Debt Reducers

[StephMK]

almost fell off the wagon this weekend. Dh and I were getting really sad about not going to disney this summer. This is something we've really started to look forward to. So we just started spazing and saying we would book a trip. We got out all of our financial books and started trying to figure out a way to work out a trip. After all was said and done, we realized we just can't do it this year without jeopardizing our trip for next year, as well as, our finances for next year. So we didn't go and do anything stupid - like plan a trip and cause ourselves more debt. We have 3 camping trips planned this summer but they are paid for and so we'll just be happy with that. Keeping in a positive mindset to reduce debt is hard, but we're taking it one day at a time. We also decided to start adding $50 a month to our disney fund for next year so we can see the light at the end of the tunnel.

Way to stay strong & focused!! Look at the great progress you've made already & how much closer towards your goal next year. It'll make that planned trip all the sweeter!


For us, it's been 1 step forward, 2 steps back. After I paid off a small card, we had 2 medical bills that had to be paid. We're still not putting as much towards the cards as I'd like because small purchases keep getting us. It's hard to get DH truly on board. He's all for paying off the debt but still wants to buy extra snacks at the store, doesn't want to drop to a slower speed DSL (he watches ball games online), etc. It's hard because he's helping me by running errands but spends more than I would have if I'd stuck to a list.

On a positive note, Sat. I listed $975 worth of stuff from the house on CL. Have gotten responses on $400 worth but don't think everyone will follow through. It's a start.

 

[NCTWINSMOM]

So we've had a couple of odds and ends pop up and that means we want have that BIG extra payment that I was hoping for at the end of this month.

It's still a decent amount just will put us back by a few hundred $...

I'm sure I'll feel better when we get the stimulus check (that will pay off another small cc) and DH gets an extra check next month (we don't factor those in) and that will almost pay off another high intrest cc.

This will overall increase the next payment for the bigger cc we have.

Ugh, I still don't feel better...just figured sharing might help...

 

[tinaluis]

So we've had a couple of odds and ends pop up and that means we want have that BIG extra payment that I was hoping for at the end of this month.

It's still a decent amount just will put us back by a few hundred $...

I'm sure I'll feel better when we get the stimulus check (that will pay off another small cc) and DH gets an extra check next month (we don't factor those in) and that will almost pay off another high intrest cc.

This will overall increase the next payment for the bigger cc we have.

Ugh, I still don't feel better...just figured sharing might help...

As frustrating as it is at least you're making some progress. I'm sure your cards weren't charged up overnight so they probably won't be paid off overnight either. Hang in there!

 

[akmom]

So we've had a couple of odds and ends pop up and that means we want have that BIG extra payment that I was hoping for at the end of this month.

It's still a decent amount just will put us back by a few hundred $...

I'm sure I'll feel better when we get the stimulus check (that will pay off another small cc) and DH gets an extra check next month (we don't factor those in) and that will almost pay off another high intrest cc.

This will overall increase the next payment for the bigger cc we have.

Ugh, I still don't feel better...just figured sharing might help...

I know how you feel. I'm just impatient. I can FINALLY see a light at the end of the tunnel, I'm just in a hurry to get there. You're doing a great job, keep thinking of the positive steps you're taking.

 

[barbmouse]

subscribing and giving this thread a gentle bump!

 

[NCTWINSMOM]

As frustrating as it is at least you're making some progress. I'm sure your cards weren't charged up overnight so they probably won't be paid off overnight either. Hang in there!

I need to be patient, it has really been a "Monday" at work. Just seems to be adding to my depressed state of mind.

 

[NCTWINSMOM]

I know how you feel. I'm just impatient. I can FINALLY see a light at the end of the tunnel, I'm just in a hurry to get there. You're doing a great job, keep thinking of the positive steps you're taking.

...makes two of us that are impatient! I'm so much in a gazzelle state of mind that when we fall short I *S*T*R*E*S*S* myself out...

Why must I do that to myself????

The good news is I leave in 15 minutes (I do have a positive outlook for today)!

 

[littlelulu33]

I just made a extra payment to CC, getting there little by little.
Does anyone know of a CC that I get get to do a balance transfer with 0% interest and 0 fees? This interest is getting to me, I do have a low rate of just over 9% and the plan is to have the card paid off by the end of the year. So I am not sure that it would be worth it. The card is in a block of ice and we are not using it any longer. I could have had this paid off a few months earlier, but in the last month, we needed to buy a new laptop (got a great deal), glasses, new big girl bed for DD2 and all the things to go with it, Niece is getting Married shower and wedding gifts. Also need to get things for the yard and DD2 playset. Hopefully next month, we won't have things come up. I did great and all those things we paid with the Debt card and nothing on the CC, but I just think of what "extra" money I would have had to pay the CC down.

