Debt Dumpers 2020

[crazycatstacy]

Husband picked his first vacation pick this morning so Vegas for Christmas it is! In March/April flights were really cheap flying out of our town, however; now it is almost $450 per person for a non direct flight. We are instead flying out of Denver- we got direct flights and stay,park,fly rate at a hotel for two nights (one the night before and one on the end) for $650. I won't save much if anything doing it this way but at least I can go to Trader Joes and see some good friends of ours.

Now we just wait till end of the week for his second pick which will hopefully be in September so we can go to Jacksonville if covid isn't crazy

 

[huggybuff]

Hi! I've just started reading this thread. It's nice to know that I'm not alone in my debt struggles. I'm 46 with a live-in boyfriend. After his divorce is final he's using most of his money coming from the house buyout to put a down payment on a house for us, hopefully within a few months to a year from now. My name won't be on the house because my credit is so poor. I've had credit card accounts in collections so there are negative remarks on my credit score that aren't going away for awhile. We both have full-time, stable jobs that weren't threatened by COVID, thankfully. He's been shouldering most of our living expenses while I've been paying off debt and also trying to save a bit every month in my emergency fund and in a separate account for a wedding sometime next year.

I have approximately $50,000 in debt and am enrolled in a debt settlement program. Trust me, it pains me to say that. I'm currently on track to finish the program in 2024, the same year that my car will be paid off. Since I began the program I've settled with 3 creditors and am pumping extra funds into the account to get things in gear more quickly. The years of living on credit cards to buy things to fill the void in my life that could never be filled by material possessions has finally caught up with me. But it feels good to face things head on. And I've finally got a hold of my shopping addiction so I won't be spending any more dollars on superfluous crap but will be saving towards my dreams and goals.

2020 Financial goals:

• Save $100 a month in my emergency fund
• Have $2400 saved in my wedding fund by 1/21
• Start saving toward DVC in December
• Stick to the budget I have created. Forgive myself if I'm not perfect at it.
• Continue using the EveryDollar app every day

2020 Personal goals:

• Go to the gym (after it opens back up) 3 times a week with my BF after work
• Finish organizing my walk in closet and my dresser
• Eat smaller portions
• Get the DVR to a decent percentage. Currently 90% full.

 

[PhoenixStrength]

Welcome @huggybuff ! You will get lots of support and help here, with no judgement! All of us are here for similar reasons and I've gotten so many ideas, tips and help here! It's great to have others that totally get where you are at because they are there or once were.

 

[pblack]

@huggybuff! I second what @PhoenixStrength said. We're a friendly bunch.

 

[huggybuff]

Thanks for the welcome @PhoenixStrength and @pblack . I was wondering if I'd catch some flack for being in a debt settlement program. I know it's not really 'recommended'. I just like that I have taken away the headache of some of my accounts possibly going to court and if something like that *should* happen I won't be going into it alone.

Yesterday went well. I didn't spend a dime. One day at a time.

 

[afan]

Thanks for the welcome @PhoenixStrength and @pblack . I was wondering if I'd catch some flack for being in a debt settlement program. I know it's not really 'recommended'. I just like that I have taken away the headache of some of my accounts possibly going to court and if something like that *should* happen I won't be going into it alone.

Yesterday went well. I didn't spend a dime. One day at a time.

You have to do what works best for you. I have a friend that used one and it worked out for her. Just as we all have different situations for how thr debt happens we all have different ways of getting out or dealing with it.

A new job with a pay raise and all that's going on let me pay off my cc debt faster than I'd anticipated, made the last payment yesterday. I still have a mortgage on what's now a rental with a positive cash flow and a student loan but I don't consider them bad debt and both have low rates. So I'll start putting the extra cash towards my emergency fund and new car fund as I'd rather pay cash and keep my current debt than pay one or both off and incur a car payment. It's all what works for you, I'm sure people cringe at what I just said but I'm not trying to get rid of all debt right now but prevent new.

 

[pblack]

Congrats on your last credit card payment @afan!

