Debt Dumpers 2023

[barkley]

I know this is debt dumpers but I'm here to confess I'm planning on going into debt

I'm buying into DVC (resale) and plan on getting it financed but will be paying double payments each month to have it paid of in 5 years at most. I've already calculated the cost of my monthly mortgage payment and the monthly dues and they fit neatly into my monthly budget without adding any strain.

I'm so excited about this because I've wanted to own DVC and resale makes it possible. Right now DVC direct is bonkers expensive ($217/pt with 150 pt minimum - and that's on the lower end) so I wouldn't go that route. Also, I found out that I can deduct the interest of my loan, because it's considered a mortgage loan, off my taxes.

if you don't mind sharing-how much are dues these days? we owned back in the early 2000's and the dues were getting pretty high by the time we sold in '07 or '08 so i'm curious now that some of the properties are aging up and i assume need more costly upkeep. we enjoyed it when we had it, used it primarily for long trips (since we weren't in close proximity), disney cruises and a trade out on another cruise line (don't think they allow that any more).

 

[disney-inspired]

if you don't mind sharing-how much are dues these days? we owned back in the early 2000's and the dues were getting pretty high by the time we sold in '07 or '08 so i'm curious now that some of the properties are aging up and i assume need more costly upkeep. we enjoyed it when we had it, used it primarily for long trips (since we weren't in close proximity), disney cruises and a trade out on another cruise line (don't think they allow that any more).

I've been doing tons of research, so I'm happy to share what I have compiled. Dues are dependent on the resort but tfor the resorts I'm considering (GF, BLT, SS, CCV, POLY, BC, BR, BW) they range between $7.33 - $8.53 per point/year.

I've read that using points for a cruise (still allowed) is a poor use of points so I wouldn't be doing that. Also, not really into cruises haha.

Buying in, the absolute cheapest resorts are Vero & Hilton Head but their dues are highest (about $10/pp) so I'm not considering them.

 

[EilonwyWanderer]

At GFV it's about $1100 a year for 170 points. I use my Disney rewards to pay it though.

March has been better but not great. I keep forgetting the damn dance classes come with quarterly bills AND we just got the recital costume fees--$260 worth of costumes they will wear for a half an hour!

We should be able to recover a bit in April, but then in May we'll get hit with camp fees. It never ends!

At least we'll be done with birthdays/parties after this month until November. That adds up so fast.

 

[barkley]

I've read that using points for a cruise (still allowed) is a poor use of points so I wouldn't be doing that. Also, not really into cruises haha.

for us (back then) it worked out to a better deal than doing a park vacation b/c when we figured in the cost of wdw admission (which was MUCH lower back then), extra ($$$) park activities/character meals and meals in general we ended up ahead of the game on the cruise which (at least back then) included non stop character meals, all snacks, meals, entertainment and on board activities. i know things have changed tremendously with dvc since we sold (lots of the trade-outs have been eliminated which was really the draw for us) but when all was said and done after we sold we figured it out and it pretty much paid for itself w/ the return on sale price we got minus the broker fees and income taxes we paid. in hindsight it was a good thing we sold when we did b/c we were at a point where our kids were getting to the age that we couldn't pull them out of school for extended trips.

enjoy!!

 

[ruadisneyfan2]

It never ends!

Some days it seems like that but it definitely does end. Chances are, you will miss these days of having young children, when life was simple. (Definitely not easy though!)

I sooo miss my kids being little, when I’d walk in and they’d yell, “Mommy’s home!” And hug my legs so hard I’d almost fall over.

I miss baby teeth!

 

[disney-inspired]

for us (back then) it worked out to a better deal than doing a park vacation b/c when we figured in the cost of wdw admission (which was MUCH lower back then), extra ($$$) park activities/character meals and meals in general we ended up ahead of the game on the cruise which (at least back then) included non stop character meals, all snacks, meals, entertainment and on board activities. i know things have changed tremendously with dvc since we sold (lots of the trade-outs have been eliminated which was really the draw for us) but when all was said and done after we sold we figured it out and it pretty much paid for itself w/ the return on sale price we got minus the broker fees and income taxes we paid. in hindsight it was a good thing we sold when we did b/c we were at a point where our kids were getting to the age that we couldn't pull them out of school for extended trips.

enjoy!!