 

[minnie1928]

I just made a extra payment to CC, getting there little by little.
Does anyone know of a CC that I get get to do a balance transfer with 0% interest and 0 fees? This interest is getting to me, I do have a low rate of just over 9% and the plan is to have the card paid off by the end of the year. So I am not sure that it would be worth it.

If you plan on having it paid by the end of the year, I'd probably just keep plugging away at your current card. 9% on a credit card is a pretty good deal and I've noticed that several of my cards have dropped the maximum fee for transfers. It used to be something like 3% of the transfer or $50, which ever was greater. Now I'm seeing more of the just using 3%, with no maximum fee cap.

 

[Grendalynn]

Subscribing!!

I have been thinking about this A LOT lately!! Especially with the economy being what it is - or isnt! I went to get Dave Ramsy's book at Borders the other day, but they only had his workbooks and the hardcover was $24.99.... it just wasnt in the budget this week, so I will try ebay or amazon for second hand one. I endedup buying a differ less expensive book "Living Fiscally Fit - 1,000 ways to get out of debt & build financial wealth"....

I havent read all the posts, but hope to this evening - I shoudl be doing house wrk/spring cleaning/laundry, but somehow I ALWAYS end up here n The Dis instead...

 

[bookgirl]

Well, I just came into a small lump of money (5000) plus my tax return (500). So I've paid off my three smallest debts (to the tune of about 2600) plus since I believe in sharing, I paid for two small things (about 1000) so that my parents didn't have to. The rest is being held in reserve. I already have a healthy EF, so I'm just going to wait and see. Oh and I spent 200 on a gift for myself. Not as good as paying off things but the big sum was a gift and the giver wanted me to treat myself so I did in a small thing. But really paying off those three things was a great treat as well.

 

[metime]

I find it rather difficult to spend money. I have lots of friends and relatives who are in severe debt.

Has any one researched why they spend the way they spend? I can only figure that my parents were so bad with money that I vowed never to be in that situation. I don't know why my siblings went in the other direction.

Thankfully I have a like minded husband. Do some of you have spouses who are not on board with your goal? Did you have to convince any one to stop spending? How did you do it?

Also what was the moment when you decided that paying down debt needed to be a major focus in your life?

I just want to say thanks to any one who responds. I know these are personal questions but I am just not sure what to do with all the family I have asking for money. I am not sitting in judgement of anyone here.

 

[Laxmom]

First off, don't give them money. We have debt - 1 cc and a 2nd mortgage. I have a sibling who borrowed money to the tune of $50,000 from my Mom and never paid back a dime. She has declared bankruptcy twice and lost her home. My Mom could not say no. Now she is gone and died with the disapointment that her daughter ripped her off. I know this because we found the cancelled checks. My Mom kept them. DB and I could have made her pay it back to the estate but it just wasn't worth it. We are done with her and she will never see a dime from us. Money can ruin family relationships.

The worst thing you can do is loan someone in trouble more money. It just doesn't stop and they learn nothing except how to dial you for a bailout. They may get mad but the odds that they would pay you back are slim and nil.

Hope no one takes offense...unless you are my sister. This is based on my experience. Interesting enough, her son is just like you - frugal and sensible with money. Interesting, huh?

 

[lttlmc3]

I find it rather difficult to spend money. I have lots of friends and relatives who are in severe debt.

Has any one researched why they spend the way they spend? I can only figure that my parents were so bad with money that I vowed never to be in that situation. I don't know why my siblings went in the other direction.

Thankfully I have a like minded husband. Do some of you have spouses who are not on board with your goal? Did you have to convince any one to stop spending? How did you do it?

Also what was the moment when you decided that paying down debt needed to be a major focus in your life?

I just want to say thanks to any one who responds. I know these are personal questions but I am just not sure what to do with all the family I have asking for money. I am not sitting in judgement of anyone here.

I've never been a big spender of money, however the husband has had some...issues, and bang we have tons of CC debt. It was a huge issue in our marriage and that's why we decided to work on it so we could save us. It's not easy, and can be very frustrating, but we try to remember that we are on the right path for us.

 

[MinnieVanMom]

I just paid off two more credit cards yesterday. I only have 1 left to go! I am going to Disney in Sept. and paying cash for the first time! No more debt.