It is definitely whatever works for you. I'm not really familiar with debt settlement programs, but if its working for you that's all that matters. Unlike afan I wanted all my cc debt and student loan debt gone before taking on a car payment. So it really is whatever works for you. Everyone is different and everyone has different goals.

 

[imbatman]

Hi! I've just started reading this thread. It's nice to know that I'm not alone in my debt struggles.

Hurray for a new poster!!! We love helping and encouraging each other. Don't be sad if an occasional troll pops in with unhelpful advice. And if the debt settlement helps and gets you toward that goal, then:

A new job with a pay raise and all that's going on let me pay off my cc debt faster than I'd anticipated, made the last payment yesterday.

A banana dance for @afan

Guys, my DH's yo-yo continues, as they hired him back to FT yesterday! To celebrate, I paid $500 toward the first CC!

**Also: my agent just advised me that the publisher is giving me a small advance on the next book! WHAT?! I'm not using that toward debt. It's going straight to a vacation fund. Lord knows I'll need a vacation after 2020! First procedure is next week.

 

[huggybuff]

Thanks, @imbatman! I dug a huge whole and I'm gonna find my way out! Congrats on your book advance and hubby's full-time employment!

 

[pblack]

Congratulations @imbatman!! That's amazing.

 

[RamblingMad]

Hi! I've just started reading this thread. It's nice to know that I'm not alone in my debt struggles. I'm 46 with a live-in boyfriend. After his divorce is final he's using most of his money coming from the house buyout to put a down payment on a house for us, hopefully within a few months to a year from now. My name won't be on the house because my credit is so poor. I've had credit card accounts in collections so there are negative remarks on my credit score that aren't going away for awhile. We both have full-time, stable jobs that weren't threatened by COVID, thankfully. He's been shouldering most of our living expenses while I've been paying off debt and also trying to save a bit every month in my emergency fund and in a separate account for a wedding sometime next year.

I have approximately $50,000 in debt and am enrolled in a debt settlement program. Trust me, it pains me to say that. I'm currently on track to finish the program in 2024, the same year that my car will be paid off. Since I began the program I've settled with 3 creditors and am pumping extra funds into the account to get things in gear more quickly. The years of living on credit cards to buy things to fill the void in my life that could never be filled by material possessions has finally caught up with me. But it feels good to face things head on. And I've finally got a hold of my shopping addiction so I won't be spending any more dollars on superfluous crap but will be saving towards my dreams and goals.

2020 Financial goals:

• Save $100 a month in my emergency fund
• Have $2400 saved in my wedding fund by 1/21
• Start saving toward DVC in December
• Stick to the budget I have created. Forgive myself if I'm not perfect at it.
• Continue using the EveryDollar app every day

2020 Personal goals:

• Go to the gym (after it opens back up) 3 times a week with my BF after work
• Finish organizing my walk in closet and my dresser
• Eat smaller portions
• Get the DVR to a decent percentage. Currently 90% full.

You still have a DVR? Stop watching commercials. Save your sanity.

I’m trying to reconcile your debt with savings for DVC. This is something to think about. Do you really plan to go to WDW at least every other year? Have you been to DL in CA?

I’d build an abnormally large emergency fund. My current forecasts expect the worse to come in August and September after the unemployment stimulus comes to an end. This is when it’s most likely that a V shaped recovery becomes a U shaped one.

Good luck with the gym and eating. Times are pretty stressful. I think I put on five pounds being stuck at home because of COVID. I need to think about this for when I retire.

 

[imbatman]

@huggybuff Everyone is different in their savings/spending. You have to do what is right for your situation, including savings versus DVC. You're also coming off of a self-admitted spending habit. Those are hard to break. But you can do it! It's fun and peaceful seeing the CC totals come down.

 

[huggybuff]

You still have a DVR? Stop watching commercials. Save your sanity.

I’m trying to reconcile your debt with savings for DVC. This is something to think about. Do you really plan to go to WDW at least every other year? Have you been to DL in CA?

I’d build an abnormally large emergency fund. My current forecasts expect the worse to come in August and September after the unemployment stimulus comes to an end. This is when it’s most likely that a V shaped recovery becomes a U shaped one.

