Debt Reducers

[8 Ears]

Way to go bubba! Good for you

Don't forget to post every so often to let us know how you are doing.

 

[RetroMom]

(Not sure what I did wrong here, but the following is a quote from decaff38) "In the mean time I heard on the news that CNBC is starting a new show called, On the Money. It is airing on Aug. 4th at 8:00pm ( not sure what timezone) . It is supposedly designed to help people with money issues during this difficult economic times. Going to check it out and see what they say. I am starting my baby steps and have started attacking one of multiple cc. It is so time to get this out of my life."

decaff38: Glad to hear you have joined us. I also have a long time until I'm out of debt, but I'll tell you, I feel soooo much better not hiding from it anymore. I don't have any type of cable since I do get basic channels here, but I would like to hear about that program. Will you share with us your thoughts about the show after it airs? thanks!!

 

[RetroMom]

Totally off topic, but I just realized I'm a Mouseketeer now!

 

[2manypets]

DH & I have decided to take drastic measures to pay off the debt. Just today, I've opened up an ING electric checking account. I'll have my paychecks deposited into that and pay CC bill and the 4 vehicle notes out of it. Anything extra will transfer to our savings account. We've tightened the budget to handle just the "regular" (groceries, mortgage, etc.) bills with just his income.

Wish us luck on this endeavor. I'm thinking it'll be tighter than expected at first.

BTW, everyone on this thread has inspired me so much. THANKS

 

[RetroMom]

2manypets: Lots of DIS luck and wishes to you! I started not that long ago, and it has been reeeaaallyy hard adjusting to this. I totally agree with you about the inspiration you can get from here.The DIS board members receive all the credit for getting me to get off my bottom and get going!

 

[parith1114]

Subscribing! Just the kind of thread I was looking for. I don't have a lot of debt, but certainly any is too much. O.k., here goes.... (did anybody else feel awkward with their first post) I have $5600 in cc debt, about $500 in medical bills and $350 in student loans. I feel like I just keep going in circles with the cc debt. I've read a couple of really great books, I'm just having trouble implementing the plans. Hopefully debt reduction is like weight loss, if you have someone to be accountable to it will drive you to do better. I am fairly certain I can eliminate all of this debt in eight months to a year. I will post on my progress and keep reading for inspiration and insight. Thanks guys !!!!

 

[Suzanna1973]

Hello hello....been a while since I've posted, but I have great news to share!!! DH just got a new job with MORE income, so I get to pay off the debt QUICKER!!!

I've always written my budget down so that I know exactly what is coming in and going out (i'm such a nerd, I even budget going to the movies!). I've almost got my DD's doctor bills paid off and two cc will be paid off by March!

You ladies keep me inspired! I love to watch that bill pile dwindle down!

 

[Kathi OD]

Totally off topic, but I just realized I'm a Mouseketeer now!

WTG Retro!!!

Subscribing! Just the kind of thread I was looking for. I don't have a lot of debt, but certainly any is too much. O.k., here goes.... (did anybody else feel awkward with their first post) I have $5600 in cc debt, about $500 in medical bills and $350 in student loans. I feel like I just keep going in circles with the cc debt. I've read a couple of really great books, I'm just having trouble implementing the plans. Hopefully debt reduction is like weight loss, if you have someone to be accountable to it will drive you to do better. I am fairly certain I can eliminate all of this debt in eight months to a year. I will post on my progress and keep reading for inspiration and insight. Thanks guys !!!!

I'm betting we all did, but there is always someone who has more debt than you, so you shouldn't feel bad about it at all. Even if noone here has more than you, we all know someone who does, so it's all good and nothing to be embarrassed about. We're just here to support each other in the quest to be debt-free!

 

[TiggerStac]

Ok...I'm going to have to readd up my figures. But I have already been paying down debt. I have 3 small cards paid off and close ($500 -$1500 each).

I have another $200 & $400 card paid off. I do have to say, I did use th $200 one but immediately paid it (it's a gap and they were running double points).

I have a few other big ones, about another 11,000 left on school loans, I started at 25K, so that's over 1/2 done.

I'm not paying down mine or hubby's cars until all other debt is gone. Hubbys car is no interest, mine is .9, so those rates compared to CC I'll hang onto those for a while. I do round up the payment, making about $15 extra dollars a month on each.

My hubby, also, just got a huge promotion, so our income will be increasing, which means I can pay off debt sooner and be a stay at home mom again!!

That's my goal. He said I could stay home now, I said no I want to pay off debt first. I want to get as much as possible paid off and increase our emergency fund before that happens. We're trying to have another child, so I plan on working until I'm almost due...so the longer it takes me to get pregnant, the more debt I can pay off.

