stop the frustration of being on the hamster wheel of never ending loans.

Yup, I hear you. I pay $815 towards my loans each month. $760 of that goes to interest. I am, thankfully, on the public service loan forgiveness program.

 

[dayvewc]

I am not sure if I can post this but ....(Mod feel free to remove post)
Here goes..................................
I am trying to start a savings account for a new car in a few years so my goal was how to make a bit of extra money so I opened an online shop to sell my Disney Planner/Journal. I DISign here on the DIS for free but,
a few of my things have been taken and sold on a few sites so after 8 years I figured if yah can't beat why not join them. So that's what I been doing with my time off from my school job this summer. For me this was a huge learning curve challenge (tech). But I'm proud of myself and hope it turns out well.
Thanks for listening to me natter on.
Hugs Mel

Good luck with the new business!!

LOL - this is a perfect example of context. I know I've seen some of what you post on the DISign board, and I think you've created some stuff for me even, but I never connected that it was the same person in both places. And considering we all have unique usernames, that's really dense of me!!

 

[bababear_50]

Good luck with the new business!!

LOL - this is a perfect example of context. I know I've seen some of what you post on the DISign board, and I think you've created some stuff for me even, but I never connected that it was the same person in both places. And considering we all have unique usernames, that's really dense of me!!

Thanks dayvewc
I am really excited. I took your advise (given many months ago) and thought about what I am passionate about. Well Family, Disney and Special Education. My first trip to Disney was as a single mom with my sons. Who knew that 4 pineapples meant a 1 star motel,,,we bought stuff at the corner store to clean the room.
Who knew not to jump into the first cab you see at Orlando airport.,,,,,
I love Orlando and set about learning everything I could about DVC and Disney,,,it took me a year and a half and full visit to all the DVC resorts to finally buy in..(resale). I started reading here on the DIs and realized that maybe I could sprinkle a bit of "magic" on other family vacations.
I was looking for some clip art in June and found one of my Epcot printables for sale on Ebay.
So instead of staying mad I'm in "Just Keep Swimming" along mode.
The one thing I have learned in life is that in every experience whether good or bad we learn and grow.
Hopefully my little shop will grow,,I'm still learning.
Oh my I've become a chatter natter
Thanks for listening
Hugs Mel

 

[MrsTurnerLovesDisney]

@bababear_50

Yay can't wait til you get the business up in running I've been stalking your clip art for some time now debating what I want to do for DD (she has a popular name so you had so much cute premade stuff) but honestly I'm clueless on how to use it plus I usually run out of steam/time to put something together. Would much prefer to buy it done lol!

 

[DisneyMandC]

Thanks dayvewc
I am really excited. I took your advise (given many months ago) and thought about what I am passionate about. Well Family, Disney and Special Education. My first trip to Disney was as a single mom with my sons. Who knew that 4 pineapples meant a 1 star motel,,,we bought stuff at the corner store to clean the room.
Who knew not to jump into the first cab you see at Orlando airport.,,,,,
I love Orlando and set about learning everything I could about DVC and Disney,,,it took me a year and a half and full visit to all the DVC resorts to finally buy in..(resale). I started reading here on the DIs and realized that maybe I could sprinkle a bit of "magic" on other family vacations.
I was looking for some clip art in June and found one of my Epcot printables for sale on Ebay.
So instead of staying mad I'm in "Just Keep Swimming" along mode.
The one thing I have learned in life is that in every experience whether good or bad we learn and grow.
Hopefully my little shop will grow,,I'm still learning.
Oh my I've become a chatter natter
Thanks for listening
Hugs Mel

Have you considered setting up an Etsy store for your products? I'm honestly not super familiar with Etsy or any of its policies for sellers and their stores, but it seems like the type of product that would do well on there! Lots of Disney products available on Etsy.

 

[bababear_50]

Have you considered setting up an Etsy store for your products? I'm honestly not super familiar with Etsy or any of its policies for sellers and their stores, but it seems like the type of product that would do well on there! Lots of Disney products available on Etsy.

Hi Hon
I am worried about Dis rules but look in my signature.
Hugs Mel

 

[DisneyMandC]

Just ignore me! I saw the links to your Photobucket and thread but must have overlooked the etsy one. I'll be going to check your store out now

 

[bababear_50]

Just ignore me! I saw the links to your Photobucket and thread but must have overlooked the etsy one. I'll be going to check your store out now

I only have one thing listed but am hoping to list a few more--kind of testing the waters,,,also redoing how the images are presented as the feed back I got was when doing digital download you need to almost display everything...but working on it.
Hugs Mel

 

[dclpluto]

Yup, I hear you. I pay $815 towards my loans each month. $760 of that goes to interest. I am, thankfully, on the public service loan forgiveness program.

