Debt Dumpers - 2016

[Gena001]

An investment advisor on local TV this morning said to talk with insurance companies.

 

[PrincessKymm]

Is anyone else feeling discouraged?

I was doing really good until Murphy hit and now I feel just so discouraged. I feel like it will never end when I know for a fact that it will. I've managed to pay off a lot of my bills and I know I can do the same for the others but it just seems hard now for some reason.

I've got my Disney trip coming up and I'll have money for that so no new debt. If everything goes according to plan I'll have no new debt and I'll even boost my EF by a small amount to cover car repairs.

So I guess, how do you keep your motivation when you're feeling down about it?

 

[Dentam]

Congratulations!!! Don't you love getting rid of a debt? I know I do. And way to go getting extra on the payment!!

Thanks! And yes, it does feel good to get rid of debt for sure!

It never hurts to talk to an adviser. I still have a bit under 20 years til retirement, so in my thought now is a good time to invest. Prices are down, and may go lower, but as long as I'm investing in solid stocks & bonds & funds, they will eventually bounce back and will be worth a lot more, and I'll have more of them. I managed to do the same thing about 8 years ago when the economy crashed. Bought a whole bunch of Ford stock for under $10 each, when I finally sold them in 2013, they were in the $50-$60 range. I think I had managed to average 350% return on the stuff I bought.

My retirement plan is one where they invest it for me and I choose the level of risk. More risk now since I'm in my 30's and then getting safer as I get closer to retirement. In January and February alone this year, along with the end of last year, I have lost thousands from my retirement fund. It just feels like my monthly contributions would be much better spent actually making a dent in my debt rather than throwing them away at this point. I'll start them back up as soon as I get out of debt (or possibly sooner if the fund starts gaining again)... I can log in whenever I want to check to see how it is doing which is nice.

 

[Dentam]

Is anyone else feeling discouraged?

I was doing really good until Murphy hit and now I feel just so discouraged. I feel like it will never end when I know for a fact that it will. I've managed to pay off a lot of my bills and I know I can do the same for the others but it just seems hard now for some reason.

I've got my Disney trip coming up and I'll have money for that so no new debt. If everything goes according to plan I'll have no new debt and I'll even boost my EF by a small amount to cover car repairs.

So I guess, how do you keep your motivation when you're feeling down about it?

Yes, it can be discouraging at times but I think it's a lot like weight loss. You can expect the ups and downs and the plateaus but as long as you stick with it you will make positive changes and progress!

 

[gracie1]

Is anyone else feeling discouraged?

I was doing really good until Murphy hit and now I feel just so discouraged. I feel like it will never end when I know for a fact that it will. I've managed to pay off a lot of my bills and I know I can do the same for the others but it just seems hard now for some reason.

I've got my Disney trip coming up and I'll have money for that so no new debt. If everything goes according to plan I'll have no new debt and I'll even boost my EF by a small amount to cover car repairs.

So I guess, how do you keep your motivation when you're feeling down about it?

We all go through discouraging times! Don't let it get you down (easier said than done)! It seems like sometimes one step forward and then three steps back. Things will work out in the end! Look at the positive side of what you posted - yor able to take your disney trip, pay for your car repairs and boost your emergency fund AND not acquire any new debt! That is awesome!!!!! You should feel so proud of those three things!! It may not sound like much but just the fact that your not taking on any new debt and have the cash on hand is a huge accomplishment!

 

[gracie1]

Well, I got the one cc paid off so that's good news! I'm also getting paid a bit more for the article I wrote than I originally thought, so that will all go toward the second cc on my list.

Also, I changed my retirement contributions to zero. I feel like I'm throwing my money away with it at this point since it's lost so much and is continuing to lose money every month. I feel like the funds will be better used in getting my debt down to zero at this point. My employer still contributes so at least there's that. From what I've read, the stock market will continue to suffer this year. Hoping this is a good decision.

Way to go on getting your cc paid off!!

 

[gracie1]

We had to get two and it's an SUV so that's what made it so pricey.

It's crazy how much car tires cost!! Mine are over $200 a piece for a car. Now that my car is so old I just tell them to give me the cheaper ones (I used to get thegoodyear racing tires - expensive)!

 

[SirDuff]

I've been following/posting over the last two sets of these threads, but have a brand new question (based on a huge life change).

I moved to the US (from Canada) last month and this "no US credit" thing is getting really, really annoying. I do have US bank accounts (checking and savings) and a US credit card (because TD is Canadian they are willing/able to use my Canadian credit score when I applied). But my credit score, TD shows it when I check into my account, is literally 0 (not 300 but actually 0).

