Debt Dumpers - 2016

[gracie1]

Ok. I may need to be talked down. For the 25th anniversary of DVC, they are selling WDW tickets that are 1 free day for any ticket with 4 or more days. (5 day ticket for 4 day price, 7 day ticket for 6 day price, etc.). With the longest ticket purchasable being a 10 day ticket for a 9 day price. And you can add the Park Hopper for $50, and it includes the Water Parks Fun and More option.

So, for $405 + tax (at 6.5%) I can get up to 8 tickets, provided I purchase them before March 31. This makes the tickets about $432 each, compared to UnderCoverTourist price of $457 each. Not outstanding savings, but $25 per ticket less than the best price I've ever found. Plus, being WDW tickets, I could stockpile them for future years (cause, yeah, I'll be back).

It just means I'd have to add them to my credit card if I got them. And I really don't want to do that. Pretty sure I'd wind up paying the savings in interest before I could pay them off. But oh, it is tempting. So very tempting. So very, very tempting.

That could be the basis for bridging for an annual pass for the next 15 years or so, (if I get an AP every other year). Or it could just be my primary tickets for my next 8 years of travel.

I agree with Jen - I wouldn't do it. Your just adding debt to the cc and paying interest. Just save whatever cash you can and if you have enough to buy tickets by the deadline then I would purchase them. In the end you have to make the ultimate decision though!!

 

[gracie1]

I have debt that I am woking on and I have been very focused. My Christmas gift to myself was paying off $3000 in credit card this December. However, yesterday I found plane tickets to Orlando for $632 for a family of 4. Unfortunately, I am always looking at flights but have stayed strong. EX husband says he will pay for the Disney tickets. He is military. Boyfriend says he will pay for hotel. I just have to pay for plane tickets and food for 3 Disney adults and one kid. I do have debt, some in savings, college fully funded for two, and an ok retirement plan. Cars paid off. I am swimming in debt that will take me about 4 to 5 years to pay off. Oldest will be off to college. Middle kid will be a Senior in high school. Time for family vacations are almost done. Oh, I will have the cash to pay for this. Middle girl is willing to sell some of her American Girl collection (very extensive). Older son is willing to sell some of his lego sets and shovel snow or do anything to help pay for the trip. Younger son says he will sell some of his books and toys (he is just 5). All my children love Disney. The rest will come from savings or the extra I put toward debt.
Please help me decide what to do. Talk me out of Disney and give me a reality check. Divorce put me in a lot of debt and my kids and I had to adjust our lifestyle but finances should come first before pleasure, right? Thanks.

I'm not going to Disney in August. I have no idea how to take the ticker off since it has been there since 2011.

So you left us all in suspense! Are you going to disney?

 

[bcwife76]

Ok. I may need to be talked down. For the 25th anniversary of DVC, they are selling WDW tickets that are 1 free day for any ticket with 4 or more days. (5 day ticket for 4 day price, 7 day ticket for 6 day price, etc.). With the longest ticket purchasable being a 10 day ticket for a 9 day price. And you can add the Park Hopper for $50, and it includes the Water Parks Fun and More option.

So, for $405 + tax (at 6.5%) I can get up to 8 tickets, provided I purchase them before March 31. This makes the tickets about $432 each, compared to UnderCoverTourist price of $457 each. Not outstanding savings, but $25 per ticket less than the best price I've ever found. Plus, being WDW tickets, I could stockpile them for future years (cause, yeah, I'll be back).

It just means I'd have to add them to my credit card if I got them. And I really don't want to do that. Pretty sure I'd wind up paying the savings in interest before I could pay them off. But oh, it is tempting. So very tempting. So very, very tempting.

That could be the basis for bridging for an annual pass for the next 15 years or so, (if I get an AP every other year). Or it could just be my primary tickets for my next 8 years of travel.

