Debt Dumpers - 2016

[momtosam]

Yay! I am hoping the same will happen for our electric bill but our cycle doesn't get re-evaluated until April. But as of our December bill, we have a $500+ credit, so it's bound to happen.

I was quite surprised. I don't remember them ever adjusting mid season before.

 

[Eureka]

Great job!! I hear you on the powerball win! Six people in CO won 50k to 150k (with the power play) but sadly I wasn't one of them.

So what do they mean, then, when they say nobody won? They must means millions? Heck, I'd take 50 grand no problem.

 

[Colleen27]

So what do they mean, then, when they say nobody won? They must means millions? Heck, I'd take 50 grand no problem.

No one won the jackpot, which is progressive. Many, many people won lesser prizes - in Michigan alone, 3 people won $1mil and 435K people won $4.

 

[crazycatstacy]

Woo hoo! We do the budget plan for our propane heat. We got a letter today that our payment is going down $50 because it's been so crazy warm this year!

Yay! I am hoping the same will happen for our electric bill but our cycle doesn't get re-evaluated until April. But as of our December bill, we have a $500+ credit, so it's bound to happen.

My daughter said their balanced billing electric bill was just cut in half! She was excited about the savings!

 

[DisneyMandC]

My daughter said their balanced billing electric bill was just cut in half! She was excited about the savings!

I can't wait for our budget billing to kick in! We just moved into our house in November, so it takes a while for them to get an average. Fortunately, our bill isn't very high since we have a pretty tiny house, but it'll make it easier to budget knowing exactly what it is right now. Plus we're still being charged activation fees from starting new service here, so that's being added in each month. I'm not really sure why this fee is necessary, since it's not like they actually had to run new lines down here, the old owners just moved out.

 

[PrincessGrownUp]

Hit enter too soon..... Will be back when I finish my post.

 

[4Mickeys]

Paid off one credit card- it was only $500 but at least it's a start. So far motivated and staying on track. Wishing for a powerball win- I don't even need to win all of it!0

Congrats on your firs CC pay off - its such a good feeling

Oh yes Powerball would be beyond words - last week here in Australia there was a big jackpot also $70 Million if I remember right and ONE person one it - ONE person! $70 million of course they wanted to remain anonymous lol but said they were headed on an around the world trip. So jealous but good luck to them.

 

[PrincessGrownUp]

I've been lurking for a while and was hesitant to post because I get really down when going over my debt. I posted in the beginning of last years thread but disappeared because I failed miserably. But this time I'm more focused than ever to make a huge dent and DH is motivated as well (something that was lacking in the past). I like this thread because I 'feel safe' from judgement here!
Here goes.
CC#1 $10,300 @ 5.99%
CC#2 $8k @ 13.99%
Target $380
Kohls $310
Furniture loan $2,650. 0% until the summer. I've been paying the minimum and we plan to pay this off with our tax return.

My plan is to pay off the Target and Kohls cards first as they have the most interest. (They should be paid off by the end of this month). Then, onto card #2. The problem is, we are having a little bit of a hard time financially. A significant portion of my paycheck is used for childcare. Before that I have FSA funds taken out for dependent care (I use this for Christmas money) and medical care. Sometimes I have to pay for food shopping with my CC.
I have been really good with my spending and watching where my money goes. Also I had placed some online orders for Xmas and NY&Co messed up and wouldn't credit me. I wouldn't give up and fought and fought. Over a month later, they gave me my money back. Same thing with Nike. I didn't let their mistake slide either. Another thing I did, I checked all of my online purchases against Ebates. I got back an extra $10! I'm also trying to sell stuff on eBay (any suggestions on what is really good to sell on there?).
Anyway, I saw what I paid in interest this year on CC#1 and it was $950! It makes me sick! That's only 1 card and it's 5.99%.
Okay, that's my novel - Wish me luck and good luck to everyone here!