I will be setting up internet/TV/phone this week and move into my apartment as well (and paying security deposits on all of them because of the "no credit" thing) which I assume will help as I start paying those bills/rent, but what other ways can I start building my credit? I had/have excellent Canadian credit, so I've not worried before (and US and Canada differ here). Many of the "improve" credit suggestions don't really work for "starting" credit and I'd love any suggestions that people have. I couldn't even get a Macy's card!

 

[dayvewc]

I've been following/posting over the last two sets of these threads, but have a brand new question (based on a huge life change).

I moved to the US (from Canada) last month and this "no US credit" thing is getting really, really annoying. I do have US bank accounts (checking and savings) and a US credit card (because TD is Canadian they are willing/able to use my Canadian credit score when I applied). But my credit score, TD shows it when I check into my account, is literally 0 (not 300 but actually 0).

I will be setting up internet/TV/phone this week and move into my apartment as well (and paying security deposits on all of them because of the "no credit" thing) which I assume will help as I start paying those bills/rent, but what other ways can I start building my credit? I had/have excellent Canadian credit, so I've not worried before (and US and Canada differ here). Many of the "improve" credit suggestions don't really work for "starting" credit and I'd love any suggestions that people have. I couldn't even get a Macy's card!

The only thing I know is to do the same things that improve credit. Get credit accounts, use them, and pay regularly. I know you said you couldn't get any credit cards, but you have the one. As you use it, then the American credit reporting agencies should begin getting information on you. As they do, your score will build. The only other thing I can think of is to find a company that offers a secured credit card and get one of them. The more accounts you have that you are paying, the faster there will be information on you. Maybe a furniture store? I know here they will sell furniture on credit to almost anyone, with a 25% or higher interest rate.

Good luck!

 

[gracie1]

I've been following/posting over the last two sets of these threads, but have a brand new question (based on a huge life change).

I moved to the US (from Canada) last month and this "no US credit" thing is getting really, really annoying. I do have US bank accounts (checking and savings) and a US credit card (because TD is Canadian they are willing/able to use my Canadian credit score when I applied). But my credit score, TD shows it when I check into my account, is literally 0 (not 300 but actually 0).

I will be setting up internet/TV/phone this week and move into my apartment as well (and paying security deposits on all of them because of the "no credit" thing) which I assume will help as I start paying those bills/rent, but what other ways can I start building my credit? I had/have excellent Canadian credit, so I've not worried before (and US and Canada differ here). Many of the "improve" credit suggestions don't really work for "starting" credit and I'd love any suggestions that people have. I couldn't even get a Macy's card!

I agree with dayve - the only thing you can probably do is use the one US credit card that you do have to start building credit. Also talk to your bank advisor - they may have some suggestions.
Maybe try applying for a Walmart cc? I've always heard in the past that Macy's is hard (unless your like whoever stole my identity and they were able to open a macys card - the only place that did it for them!). Oh do you have any credit cards that were for stores in Canada that are also in the us? If so then maybe they can transfer the information?

 

[Kimberly1]

Checked status of my refund today and it says it will be here Wednesday. Feels great to think I'm excited that I'm using it to pay off debt and not going to let it disappear and not know what I spent it on. By end of week I should have a card paid off and be caught up on most, if not all, that I'm behind on. Woohoo!

 

[lilpixiebabe101]

Quick questions:

So I called and made payments on 2 past due accounts week before last. One on my credit card that I was told I would get a fax in 24-48 hours and a letter in 3-5 days. Should I call since I haven't gotten anything?

Another the same but it was made with electronic check. She said it would take 2-3 days to process and in 5-7 I would get a letter confirming payment. I got a letter Saturday that read almost like a bill but not quite. But it had a tear off botton for payment amount, but the total showed "pending". Should I call or wait to see if that was what was sent while the payment was not posted yet?

 

[gracie1]

Checked status of my refund today and it says it will be here Wednesday. Feels great to think I'm excited that I'm using it to pay off debt and not going to let it disappear and not know what I spent it on. By end of week I should have a card paid off and be caught up on most, if not all, that I'm behind on. Woohoo!

That is great!! The best feeling is seeing a zero balance! That's a real motivator!!

 

[gracie1]

Quick questions:

So I called and made payments on 2 past due accounts week before last. One on my credit card that I was told I would get a fax in 24-48 hours and a letter in 3-5 days. Should I call since I haven't gotten anything?

