Debt Reducers

[caitty13]

I plan on paying my Kohls charge with in the next month. The problem I have with kohls is the discounts I keep getting, it makes me use my card Keep up the good work everyone.

 

[2manypets]

I've got to jump on board with the debt reducers!

I started seriously paying our debt down last month and of course Murphy's Law hit us. The dog had to go to the vet, a rock hit my windshield and had to replace it, a tire blew, etc, etc, etc. Even with the over thousand dollar payment to CC#1, at the end of the month, I only paid down the debt a few hundred. This month we'll have the tax refund to pay down debt with. Eventually we'll be CC free!

Ya'll are keeping me inspired!

 

[carissanboys]

Any payment received that is over the regular payment is put towards principle. I currently send about 35/month extra on my Honda Pilot payment (round up to next $100) and it's even on the statement every month that anything over regular payment goes against principle. As a result, my minimum payment is lower on each statement, but if I only paid the minimum the next month's payment would be the regular amount. What I am doing is shortening the length of my auto loan. We have never gone the distance on an auto loan, usually paid off about a year early and by sending extra I am shortening the length of my loan. I can also do the same with my DH's car through our credit union by going to the ATM or going in and authorizing an amount to go towards it. You can also change the amount going towards it every month if it's an automatic payment. Just call or go in and find out how.

Thanks! I'm going to call my bank on Monday and see about changing our monthly payment I'd love to pay our vehicles off quicker than 5 years.

 

[Laxmom]

Hi guys. I have been gone for a week or so. Beleive if or not, my DH's Step Dad died on Sunday. If you remember, his Dad died 3 weeks ago. Thanks for the syber hugs. What a month. We are worn out physically and emotionally.

Anyway, got my 0% check deposited and paid off Am EX and Chase. I am going to send a chunk to my now only remaining cc and will pay it off next month. After all of the travel for 2 funerals, flowers, hotels, food etc. I don't want to tap out the emergency fund completely but should have replenished it enough to feel comfortable by next month to send the balance owed to that last cc. That leaves the 0% card as the only one. Doesn't that feel just awesome!!!

 

[smiller]

It's funny how much I look forward to the first Monday of the month - I get to make my CC payments! I love seeing the balances go down! Disney Visa in full, just a little over minimum payment on 2 others, and over double minimum payment on the smallest!

Now it's time to find extra money this month to pay off on the smallest!

 

[Suzanna1973]

Joining this thread. I have paid off 6 bills since January 1st. Taking things a little at a time. Will be paying off two more bills with the month of March!

I like the idea of making my reward joining DVC...I think that's just what I'll do!! If all goes as planned(knock wood) I should be able to join in 2009.

 

[erinsn77]

subscribing

 

[erinsn77]

We live in York Township, I grew up in Dover. We are tentatively looking at the Orange County area of New York, about an hour west of NYC I think. It's gonna be a real change for us, the only time we leave York is to go to WDW!

Well HI, Im originally from Spring Grove.. so know my way around York myself and Dover!! I live in NC now been here for somtime now.. I like it not too bad.. but I make my way up that way everyonce in awhile!

 

[NCTWINSMOM]

Well Murphy came knocking this weekend...

Saturday it was tires for the Saturn then Monday when driving to work the alternator died

Ever car has broken down on me, never my DH? What's up with that?

Anyway so the price for the alternator was....$79 for the alternator (thanks to FIL's discount) and labor from our favorite mechanic in the world...$91! So not as bad as I thought, but still it was money out of our savings...

 

[tinaninea]

I have to join! DH and I just pulled our credit reports and to put it nicely, our credit sucks! We used income tax to pay off DHs credit card. I have one that is maxed out too, just $1000, last night I paid $200 on it and I have a total of 3 medical debts on my report. I called & paid 2 last week and promised to pay one this friday. I asked for a settlement offer on them and got 25% off! So I still have plenty of debt, but it was a good start & we plan to continue paying it down and trying to increase our scores. We have paid off 2 houses, including the one we live in, I feel like we should have excellent credit, & it's just the opposite. It makes me feel like a complete idiot.