 

[gracie1]

QUOTE="PrincessGrownUp, post: 54972340, member: 455139"]I've been lurking for a while and was hesitant to post because I get really down when going over my debt. I posted in the beginning of last years thread but disappeared because I failed miserably. But this time I'm more focused than ever to make a huge dent and DH is motivated as well (something that was lacking in the past). I like this thread because I 'feel safe' from judgement here!
Here goes.
CC#1 $10,300 @ 5.99%
CC#2 $8k @ 13.99%
Target $380
Kohls $310
Furniture loan $2,650. 0% until the summer. I've been paying the minimum and we plan to pay this off with our tax return.

My plan is to pay off the Target and Kohls cards first as they have the most interest. (They should be paid off by the end of this month). Then, onto card #2. The problem is, we are having a little bit of a hard time financially. A significant portion of my paycheck is used for childcare. Before that I have FSA funds taken out for dependent care (I use this for Christmas money) and medical care. Sometimes I have to pay for food shopping with my CC.
I have been really good with my spending and watching where my money goes. Also I had placed some online orders for Xmas and NY&Co messed up and wouldn't credit me. I wouldn't give up and fought and fought. Over a month later, they gave me my money back. Same thing with Nike. I didn't let their mistake slide either. Another thing I did, I checked all of my online purchases against Ebates. I got back an extra $10! I'm also trying to sell stuff on eBay (any suggestions on what is really good to sell on there?).
Anyway, I saw what I paid in interest this year on CC#1 and it was $950! It makes me sick! That's only 1 card and it's 5.99%.
Okay, that's my novel - Wish me luck and good luck to everyone here![/QUOTE]



Back!! Debt makes us all miserable when we see how much we owe. Just stick with us - you can vent when needed and celebrate your successes with us! I think you've got a pretty good plan - by the end of this month or next your going to have 2 cards paid off - which means your $690 less in debt! That is awesome!! And you should celebrate that success!! And I agree on putting everything towards your furniture loan because their interest is usually very high. Have you been paying just the minimum on the other 2 cc? If your paying a little extra my suggestion would just be pay the minimum and apply all extra to make sure that furniture loan is paid off before the expiration of the zero percent. Then just snowball the amount right to the $8k cc. You will get there - don't get down on yourself. And don't strap yourself to paying all the extra to a cc and not having enough for your daily budget like groceries and all. Have you sat down and made a budget? This way you can budget a certain amount for food before putting all your money to the cc and then having to use the cc for food.

 

[Alice Sr.]

Wow, just got caught up and I wanted to reply to a lot of posts but wanted to get caught up too. May go back later tonight but if I don't, congrats to all with success, best wishes to those that are in the middle of a struggle, and thanks to those that made me laugh or offered good tips and advise. I (and 10 other coworkers) were one of the winners last night, will be splitting up and trying to decide how to spend 1/11th of $4.

A question (or two) for YNAB users;

I am using the free 30 day offer. I have created the budget and have entered the payments that come out of my account automatically in the Checking/Transaction page, along with the purchases that weren't planned. I did a reconciliation and it matched so that's good. But I can't figure out how to enter my income in the Budget section so I can see what the difference is. The top of the budget page indicates a negative number to be budgeted (a popup says I have budgeted more than I have coming in) I get paid 2 x month so only 1 paycheck is reflected on the Transaction page, but of course the budget is going to be for the whole month. TIA!

 

[PrincessGrownUp]

QUOTE="PrincessGrownUp, post: 54972340, member: 455139"]

Back!! Debt makes us all miserable when we see how much we owe. Just stick with us - you can vent when needed and celebrate your successes with us! I think you've got a pretty good plan - by the end of this month or next your going to have 2 cards paid off - which means your $690 less in debt! That is awesome!! And you should celebrate that success!! And I agree on putting everything towards your furniture loan because their interest is usually very high. Have you been paying just the minimum on the other 2 cc? If your paying a little extra my suggestion would just be pay the minimum and apply all extra to make sure that furniture loan is paid off before the expiration of the zero percent. Then just snowball the amount right to the $8k cc. You will get there - don't get down on yourself. And don't strap yourself to paying all the extra to a cc and not having enough for your daily budget like groceries and all. Have you sat down and made a budget? This way you can budget a certain amount for food before putting all your money to the cc and then having to use the cc for food.[/QUOTE]