Good luck with the gym and eating. Times are pretty stressful. I think I put on five pounds being stuck at home because of COVID. I need to think about this for when I retire.

I have a DVR, sure. It's part of the cable box. Commercials are easily avoided.

Well, DVC is my Disney dream. I don't mean to say that I'll be saving huge amounts in the fund right off. But just enough for me to know that's it's there and in existence if that makes sense. Now the more pertinent question, at least when it comes to me personally, is whether my BF will be willing to go to WDW every other year to make DVC a worthwhile purchase. I grew up going to DL and we're about a 7 hour drive away from my home away from home. He has been there and enjoyed it, but he's not 'into' Disney like me. He's already offered to go to WDW for our honeymoon and I plan to show it off in all the ways I possibly can to make him want to return!

Thanks for the well wishes on my health goals! I think COVID has made a lot of people reassess whether they want to fully retire when the time comes. My stepmother has decided she wants to keep working longer than she'd initially planned.

 

[pblack]

Now that we are nearing the end of June and are officially almost half way through the year I've been working on figuring out my goals for the rest of the year. I've completed almost all of the first set of goals I set at the beginning of the year. To recap they were:

• credit card debt gone - This one is FINISHED!
• DH student loans gone - This one is FINISHED!
• My student loans decreased - I CRUSHED this goal by not just decreasing it, but paying it off completely!
• $1000 towards emergency fund - This one is FINISHED!
• Increase retirement contributions - This one has not been done yet and I'm currently debating putting it off till next year.
• $2000 for cruise in November + $$ for WDW before the cruise - This one is essentially finished. I "borrowed" my car down payment from this category and I'm now paying myself back. But I should have it all paid back by the time I have to pay off the cruise and other items.

So now onto my new goals for the rest of the year:

• Save another $1000 towards our emergency fund.
• Pay an extra $500 towards the our new Highlander debt (which I totally don't regret at this point).
• Keep our monthly spending at a reasonable amount.
• Possibly increase retirement contributions for both DH and myself. (Like I said I'm re-evaluating this, may postpone till next year.)

Not nearly as many goals for the rest of the year, but I think they should be feasible.

We've also had a major change with our November vacation. My bff and her DH/DD decided not to go with all the uncertainty surrounding the trip/the world. Even though I'm pretty bummed about it, I totally get their decision. Now that they aren't going, I had my DH ask his friend (who booked our DVC room for us) if we could possibly upgrade to a 1 bedroom at Animal Kingdom (originally booked at Sarasota - his home resort, not my first choice). It'll add a couple hundred to our 3 night stay, but I'm ok with it to have in room laundry and a full kitchen. (Especially since who knows what the park situation will be in November.) We should hopefully be flying out to Texas next month to go see them and to celebrate her DD's (our GD) 1st birthday. We've also booked flights home on Southwest. I'm hoping to either find a better deal through American (and get our SW points back), or that SW continues to keep the middle seat open through the end of the year. That would make our flight on SW sooo much more enjoyable. So we're still slowly but surely finalizing details for our November trip.

Sorry for the long post!

 

[pblack]

I grew up going to DL and we're about a 7 hour drive away from my home away from home.

I was going to ask where you were in CA, but then I looked in your profile and saw that your in the Sacramento area. Hi Neighbor! I'm also in the Sacramento area.

 

[huggybuff]

Wow, @pblack , congratulations on accomplishing all those goals in just half of this year!!! That is amazing and you should be commended.

And, Hi Neighbor to you!

 

[jen7233]

We've also had a major change with our November vacation. My bff and her DH/DD decided not to go with all the uncertainty surrounding the trip/the world. Even though I'm pretty bummed about it, I totally get their decision. Now that they aren't going, I had my DH ask his friend (who booked our DVC room for us) if we could possibly upgrade to a 1 bedroom at Animal Kingdom (originally booked at Sarasota - his home resort, not my first choice). It'll add a couple hundred to our 3 night stay, but I'm ok with it to have in room laundry and a full kitchen. (Especially since who knows what the park situation will be in November.) We should hopefully be flying out to Texas next month to go see them and to celebrate her DD's (our GD) 1st birthday. We've also booked flights home on Southwest. I'm h

I can understand that as cruises seem up in the air still somewhat at least for summer depending on the line. We cancelled our RCL in August, however it's not on the chopping block at the moment but still cancelled. Still like many on the boards with WDW plans, waiting to hear what's up with the Disney reservation system! Looks like my park hoppers tickets won't be put to good use, but comparing other single park tickets, I still think we made out better as the cost was $1204 for 4 tickets bought back in January. Just too bad doesn't look like park hopping will be allowed.

