Debt Dumpers 2024

[afan]

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.

But it's not just 5 bucks when you are trying to get rid of debt. Especially when you can pay it without it.

Figure out what needs to be paid when, there's zero reason to wait for a due date to pay anything.

That just 5 bucks could be going to the debt instead of their pocket. Avoiding all fees, this and late fees, should be your first priority in setting things up to pay. It's a waste of money.

 

[focusondisney]

So many excuses….. I don’t want to make her mad….. just 1 late payment can’t be that bad….. I don’t see the statements….. no vacations EXCEPT ..… don’t own a check book…… it’s just $5 a month…..


Just 2 days ago you were planning a Disney trip for December/ spring. But now maybe it will be an even bigger trip for your 20th anniversary. Posters giving advice are just wasting their time.

 

[trenty]

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.

Great. Let us know if you have any questions. While some don't need to follow his plan exactly, I think you and your wife should - without straying or changing any baby steps, except to pay off the shark loan before the emergency fund.

Also - his Everydollar app is great and very easy to use.

I also always listened to his podcast when I was getting out of debt. It was great motivation and educational. I still occasionally listen.

 

[princesscinderella]

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.

Do you not have online bill pay as an option on your checking account? That’s the easiest way you can schedule everything to be paid on a certain date ahead of time. If it’s late then it’s on the bank and they will negotiate a refund of fees on your behalf.

 

[WDW_fan_in_TX]

Did you even read the steps taken just from this thread? I just said we're not going on any trips. That's what she wants to do That's not happening. No trips are happening until we get these finances in line. No excuses. Things haven't been good in the past, and it's my fault. I'm the leader of the house, so it falls on me to figure out how to fix it. Not wasting time.

I'm reading everyone's advice and learning. I've already put the kibosh on the trip thoughts she had, made a budget and downloaded and started reading that book. So advice is being heeded and steps are being taken to rectify the situation we're in. So step off the high horse and pipe down.

So many excuses….. I don’t want to make her mad….. just 1 late payment can’t be that bad….. I don’t see the statements….. no vacations EXCEPT ..… don’t own a check book…… it’s just $5 a month…..


Just 2 days ago you were planning a Disney trip for December/ spring. But now maybe it will be an even bigger trip for your 20th anniversary. Posters giving advice are just wasting their time.

 

[bellylaugh]

@WDW_fan_in_TX aside from the payday loan is your wife transparent about her finances? Does her paycheck go into a joint account?

When you eat out during the week is this inexpensive fast food dining or restaurant dining? How much do you spend each week on eating out?

 

[StitchesGr8Fan]

Did you even read the steps taken just from this thread? I just said we're not going on any trips. That's what she wants to do That's not happening. No trips are happening until we get these finances in line. No excuses. Things haven't been good in the past, and it's my fault. I'm the leader of the house, so it falls on me to figure out how to fix it. Not wasting time.

I'm reading everyone's advice and learning. I've already put the kibosh on the trip thoughts she had, made a budget and downloaded and started reading that book. So advice is being heeded and steps are being taken to rectify the situation we're in. So step off the high horse and pipe down.

Sounds like you are making progress with your mindset. I would also urge you to stop this nonsense about her half of the tax return. She has ruined your credit with her spending and you are having to bail her out in this shark loan. That tax return need to pay off that shark loan. Period.

You also need to lock your SSN with the credit agencies so she can’t take out loans or cards in your name. And you may need to open a checking account at a bank she doesn’t work at to put your pay in if she is spending the money in your joint account without your knowledge.

 

[amylevan]

Did you even read the steps taken just from this thread? I just said we're not going on any trips. That's what she wants to do That's not happening. No trips are happening until we get these finances in line. No excuses. Things haven't been good in the past, and it's my fault. I'm the leader of the house, so it falls on me to figure out how to fix it. Not wasting time.

I'm reading everyone's advice and learning. I've already put the kibosh on the trip thoughts she had, made a budget and downloaded and started reading that book. So advice is being heeded and steps are being taken to rectify the situation we're in. So step off the high horse and pipe down.

This is my suggestion, and then I’m out because I’m not 100% sure you actually want the help.