Another the same but it was made with electronic check. She said it would take 2-3 days to process and in 5-7 I would get a letter confirming payment. I got a letter Saturday that read almost like a bill but not quite. But it had a tear off botton for payment amount, but the total showed "pending". Should I call or wait to see if that was what was sent while the payment was not posted yet?

I would call. And make sure your keeping track of the date/time you call and the name of the people your talking to. This is important!

 

[DLgal]

Thanks! And yes, it does feel good to get rid of debt for sure!



My retirement plan is one where they invest it for me and I choose the level of risk. More risk now since I'm in my 30's and then getting safer as I get closer to retirement. In January and February alone this year, along with the end of last year, I have lost thousands from my retirement fund. It just feels like my monthly contributions would be much better spent actually making a dent in my debt rather than throwing them away at this point. I'll start them back up as soon as I get out of debt (or possibly sooner if the fund starts gaining again)... I can log in whenever I want to check to see how it is doing which is nice.

You're not throwing money away, you are basically getting to buy your shares "on sale." You are essentially getting more shares for your money now and when the marketbgoes back up, you will make a much higher return. The BEST time to invest money is in a down market. That's how you make more money in the long run. Stopping your contributions now could cost you tens of thousands of dollars in 20-30 years.

The absolute BEST way to invest is to contribute monthly and never look at your balance. In the end, you will likely come out way ahead but the ups and downs can make you go crazy thinking you "lost" money. Look at your investment rate of return from when you started your contributions. Is it a + rate of return? If so, you haven't "lost" anything.

 

[Stacy's a freak]

You're not throwing money away, you are basically getting to buy your shares "on sale." You are essentially getting more shares for your money now and when the marketbgoes back up, you will make a much higher return. The BEST time to invest money is in a down market. That's how you make more money in the long run. Stopping your contributions now could cost you tens of thousands of dollars in 20-30 years.

The absolute BEST way to invest is to contribute monthly and never look at your balance. In the end, you will likely come out way ahead but the ups and downs can make you go crazy thinking you "lost" money. Look at your investment rate of return from when you started your contributions. Is it a + rate of return? If so, you haven't "lost" anything.

This! In your 30s you can of your retirement account as monopoly money. It's not real yet. Just go with the flow and know that the market has ups and downs but in the long run, it goes up. And buying low is the way to go! If you put $20 in a paycheck, that $20 is able to afford to buy you more shares right now

 

[chicagodisneyfan]

Have paid off $5,000 so far this year. Just consolidated some debt by getting $30,000 from SoFi at 5% - that will pay off higher interest debt and has a fixed payment for 36 months. Very excited about that!
and to the poster who stopped their 401k contributions - DONT! NOW is the time to dump money into the market!

 

[PrincessKymm]

I've been following/posting over the last two sets of these threads, but have a brand new question (based on a huge life change).

I moved to the US (from Canada) last month and this "no US credit" thing is getting really, really annoying. I do have US bank accounts (checking and savings) and a US credit card (because TD is Canadian they are willing/able to use my Canadian credit score when I applied). But my credit score, TD shows it when I check into my account, is literally 0 (not 300 but actually 0).

I will be setting up internet/TV/phone this week and move into my apartment as well (and paying security deposits on all of them because of the "no credit" thing) which I assume will help as I start paying those bills/rent, but what other ways can I start building my credit? I had/have excellent Canadian credit, so I've not worried before (and US and Canada differ here). Many of the "improve" credit suggestions don't really work for "starting" credit and I'd love any suggestions that people have. I couldn't even get a Macy's card!

I'm not sure it will work, but Barclay Card Services were generous to me shortly after I filed bankruptcy. I didn't have a zero score but I'd also look into a secured card if anything. Good luck!

 

[Jen and Ashwin]

DH just had a phone interview. He let them know that he would be on vacation next week (we will be at WDW!) and so they want him to come in for an in person interview on Friday rather than wait until we return! I am really hoping that this one works out. It is for an academic medical journal and is located close to where I work too, so we could carpool on the days that I go into the office. I am willing all of my good thoughts towards this right now. He seems really excited and liked the interviewer, so I really hope he gets an offer.

 

[Ngwira]

DH just had a phone interview. He let them know that he would be on vacation next week (we will be at WDW!) and so they want him to come in for an in person interview on Friday rather than wait until we return! I am really hoping that this one works out. It is for an academic medical journal and is located close to where I work too, so we could carpool on the days that I go into the office. I am willing all of my good thoughts towards this right now. He seems really excited and liked the interviewer, so I really hope he gets an offer.

Good luck to your DH! Everything crossed for you guys!