I'm afraid I have to agree with other posters, the money you are saving doesn't seem like enough to offset the fact that you have to put them on your cc and pay interest. If you could scrape together some cash by the March 31st deadline then I would go for it.

 

[Deffenm]

I would love to join in. My goal is to get rid of of the credit card debt this year. We also have RV, Car, and Mortgage. Once the credit cards are paid for I will work on paying off DH's Car loan. We will then move to pay off RV or at least pay it down enough to where we can sell it. I don't care about making money off of it I just want to get rid of payment. The kids are older now and their schedules are so crazy we don't get enough use out of it. I have my plan in place I just need to stick to it. I am a sucker for vacations so if I pay off credit cards we will be taking trip to WDW in June 2017. Of course I will be saving up for that trip over the next year and half and will be paying cash (no credit card!) I look forward to reading about everyone's success, encouragements, and tips to keep us all on goal.

 

[gracie1]

I would love to join in. My goal is to get rid of of the credit card debt this year. We also have RV, Car, and Mortgage. Once the credit cards are paid for I will work on paying off DH's Car loan. We will then move to pay off RV or at least pay it down enough to where we can sell it. I don't care about making money off of it I just want to get rid of payment. The kids are older now and their schedules are so crazy we don't get enough use out of it. I have my plan in place I just need to stick to it. I am a sucker for vacations so if I pay off credit cards we will be taking trip to WDW in June 2017. Of course I will be saving up for that trip over the next year and half and will be paying cash (no credit card!) I look forward to reading about everyone's success, encouragements, and tips to keep us all on goal.

Welcome!! So glad you have joined our thread - sounds like you have your plan in place!! How long have you owned an RV? I would love to have one of those!!

 

[Dentam]

Just out of curiousity (this is an open question for everyone, Dentam just brought it up), is there anything in particular you can do to raise your credit score? I'm already above 700 in the "very good" section, but didn't know if there were additional steps to take to increase my credit score. Credit card is completely paid off every cycle, student loans have never been late, etc. I think the only thing keeping my score from being excellent is "short credit history" since I'm in my 20s and haven't had a credit card THAT long. Just didn't know if there was anything else that built your credit.

Sorry, I'm not getting notifications for some reason when I'm quoted. Can't believe how many posts I've missed already!

My credit score took a hit when I sold my house. The reason I was given was that I didn't have a good mix of debt anymore. No car loan, no mortgage, just cc debt left to pay off. Yeah, I got dinged for reducing my debt, go figure. Anyway, it went up over the last half of the year since I was able to reduce my cc debt and paid off two cards completely. For you, it sounds like your score is already very good. You say that you pay off your cc every cycle - from how I understand it, your score is based on your last standing balance, so if that is a high percentage of your available credit, it can lower your score regardless of whether you pay it off every month.

 

[DisneyMandC]

Sorry, I'm not getting notifications for some reason when I'm quoted. Can't believe how many posts I've missed already!

My credit score took a hit when I sold my house. The reason I was given was that I didn't have a good mix of debt anymore. No car loan, no mortgage, just cc debt left to pay off. Yeah, I got dinged for reducing my debt, go figure. Anyway, it went up over the last half of the year since I was able to reduce my cc debt and paid off two cards completely. For you, it sounds like your score is already very good. You say that you pay off your cc every cycle - from how I understand it, your score is based on your last standing balance, so if that is a high percentage of your available credit, it can lower your score regardless of whether you pay it off every month.

Thanks! It's seems so counterintuitive that you get dinged when you pay something off, but oh well. I did notice one other thing when checking my credit report just now which is credit inquiries. I had two hits on my credit report from when we were trying to get a mortgage. One from my bank, who we thought we would go with and then heard really bad things about them, and then the other from the lender we actually used. And I have a third from back in the spring when I was considering taking out a loan from my bank to purchase a used car, but ultimately did not.