I'm a single person with no kids so the extra purchases aren't too much for me.

 

[disney-inspired]

At GFV it's about $1100 a year for 170 points. I use my Disney rewards to pay it though.

March has been better but not great. I keep forgetting the damn dance classes come with quarterly bills AND we just got the recital costume fees--$260 worth of costumes they will wear for a half an hour!

We should be able to recover a bit in April, but then in May we'll get hit with camp fees. It never ends!

At least we'll be done with birthdays/parties after this month until November. That adds up so fast.

GFV is in my top 3 of options!

 

[goofytinkerbell]

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[goofytinkerbell]

1

 

[EilonwyWanderer]

OH as far as personal goals: I've been swimming 1-2 times a week for around 25-30 minutes. I know it's not much but it's a start! Weight hasn't budged but that's not surprising, it's only been a month. I'm hoping now that the weather is getting better to add a 5 mile walk 4 times a week as well.

 

[Anthony1971]

I've read that using points for a cruise (still allowed) is a poor use of points so I wouldn't be doing that. Also, not really into cruises haha.

This is Semi true - However there cruise prices are set prior so in a good number of cases the DVC $ price is cheaper. You only need to book one person with points and you can pay the rest cash. this works very well if you have younger kids as the points are low. I know this does not work in your case but if it ever does it is something worth looking into.

 

[barkley]

I'm trying to get it started, then increase the amounts very slowly as I find a way to either cut more and more out of the budget or make more money

this is exactly how we did it. just dibs and dabs to start-if we were a bit under spent on our grocery budget one month that went into the account, if our utility bill was a bit lower/if i got a rebate check, if a non monthly bill decreased...just let it keep building up over time

2. Figure out a way to put some sort of extra on the mortgage, even if it's the $100 minimum - DONE!

i'm ALL for this-this is exactly how we paid our 30 year off in less than 10 years (and allot of months it was way less than $100 i threw at it) but you might want to consider taking a look at how much at least on insurance products you could SAVE by taking a break from throwing that amount at your mortgage and using it to build up that account so you could start paying homeowner's yearly/auto twice a year. the savings could result in being able to stretch your budget or ultimately throwing even more at the mortgage. just as an example of the difference it can make-i save over 20% in premiums on each of my policies by doing the minimum number of payments i'm allowed for each (i can do all yearly except auto b/c they re-write them every 6 months). this is on top of the monthly 'convenience fee' (i think it used to be at least $10) they would hit me with if i opted for paper billing. i was sold on it and made it a savings goal after i had my insurance company give me an estimate on what the discount would look like.

Thanks for all the well wishes. Unfortunately we lost our family member. I'm thankful that she didn't suffer too much, that it didn't drag on too long. Her immediate family (husband and adult kids) made the difficult decision to let her go, rather than try to drag it out and let her stay in pain. It was the right call, but it was still sad.

i'm so sorry for your loss. i agree it was the right thing to do.

 

[imbatman]

**trips back into the forum**

Hello! I should’ve come back sooner since I ended up with debt last year and yeeted myself into the pit more with a WDW trip in December for my mom. Did I know it was not a good idea? Yup. But she needed new memories after Dad’s passing and I can earn more money.

Along that line, I start a new job in 2 weeks with a significant pay bump. I already started my snowball back in January, so that’s in place.

I’m trying to decide about asking for a severance package. They had me categorized incorrectly and never paid me overtime I worked. Part of me wants to shake my fist and give it to the man (I seriously was screwed by this employer). Another part of me wants to part amicably. The money would pay off CC debt, leaving car, house and student loan. I’m torn. I have a letter written and am sitting on it for the weekend. If they say no, then I’ll have to take it to court. Ugh.

