Debt Dumpers 2024

[amylevan]

By the way, we're not doing a trip anytime soon. I've already told her no trips this year of any kind except going home to see family. Not until we get this under control. She doesn't care because it's not affecting her credit. But we have to get it under control, and I'm glad I have the help of this board to push and give advice. Period.

Stop buying $25 Disney gift cards every paycheck. You’re sinking money into something that isn’t earning interest, is losing value as fast as inflation and Disney prices rise, and is in a form that can’t be used for anything else if the poop hits the fan more than it already has. If you absolutely must save for a trip right now (although I don’t think that’s a good idea) at least put it in a savings account where it might earn a little interest and is available to raid if you need emergency cash.

I mentioned needing a budget up thread and you basically said your wife would never go for that. Even if you don’t call it budgeting, you absolutely need to know where you’re money is going. Track everything for a month. Your income is not terrible, you should be able to make some headway with some hard decisions. But how do you even know if you have an extra $20 to throw at debt if you don’t track what’s been paid and what’s coming?

And lastly, you need to read your credit card statements. I’m not sure you have a full handle of how much interest you’re really paying.

 

[ruadisneyfan2]

First object is to pay off that sharky loan. Somehow. I'd like to pay it off with our tax refund as I've said. I plan on putting my half of the tax refund on it, and that'll knock out about 75% of it. Next object is to create some type of emergency fund. Maybe $100/check ($200/month) into that so we're at least getting it started then I want to be able to put anything else toward the 3 CCs. Hard to do all that, I know with no more than we make (about $5,200/month combined). Heck, maybe we can take that extra $175 we'll have every 2 weeks for not having to pay that sharky loan and put that towards something. May $75 into the EF and $100 on to CCs.

You STILL are not grasping the concept of the Debt Snowball, DR’s Baby Step 2.
Pick ONE goal and attack it til it’s gone before moving on to the next goal.
Your priorities are scattered.

Taking the $175 that once went to the shark loan and applying it to your next goal IS the debt snowball. This is why you need to make it gone before attempting to move onto the next goal, the EF.

 

[huggybuff]

This is a sad, selfish mindset. The fact that you are her husband and she doesn't care about YOUR credit score says it all. How are you not furious? or at the very least hurt? How can you be so accepting of that mentality? People who care and love each other don't treat each other this way.

THIS! One million times, THIS!

‘The Unexamined Life Is Not Worth Living’ — Socrates​

 

[WDW_fan_in_TX]

I'm not sure which to do first or which is better to do first. Do the EF just in case something happens. Or put it all on CCs to pay those down first then do EF. I see people saying both options.

You STILL are not grasping the concept of the Debt Snowball, DR’s Baby Step 2.
Pick ONE goal and attack it til it’s gone before moving on to the next goal.
Your priorities are scattered.

Taking the $175 that once went to the shark loan and applying it to your next goal IS the debt snowball. This is why you need to make it gone before attempting to move onto the next goal, the EF.

 

[WDW_fan_in_TX]

We haven't bought the GCs this year becuase we don't have a trip booked and aren't doing a trip. Not even planning or thinking about it. NOt even in 2025. Not until all these finances are in line. We're not saving for a trip in any way, lol.

And I did write up a quick budget last night. Only did it for these next 2 weeks worth of paychecks (to be able to start small). I didn't tell her about it, so I feel bad going behind her back and not telling her. But I have done out a quick budget. And yes, I will start looking at my CC statements. As I said, I just see the email that it's due, log in and pay what they tell me to pay.

Stop buying $25 Disney gift cards every paycheck. You’re sinking money into something that isn’t earning interest, is losing value as fast as inflation and Disney prices rise, and is in a form that can’t be used for anything else if the poop hits the fan more than it already has. If you absolutely must save for a trip right now (although I don’t think that’s a good idea) at least put it in a savings account where it might earn a little interest and is available to raid if you need emergency cash.

I mentioned needing a budget up thread and you basically said your wife would never go for that. Even if you don’t call it budgeting, you absolutely need to know where you’re money is going. Track everything for a month. Your income is not terrible, you should be able to make some headway with some hard decisions. But how do you even know if you have an extra $20 to throw at debt if you don’t track what’s been paid and what’s coming?