Thank you for the warm welcome! When we get our tax return, it will cover the entire furniture loan. So that should be paid off by Spring. On the 2 high balance CCs, I'm only able to pay the minimum. Since being in debt, I haven't done a budget. I haven't done one because I stopped over spending and using my credit cards and also it seems like, I get paid, pay day care and after school care, pay the minimum on my CCs, fill up my tank, buy lunch supplies for the week, then it's gone!
Thank you for the suggestions. It's so hard when you're so determined to do this but the funds aren't there. Everyone around us is claiming bankruptcy and forclosing. I never want to do that. We got ourselves into this mess, I want us to get ourselves out!

 

[gracie1]

Wow, just got caught up and I wanted to reply to a lot of posts but wanted to get caught up too. May go back later tonight but if I don't, congrats to all with success, best wishes to those that are in the middle of a struggle, and thanks to those that made me laugh or offered good tips and advise. I (and 10 other coworkers) were one of the winners last night, will be splitting up and trying to decide how to spend 1/11th of $4.

A question (or two) for YNAB users;

I am using the free 30 day offer. I have created the budget and have entered the payments that come out of my account automatically in the Checking/Transaction page, along with the purchases that weren't planned. I did a reconciliation and it matched so that's good. But I can't figure out how to enter my income in the Budget section so I can see what the difference is. The top of the budget page indicates a negative number to be budgeted (a popup says I have budgeted more than I have coming in) I get paid 2 x month so only 1 paycheck is reflected on the Transaction page, but of course the budget is going to be for the whole month. TIA!

Congrats on the big win!! Lol!!

 

[gracie1]

Back!! Debt makes us all miserable when we see how much we owe. Just stick with us - you can vent when needed and celebrate your successes with us! I think you've got a pretty good plan - by the end of this month or next your going to have 2 cards paid off - which means your $690 less in debt! That is awesome!! And you should celebrate that success!! And I agree on putting everything towards your furniture loan because their interest is usually very high. Have you been paying just the minimum on the other 2 cc? If your paying a little extra my suggestion would just be pay the minimum and apply all extra to make sure that furniture loan is paid off before the expiration of the zero percent. Then just snowball the amount right to the $8k cc. You will get there - don't get down on yourself. And don't strap yourself to paying all the extra to a cc and not having enough for your daily budget like groceries and all. Have you sat down and made a budget? This way you can budget a certain amount for food before putting all your money to the cc and then having to use the cc for food.

Thank you for the warm welcome! When we get our tax return, it will cover the entire furniture loan. So that should be paid off by Spring. On the 2 high balance CCs, I'm only able to pay the minimum. Since being in debt, I haven't done a budget. I haven't done one because I stopped over spending and using my credit cards and also it seems like, I get paid, pay day care and after school care, pay the minimum on my CCs, fill up my tank, buy lunch supplies for the week, then it's gone!
Thank you for the suggestions. It's so hard when you're so determined to do this but the funds aren't there. Everyone around us is claiming bankruptcy and forclosing. I never want to do that. We got ourselves into this mess, I want us to get ourselves out![/QUOTE]


The good thing is that you stopped using your cc. So your not accumulating new debt. A budget will help you - put down your income and the bills that you pay each month such as daycare, etc. then your gas budget and your food budget. If you tend to eat out a lot by cutting that down will help a huge amount. Once those 2 cc are paid off - roll those minimum payments over to the one cc to pay extra towards it. It may only be $20 extra month - but you will be surprised how much that will help. You will feel a relief just having those 2 cc and furniture loan off your back! And you should be proud of yourself when their paid. That means in 2016 you were able to pay off a total of $3390! That is HUGE!!! But also remember that Murphy will visit and set you back at times - don't let it derail you. We all get hit with Murphy - sometimes multiple times in a month! Just stick with us - vent when you need to and celebrate those small successes!

