Debt Dumpers - 2016

[ashleyasiegel]

So we have always been of the mentality of charging everything and paying it off in full every month. Unfortunately life came up in 2015 and now have accumulated credit card debt. How do you even switch to doing things differently when most of your money is going to pay the previous months bill? Do you just make the minimums so you have the cash to pay as you go this month?

I have tallied my debts

CC # 1 - 3003.84 0% until 3/28/16

CC #2 - 2993 0% until 8/1/166

CC #3 - 1547.37 @ 10.99%

Credit card #1 is my Disney Visa. Does anyone know how they calculate the interest after it leaves the promo period? I am hoping to get most of it paid off with my tax return but want to know how it works exactly.

I did make sure I transfered my monthly payment to my bill account for those quarterly/semi/annual bills. Trying to get back into the habit of making sure those bills are covered when the time comes.

I am working on a budget by tracking our spending this month by using the Mint app which I am loving.

Taking baby steps but starting to get there

 

[dayvewc]

So we have always been of the mentality of charging everything and paying it off in full every month. Unfortunately life came up in 2015 and now have accumulated credit card debt. How do you even switch to doing things differently when most of your money is going to pay the previous months bill? Do you just make the minimums so you have the cash to pay as you go this month?

I have tallied my debts

CC # 1 - 3003.84 0% until 3/28/16

CC #2 - 2993 0% until 8/1/166

CC #3 - 1547.37 @ 10.99%

Credit card #1 is my Disney Visa. Does anyone know how they calculate the interest after it leaves the promo period? I am hoping to get most of it paid off with my tax return but want to know how it works exactly.

I did make sure I transfered my monthly payment to my bill account for those quarterly/semi/annual bills. Trying to get back into the habit of making sure those bills are covered when the time comes.

I am working on a budget by tracking our spending this month by using the Mint app which I am loving.

Taking baby steps but starting to get there

In answer to the question, that is pretty much how I did it.

That first month, I showed that I had "paid" the minimum in my Quicken. (I didn't actually pay anything at first, just put it in as a future transaction in Quicken so it would show that the money had been paid out). I then went through all my bills and scheduled them, including generic "gas purchase" transactions for average amounts based on what I had been paying recently. Once I saw how much was "left" (and I included a small amount for unexpected purchases, and leaving another small cushion to prevent overdrafting), I went back and increased the amount in Quicken and then scheduled that amount online through the credit card (and other) websites.

It actually was fairly easy for me, because by the time I started focusing on eliminating what debt I had, I had been using Quicken for a couple of years and had already established recurring bills for pretty much all of my payments. So, entering them ahead of time with estimates of what they should be was really easy. The result was that I was actually able to pay a bit extra that first month above the minimum. If you don't have ready access to ALL of your monthly bills, you might just want to only pay the minimum on the accounts until you see what you will have left. Then make a second payment of most (I would never recommend totally emptying your account) of what is left. That will give you an idea of how much you can pay them going forward.

 

[gracie1]

So we have always been of the mentality of charging everything and paying it off in full every month. Unfortunately life came up in 2015 and now have accumulated credit card debt. How do you even switch to doing things differently when most of your money is going to pay the previous months bill? Do you just make the minimums so you have the cash to pay as you go this month?

I have tallied my debts

CC # 1 - 3003.84 0% until 3/28/16

CC #2 - 2993 0% until 8/1/166

CC #3 - 1547.37 @ 10.99%

Credit card #1 is my Disney Visa. Does anyone know how they calculate the interest after it leaves the promo period? I am hoping to get most of it paid off with my tax return but want to know how it works exactly.

I did make sure I transfered my monthly payment to my bill account for those quarterly/semi/annual bills. Trying to get back into the habit of making sure those bills are covered when the time comes.

I am working on a budget by tracking our spending this month by using the Mint app which I am loving.

Taking baby steps but starting to get there

Put down all your bills that you pay. This includes gas, food and all. Then see what you have leftover. A lot of times you can shave things down like your food budget. This is your budget for the month - and if you come in spending less then you can apply that extra amount to your cc. As you will see many of us do the snowball plan where you pay just the minimum on all your cards but one and pay extra to that one cc. Once that cc is paid off you take that amount and snowball over to the next cc. Sometimes people choose to do the lowest balance first so that gets paid off faster.

 

[Deffenm]

Yahoo! Looks like I can have first credit card paid off next month. It is the smallest one but I want to get it paid off as soon as possible. We have not gone out to eat at all in January and have stuck to our grocery budget and it is amazing how I "found" an extra $500. Not only are we saving money but I have lost almost 10 pounds.