Other than that on the budget homefront, we are officially empty nesters! Talking about moving in with my mom (she has a 2600 s.f. house and lives 2 acres away) and renting ours for passive income. But we are all hung up on the fact that we would have 6 cats with combined households Moving with my mom wouldn’t be bad. She’s independent and the way the house is set up, we’d have 2 bedrooms and then the office into an office/den.

And I started a side business selling cut flower bouquets at the local farmers market. It’s supposed to start April 8, but the weather has been so cold that I don’t have many flowers.

 

[jen7233]

**trips back into the forum**

Hello! I should’ve come back sooner since I ended up with debt last year and yeeted myself into the pit more with a WDW trip in December for my mom. Did I know it was not a good idea? Yup. But she needed new memories after Dad’s passing and I can earn more money.

Along that line, I start a new job in 2 weeks with a significant pay bump. I already started my snowball back in January, so that’s in place.

I’m trying to decide about asking for a severance package. They had me categorized incorrectly and never paid me overtime I worked. Part of me wants to shake my fist and give it to the man (I seriously was screwed by this employer). Another part of me wants to part amicably. The money would pay off CC debt, leaving car, house and student loan. I’m torn. I have a letter written and am sitting on it for the weekend. If they say no, then I’ll have to take it to court. Ugh.

Other than that on the budget homefront, we are officially empty nesters! Talking about moving in with my mom (she has a 2600 s.f. house and lives 2 acres away) and renting ours for passive income. But we are all hung up on the fact that we would have 6 cats with combined households Moving with my mom wouldn’t be bad. She’s independent and the way the house is set up, we’d have 2 bedrooms and then the office into an office/den.

And I started a side business selling cut flower bouquets at the local farmers market. It’s supposed to start April 8, but the weather has been so cold that I don’t have many flowers.

Welcome back! That's terrible on the overtime unpaid. I've been working so much overtime lately 40 hours work week plus about 15-20 hours overtime each week, I'm sick of it and taking a toll on my carpal tunnel, but I need the money. At least the employer is paying, though! Six cats, wow!

 

[goofytinkerbell]

1

 

[barkley]

I’m trying to decide about asking for a severance package. They had me categorized incorrectly and never paid me overtime I worked. Part of me wants to shake my fist and give it to the man (I seriously was screwed by this employer). Another part of me wants to part amicably. The money would pay off CC debt, leaving car, house and student loan. I’m torn. I have a letter written and am sitting on it for the weekend. If they say no, then I’ll have to take it to court. Ugh.

taking them to court wouldn't have to be the first step though-would it? you would have your state as well as the fed's wage and hour divisions through their individual departments of labor. if you pursue it through these avenues they can collect your overtime, liquidated damages and may assess civil money penalties. it's not severance pay-it's money that's owed to you so it might be worth it to you to give those agencies a call.

 

[barkley]

I've actually cancelled my mortgage insurance (not a great idea, but I couldn't afford it)

your mortgage holder is letting you do that? i ask b/c we had done the traditional property taxes and homeowner's insurance payment bundled in to our mortgage for years but when we moved into our current home decided to independently pay our property taxes and insurance. our lender made us provide annual proof that our insurance was in force at some minimum levels they had established and the one time the proof got delayed we were issued a swift reminder in writing that failing to carry it constituted a breach of our loan which they could pursue under foreclosure.

 

[CinderEmma94]

End of March Check in/Update!