 

[5fordisney]

metime- I can't answer for why all people get into debt but I can speak for myself. I think there is a misunderstanding sometimes that people get into debt b/c they can't control their spending. Sometimes it goes deeper than that. When my husband and I had our first child, we were both school teachers. We bought a small starter home and lived fairly simply. We both wanted me to stay home when our son was born and were willing to sacrifice to make that happen. We learned that even with the best of intentions, sometimes there just isn't enough money. We really needed my salary that we didn't have to make ends meet. We ended up draining the savings account that we had to get by. I went back to work for a short time, we had 2 more kids, and my husband got a promotion to administration. We were busting at the seams of our very small house so we bought a bigger house. I quit my job permanently when the second 2 kids arrived and we've been living the staus quo ever since. It's a daily battle to provide for everyone's needs on 1 salary. We aren't perfect as far as spending goes, but generally we live simply. I'll give you examples. $13 a month basic cable, dial-up internet, never buy papers, magazines, etc. RARELY go out to eat, rent or borrow $1 movies for entertainment, cousin cuts our hair. Shop at super Wal-mart for everything on a tight weekly budget. Drive 9 and 13 year old cars. Don't own timeshares, camps, or any kind of campers. Will save for 2 years to take a vacation, mostly b/c we don't want life to pass by with our kids never knowing certain joys that we want them to experience. I'm in no way trying to sing the blues, b/c even with our debt, I consider us to be a very blessed family. Our debt hasn't come b/c we were off buying flat screen TVs that we couldn't afford or fancy cars, we are in debt b/c we valued me staying home instead of working and we found it hard to live well on 1 salary, even a decent one. So we trugde on, constantly trying to put whatever money we can on debt, then racking it back up, like a never ending dance. We can't complain b/c we chose this life for ourselves and I would never trade the time I've had with my kids. But it came at a cost.
I'm sorry to write so much, but I hope I've been able to give you insight into at least one persons debt! It's funny, I consider myself to be a frugal person yet we have thousands of dollars of debt. Go figure!

 

[minnie1928]

Has any one researched why they spend the way they spend? I can only figure that my parents were so bad with money that I vowed never to be in that situation. I don't know why my siblings went in the other direction.

Thankfully I have a like minded husband. Do some of you have spouses who are not on board with your goal? Did you have to convince any one to stop spending? How did you do it?

Also what was the moment when you decided that paying down debt needed to be a major focus in your life?

Question #1-My parents were/are horrible with money and I decided that I would do better. I can't tell you how many phone calls I answered as a child, telling the collection agency that my parents weren't at home. How sad is that!

Question #2-DH and I are onboard, but weren't always that way. Not to say that we were in completely different directions...we weren't. I was always more intense than he was, but now we're more in line with each other. I'm a little less intense and now he's more intense. We compromised and met somewhere in between. I had him listed to Dave Ramsey's Total Money MakeOver on CD in the car on the way to work...that seemed to do the trick.

Question #3- February 2005, when my employer offered Dave's Financial Peace program at work. We don't follow the whole program, just the parts that work for us.

 

[udsweetpea]

metime I can only speak for myself, but here goes my answer to your question. My first credit card came when my then fiance wanted to buy a new computer, and I agreed to put it on my credit card. There were many times in my young adult life that I had to live off of my credit cards. Many of those times were when I was a cast member at WDW. I did the college program, and I often paid for groceries on my credit card. When I came home from the college program, I got a low paying restaurant manager job and still had to live off of credit cards to pay for groceries, gas, clothes, etc. I went back to WDW to work and was placed at the All Star Cafe, otherwise known as Disney's slowest restaurant. I worked seven days a week trying to pay the bills. Then, I was placed at Park Fare and made a lot of money up until September, October, and November hit. I got about 1 shift a week and continued to live off of my credit cards to pay for rent. I admit, though, I did live beyond my means but I always thought to myself "I'll pay this off when I get home and get a 'real' job". I got home and couldn't find a decent paying job in my field (Hotel & Restaurant Management). Thankfully, I'm now working for a mortgage company making really good money and slowly inching away at my $30,000 credit card debt.

So to break it down, I lived beyond my means slightly and had to live off of my credit cards to get by.

 

[metime]

Wow these replies are great.

I have already shielded requests to live rent free (we own an appartment building). I told them we do credit checks on all of our tenants and they got the hint. It isn't that they would be homeless, they just like the sound of free rent. Every one knows that our home is open for any child under 18 but not the adults because they would take advantage.

I do care about them, but when they have a GIANT TV in every room and are going out to eat like it is their job every night, I just don't feel that moved to "help".

They have almost been foreclosed on and they have had their brand new car (better than mine) repoed. Well I guess it isn't better since they don't actually own it.

It doesn't register with them and while I have yet to say anything to them in regards to their spending, it really irks me when they expect me to pick up the tab to support a lifestyle I don't even advocate for myself.

They are always trying to tell us what to do with our money (they don't even know what money we have, they just know we aren't in debt and there for we must be rolling in it) but I always keep my mouth shut about what they should do with their money.

Thanks for all the great reponses. I am wondering when they will hit bottom and, maybe, what I can constructively say or do at that time. I think Dave Ramsey will be a good christmas gift.

 

[metime]

accidental duplicate