Debt Reducers

[Kathi OD]

Kathi OD- hope the new will be good to ya

Thanks, same to you!

 

[SpaceGirl]

I'm still working on my debt, started my budget and debt reduction last January after reading this thread. As of the 1st of November I have reduced my debt by $15,326.44 which is great.

More important I have tried to keep from adding new debt to the balance. Didn't purchase anything without having the cash to pay for it.

Have been working on daily household expences which have been greatly reduced. Just received my electric bill we managed to keep the bill down to 594 kwh. Last year we used 1384 kwh for the same time period which was $132.48. Last years bill was at a lower rate, the same usage this year would have been $181.34. The monthly household expences always seem to fluctuate yet keeping a close watch will help reduce the bottom line. This is extra money that helps pay the MONSTER.

Can't wait until January to see the total debt remaining.

One Day I'll be able to post that I'm DEBT FREE.

 

[bubba]

It's terrific that we're all continuing to make steps towards paying down debt even in this nasty economy. It's amazing what some willpower and determination can do ! We just started our debt reduction plan in August 2008, so we've only been hard at it for a couple months. It amazes me how the 'envelope system' has helped us get a handle on our spending, and also how much we are able to cut back without feeling the pinch. I honestly never thought I'd be able to pay more than the minimums on our credit card debts as I thought we were pared to the bone. Hah ! With DH on board and a hard look at wants vs needs, we've been able to cut back our monthly spending by a decent amount which we snowball onto our debt. So far, since the beginning of August, we've been able to get rid of $3000 in debt. We have also not used our credit cards at all since then. What amazes me most is we are still able to do fun stuff with the kids, we just make sure we have the $ in advance. We do NOTHING, without the money already in our hands ! We have started Christmas shopping already with a strictly budgeted amount we have in a separate account. No dreading January bills this year !

 

[littlelulu33]

I'm still here too. Later this month we will be making our final CC payment. When I started this in April or May this year we thought that it wouldn't be paid off until Jan or Feb. Yeah!! By June of next year the car will be paid off. It might be March, but we are thinking that we need more in savings and not to live as tight as we have been getting the CC paid off. Since the car payment is interest free it is ok, it still will be paid off over 1 year early.
Way to go everyone!!! Keep up the good work!!

 

[tinaninea]

Who knew this thread just needed a little bump & everyone seems to be doing great!

Well, with our extra money we just recently recieved, I mostly got us caught up with some expenses from Hurricane Ike & we put a little more $$$ in savings. So I really only paid an extra $200 on the student loan, but at least now it should be paid off before the new year rather than mid-February! I have a goal set to pay off at least $10k of my debt this year & we're at a little over $8K now, so I think we'll make it. I looked at my spreadsheet last night & by the end of next year, DHs truck should be paid off! That'll free up almost $450/month! I know, I know, that's a whole year away & I'm not rushing it by any means, but it's exciting to think of how much better things will be for us then!

 

[8 Ears]

Just bumping this up for others to reference who have started a similar thread.

 

[gillenkl]

Just wanted to say that yesterday I paid off the last of our credit cards. That leaves us with mortgage, car lease and rec vehicle loan. Now I'm going to work on the rec vehicle loan. I just want to say that it's really hard (for me) to reduce the debt - it's hard to avoid shopping, it's hard to say "no" to kids when they want something frivilous, but in the end I know it will be worth it. Good luck to everyone else who is on the same path.

 

[8 Ears]

gillenkl, Way to go!

 

[Kathi OD]

Just wanted to say that yesterday I paid off the last of our credit cards. That leaves us with mortgage, car lease and rec vehicle loan. Now I'm going to work on the rec vehicle loan. I just want to say that it's really hard (for me) to reduce the debt - it's hard to avoid shopping, it's hard to say "no" to kids when they want something frivilous, but in the end I know it will be worth it. Good luck to everyone else who is on the same path.

Way to go!!!

 

[SpaceGirl]

Just wanted to say that yesterday I paid off the last of our credit cards. That leaves us with mortgage, car lease and rec vehicle loan. Now I'm going to work on the rec vehicle loan. I just want to say that it's really hard (for me) to reduce the debt - it's hard to avoid shopping, it's hard to say "no" to kids when they want something frivilous, but in the end I know it will be worth it. Good luck to everyone else who is on the same path.

JOB WELL DONE.

 

[Kathi OD]

Well I did something I really didn't want to do, but w/ it looking like DH is going to be unemployed until at least spring, I closed a 403 account I had from a previous employer. After taxes & penalties, and paying off the loan I have against it, I'll get a check for just about what I put into it. I guess with the way the market has been I should be happy with that. So with that one decision, I've paid off almost $14K of debt, and free up $575/month for our day-to-day expenses.

 

[StephMK]

Just wanted to say that yesterday I paid off the last of our credit cards. That leaves us with mortgage, car lease and rec vehicle loan. Now I'm going to work on the rec vehicle loan. I just want to say that it's really hard (for me) to reduce the debt - it's hard to avoid shopping, it's hard to say "no" to kids when they want something frivilous, but in the end I know it will be worth it. Good luck to everyone else who is on the same path.

Congrats!!! Awesome job & bet that feels great!

 

[8 Ears]

Wow Kathi OD! Good for you! Way to go

We are still plugging away at our debt but wish it was quicker

 

[8 Ears]

I have made yet another payment on DH's truck

4 more stickin payments on that thing. Gosh, I can not wait for it to be paid off.

Not a lot of debt reducing going on here with the holidays around the corner. BUT everything is with cash

How about all of you?

 

[mommyof3grlz]

We just paid off our last credit card. We are officially credit card debt free. Just wanted to share.

 

[8 Ears]

Way to go mommyof3grlz!

 

[Kathi OD]

We just paid off our last credit card. We are officially credit card debt free. Just wanted to share.

I have made yet another payment on DH's truck

4 more stickin payments on that thing. Gosh, I can not wait for it to be paid off.

Not a lot of debt reducing going on here with the holidays around the corner. BUT everything is with cash

How about all of you?

WAY TO GO!!!!

 

[littlelulu33]

I DID IT!!! Our only CC is paid off today!!!!!! When I started this my goal was to have it paid by the end of the year, my DH was not so sure that we could do it. I was thinking it would have been done in Nov., but our new couch was put on the card so I was a month late in getting it paid. I still made my goal as today is the 31st, but I have a new couch and it too is paid off!!! Now on to the car which is interest free, but still a bill. We decided not to live so tight and my goal is to have it paid by June.

 

[matdrew]

Hi, I am in with you guys!

I have been working on this for a while now, maybe a year.
I was so deep in debt and have been digging myself out slowly.

I will be debt free of credit cards in mid January.


I still owe $35,000 in a equity line that I took out to expand my real estate buisness a few years back and do some house repairs. Thats down from $50,000. I also owe my mom $12,000 down from a $38,000 loan I borrowed for some of the down payment and repairs on my home a few years back.

I do have $40,000 in savings but being that i work in Real estate, I need a little nest egg for the times ahead.


lets do this together. I need all the help I can get. This board is dangerous to me because i think of Disney trips but so far i have been good and resisted. Hopefully this thread will keep me motivated.

 

[SpaceGirl]

I DID IT!!! Our only CC is paid off today!!!!!!

This is great news.

While I'm not at zero debt as 2008 comes to an end, I'm so much better off then where I was last January when I found this thread.

Still working on my debt but it's much lower.

Keep Up the Good Work.