 

[ess]

I have to join! DH and I just pulled our credit reports and to put it nicely, our credit sucks! We used income tax to pay off DHs credit card. I have one that is maxed out too, just $1000, last night I paid $200 on it and I have a total of 3 medical debts on my report. I called & paid 2 last week and promised to pay one this friday. I asked for a settlement offer on them and got 25% off! So I still have plenty of debt, but it was a good start & we plan to continue paying it down and trying to increase our scores. We have paid off 2 houses, including the one we live in, I feel like we should have excellent credit, & it's just the opposite. It makes me feel like a complete idiot.

Read creditboards.com under medical and you might find ways to get them off your credit report.

 

[brockscandy]

Monday, I was able to make the last payment on a hospital bill and this morning I paid off Chase!!! Only one more card to pay. It is looking good!

 

[Jennifer823]

Can you guys recommend the best way to set up a budget? Is there any free software I can use, or a website? Thanks!!

 

[NY Disney fan]

Can you guys recommend the best way to set up a budget?

Create an Excel spreadsheet. That's what I have been doing for years. Take your monthly/weekly pay. Say your monthly pay is: $2000 a month (an example).

Column 1: Categories
Rent/Mortgage
Groceries
Gas
Savings
Misc.
etc.

Column 2: Plug in the numbers
Rent $800
Groceries: $300
etc.

"spend" the $2000 on paper at the beginning of the month. Use every last cent. Then as the month goes by, start erasing/deleting the amounts from your little chart/spreadsheet. By the end of the month, you should have $0 left over on your sheet on all categories.

I've been doing that for years and it works for me.

 

[akmom]

I paid of my van today! I'm so excited. One debt gone. Now on to the next one.

 

[kimluvswdw]

I'm in too. My income as a Real Estate agent has pretty much gone away so to get my debt gone I have decided to get a full time job until things pick back up. I have already cut out things that we could and have made a hefty payment to the credit card company. I guess it is a place to start.

 

[comicguy]

I just sent 2000.00 to chase this morning. Although the card is not paid offit is much closer. Only 1500.00 left on this one then I can tackle the wife's student loan as there is less than 3000.00 left on that one.

 

[NCTWINSMOM]

Create an Excel spreadsheet. That's what I have been doing for years. Take your monthly/weekly pay. Say your monthly pay is: $2000 a month (an example).

Column 1: Categories
Rent/Mortgage
Groceries
Gas
Savings
Misc.
etc.

Column 2: Plug in the numbers
Rent $800
Groceries: $300
etc.

"spend" the $2000 on paper at the beginning of the month. Use every last cent. Then as the month goes by, start erasing/deleting the amounts from your little chart/spreadsheet. By the end of the month, you should have $0 left over on your sheet on all categories.

I've been doing that for years and it works for me.

I also created an Excel spreadsheet. If you want some sheets to look at, try googling Free Budget Worksheets or visit your local library. I've made copies of worksheets provided in the back of several financial planner books.

 

[Shanan]

We had tax problems and medical bills last year that totally depleted our EF. I have been working on saving that and also paying off a credit card bill. I get it down to less then $1000 and then DH charges something on it. My car needs some work - speedometer does not work & sometimes the a/c & heat goes out. We had a bad hail storm which damaged our roof, broke 3 out of 4 double pane windows, and also did over $3500 damage to DH's truck (not including needing a new hood from the hail). With a $1500 house deductable and $500 truck deductable lets just say that we did not have that much money in EF. I can't help but fill like we are running in quicksand since no matter what I do we are behind the 8 ball.

We have been eating out of the freezer and pantry; take my lunch to work; saving change;and other money saving tips. Does anyone else get frustrated or disappointed?

 

[blessedmommyX4]

We are also reducing our debt!! Outside of student loans, we do not have that much- maybe $3,000. We have no car payments.

My biggest problem is this...we have a TON of student loan debt $50,000 between the two of us. Yes, you read that right. How on earth can I get it all paid off faster? Two of the loans are smaller @ $6K each. the next smaller one is $18K though.

We REALLY want to buy a home soon. We are trying to rebuild our credit and save for a down-payment.

My husband works full time and I currently work full time. However, my husband has told me to quit my job. We homeschool our kids and it is very hard to homeschool and work. The kids come first.

any ideas on ways to reduce st loans faster? I am not seeing the light at the end of that tunnel... and I need to!