 

[pblack]

I can understand that as cruises seem up in the air still somewhat at least for summer depending on the line. We cancelled our RCL in August, however it's not on the chopping block at the moment but still cancelled. Still like many on the boards with WDW plans, waiting to hear what's up with the Disney reservation system! Looks like my park hoppers tickets won't be put to good use, but comparing other single park tickets, I still think we made out better as the cost was $1204 for 4 tickets bought back in January. Just too bad doesn't look like park hopping will be allowed.

I'm definitely getting worried about our cruise. I read today that NCL has canceled all cruises through Sept 30th, but none of the other major lines have followed through as of yet. We haven't bought park tickets yet, as I wanted to be sure we were actually going before we did (didn't wanna be stuck with WDW tickets). So worst case scenario on the front for us is we try and go to Universal instead. There's just so many things up on the air right now, but I'm not quite willing to cancel my cruise on my own, so I guess I'm just stuck waiting.

 

[PhoenixStrength]

I'm definitely getting worried about our cruise. I read today that NCL has canceled all cruises through Sept 30th, but none of the other major lines have followed through as of yet. We haven't bought park tickets yet, as I wanted to be sure we were actually going before we did (didn't wanna be stuck with WDW tickets). So worst case scenario on the front for us is we try and go to Universal instead. There's just so many things up on the air right now, but I'm not quite willing to cancel my cruise on my own, so I guess I'm just stuck waiting.

I remember that our DCL cruise is at the same time as your Mardi Gras cruise, and we are feeling nervous about cruising too. So much so that DH and I discussed it last night and decided to move our cruise to next year. Right now we are thinking of moving it to April 2021, there is the same cruise (7 day E Caribbean on Fantasy) for pretty much the same cost (only ~$41 more total). Between the CDC report not endorsing cruising still, NCL cancelling through September and still no real word from DCL beyond occasional extensions of their cancellations we just felt safer moving it now. We knew we would need to start booking our flights, hotel before and after cruise, etc really soon and didn't want to do that and take the risk of losing that money. We do still want to take some sort of vacation though, especially since our WDW trip for this year was also cancelled due to COVID19, so we are thinking of a road trip with our dog. It will be our first vacation with her, she is 1.5 years old and does great in the car so we anticipate she will enjoy it. Just started planning it today so not sure what it will consist of, but thinking of driving from our home in Maryland, heading south along the East Coast, stopping as various dog-friendly beaches, eateries, etc along the way for a day each, ending in Florida (with an obligatory take-out stop in Disney Springs included to get some of our favorite CS meals like Polite Pig) and then back up to Maryland. Still in the VERY early planning so this could change. Will probably change it to the last week of October too, to make it easier on my sister/landlord. We rent from our home from her, and she planned on redoing our bathroom while we were on our cruise to make it easier on us to not be missing our only bathroom for a week. Date was kind of locked in with a cruise, but it would work better for everyone involved in the bathroom remodel (my sister and father) to do it late October instead if dates are more flexible, so we will probably do that.

 

[pblack]

I remember that our DCL cruise is at the same time as your Mardi Gras cruise, and we are feeling nervous about cruising too. So much so that DH and I discussed it last night and decided to move our cruise to next year. Right now we are thinking of moving it to April 2021, there is the same cruise (7 day E Caribbean on Fantasy) for pretty much the same cost (only ~$41 more total).

I was wondering if you guys were still planning on taking your cruise or not. Sounds like you guys have a good plan in place.

I'm fairly certain if I moved our cruise now, we'd end up losing money on it. At least if they cancel us we can either get a refund or a future cruise credit plus extra onboard spending money. I just hate not knowing what's going to happen.