Debt Dumpers - 2013

[danielle79]

So I changed jobs in November and that has put me behind a little and I had to use the dreaded cc's. I figured out total debt and it is painful. We bought a house a year and a half ago and our income tax refund goes directly into the house fund (roof, new flooring, unexpected repairs) I like the snowball method I have heard about, I am currently making enough to make payments but I want to get ahead of this! I need all the cheerleaders I can get!

[StitchesGr8Fan]

I'm right there with you Danielle. I want to get ahead. Most of this debt isn't mine, I just have a car and a mortgage, but I feel that God has put me in the position to help my husband get ahead financially. We are talking credit cards first, hen the dreaded student loans, then cars. I'm feeling overwhelmed and scared but am trying to stay positive.

[danielle79]

Thanks! I just did the spreadsheet that someone put on here and it looks like in two years I could be out of debt especially since some of the debt I put on the spreadsheet has to be paid off in the next 3 months and I have budgeted for that. I have had a $300 payment every month that will be ending next month so if I throw that right onto something else, I should be golden! Your a good person for helping your hubby, part of one of my credit cards is a result of my hubby's truck. I don't have student loans or a car payment right now but part of paying all this down is to help get a different vehicle ( mine hit 150,000 miles two weeks ago)

[HouseMother]

Originally Posted by jmartinez1895

Curse you Murphy ( anyone doing Dave Ramsay knows who I'll taking about). My dryer died. The cost to fix it is more than it is worth so we now have to get a new dryer. Oh and of course of cards are maxed out and we have to open a new card to buy it, but life goes on. Just another thing to throw into the snowball I guess. I do not have the emergency fund yet like Dave suggest so this is a complete hit to our budget.

Have you considered a laundromat or taking your laundry to a friend or relative's house until you can save up for a new dryer? I would much rather do that than take out another line of credit, especially if the cards you already have are maxed out. Might not be ideal but it will save you those interest payments!

[shelwoj]

I'm in. We moved into our fixer upper last year and every time we turn around it's costing us something! BUT, we knew that.

Our goal this year is to pay off two vehicles, the tractor (0% financing), our CC debt and get DH's office built in the basement.

Next year we attack the PLUS loans and the mortgage. I'd love to have these paid off in under 5 years.

During all this we need to fix up the place and we've agreed that vacation IS important to us so we'll budget for it.

[Sagginit]

count me in. I bought a newer used car last December and spent the first part of the year paying that off. the rest of my extra funds went to new bedroom furniture (which at the time I thought about putting towards my student loans but it was money well spent). my student loans were planned out to 15 years, at 6 years I am more than halfway done and would love to see how far I can get this year. I got way off track this fall because I had two unexpected car repairs. those did not have to come out of savings but I was only able to squirrel away $150 extra towards the loans which was disappointing.

btw anyone overwhelmed with student loans, the way I view them is as credit cards. sallie mae has each semester as a subloan, I have been doing a reverse snowball paying off the highest interest (largest) ones first. when I see half of what I pay a month for these loans goes towards interest it totally keeps me motivated because I have saved thousands of interest I calculated. I paid off my first subloan last year and would like to tackle the next one this year. march is a 3 paycheck month for me and I already decided at least half is going towards the loan.

[PrincessSuzanne]

Originally Posted by danielle79

Thanks! I just did the spreadsheet that someone put on here and it looks like in two years I could be out of debt especially since some of the debt I put on the spreadsheet has to be paid off in the next 3 months and I have budgeted for that. I have had a $300 payment every month that will be ending next month so if I throw that right onto something else, I should be golden! Your a good person for helping your hubby, part of one of my credit cards is a result of my hubby's truck. I don't have student loans or a car payment right now but part of paying all this down is to help get a different vehicle ( mine hit 150,000 miles two weeks ago)

Our minivan is about to hit 175,000 and there is NO way I would get rid of it. Other than regular maintenance, it hasn't had any major work done and she is still running like new, and we do alot of driving. I am in no hurry for a vehicle payment, we will drive her until she literally falls apart.

[riley2008]

Well, sadly, I'm in.

Three years ago we were debt free with a $600/month mortgage to be PIF in 2 years. We were able to take great vacations, etc.

Well, we bought a bigger house and tried living like we had been. Fuel prices skyrocketed (and we had moved further out). Decided to put in a pool. Well, I now have 3 credit cards - 2 with zero interest that expires in March and April and another card with only $550 that I was planning on paying off this month, but that isn't happening.

The things that are getting me are the little things that add up - "needed" a new Christmas tree bag - $80 (have to get the one with the best reviews ), son had holes in his shoes (he's 9 and in men's sizes ), boys will be outgrowing their coats this year and I always get them the year before on great sales (2 coats - $42 total), DS wanted the HUGE honey crisp apple at the grocery store (sure! - $3 for an apple! ), love Harry and David pears and going to do without this year (Found a "deal" - out $32 and have 18 pears), boys returned to school and I was still off and they wanted Subway and me to come eat with them which I hadn't been able to do in 1.5 years ($24 for the 3 of us lunch!!! - ugh!).