Does anyone know how long it takes for credit inquiries to come off? I notice that Transunion only shows me having 2, but Equifax shows all 3. It hasn't been a year since I checked on the car loan, so I'm not sure what time frame they're working under. Maybe it just came off with the new year?

 

[dayvewc]

I think it's safe to say at this point that no one on this board is ever going to talk anyone out of going to Disney

Yep. I would say in general that is true. But it looks like my post was the exception that proved the rule.

It's not worth it if you won't be able to pay off the tickets before you owe interest on the tickets. As you said, you won't actually be saving any money. I would hold off or else save money from now until March 31. If you have the additional savings to purchase a few tickets by then, go ahead, but don't put them on your credit card.

I agree with Jen - I wouldn't do it. Your just adding debt to the cc and paying interest. Just save whatever cash you can and if you have enough to buy tickets by the deadline then I would purchase them. In the end you have to make the ultimate decision though!!

I'm afraid I have to agree with other posters, the money you are saving doesn't seem like enough to offset the fact that you have to put them on your cc and pay interest. If you could scrape together some cash by the March 31st deadline then I would go for it.

Yep. I had pretty much talked myself out of getting any tickets. Pretty much. Since I would need to put them on a CC.

My only real disagreement with the suggestion of "buy what I can with what money I have saved by March 31" is that just about every penny of expected income is allotted to the dept reduction - no saving. Though, I guess, technically, I could use the other half my tax refund that was going to be used to pay down one of my DVC balances. It would give me a few tickets, and I would still be able to pay the balance down from the other incomes I'll get later in the year.

 

[stayhomemom77]

I would love to join in. My goal is to get rid of of the credit card debt this year. We also have RV, Car, and Mortgage. Once the credit cards are paid for I will work on paying off DH's Car loan. We will then move to pay off RV or at least pay it down enough to where we can sell it. I don't care about making money off of it I just want to get rid of payment. The kids are older now and their schedules are so crazy we don't get enough use out of it. I have my plan in place I just need to stick to it. I am a sucker for vacations so if I pay off credit cards we will be taking trip to WDW in June 2017. Of course I will be saving up for that trip over the next year and half and will be paying cash (no credit card!) I look forward to reading about everyone's success, encouragements, and tips to keep us all on goal.

This is a really fun gang. Glad to have you aboard.

Though, I guess, technically, I could use the other half my tax refund that was going to be used to pay down one of my DVC balances. It would give me a few tickets, and I would still be able to pay the balance down from the other incomes I'll get later in the year.

Do this!! It sets you back a little in the short term in that you don't make the DVC payment with the refund, but you'll be saving a little on the tickets and will be able to come up with the money later on so it may not affect you too much in the long run.

 

[gracie1]

Thanks! It's seems so counterintuitive that you get dinged when you pay something off, but oh well. I did notice one other thing when checking my credit report just now which is credit inquiries. I had two hits on my credit report from when we were trying to get a mortgage. One from my bank, who we thought we would go with and then heard really bad things about them, and then the other from the lender we actually used. And I have a third from back in the spring when I was considering taking out a loan from my bank to purchase a used car, but ultimately did not.

Does anyone know how long it takes for credit inquiries to come off? I notice that Transunion only shows me having 2, but Equifax shows all 3. It hasn't been a year since I checked on the car loan, so I'm not sure what time frame they're working under. Maybe it just came off with the new year?

On my credit karma account it shows that the bank inquiries will show up for 2 years and then drop off. But like you - the equifax only shows 1 and transunion on mine shows 3 from the bank.

 

[gracie1]

I checked with the lawyer today to make sure we're still on for settlement tomorrow - everything is ready!! Yay!! I am so happy! And I will actually be getting money back since the closing costs were less than anticipated. I would've preferred that they just lessen the loan amount but they won't do that. So I could take the money and apply towards the loan but I think I may just put it in savings for a while.

