Debt Reducers

[4fosterkids]

I caught the tail end of an interesting segment regarding Bank ATM & check cards. The guy recommended not using anything linked to your bank account because the banks are getting so tricky with all their fee's and rules. So many ppl are having problems with fee's because the banks are dragging their feet with your deposits, yet putting charges & checks thru first in order to throw the account into trouble...thus tacking on numerous fee's to cover it.
The book was called Gotcha Capitalism and he had tons of comments on all those stupid little fee's on your phone bills, cable bills etc.
Anybody heard of this idea, or this book before?

 

[rmjkharrisfam]

That just happened to me...I was checking my account balance online a few minutes ago and I noticed 2..yep 2!!!!! overdraft fees. That's $64!!!! And I deposited money the same day..so the check tried to clear first and then the deposit hit. If the would add up the activity for the day my account was fine but for some reason I was still charged twice. I'll be calling on that one tomorrow morning.

 

[FirstTimertoDiz]

Giving us a little bump-

I am having a rough day today; I had to take money out a personal service loan that we have to pay for our heating oil delivery last week. We just had a bunch of unexpected bills this month that popped up- how frustrating. I am only about 300 in towards getting my emergency fund filled, so I feel like this is a huge step in the wrong direction. I want to be reducing debt, not adding to it!

 

[Tinker'n'Fun]

Giving us a little bump-

I am having a rough day today; I had to take money out a personal service loan that we have to pay for our heating oil delivery last week. We just had a bunch of unexpected bills this month that popped up- how frustrating. I am only about 300 in towards getting my emergency fund filled, so I feel like this is a huge step in the wrong direction. I want to be reducing debt, not adding to it!

Don't be to hard on yourself. I know the feeling. This month has been a killer for us. I am going to do minimum payments for this month. I know it is not what I planned but the upside it they are getting paid. Plus we don't even have enough to start an emergency fund yet. Savings is also still just a dream. But I know we are heading in the right direction. So I think you should treat yourself to a nice cold ice water with lemon, watch a previously purchased comedy of your choice and sit in your warmest comfy pj's and just turn the heat down a bit!

 

[FirstTimertoDiz]

So I think you should treat yourself to a nice cold ice water with lemon, watch a previously purchased comedy of your choice and sit in your warmest comfy pj's and just turn the heat down a bit!

Lol, thanks for the post, that made me laugh. I know I shouldn't be too hard on myself, but sometimes I feel as though I am just treading water, you know? And lately, it seems like I am holding bricks while doing so....I feel like I am sinking! Seriously though, I know I have a plan, and I am trying really hard, so that should be what counts.

We had yet another setback today; I missed 2 days of work last week due to some gallbladder issues, and my son was sick, recovering from a nasty ear infection. Well, yesterday he complained of a sore throat, so we schlepped again to the dr's office- (I feel like I should rent a room there between the 3 of us!)- now he has strep! Ugh, so there are more dr bills and medicines.

I know it will get better, but I am frustrated at the moment.....and thanks to this thread, I can vent! Gotta love the DIS!

 

[minnie1928]

Lol, thanks for the post, that made me laugh. I know I shouldn't be too hard on myself, but sometimes I feel as though I am just treading water, you know? And lately, it seems like I am holding bricks while doing so....I feel like I am sinking! Seriously though, I know I have a plan, and I am trying really hard, so that should be what counts.

We had yet another setback today; I missed 2 days of work last week due to some gallbladder issues, and my son was sick, recovering from a nasty ear infection. Well, yesterday he complained of a sore throat, so we schlepped again to the dr's office- (I feel like I should rent a room there between the 3 of us!)- now he has strep! Ugh, so there are more dr bills and medicines.

I know it will get better, but I am frustrated at the moment.....and thanks to this thread, I can vent! Gotta love the DIS!

The unexpected is what will get you every time! Do you get the sunday paper? Lately our local paper has had pharmacy coupons for both Target and Rite Aid to get gift cards by getting a new/transferred prescription filled there. I often cut these out and throw them in my purse, you never know when a prescription will pop up out of no where.

To make you feel better, let me tell you about my coworker. A few weeks ago she was told that her furnace could no longer be repaired (cha-ching!). Then a few days later her hot water heater died. A week and a half ago she slid on ice and wrecked her car (thankfully no one was hurt). Then today when I arrived at work I saw that a police car was behind her issuing her a ticket. So, when you think it couldn't get worse...be glad you aren't having a month like her!

 

[FirstTimertoDiz]

To make you feel better, let me tell you about my coworker. A few weeks ago she was told that her furnace could no longer be repaired (cha-ching!). Then a few days later her hot water heater died. A week and a half ago she slid on ice and wrecked her car (thankfully no one was hurt). Then today when I arrived at work I saw that a police car was behind her issuing her a ticket. So, when you think it couldn't get worse...be glad you aren't having a month like her!