 

[rnorwo1]

Thank you for the warm welcome! When we get our tax return, it will cover the entire furniture loan. So that should be paid off by Spring. On the 2 high balance CCs, I'm only able to pay the minimum. Since being in debt, I haven't done a budget. I haven't done one because I stopped over spending and using my credit cards and also it seems like, I get paid, pay day care and after school care, pay the minimum on my CCs, fill up my tank, buy lunch supplies for the week, then it's gone!
Thank you for the suggestions. It's so hard when you're so determined to do this but the funds aren't there. Everyone around us is claiming bankruptcy and forclosing. I never want to do that. We got ourselves into this mess, I want us to get ourselves out![/QUOTE]

I often get discouraged, too, when things don't work out on the paper (software) budget and want to stop. But, if you can spend it in real life, you can allocate it in a budget first... It may not look pretty, but it will still help. First of all, it may be that you can shave off some money somewhere, maybe groceries or something. If you aren't tracking your expenses, then maybe you're spending more than you think you are (this happens to me all the time!). You never really know until you're documenting it in some form and analyzing it. Look at each and every bill/expense area and see what you can do to shave something off... Using less gas, spending less on lunch supplies, etc. finding an extra $30 will help!

Once you do this, if you find there truly is nothing left over, then the next step is to see how you can raise more money. Some people get a different (higher paying) job, add a second job, start selling things around the house, etc. Every penny that you were paying on the smaller cards and furniture loan (once it's paid off) can be rolled over into the smaller of the bigger cards, while continuing the minimum on the larger one, and then once that is done you can roll all of that over to the last one. Plan on your tax refund going towards this each year until it's paid off. Or, adjust your withholdings so you won't get a refund, and use the extra each month to add to the balances.

Once you sit down and plan all of this, hopefully you can see the light at the end of the tunnel and this won't seem so daunting. Mr. Money Mustasche, my favorite money guy (his blog is more about finding satisfaction in life without "stuff") talks about addressing debt like your hair is on fire. So, if you keep that attitude, along with some changes like eating a lot of beans and rice, maybe this won't take nearly as long as you fear.

You have a great attitude, now just have faith in yourself that you can do it![/QUOTE]

 

[LinderInWonderland]

Wow, just got caught up and I wanted to reply to a lot of posts but wanted to get caught up too. May go back later tonight but if I don't, congrats to all with success, best wishes to those that are in the middle of a struggle, and thanks to those that made me laugh or offered good tips and advise. I (and 10 other coworkers) were one of the winners last night, will be splitting up and trying to decide how to spend 1/11th of $4.

A question (or two) for YNAB users;

I am using the free 30 day offer. I have created the budget and have entered the payments that come out of my account automatically in the Checking/Transaction page, along with the purchases that weren't planned. I did a reconciliation and it matched so that's good. But I can't figure out how to enter my income in the Budget section so I can see what the difference is. The top of the budget page indicates a negative number to be budgeted (a popup says I have budgeted more than I have coming in) I get paid 2 x month so only 1 paycheck is reflected on the Transaction page, but of course the budget is going to be for the whole month. TIA!

YNAB! Is not like traditional budgeting. You are only supposed to enter the budget transactions when you actually get income. You enter the income, then assign every dollar a job with only that income. Then you don't get the negative number at the top of the Budget page. It took me a bit to get used to, especially since I am salaried and know what I get each check.

I put the amounts for my budget for the whole month in the text on each line item, with the due date. For example:

Internet - $95.43 - 20th
NetFlix - $8.75 - 22nd
Hulu - $8.74 - 22nd

For more flexible categories, like so:

Groceries - $375/mo.

If you haven't taken any of the free webinars, I highly recommend it.

 

[Dentam]

Not sure if someone mentioned this already but you can also call your cc's, internet providers, etc and try to get lower rates. Also, you can cut out things like cable that cost a lot per month but aren't necessities. Good luck!