 

[Dentam]

Yahoo! Looks like I can have first credit card paid off next month. It is the smallest one but I want to get it paid off as soon as possible. We have not gone out to eat at all in January and have stuck to our grocery budget and it is amazing how I "found" an extra $500. Not only are we saving money but I have lost almost 10 pounds.

Wow! That's what I'd call a win-win!! Great job!

 

[PrincessKymm]

There's a problem with my benefits, I can't enroll! They said it would take some time but should be up no later than today but everyone in my training group is having issues so I'm going to call and find out what is happening.

I'm also going to ask about my first pay day so I can figure out my bills. I've got almost everything paid for the this month, only a couple of small bills are left, totaling under $200. I do have rent money so I'm not super worried. February will be tough if I don't get a check u til the 15th tho! I'm hoping I get at least a week on the last day of January as that will help immensely!

If I do get that week's pay I will get A LOT paid off. I'm also waiting on my W2 from my previous employer so hopefully that will arrive soon! I did an estimate and if I get what is estimated I will be just fine in 2016!

 

[gracie1]

Yahoo! Looks like I can have first credit card paid off next month. It is the smallest one but I want to get it paid off as soon as possible. We have not gone out to eat at all in January and have stuck to our grocery budget and it is amazing how I "found" an extra $500. Not only are we saving money but I have lost almost 10 pounds.

That is fantastic!!!!! It doesn't matter that it's your smallest - its debt that is officially gone!! You should be very proud of what you have accomplished - not only having the extra $500 but also losing 10lbs! Way to go!!!!

 

[LisaSunshine]

Yahoo! Looks like I can have first credit card paid off next month. It is the smallest one but I want to get it paid off as soon as possible. We have not gone out to eat at all in January and have stuck to our grocery budget and it is amazing how I "found" an extra $500. Not only are we saving money but I have lost almost 10 pounds.

Nice work! It's amazing how small changes add up so quickly!

 

[Dentam]

So, someone suggested getting an iPhone5s at Wal-Mart - they're only $299 vs. $450 and you can get them with a pay as you go plan - no contract - yay! Looks like that'll be what I end up with!

 

[gracie1]

Looks like Murphy decided to come to my house during the storm. Water heater sprung a leak last night so I've had to place an emergency call - during the winter storm. Hopefully they get out here today. Ugh...

 

[momof2gr8kids]

Looks like Murphy decided to come to my house during the storm. Water heater sprung a leak last night so I've had to place an emergency call - during the winter storm. Hopefully they get out here today. Ugh...

Yikes - you've sure had Murphy showing up a few too many times over the past year! Crossing fingers it's not too long of a wait, or too big of a bill!

 

[LisaSunshine]

Looks like Murphy decided to come to my house during the storm. Water heater sprung a leak last night so I've had to place an emergency call - during the winter storm. Hopefully they get out here today. Ugh...

Oh no! Hope they get it fixed quickly and it's not too expensive!

 

[bcwife76]

Looks like Murphy decided to come to my house during the storm. Water heater sprung a leak last night so I've had to place an emergency call - during the winter storm. Hopefully they get out here today. Ugh...

Argh, no!! Hope you can get someone out asap and it's not too pricey!!

 

[gracie1]

So I got it fixed! Yay! I have no idea how much the bill will be - I believe the hourly rate starts from the time they leave their home and the emergency hourly rate is very expensive- but better than having it leak all weekend! Plus we tried to shut the water off and the valve broke so we had to replace that. Now just to see what damage is done after this winter storm - I saw a shingle laying in my backyard so I have a feeling it's from my roof..... Yay 2016! Lol

 

[Dentam]

So I got it fixed! Yay! I have no idea how much the bill will be - I believe the hourly rate starts from the time they leave their home and the emergency hourly rate is very expensive- but better than having it leak all weekend! Plus we tried to shut the water off and the valve broke so we had to replace that. Now just to see what damage is done after this winter storm - I saw a shingle laying in my backyard so I have a feeling it's from my roof..... Yay 2016! Lol

Oh man, what a bummer! Hope the bill isn't too painful!

My 15 year old car acted up on me on the way home today. Trac off light was on and it wasn't wanting to accelerate. I pulled over, turned the car off, then back on and it was fine the rest of the drive home. I really want it to last me through September so I can have a good downpayment saved up for a new to me vehicle and also so I can pay off two cc's before then. Fingers crossed!