Take your tax refund and pay down the loan. The ENTIRE refund.

Continue throwing as much as possible at the loan until paid off. And honestly that includes things like not paying an extra $5 in billing fees and eating meals out. Everything goes much much faster if you’re not bleeding money. (How many other times are you saying it’s just $5? They add up quickly.). This is where a budget comes in handy, so you can see where all of that “just $5” is actually adding up and going.

You had $170 going to the loan every 2 weeks. Once it’s paid off, put the $170 bi-weekly into a EF until you reach $1000. (Only 12 weeks!)

Then, start throwing that $170 at your lowest credit card bi-weekly. Once it’s paid off, throw the $170+whatever you were already paying at the next smallest, rinse repeat until all 3 credit cards and vehicle loan are paid off.

 

[WDW_fan_in_TX]

Thanks for the tip, and yes I want the help. Any and all I can get. I'm already using some of the tips that have been given to me. I am enjoying reading them and implementing them. They're all useful. I'm trying to figure out to get stuff taken care of quickl.

As far as the debt snowfall, that's what I'm reading to do on the DR steps thing. So that's my plan. As always, thank you for your help. I will figure out how to not pay those fees. Seems these companies are throwing fees everywhere ($9-$10 on electric and cable bills when you're late, $5 on credit card payments, an $8 credit protection fee on all 3 CCs that I'm going to see if we can get taken off, etc.) It's nuts the fees we're paying, and I didn't realize until I started paying closer attention to the bills instead of just getting an email saying this is due on this date and paying that on that date.

I have already created a budget. So that'll be there going forward. I think that will help. I might even try to track our spending for the past 2 weeks. I know others have said that helps to see where the money is going.

Either way, whether you post or not again, I appreciate the help, advice and support.

This is my suggestion, and then I’m out because I’m not 100% sure you actually want the help.

Take your tax refund and pay down the loan. The ENTIRE refund.

Continue throwing as much as possible at the loan until paid off. And honestly that includes things like not paying an extra $5 in billing fees and eating meals out. Everything goes much much faster if you’re not bleeding money. (How many other times are you saying it’s just $5? They add up quickly.). This is where a budget comes in handy, so you can see where all of that “just $5” is actually adding up and going.

You had $170 going to the loan every 2 weeks. Once it’s paid off, put the $170 bi-weekly into a EF until you reach $1000. (Only 12 weeks!)

Then, start throwing that $170 at your lowest credit card bi-weekly. Once it’s paid off, throw the $170+whatever you were already paying at the next smallest, rinse repeat until all 3 credit cards and vehicle loan are paid off.

 

[ruadisneyfan2]

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.

1.Do the loan shark loan first.
2.Then $1000 EF.
3.Then credit cards.

DR and debt snowball would say start with an EF then choose the smallest debt first but since the loan shark loan is such crazy high interest, it would be best to bump that up.


Learn how to use the Bill Pay feature of your checking account. Usually this is free and you can schedule the payment to occur either on your payday or the next day if your direct deposit doesn't show up early in the am. Plan it so that the payment occurs several days before the due date. There is no reason to cut it so close that you risk a late fee. If it’s close, then pay it with an earlier paycheck.

Find a way, any which way, to stop paying all these dumb fees. They are all robbing you blind.

Lastly, your budget for 2 weeks will not be accurate. It needs to be for at least one month, preferably more. Most bills are monthly but then you need a plan for bills that may be quarterly or semi-annually. So even if all the monthly bills are entered into the budget and it shows leftover money, part of that could be needed for a quarterly bill. So don't call it extra money until ALL bills are entered into the budget.

For example, our sewer bill is $88 quarterly to our county. But then we have an a $95 annual sewer bill from our town.
So $88x4= 352 + 95= $447 per year. Divide by 52 weeks per year =$8.60 per week.
So, one of my Ally accounts is named Sewer and we send $9 per week to it. When these quarterly and annual bills come, the money is there and it’s no sweat to pay.

Don’t even breathe the effen word Australia here.