 

[LisaSunshine]

Back!! Debt makes us all miserable when we see how much we owe. Just stick with us - you can vent when needed and celebrate your successes with us! I think you've got a pretty good plan - by the end of this month or next your going to have 2 cards paid off - which means your $690 less in debt! That is awesome!! And you should celebrate that success!! And I agree on putting everything towards your furniture loan because their interest is usually very high. Have you been paying just the minimum on the other 2 cc? If your paying a little extra my suggestion would just be pay the minimum and apply all extra to make sure that furniture loan is paid off before the expiration of the zero percent. Then just snowball the amount right to the $8k cc. You will get there - don't get down on yourself. And don't strap yourself to paying all the extra to a cc and not having enough for your daily budget like groceries and all. Have you sat down and made a budget? This way you can budget a certain amount for food before putting all your money to the cc and then having to use the cc for food.

Thank you for the warm welcome! When we get our tax return, it will cover the entire furniture loan. So that should be paid off by Spring. On the 2 high balance CCs, I'm only able to pay the minimum. Since being in debt, I haven't done a budget. I haven't done one because I stopped over spending and using my credit cards and also it seems like, I get paid, pay day care and after school care, pay the minimum on my CCs, fill up my tank, buy lunch supplies for the week, then it's gone!
Thank you for the suggestions. It's so hard when you're so determined to do this but the funds aren't there. Everyone around us is claiming bankruptcy and forclosing. I never want to do that. We got ourselves into this mess, I want us to get ourselves out![/QUOTE]

Give a budget a try! You might be surprised by how much it helps. DH and I were living paycheck to paycheck and I thoughy budgeting was useless for the same reasons you do. Actually budgeting it out and planning where our money goes each week definitely helps. We're still struggling a bit, but last Friday when my husband deposited his check, we still had money in our bank account!

YNAB is recommended on here a lot. You can try a free trial for 30 days to see if it makes any difference for you.

 

[DisneyMandC]

Not exactly debt dumping, but I cut some costs on Directv yesterday. In our recent move we went from having three receivers to one receiver. However, we just realized they are still charging us for three receivers. When they asked if I returned the two other receivers I told them no because no one had told us to and the Directv technician actually refused to take them. So now they're sending us a box to return them and crediting us back the two months of charges for them. I also cut HBO and the movie channels out. We had gotten a special deal on them for moving, but they were still $16 a month even with that. So that's gone too. I will pick HBO back up when Game of Thrones comes back on in April since we are huge fans of that, but HBO isn't too bad to get on its own and usually if you ask for a promotion price they'll give you one. So a little extra from that to go towards debt each month!

 

[Jen and Ashwin]

Not exactly debt dumping, but I cut some costs on Directv yesterday. In our recent move we went from having three receivers to one receiver. However, we just realized they are still charging us for three receivers. When they asked if I returned the two other receivers I told them no because no one had told us to and the Directv technician actually refused to take them. So now they're sending us a box to return them and crediting us back the two months of charges for them. I also cut HBO and the movie channels out. We had gotten a special deal on them for moving, but they were still $16 a month even with that. So that's gone too. I will pick HBO back up when Game of Thrones comes back on in April since we are huge fans of that, but HBO isn't too bad to get on its own and usually if you ask for a promotion price they'll give you one. So a little extra from that to go towards debt each month!

Since you are using the extra "found" money towards your debt, it is debt dumping!

 

[DisneyMandC]

Since you are using the extra "found" money towards your debt, it is debt dumping!

I guess that's true! I so wish we could get better tv/internet/phone service where we are. We're really not that far out in the country, but we can't get Verizon or Comcast in our area. Which means we pay separately for tv, internet, and cell phones (no landline) for over $100 each. Verizon tries to sell me Fios every time I go into a store and I keep telling them to bring it to my area and I will buy it. It's so frustrating constantly having to watch our data usage at home and having the satellite go out if there's a storm! But at least we got some off the Directv bill this time. I also got another $10 knocked off my Verizon cell phone bill the other day. No point in paying $10 a month for an iPhone 5 for insurance when you just pay $20 a month for a new phone now at retail price anyways.