 

[4Mickeys]

So I got it fixed! Yay! I have no idea how much the bill will be - I believe the hourly rate starts from the time they leave their home and the emergency hourly rate is very expensive- but better than having it leak all weekend! Plus we tried to shut the water off and the valve broke so we had to replace that. Now just to see what damage is done after this winter storm - I saw a shingle laying in my backyard so I have a feeling it's from my roof..... Yay 2016! Lol

Glad to hear its al fixed and hope the bill isn't too . We have seen some of the storm on the news here hope any of you in it are safe and don't have too much house damage to fix up.

My 15 year old car acted up on me on the way home today. Trac off light was on and it wasn't wanting to accelerate. I pulled over, turned the car off, then back on and it was fine the rest of the drive home. I really want it to last me through September so I can have a good downpayment saved up for a new to me vehicle and also so I can pay off two cc's before then. Fingers crossed!

Cars are so frustrating - they never seem to stick to our plans do they? lol Hope you can make it to September

 

[scdak]

Feeling pretty good today - just paid off one CC, sent an additional payment to another one, transferred money to my savings account and on Friday I will send in my final car payment! Having it all written down .............despite it being very painful 3 weeks ago , has made a difference. I have just come home from an 11 day vacation and the grand total of what I charged was about $125 The entire trip was paid for prior to the trip by regular contributions to a joint savings account that my best friend and I have for vacations! The only reason I charged anything (2 stores) was because I forgot I had plenty of cash with me.............so much that tomorrow when the bank opens I will deposit at least $500 and I will either send the final car payment then or send some more payments to the next credit card to be paid off.................either way by the end of the week I will OWN my Equinox, have one CC paid off and the next in line to be paid off down to about $200............what more could a girl ask for on a cold day stuck inside because my driveway is a sheet of ice and I don't feel like going anywhere..........I had milk and bread in the freezer already so I didn't have to hunt for any when I arrived home late last night from my vacation!

 

[gracie1]

Oh man, what a bummer! Hope the bill isn't too painful!

My 15 year old car acted up on me on the way home today. Trac off light was on and it wasn't wanting to accelerate. I pulled over, turned the car off, then back on and it was fine the rest of the drive home. I really want it to last me through September so I can have a good downpayment saved up for a new to me vehicle and also so I can pay off two cc's before then. Fingers crossed!

I hope everything works out and the car lasts until September!! Hopefully something was just stuck on it!
So Checking things out after the storm and Murphy decided to take some shingles off my house as well - so I have to call my contractor tomorrow to come out and replace them. This storm is very costly! Hopefully Murphy will move on to someone else for a while - and hopefully not to anyone on this thread!!!!

 

[scdak]

I wish Murphy would just move away from EVERYONE on this thread and go bother people with more money than they know what to do with I could name names but that would not be nice!

 

[mrsabbott]

I am joining in! I haven't read all the pages, but am determined to significantly pay down our debt over the next 12 months!! We have ALOT of it! At this point, I am focusing on some small loans (financed our a/c unit, old business loan for our now defunct business, and Hubs' motorcycle loan), and all of our credit cards! We have several smaller ones and three VERY BIG ones! When all of the credit cards are paid off, I am going to target our school loans, which are pretty big. And I'm not even done with school yet!

I am doing a modified "debt snowball". We are paying off the 3 small loans with our tax returns this year. I chose to do that, because it would free up the largest amount in payments per month. Plus, our a/c loan was 1 year same as cash and I want to pay it off before the interest hits! We will then start attacking the credit cards from smallest to largest! We are taking about $2000 of our tax returns and putting it in an emergency fund.

I get paid the same amount monthly (I work for the school system.. it is hourly, but divided up so it is like a salary.. hard to explain but basically my pay is the same each month regardless of if I am working. So I get paid in the summer even though I don't work for 8 weeks!) but half my pay goes towards childcare for my son. In the summer, I will take the $$ I save on childcare and put towards debt. Hubs' checks vary depending on how much work he gets. He gets more work when the weather is nice, so any extra he gets I will put towards debt. My goal is to pay a MINIMUM of $10,000 in credit card debt by this time next year!

By the time the next tax season comes around, I hope to pay off one of our larger credit cards in full and then aggressively attack the last two large ones until they are GONE!

Hubs is sort of on board. We are putting ALL credit cards up and locking them in our safe. We have cut cable, I have a very strict grocery budget, and am mindful of our utility bills (keeping lights off, etc..) and how much gas I use in my car. I vow to NOT purchase any clothing or shoes for myself for the next year.

My motivation is to take my whole family on vacation to Orlando when we are done!