And lastly, you need to read your credit card statements. I’m not sure you have a full handle of how much interest you’re really paying.

 

[WDW_fan_in_TX]

I just went onlin to make sure. And sure enough, there's a $4.95 fee to pay it. I've got a Credit One card. Maybe it's just them. Not sure.

I pay my CCs online weekly and have never paid a fee to do so.

 

[trenty]

I'm not sure which to do first or which is better to do first. Do the EF just in case something happens. Or put it all on CCs to pay those down first then do EF. I see people saying both options.

Pay off the shark loan.
Save $1000 EF
Pay off the CCs
Save a proper EF of 3-6 months expenses.

Do not plan vacations, eat out or buy anything like pots and pans until the above is done.

This is all outlined in TOTAL MONEY MAKEOVER which is a quick read.

 

[afan]

And I did write up a quick budget last night. Only did it for these next 2 weeks worth of paychecks (to be able to start small). I didn't tell her about it, so I feel bad going behind her back and not telling her.

No, you don't feel bad for trying to right your finances. Plus she took out a payday loan without telling you and she still hasn't told you what that money was for?

Where's her trust in you to tell you, especially when your money is helping pay that. Add in that everything is in your name and she doesn't care what happens to your credit.

She doesn't get to be mad you are doing this when your credit and your money is involved.

 

[WDW_fan_in_TX]

I created a budget last night for the next 2 paychecks. I only it's only 2 weeks, but I have something written down and know what goes where and how much we'll have left at the end of the pay cycle. No guessing. I didn't tell her about it, but I feel bad for doing it and not telling her about it. But I've got to find a way to get back on track.

As for the 2nd part, we're not planning anything right now. Not this year, not next year. She wants to go somewhere next year since it's our 20th anniversary (she's mentioned Australia or maybe a Alaskan Disney cruise). But that won't happen unless we get things on track first. I'm tired of this pay check to pay check stuff to be honest. As I said previously, we've usually taken our tax refund, booked and went to Disney and that paid for our trips. But I want different now. I want to take care of priorities and finances. So no Disney, no trip of any kind at this point until we get caught up, get the 3 CCs paid off and get an EF set up.

And the CC fee is just 1 of the cards. I just checked them all again. And I posted a screen shot where it shows a $4.95 fee for the payment. Better than the year fee, which is like $175. So I'm basically paying $235 in yearly fees ($175 annual fee, $5 fee for making monthly payments) and that doesn't include APR.

No maybes. You are guessing. You need a budget. You don't need to occasionally throw some extra to the rent fund and some extra to the credit card, here & there. You need some visual plan because you're not seeing the whole picture. It's not about income level; it's about living within your means. You need to determine IN ADVANCE exactly how much extra you SHOULD have leftover to be able to put toward debt. Unexpected problems come up so it can't always go according to plan but you need to have a plan.
Ask your wife WHY on God's green earth she doesn't want to create a budget? I can't wrap my head around this.

But you're still planning for 2025, right? Maybe you will be debt free by then. Maybe you'll feel like you'll need a break by then. At least wait and see if they're offering special deals. That should be at the bottom of the list of goals for even $5 to go into. It can always sit there in your mind but it shouldn't yet be in your financial plans. Face time your family unless someone is in the hospital or dying. Seriously.

This is a sad, selfish mindset. The fact that you are her husband and she doesn't care about YOUR credit score says it all. How are you not furious? or at the very least hurt? How can you be so accepting of that mentality? People who care and love each other don't treat each other this way.


My credit card is with Chase so I log into Chase.com and pay it from there with never a fee. I can make 3 payments per day online. I never pay fees for any banking/bill paying. Come to think of it, the only fees I have paid in the last several years was to Ticketmaster, which is also highway robbery!, but I have no alternative if I want to attend a concert.
With banking there are MANY alternatives. Find a bank that has no fees. If there isn't a local one, use an online bank such as Ally. They only charge a fee if you're overdrawn. Their savings accounts are currently earning 4.35%. You can create multiple savings accounts all under one log-in and it's easy to give each one a nick name and transfer money from their website to/from other banks. You can name one savings account "RENT" so if it takes multiple paychecks to be able to make that monthly payment, (which is FINE, same with our mortgage) you can separate it from other funds so you don't accidentally spend it. Also so you don't have some illusion that you actually have money to blow because all of the rent payment is just sitting there. Keeping everything separated helps to keep it all organized.