 

[barkley]

It's nuts the fees we're paying,

take a a look at all the bills you pay b/c you might not realize you are paying fees just by virtue of the pay method-our local utility companies hit people with a 'convenience fee' if paying by credit or debit whereas if you do a direct from checking account it's no fee, my cell phone carrier recently implemented a fee and the loss of one discount on the plan for payment by credit or debit card so i set up auto pay from my checking.

 

[Crescent_Lake]

The credit cards and the one car we're paying for is in my name as are the house, electric bill, cable bill, which we're trying to cut as I speak, and cell phones. The sharky loan is in her name. That's all she has in her name as of right now.

I have a question. If your wife had no debt in her own name until the sharky loan, why didn't she just get a personal loan with a reasonable interest rate through the bank she works at? This makes me wonder if she has a bunch of debt in her own name that you don't even know about. Sharky loans are usually a last resort when people have maxed out their traditional lending power.

 

[bababear_50]

woah!! woah!!! woah!!
This thread has been going off course lately.

For as long as I have been on the Budget /Debt dumpers forum,, which is a number of years
we have all tried to be calm,, caring, non judgmental , and supportive to anyone daring to be honest about their
struggles with debt .

We don't call individuals out especially when they are taking their time posting and asking for help.

We act with listening ,,reflecting our own issues and suggest things that have helped us.

We never list a bunch of past things that a poster has done that we disagree with,,, we don't kick people when they are down.

Most people know what their issues are don't need someone drawing focus/attention to them.

Many of us have had great success here because those who know ,,know when to listen and NOT preach.

Lets get back on track and support.

Regards
Mel

 

[MamaBelleRN]

It’s been a minute since I’ve checked in and thought it was time for an update! We’ve had some highs and lows lately.

HIGH: We knew January was going to be our month of getting out of the paycheck to paycheck cycle, but we wouldn’t be able to start paying down debt until my paycheck on 2/16. We now have a baby EF of $1,000 and no more paycheck to paycheck. I worked 80h of call pay in January to make it happen, but it was worth it!
LOW: Within in a matter of weeks, we lost two people at work very unexpectedly. It certainly put into perspective we are not promised tomorrow. It also made me recognize I’m an emotional spender. Soon there after, my daughter asked to take an impromptu road trip to see a friend perform in a musical. We had the funds to do it without adding to debt and went for it. I still have mixed feelings about our decision. I did put in a TON of extra hours and our debt pay off plan is (mostly) on track (more on that below). But, we could have put the $600 we spent on the weekend towards debt. Ironically, that weekend is also my next
HIGH: Quality time is definitely my love language. It was amazing surprising my daughter’s friend and spending the weekend with my DH and just our oldest two. As amazing as the weekend was, we both decided no more impromptu trips! We have another road trip to visit friends in July, but we have plenty of time to save and continue our debt pay off plan.
LOW: My hospital cut the call pay option We can still get overtime pay, but only once we are over 40h or take a weekend call shift. We made our debt pay off plan assuming call pay would be eliminated, but I was hoping I’d have a few more months! I was counting on call pay to cover some other known expenses (March birthdays x4, new shoes, Easter etc). Without it, we may not reach our aggressive payoff goal of all credit card debt paid by November 2024. We’re still aiming for it, but understand we may have to go with the flow of life a bit.

Looking forward to making the first big payment towards eliminating our debt on Friday!

 

[pblack]

woah!! woah!!! woah!!
This thread has been going off course lately.

For as long as I have been on the Budget /Debt dumpers forum,, which is a number of years
we have all tried to be calm,, caring, non judgmental , and supportive to anyone daring to be honest about their
struggles with debt .

We don't call individuals out especially when they are taking their time posting and asking for help.

We act with listening ,,reflecting our own issues and suggest things that have helped us.

We never list a bunch of past things that a poster has done that we disagree with,,, we don't kick people when they are down.

Most people know what their issues are don't need someone drawing focus/attention to them.

Many of us have had great success here because those who know ,,know when to listen and NOT preach.

Lets get back on track and support.

Regards
Mel

You've said exactly what I've been thinking!

 

[Tygerlilly]

The totals for our side of beef came in. I had $1400 budgeted for it and the hanging price came in at $900 with approximately $300 for the processor. So coming in right under budget! A side should last us almost a year.