I hope you have that reverse and 760 dollars of that is going to principal and not interest. If not you need to do something . Has to be something better you can get.

 

[ruadisneyfan2]

I hope you have that reverse and 760 dollars of that is going to principal and not interest. If not you need to do something . Has to be something better you can get.

I agree!
Not the payment amount itself, that's close to our typical monthly property tax amount , but the amount going to principal vs. interest is outrageous.
It's not even a close comparison because ds19 only attended one semester but I got a $15k Parent Plus loan through the federal govt that was close to 7% apr. We could have done better getting a private loan but the fed has life & disability insurance built in so if something happens to either of us, the loan is erased. I'm probably more than a bit neurotic but after working in a busy trauma center for so many years, I felt that was something to consider. My payment is $180/month with $120 to principal. I got it down to $11k but had to take a break from that to save for Christmas.
Anyway, my Disney visa (and dh's) both offer blank checks for balance transfer 0% for 12 months with only 2% BT fee. I'm seriously considering transferring as much as I can. Even with the BT fee, we'll saving hundreds and get it gone sooner.

 

[Miss Whimsy]

The debt dumping is not going super fantastically. I don't know how I've managed to spend so much money this summer. I need winter to come so I can be a hermit and eat cheap soup for a few months!!

 

[Dentam]

The debt dumping is not going super fantastically. I don't know how I've managed to spend so much money this summer. I need winter to come so I can be a hermit and eat cheap soup for a few months!!

I hear ya! I'm going to be lucky if I can get back to the amount of debt I had dumped by April/May by the end of this year. Been going backwards lately...

 

[DisneyMandC]

I hope you have that reverse and 760 dollars of that is going to principal and not interest. If not you need to do something . Has to be something better you can get.

Ha, no. That is the correct amount. About $760 goes to interest. That's what happens when you go to law school! There's no point in consolidating my loans because the interest rates for the amount I have is barely any lower than what it currently is Plus, that will kick me out of PSLF.

 

[Dentam]

Ha, no. That is the correct amount. About $760 goes to interest. That's what happens when you go to law school! There's no point in consolidating my loans because the interest rates for the amount I have is barely any lower than what it currently is Plus, that will kick me out of PSLF.

Wow - seems like a bigger scam than those pay day loans.

 

[DisneyMandC]

Wow - seems like a bigger scam than those pay day loans.

No kidding. I have two loans that are at 7.9%. Last month, no money went towards the principal on those loans. It used to be that your loans would not accrue interest as long as you were a full time student in school. At my first day of law school orientation, they sat us all down for the financial talk and informed us that as a result of the recent compromise in Congress to keep the federal government running the loan figures had changed and now only the first $20,000 we had taken out would not accrue interest and everything else would. So I was sitting on about $15,000 in interest by the time I graduated. I am extremely fortunate that I've been employed in good jobs since I graduated and that they have all been government jobs which means I have 16 months of payments towards loan forgiveness so far. I have many friends who have had to defer their loans or are in forbearance because they haven't been able to find jobs.

 

[Dentam]

No kidding. I have two loans that are at 7.9%. Last month, no money went towards the principal on those loans. It used to be that your loans would not accrue interest as long as you were a full time student in school. At my first day of law school orientation, they sat us all down for the financial talk and informed us that as a result of the recent compromise in Congress to keep the federal government running the loan figures had changed and now only the first $20,000 we had taken out would not accrue interest and everything else would. So I was sitting on about $15,000 in interest by the time I graduated. I am extremely fortunate that I've been employed in good jobs since I graduated and that they have all been government jobs which means I have 16 months of payments towards loan forgiveness so far. I have many friends who have had to defer their loans or are in forbearance because they haven't been able to find jobs.

Yeah, that's how it was when I was in school - interest only started to accumulate after you graduated. It would be tough to start a career weighed down with so much debt already.

 

[DisneyMandC]

Yeah, that's how it was when I was in school - interest only started to accumulate after you graduated. It would be tough to start a career weighed down with so much debt already.

One of my friends messaged me the other week and couldn't understand why her total amount owed kept going up when she was making payments each month. I had to explain to her that she wasn't paying enough each month to cover her interest. She said her total was now more than $200,000

 

[Dentam]

One of my friends messaged me the other week and couldn't understand why her total amount owed kept going up when she was making payments each month. I had to explain to her that she wasn't paying enough each month to cover her interest. She said her total was now more than $200,000

 

[momtosam]

Someone please remind me next year not to schedule vacation so close to back to school shopping!