Our vehicles are paid off and I still put money monthly into savings, but the last 6 months, I've taken out everything + that goes in. (My separate savings, which I like to have at $5000 for trips, etc. - now at $700.) I'm great at taking my lunch to work and now we may eat out about once every two weeks (down from 3-4 times a week).

We really need to recover our couch or get new furniture - there are now holes in the couches and the desk chair. I can recover the desk chair, but don't have the time (or the $$$ at this time) for the couches. (I don't want to waste $250 on couch covers that don't hold up, likely won't fit the couches, etc...would rather save that $$$ to "do it right".)

And to top it all off, my stepdad, who loves to spend $$$ retired 12/31/12 and now my mom was just dx with breast cancer and likely will be laid off the end of February. (They don't live with us, and their finances haven't ever directly impacted us, but if they need something, we'll surely help them out.)

And DH went out and bought a new $400 "investment" (toy). He NEVER keeps these things a secret and he did this. That has me really worried (not about the item, but about the cost and the secrecy prior to receiving the purchase - you know what I could have done with that money!!!)

(Wow, as I read through what I wrote, I really seem to have more stress, anxiety and anger over this issue than I may have realized. Think I may may need to look at that spreadsheet.)

Thanks for letting me join...and vent. Maybe I should get the board approval before I make any purchase.

[thedonduck]

Count us in too!!!! I just plugged everything into that website and it was a great starting point to figure out how we should tackle our debt. We used to have NO credit card debt but our relocation to FL killed us!!!!

So we are going to try a three-year plan to being debt free.

Goals
1. Pay off my credit card (lowest amount owed with highest interest
2. Pay off DH's credit card (highest amount owed with middle interest)
3. Pay off car loan (0% interests, will finish Nov 2015)
4. Pay off student loans (low interest until 2017, hopefully sooner)

It is great to finally have a plan and hopefully a reasonable budget. We are going to attempt the snowball plan while still making minimum payments (+some if we can swing it that month).

We are also working on the $1000 in emergency.

What are some plans you have to "cut" some of your variable spending?

[danielle79]

Wow Suzanne, I hope my van lasts another 50,000 miles with no major repairs but one can never tell. Plus we drive when we go to Disney and I won't feel safe driving that down there in another year. Funny story, today I sprayed the salt off my van at the car wash and the rear wiper decides it is going to start working 2 years after it stopped working! She is a great van and I wish she would last forever.
Riley I totally get it, kids and Christmas mess up my budget constantly! My hubby constantly asks me why we have no extra $ or can't afford things our friends with no kids have? Ummm they have no kids!

[BernardandMissBianca]

Hang in there Riley. Sometimes writing it all out makes it seem more real and less abstract.
If getting board approval will help, and you will listen to us, ask!!
I'll be honest!! LOL

And if you'd like, come check us out here in the No Buy thread on the scrapbooking forum. There are plenty of us that will tell you no!

http://disboards.com/showthread.php?t=3039502

[thedonduck]

Here is a another helpful website/calculator that I have been using to figure out payment schedule, etc. Here is to being COMPLETELY debt free by 2016 for thedonduck family !!! :-)

http://www.bankrate.com/calculators/...alculator.aspx

[danielle79]

So my goal at the end of every month, is to post if I made all my payments on time during the month to be on track to be out of debt in 24 months! I can see that no one is really comfortable with saying their numbers here, so I will be the first to admit that I have to pay . . .$931.00 a month to be out of debt in 24 months!(This does not include my mortgage) Oh and by the way just got an unexpected dentist bill for $240.00, yeah! Good Luck everybody, I feel like if I have to post it here, it will keep me accountable and on track, thank you fellow Disers!

[2manypets]

I'm joining also! Last year was an odd year. A lot of medical bills, 2 cars broke down and had to buy new to us cars to replace them, washer, dryer and oven broke down (the appliances were around 20yrs old though) and bought a new mattress (my old one was sagging so bad, I had back aches every day)

My goal for 2013 is to snowball the debt.

Pay off CC first
Pay furniture (0%) second
Pay car #1 third
Pay car #2 fourth

By 2014 I'll most likely need a new to me car a mine is acting wonky already.
So 2014's goal is to pay my car, then the houses.

[mrssmith06]

Originally Posted by danielle79

So my goal at the end of every month, is to post if I made all my payments on time during the month to be on track to be out of debt in 24 months! I can see that no one is really comfortable with saying their numbers here, so I will be the first to admit that I have to pay . . .$931.00 a month to be out of debt in 24 months!(This does not include my mortgage) Oh and by the way just got an unexpected dentist bill for $240.00, yeah! Good Luck everybody, I feel like if I have to post it here, it will keep me accountable and on track, thank you fellow Disers!

Including my mortgage, cars, credit cards, loans and all... We would have to pay out nearly $13,000 per month to be debt free in a year!!!

And we also have an unexpected dentist bill for my hubby, we have to pay that in about 2 weeks when he gets his crown done - that is $392...