Got taxes all put in except for my gambling losses. I'm going Monday to our local casinos I play at to get my win/loss statements. I can claim my losses and it will reduce down some of my wins which makes a HUGE difference in our return.

We really want to go to PA to see my grandma (her health is declining quickly) and my cousins baby shower at the end of March. If the return comes in before then, we'll make that trip. Everything else will go to paying off our furniture loan to make it go away.

 

[pblack]

We really want to go to PA to see my grandma (her health is declining quickly) and my cousins baby shower at the end of March. If the return comes in before then, we'll make that trip. Everything else will go to paying off our furniture loan to make it go away.

My 2 cents, that you didn't ask for, if you're close to your grandma...make the trip happen. I wish I could visit my grandma one last time.

 

[ruadisneyfan2]

woah!! woah!!! woah!!
This thread has been going off course lately.

For as long as I have been on the Budget /Debt dumpers forum,, which is a number of years
we have all tried to be calm,, caring, non judgmental , and supportive to anyone daring to be honest about their
struggles with debt .

We don't call individuals out especially when they are taking their time posting and asking for help.

We act with listening ,,reflecting our own issues and suggest things that have helped us.

We never list a bunch of past things that a poster has done that we disagree with,,, we don't kick people when they are down.

Most people know what their issues are don't need someone drawing focus/attention to them.

Many of us have had great success here because those who know ,,know when to listen and NOT preach.

Lets get back on track and support.

Regards
Mel

You're right. I am way too frustrated on here and need to step back and take a break for a while.

 

[Tygerlilly]

My 2 cents, that you didn't ask for, if you're close to your grandma...make the trip happen. I wish I could visit my grandma one last time.

I was very close growing up. We live about 19 hours away now. Financially, we wouldn't be able to afford the trip now, however if the stars align (which they might), we will definitely take the trip.

We were up in December of 2022 for my dad's funeral and saw everyone then, but it wasn't exactly a happy trip since I was dealing with all the stress and emotions from the funeral, so I'd love to visit on a more happy occasion.

If we can't make March happen, we do plan to make the trip at some point this summer. It would just be ideal to go in March when the family that's spread across the country is already gathered together.

 

[Nettlelondon]

Thanks for the tip, and yes I want the help. Any and all I can get. I'm already using some of the tips that have been given to me. I am enjoying reading them and implementing them. They're all useful. I'm trying to figure out to get stuff taken care of quickl.

As far as the debt snowfall, that's what I'm reading to do on the DR steps thing. So that's my plan. As always, thank you for your help. I will figure out how to not pay those fees. Seems these companies are throwing fees everywhere ($9-$10 on electric and cable bills when you're late, $5 on credit card payments, an $8 credit protection fee on all 3 CCs that I'm going to see if we can get taken off, etc.) It's nuts the fees we're paying, and I didn't realize until I started paying closer attention to the bills instead of just getting an email saying this is due on this date and paying that on that date.

I have already created a budget. So that'll be there going forward. I think that will help. I might even try to track our spending for the past 2 weeks. I know others have said that helps to see where the money is going.

Either way, whether you post or not again, I appreciate the help, advice and support.

Great work on beginning to understand the fees you are facing. Gathering the data is a great base for making informed decisions in what way you can get to the debt free position you really want.

If you are not adding to the debt by using the cards there is no need to pay any sort of express fee, now you know the fee you can investigate the other ways to pay - maybe a call to your bank can help you understand the options. I know it can be really hard to spot subtle differences in some of these things, the implications for them and how to access them. Then you can work out the real priority list from the full costs of the cards, not just their APR. And once paid off you can work out what you really need and look at cancelling any with high annual fees.

By acknowledging you have a debt problem you have made a great leap to a better life and have already come so far in such a short period of time. Please don't give up / walk away from this forum. We really want you to succeed and that passion to help may come across a little too keenly.

Knowing where you spend money is a great start, and knowing what is coming up is always good - surprises can be very expensive in this game! Again you are data gathering to make informed decisions.

Good luck - and try not to beat yourself up too much about feeling like you are going behind your wife's back - you are looking out for both of your mental, financial and physical health. All good things. And data gathering is not going to harm her in any way - you are not even changing any spending at this stage, just finding out what is happening.