 

[ariel1025]

Well, the bad news is Murphy decided that I had too many good news situations for it being so early in the year and decided to come rain on that parade. My husband's truck gave out on him on his way to work. The good news (trying to find the positive here) is that it appears to just be the battery which can be covered with savings and not a credit card.

Here's hoping Murphy doesn't take up residence with any of you next!

 

[potterfanatic]

I am trying to figure out my Disney budget ( I am trying to pay it all in advance before going with extra money I am earning by working overtime). I am planning to keep to my disney budget by buying a gift card for each meal. I am going to get the gift cards from Sams for a little extra savings. I know it varies a lot by what you get and everything, but does anyone had an amount that they typically spend for Quick Service or Table Service?

 

[gracie1]

I am trying to figure out my Disney budget ( I am trying to pay it all in advance before going with extra money I am earning by working overtime). I am planning to keep to my disney budget by buying a gift card for each meal. I am going to get the gift cards from Sams for a little extra savings. I know it varies a lot by what you get and everything, but does anyone had an amount that they typically spend for Quick Service or Table Service?

When I went I looked on allears.net at the menus to get an idea of the cost. And it will tell you when they were last updated but just plan for a few dollars extra if it's old! When is your trip?

 

[gracie1]

Well, the bad news is Murphy decided that I had too many good news situations for it being so early in the year and decided to come rain on that parade. My husband's truck gave out on him on his way to work. The good news (trying to find the positive here) is that it appears to just be the battery which can be covered with savings and not a credit card.

Here's hoping Murphy doesn't take up residence with any of you next!

Yuck! Vehicles are the worst! But you are right - if it's just the battery that is great!! At least it's something fairly cheap to replace. Sending good vibes your way that's all that's wrong!!

 

[potterfanatic]

When I went I looked on allears.net at the menus to get an idea of the cost. And it will tell you when they were last updated but just plan for a few dollars extra if it's old! When is your trip?

It's the last week in Feb! I am getting really excited, but am also struggling because I want to spend smart and have it almost completely pre-paid. Thanks for the tip on Allears! I looked up a couple on Disney.com but it took so long! I am thinking that around $55 for the 5 of us is going to be about right.

 

[stayhomemom77]

I am trying to figure out my Disney budget ( I am trying to pay it all in advance before going with extra money I am earning by working overtime). I am planning to keep to my disney budget by buying a gift card for each meal. I am going to get the gift cards from Sams for a little extra savings. I know it varies a lot by what you get and everything, but does anyone had an amount that they typically spend for Quick Service or Table Service?

As a general rule, we plan for $20 per person for QS (drink, main and dessert plus tax) and $50 for TS (drink, main, dessert, tax and tip) and then $5 for a snack. So we budget $75 per person per day because we eat breakfast in the room. But you can eat for much cheaper...this would be the high limit!

 

[bcwife76]

My realtor did a land title search on my dad's house and it turns out my evil step mother is not on title, only my dad was. She could still contest this/fight it, but as of right now, this works in my favour. I fear this estate will take ages to settle though so we are not counting our chickens and just going forward as if there was no money at all coming our way (because we might end up getting nothing).

 

[Jen and Ashwin]

My realtor did a land title search on my dad's house and it turns out my evil step mother is not on title, only my dad was. She could still contest this/fight it, but as of right now, this works in my favour. I fear this estate will take ages to settle though so we are not counting our chickens and just going forward as if there was no money at all coming our way (because we might end up getting nothing).

I think at most your step mother would be entitled to just 50%, so you would probably see something from the estate. But contested estates take a while to resolve unfortunately.

 

[bcwife76]

I think at most your step mother would be entitled to just 50%, so you would probably see something from the estate. But contested estates take a while to resolve unfortunately.

Agreed! According to the law in our province (and it can vary greatly in Canada from province to province) she is entitled to the first $150,000 of the estate. After that the estate is then divided - 50% to her and 50% to any remaining children. I just have a feeling it may get ugly