Thank you for the reminder- I know I am just feeling sorry for myself the past couple days and it will pass, but it is always good to be reminded that there are other people that have it worse than we do. I was just thinking about that tonight actually; I have just been down because we have been trying to have another baby now for about 3 years, and not having any luck. I am just finishing my last round of Clomid, and got a bfn. So, every now and then I for some reason need to have a pity party for myself, when in reality I should be rejoicing in the fact that I have my ds- all the doctors told me we would never have him! He has been telling me lately that he wants a brother, and that is painful for me to hear because that is what I want more than anything.

This leads me back to the whole budget thing; part of the reason I decided to get serious about becoming debt free is because I think sometimes that maybe God doesn't want us to have another baby until we are financially stable enough for me to be able to afford to stay at home, at least for a little while. So, I am moving forward, stepping in faith that I will not only be debt free in five years, but that maybe there is another child in my future.

Boy oh boy do I ever feel like the drama queen. I think I need spring to come soon- I need to be out in the warm sunshine to lift me outta the funk!

 

[Tinker'n'Fun]

DD has a sinus infection that they can't seem to clear up and our health insurance ends the end of the month and I need to find one and rebudget. So I feel your pain. Today DS came home and told me Friday night he has a formal dance and not to worry it is only $5.00.... Neglected to tell me I had to buy dress pants and a sport coat is required. (he is only 12 and we do not own these items). I am going to Goodwill and Salvation army when he is in school tomorrow. If I find something I will have to stretch the truth and not tell him where I purchased them. Wish me luck!

 

[alicenwonder99]

Hi everyone!

I'm not having a good week, either.

First, I contacted the gas company to see if they gave me a wrong reading. NOPE! It was correct...$400 bill for last month!!

Then, my mortgage broker called me back...yes, my home has enough equity in it to refinance (combine first and second, and get a little cash back to pay off bills). HOWEVER, the rates went up again. I was about a 1/2 day too late! UGH!!!!! He said he will contact me the second the rates drop again and he'll lock us in.

I'm going to do our taxes today. Whatever our refund is will go towards our EF. I'm estimating it will be almost $1000.

My ds7 had his doctor appt yesterday and not good news. He's had major medical problems and many surgeries in 2007. We thought he was getting so much better, but the doctor thinks otherwise. Everyone is in a funk around here because of the bad news.

We're expecting a "winter storm watch" today. I hate the winter!!!!

 

[Disneyoverload42]

Treading water here... my van is broken again but still drivable. I'm going to see if I can fix it myself to save some money. I almost gave in this weekend and said "forget it, let's just buy a new one" (DH's van was messed up too) but cooler heads prevailed (DH) and we got his up and running again. If I can get mine working even temporarily, we can hold out until March and buy a cheapo (under $4000) "new to us" van.

Missed 2 1/2 days of work last week because of a sick kid, now I'm missing another for different kid.

And to top it all off, I'm starting to obsess about CVS I'm having nightmares about getting to the register only to find all my coupons are gone.

All in all, we had a $15 change in position this week (to the good) only $240,000 more to go. At this rate, it will only take us 16,000 weeks or 307.7 years (not including interest)

 

[FirstTimertoDiz]

Oh my, it sounds like we could all use a break this week! Sorry to hear that everyone is having a rough time.

Tinker'n'fun: Hope your DD feels better soon- nothing makes a parent feel worse than to see your child sick. Good luck today finding a suit for ds' formal! Here's some pixie dust that you can find something!

Alicenwonder99: Hugs to you and your family on news about ds. Hopefully it is nothing too serious- I will say a prayer for your family. I think it is great that you are taking the initiative to call the gas company and mortgage company. I'm sorry it didn't work out as well as you had hoped, but you are working so hard on getting out of debt that I know it will pay off in the end for you! I love your motivation! Oh, btw, I totally hear you on the winter storm thing- we had freezing rain overnight, and the roads were terrible this morning. We are getting another cold front in tomorrow, and bringing a "wintery mix" on Thurs/Fri. Ugh, is is spring yet?

 

[FirstTimertoDiz]

Ok, with the weeks we are all having, maybe we need to go a "vacation".....post your "happy place" and we can visit each other, lol. Here's mine:

Oh, and maybe I'll bring a couple of these- and I will have plenty to share with all my Dis budget-busting friends! :

Who's joining me???