 

[Matty B13]

As I said, I just see the email that it's due, log in and pay what they tell me to pay.

Sign up for Paper Statements, this way you can sit down and take a look at all the fees & interest rates on all your cards all at the same table and sit with your wife and you can both see what it is costing you.

 

[WDW_fan_in_TX]

I'll go on Amazon and see if I can find that book. And thanks for the list. We're not planning any vacations, this year or next or anywhere in the future at this point. I'm serious when I say I want to take care of this crap. It's getting me frustrated and stressed out.

Pay off the shark loan.
Save $1000 EF
Pay off the CCs
Save a proper EF of 3-6 months expenses.

Do not plan vacations, eat out or buy anything like pots and pans until the above is done.

This is all outlined in TOTAL MONEY MAKEOVER which is a quick read.

 

[mi*vida*loca]

Is 522% interest even legal??

My mind is blown at the idea of putting a deposit on a December Disney trip when you can’t even make your minimum payments and are scraping by.

How did she react to you telling her no trip this year?

Close the credit card that you have to pay to make a payment. No way would I pay to make a payment.

 

[Matty B13]

I'll go on Amazon and see if I can find that book.

Try the library first...... then amazon.

 

[huggybuff]

I just went onlin to make sure. And sure enough, there's a $4.95 fee to pay it. I've got a Credit One card. Maybe it's just them. Not sure.


View attachment 833945

This was a bit of selective cropping here...this is only the EXPRESS payment option. The Standard payment option has no fee associated with that choice.

Credit One is a horrible credit card for the consumer. I know, I can't wait to close my account once it's paid off.

 

[WDW_fan_in_TX]

Correct. But that's the only way we pay. I can't send in a check (don't even own a checkbook) and don't want to wait 3 days for payment to clear. Then I'll be late. I may go into the budget and change the payment date to 3 days earlier. But it's just $5/month to be honest.

This was a bit of selective cropping here...this is only the EXPRESS payment option. The Standard payment option has no fee associated with that choice.

Credit One is a horrible credit card for the consumer. I know, I can't wait to close my account once it's paid off.

 

[CGB]

Try the library first...... then amazon.

Or try googling "Total money makeover pdf" and see what pops up.

(Hint: the whole book is out there.)

 

[trenty]

I'll go on Amazon and see if I can find that book. And thanks for the list. We're not planning any vacations, this year or next or anywhere in the future at this point. I'm serious when I say I want to take care of this crap. It's getting me frustrated and stressed out.

Get it from the library if they have it.

 

[barkley]

Try the library first...... then amazon.

Or try googling "Total money makeover pdf" and see what pops up.

(Hint: the whole book is out there.)

used bookstores are also a great resource.

 

[WDW_fan_in_TX]

I found it and went to start on Chapter 1. Thank you. I like the online version because I can blow it up big so I can see it. My old fart eyes are failing. So anything online helps. Thanks.

Or try googling "Total money makeover pdf" and see what pops up.

(Hint: the whole book is out there.)

 

[huggybuff]

Correct. But that's the only way we pay. I can't send in a check (don't even own a checkbook) and don't want to wait 3 days for payment to clear. Then I'll be late. I may go into the budget and change the payment date to 3 days earlier. But it's just $5/month to be honest.

I don't have a physical checkbook either but I do have a checking account. Just add your checking account to your payment methods on the website and then use the Standard payment option. No fee. You can schedule your payment 30 days ahead of time if you want. You can schedule the payment for the exact due date if you need to and there won't be a late fee. The only use for the Express payment option is if you're desperate to access the credit line on the card and not wait the ridiculously long waiting period before the payment posts to your account.