Debt Reducers

[NCTWINSMOM]

Wow! I've had to play catch up with the posts and wanted to say I'm so proud of us all!

For those of you reading this thinking I can't do it, well I'm saying you can and to join us in taking back your $.

Good news, hubby sold his riding lawn mower, tiller and a dorm size frig and that paid off CC#2! So far we've paid off $2370 in two months!

Hubby also picked up DR's book from the library today (TMM). I can't wait to start reading that.

Because we sold a few items that has knocked off 3 months of this year's debt we figured on paying. That just means if murphy doesn't come we can have our debt paid off early!

 

[comicguy]

I got one of my CC's to drop my interest rate to 2.99 until the bal. is paid off. I had to speak to a dept called Balance Retention. This departs job is simply to keep people from transferring balances from their card to another one with no interest. Seeing as I have had this card for 18 years, I told them they needed to do something for me because I got an offer from one of my other CC's for a 2.99 on balance until paid off. they agreed to do it. I guess in their mind it is better to lower the interest rate and make a little money then have me move the balance and make no money.

 

[alicenwonder99]

Here's where I am as of today:

Following the Dave Ramsey plan, I paid off 3 "small" (hee-hee...that is, smaller than the HUGE ones) cc's. I have $1000 in my emergency fund, and I started my xmas fund.

I checked our FICO scores and they are super high numbers(low 800's), so I don't have to worry about that.

I never closed my BofA card after my balance transfer because I keep on thinking of "what if".

We are switching car insurance today. I will be saving $100 a month. That is such a huge savings.

And the best thing I have done to save money is NOT BOOK A DISNEY TRIP! Yes, I know that's taboo on this board, but I can't justify a trip to Disney with those cc unpaid. My ds7 is going back in the hospital on Monday for another surgery (this will be #7 since May 2007). If we find out this is his LAST surgery, then we will celebrate with something ALOT less expensive than a WDW trip. Maybe a special trip to Medieval Times?? Anyway, I will not even THINK about another Disney trip until I have cash saved up for it (ok, I will probably think about it, but I won't book it).

 

[Deffenm]

We paid off 2 doctor bills, 1 credit card, and a loan to my mom. We only have the truck and my student loan left. As long as we stick to our budget we will have both paid off by Oct. We will have our $1,000 emergency fund saved by June, and we should have enough money to pay for our 2009 WDW trip by end of year.

We are not going to WDW this year due to our plan to get out of debt but next year when we go no worries.

 

[tinaluis]

And the best thing I have done to save money is NOT BOOK A DISNEY TRIP! Yes, I know that's taboo on this board, but I can't justify a trip to Disney with those cc unpaid.

Congratulations on paying off some of your bills! I know what you mean about not booking a Disney trip. It seems that I would be so much better off if I could just get this Disney obsession out of my head!!!!!!! Of course, it doesn't help that we still have park days left on our tickets and APs for US/IOA.

I hope your son's surgery goes well. Keep up the good work !

 

[vic32]

I am so glad I found this thread. You are all so inspiring!! We are going to make a game plan! My end goal is to pay off all cc debt, so we can get DVC!!!! More debt, but fun and useful debt!

 

[jenm2878]

We got our tax refund today and it went straight towards the LOC. I only kept enough of it so we can buy a new mattress. (We've both had back aches for the better part of a year) I should be tickled that my debt just went down $4k, but it's a bit sad to not be able to do anything 'fun' with our refund. I figured some things out and if we stay in our house another 5 years, (wanted to move in 2) we'll be able to pay off all of our mountainous student loans. Again, to be out from under the loans but that we have another 5 years in this house.

I know we're doing a good thing, but sometimes it's hard to see the forest for the trees, ya know? *sigh* Just keep plugging along I guess.

 

[smiller]

I just paid an extra $76 on my smallest balance! It's fun trying to find money to pay it off with.

 

[Kathy C]

Subscribing.

 

[mickeysbutler]

my dh & I began the plan less than a month ago. We now have our $1000 in savings, and plan on having over $17,000 in debt paid off by January. DD starts kindergarten this fall which will save us $600/month and we will have a $620/month debt paid off in July. Very exciting when you sit down and look at the numbers!!!

 

[mickeysbutler]

we have quit eating out and limit ourselves to $60/week for groceries (fam. of 4) and $40/week for gas (2cars-both work local!!)

 

[akmom]

I have been faithfully following this thread. This year we are trying to paydown alot of debts. There really isn't anything out of the ordinary. We do have about 7k in cc but that is on a no interest card. Everything else is car, truck, and student loans.

Thursday night I paid off a card that had $1500 remaining. We were very excited. Our excitement was rewarded by yesterday someone backing into my husband's truck...and not leaving a note. Well hello $500 deductible.

2 steps forward 1 step back.

I feel your pain here! Friday I checked the mail, state refund check was here. $400, wohoo! At least it's something. DH gets home and says he rear ended someone by sliding on the ice. $500 deductible. Boo!!!

 

[NCTWINSMOM]

We got our tax refund today and it went straight towards the LOC. I only kept enough of it so we can buy a new mattress. (We've both had back aches for the better part of a year) I should be tickled that my debt just went down $4k, but it's a bit sad to not be able to do anything 'fun' with our refund. I figured some things out and if we stay in our house another 5 years, (wanted to move in 2) we'll be able to pay off all of our mountainous student loans. Again, to be out from under the loans but that we have another 5 years in this house.

I know we're doing a good thing, but sometimes it's hard to see the forest for the trees, ya know? *sigh* Just keep plugging along I guess.

I know how you feel...I was bummed thinking it's going to take us 4 years to get into "the house". So I've started collecting house pictures that I like, or plans that I like and I have them posted on the pantry door. It's a nice reminder that I'm looking into our future just 4 years from now...

2 years to pay off debt and 2 years to save for the house!

 

[luv2nascar]

Had $8,385 in CC debt to pay off
Paid $2,885 on one card off 2/28
down to $5,500 in CC debt on two cards.
Onward and downward. In March will chisel the other two cards down.
(owe $2,200 on one and $3,300 on other).

 

[8 Ears]

Yesterday I paid off $3,000.00 in CC debt but still owe $1,800.00 but that is our last one! Wahoo!!

 

[Robert 31320]

Just mailed a BIG "principle reduction" payment on the Suburban! By late summer it will be our's!

 

[carissanboys]

Just mailed a BIG "principle reduction" payment on the Suburban! By late summer it will be our's!

I've heard of doing that on a house, but not on a vehicle. If our loan is through our bank, can I just call up and say I want to put such and such an amount on the principle?

 

[lttlmc3]

Well, my DH is gone so now it's time to reduce our debt! I've already started, but yesterday I went to the dreaded Target and spent $117 on things I really didn't need I'm a pushover for that store! So now I feel guilty

 

[bdcp]

I've heard of doing that on a house, but not on a vehicle. If our loan is through our bank, can I just call up and say I want to put such and such an amount on the principle?

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.

 

[castleview]

Just paid off the Kohl's charge!