I've made a good start. Just need to keep it going. started back to school shopping and paid cash. I'm going to hang onto my disney visa and gap card when all is said and done. Need those points for my 2 favorite places!

 

[littlelulu33]

How is everyone doing this week?? We were able to make another payment to the CC we are getting closer. I was thinking our water bill was going to be $300ish and it is only $170 yeah!!

 

[8 Ears]

Although today is Friday I have not done bills yet. I took yesterday off and took the boys school shopping and worked today. I am afraid the best news I will be able to give it that we did not charge any clothes or supplies. But that leaves me very little for debt reducing this week.

Pixie dust to those of you that can though

 

[Kathi OD]

Although today is Friday I have not done bills yet. I took yesterday off and took the boys school shopping and worked today. I am afraid the best news I will be able to give it that we did not charge any clothes or supplies. But that leaves me very little for debt reducing this week.

Pixie dust to those of you that can though

I think that's really great news! Back-to-School shopping is expensive. If you were able to get clothing and supplies without hitting the CC, you did real good. And you can rest easy knowing that your debt isn't growing.

 

[8 Ears]

Thank you Kathi!

How have others done this week?

 

[bouncycat]

I know I'm quite late, but I would like to join. I have about $15000 in cc debt, not including the cars and the house, I'd like to get that cc debt gone. I've been reading thru the thread, and am wondering what is this snowball plan? We have 4 different cards, and I've already locked them in a safe deposit box so we stop using them. I work FT, and my husband is military, so not alot of income on both sides. Anyone have a plan to help? We do eat out, which I know needs to stop, we have the disney AP's, which expire on the 18th, and I'm not planning on renewing until we get our taxes back. I'm not behind on anything, but I am over the limit on a couple, which causes fees, etc. So, what's the best plan of attack? I know our 2 smallest cards have the highest interest rate, both are capital one. Do I tackle those first? HELP!!!!

 

[mrsklamc]

Snowballing is paying down the smallest card first while continuing to make your monthly payment on the others. When you get the first one paid off, you apply the amount you were paying on it to the next-largest bill. The momentum, and your payments, get larger like a snowball rolling downhill.

Although I'm not sure if what you would do is different if you have over-limit cards. I think I would want to get those paid down so the over-limit fees stop.

If I had credit card debt, I would also see if i qualified for any credit card offers that had no interest on balance transfers for six months. If you have cards at say, 20%, that would save you a lot of interest. BUT, you have to be careful and make sure you can pay it off at the end of the six months, or it could come back to bite you.

 

[8 Ears]

bouncy cat! Never too late to start reducing your debt

I have not read Dave Ramesy, so I will let others guide you for what he says.

What we did was to pay off the smallest CC first, of course we have had lots of help from income tax, the stimulas check and DH gets bonuses fairly often. Right now as you have most likely read we are working on what was $5,000.00 worth of medical bills after a broken leg, broken toes and minor car accident. 3 different instances though.

Next is DH's vehicle and then mine.

We were hoping to be debt free by the end of the year but with life it does not look likely. By April at the latest.

Ideas for reducing, you have done the right thing by putting the cc's away. You are also correct about not eating out. We had no idea how much we were spending a month, year until we added it up Plan your errand trips carefully, we unplugged things we do not use much such as in the spare room to save on elec. bill. All these little things help.

Oopsie daisy, carrying on.......

Good luck and welcome!

 

[bouncycat]

Thanks....I'll start tackling the cards over the limit first, that was my first thought. I didn't realize how much we were spending just going to disney for the day on the weekends until I got out $80 from the bank the other day, to cover food, and tolls. THAT is my weakness!! If I can get at least one card or both the capital ones paid off before we get our taxes, the I won't feel too guilty getting the ap's back...I don't think. Disney is just my escape for when my DH is gone, which is quite a bit!!! Thanks a bunch, and keep the ideas coming!!!

 

[littlelulu33]

BOUNCYCAT--What we did that really seemed to help is open two checking accounts. We are able to pay all our bills with DH's pay and I work about one day a week and that is our food,gas,spending $$. DH's check goes into one account and mine into the other account. With my check once the $$ is gone it is gone or I have to work a extra day (which I do not want to do). If one of your checks can't cover all the bills then figure our exactly what you need for bills then see whats left then decide what you would need for food, gas and any extra spending you should have a little left over and that would go into the bill account. As I pay bills and see that I have extra in the account I make extra payments to the CC. We are doing really well and have moved our payoff date up by a month or two.

 

[littlelulu33]

How's everyone doing?

 

[bouncycat]

For me, fine so far, been bringing my lunch to work...which I HATE, but I'm doing. Been drinking water at work, and tea at home, cheaper then sodas, again, YUK, but I've been doing it. Our payday is friday, so I can report back then