 

[rebecca06261]

Bumping

Count me in too! I'm going to be the first one of us to admit openly about how bad I've let things get. Me: Single, no kids, 32 with $38,811.00 personal debt -including suv, cc, student loan, and a debt consolidation loan. I just saved $500.00 as baby-step #1 and have a buyer for the suv . This will reduce my debt to $22,311, but I will have to borrow $4000.00 to pay the loan balance on the suv & to pay for a cheap-o car (bringing my total debt back up to $26,311.) I am budgeted to pay $1031.00 per month toward the debt snow-ball - but will have 2 cc paid in full within 7 months! Unfortunately, neither one of these cc will be my Disney Visa

 

[5fordisney]

I'm so glad to read everyone's posts! Not glad people are having bad weeks or loads of debt but glad to know I'm not alone! I've been feeling so down lately over our debt load and for some strange reason reading all these posts made me feel better. I know no one where I live who carries debt like we do so at times it can feel isolating. It's nice to know you are all there and in a similar boat! Plus, I love the encouragement to reduce debt, even if it's baby steps at a time!
We will not be debt free this year, nor probably next. I became a stay at home mom about 8 years ago on my husbands teacher's salary. We've been accumulating debt since then it seems. We seem to live in a cycle of paying off cc, racking them up again, etc. My husband has since become an administrator with a pay raise but we spend so much a month keeping up with minimum payments that things are tighter now than they were 8 years ago! I'm with the poster who said it's embarrassing to admit how much debt you carry. We have no savings account, live paycheck to paycheck essentially, and probably pay close to $1000 a month in debt payments, not including house or car. We live simply-
basic cable $13 a month
dial-up internet- free
1 basic cell-phone- $50 a month
no gym memberships, nails, newspaper subscriptions, etc.
Super wal-mart for everything, tight grocery budget
eat out rarely
etc, etc

I think in our situation we really could never afford to live on one income but it was such a priority to both of us that I be home that we always said the debt was worth it. And we always knew that eventually it would be gone when I finally went back to work but right now it just seems overwhelming! Even with debt, I feel blessed to have a wonderful family, healthy children, etc. but boy would I like the feeling of not being so in the hole!!

To the poster having fertility issues, I'm with you in thought. We've been down that road and it's not easy. We had the same "we should just be happy that we have a son" conversation in our heads many a time! Just hang on to the hope that God knows all and has an ultimate plan for you. I have no doubt that a second child in your future- just hang on a little longer!
Thanks for this thread!

 

[ldb1030]

I know no one where I live who carries debt like we do so at times it can feel isolating.

Please don't think no one around you is living the same way! People don't talk about it that's why you think you don't know anyone but I bet you knows tons of people in the same situation! Alot of your friends are probably living on credit cards, paycheck to paycheck etc....it's a hard thing to admit/talk about but believe me, people you pass everyday are living the same way!

Good luck to you!

 

[Heluvsme]

Rough week here too.

FirstTimertoDiz, thanks for the picture, I actually just stopped there for a moment and exhaled for like the first time in days.


We are snowballing too, it's going to take at least another 2 1/2 years, but it feels good to know we're finally getting things in order.

This time of year brings me down, regardless of our financial situation....the winter blah's.

Thanks everyone for so freely posting, it helps to know we're not alone.

 

[n3rf]

wow great love this topic since this is something the DW and I have been talking about for about 3 weeks and we live in CA which means left-over income after the regular needs are met is not great,

First we talked about getting into one of those free programs (any recmmendations would be great) that help reduce dept (around 17000.00 in debt atm) have 2 car payments + insurance will be done with one in February which will allow to reduce our all out debt which are, cc's, school loan (around 9000 left) and other misc debt that we have.... hoping this year i can reduce it by atleast half and improve my credit score as well.

 

[JoanneNC]

DH and I started a "real" budget Nov 2006 and since then we have
Paid off our 2005 SUV (about 20k)
Paid off $35 in CC debt
Sold a house and bought a newer house with the proceeds

Found our problem areas
1. FOOD - oh my eating out is insane
2. WALMART - I swear that place is evil and the most expensive food store when you consider the non-food items you buy
3. Extra's- prem cable movie channels - large cell phone minutes, etc

While I still increased my mortgage quit a bit - we have extra money each month with the CC and Car debt gone.

My 2008 Goals

1. Max out each of our Roth IRA's
2. Double our 401k contributions
3. Build our EF (man cash burns a hole for us..lol)
4. Still enjoy life

Good luck everyone

 

[DMickey28]

Can I join? We need to start reducing our debt. We made a huge mistake in the fall by getting two new credit cards because our credit got so much better over the last few years. Well of course both of those are now maxed out. So that's another $4500 we just added to our debt.

I haven't read any of those books or follow any sort of budget. I know that's why we haven't been able to get ahead it for the last few years with all our 'trying'. So what do you all recommend? We have 6 credit cards, two joint and then our seperate ones from before we were married. Our total credit card debt is around $8100. We are making double the minimal payments on all fo them for now. All except the news ones have crazy interest rates. We have student loans as well but those are the least of my concern because they are so low interest.

We need to get our credit up even higher now and start saving up money to buy a house as well. DH works a job that gives him bonuses and commissions throughout the year. We need to work very hard at doing the 'right' thing with them instead of buying something for the reward of hard work.

So I am in ...

 

[barbarabini]

Im in on this -- what i've done so far:

1. Cancelled the NYT and Star ledger and local paper subscription. Been checkin it online.
2. Got a handle on food costs and eating out. Eating out killed our budget.
3. Make a weekly menu an stick to it.
4. Transferred most balances to 0% card

Now, onto the hard part actually reducing the debts.