1. Pay off the birth **done
2. Pay off two of our 3 credit cards (approx $13,000). **Combined balance of the two cards is now $8,579.
3. Start husband’s 403B (he works for a non-profit) and contribute to match (5% of our income). **Not yet, starting in June
4. Grow emergency savings to $13,000 by the end of 2023. **5,600/13,000 -- we are pausing this goal for a couple of months to be able to better tackle the debt. Yes, my savings account is earning over 3% interest, but when you have credit card debt that is at 18% it makes more sense to us to throw everything we can at the debt ASAP. So, suspending this goal for now but not giving up on it

Personal goals:
1. Continue making moving my body a priority (4/7 days a week) **March was great in terms of being more active. I was able to average 4 days a week. Hopefully I can keep it up as it gets warmer here in FL. Summer is difficult as far as motivation goes even though we have a treadmill.
2. Read 12 books this year **3/12 done

Baby is 3 months now and sleeping better alone so I feel much more like myself again and I have more time to read which is one of my favorite things to do. I'm excited that our two smaller cards will be paid off in the next few months, but then we have to tackle the last one -- it has such a high balance that I'm a little embarrassed to even talk about it until we add that goal when the other two are done.

I hope everyone else is doing well I really appreciate you all for being here for me and my family, even though we don't really know each other. The accountability of posting here has really helped with sticking to our goals.

 

[barkley]

End of March Check in/Update!

1. Pay off the birth **done
2. Pay off two of our 3 credit cards (approx $13,000). **Combined balance of the two cards is now $8,579.
3. Start husband’s 403B (he works for a non-profit) and contribute to match (5% of our income). **Not yet, starting in June
4. Grow emergency savings to $13,000 by the end of 2023. **5,600/13,000 -- we are pausing this goal for a couple of months to be able to better tackle the debt. Yes, my savings account is earning over 3% interest, but when you have credit card debt that is at 18% it makes more sense to us to throw everything we can at the debt ASAP. So, suspending this goal for now but not giving up on it

Personal goals:
1. Continue making moving my body a priority (4/7 days a week) **March was great in terms of being more active. I was able to average 4 days a week. Hopefully I can keep it up as it gets warmer here in FL. Summer is difficult as far as motivation goes even though we have a treadmill.
2. Read 12 books this year **3/12 done

Baby is 3 months now and sleeping better alone so I feel much more like myself again and I have more time to read which is one of my favorite things to do. I'm excited that our two smaller cards will be paid off in the next few months, but then we have to tackle the last one -- it has such a high balance that I'm a little embarrassed to even talk about it until we add that goal when the other two are done.

I hope everyone else is doing well I really appreciate you all for being here for me and my family, even though we don't really know each other. The accountability of posting here has really helped with sticking to our goals.

 

[fifthdimensiondweller]

Well things have been up and down.

I'm VERY glad I didn't put everything down on my house that I had for a down payment. It looks like my savings will be taking a big hit this year. Long story short, I negotiated for a furnace replacement when I bought my home. The seller (flippers) grabbed an old furnace from 1998 from one of their other properties and put it in. It "looked" new on the outside (no dents, rust, etc) so it didn't raise an eyebrow during final walkthrough. Well, February I came home to as gas leak. It has a cracked heat exchanger amongst several other dangerous flaws and was red tagged by the gas company. I ended up needing a new furnace, and did a package deal for an AC and hot water tank at the same time, plus some electrical work. $25k later.....


I'm considering attempting a lawsuit against the seller since this furnace was absolutely unsafe and could have killed us (also installed incorrectly). But... I don't know. I don't want to spend any more than I've already done. Some of these were planned upgrades (like the AC and electrical) but being as I was under the impression that the furnace had JUST been replaced I definitely wasn't planning on that. I was under the impression it was possibly refurbished, but definitely not busted and dangerous.

BUT I've been doing great otherwise both saving/ making money and budgeting it. I have about $700 worth of inventory for the 1st consignment sale of the year, and I'm definitely not close to done yet. . Granted, I'll only take home about 65- 70% of what sells after the sale runners take their portion, but that still should put me well on my way toward my trip savings (I'm hoping to make $1500 towards it through the 3 sales that will occur this year aside from any other sources of income).

Still planning on getting a seasonal job in October or so. That'll help too with still wanting to take a few trips. Plus, my ex and I agreed he will start paying the full amount of child support he should be paying come june, so that will help too.

Just discouraged by the furnace fiasco, I guess.