Debt Dumpers - 2016

I have been lurking around this thread on and off for a couple of months. I definitely need to dump some debt pronto! I'm a solo mum of 3 from Australia desperately trying to pay off the DL holiday I overextended for but badly needed in 2014. I know there will be some differences in some financial options discussed on here between the two countries - but is it still cool for me to join in?
 


I have been lurking around this thread on and off for a couple of months. I definitely need to dump some debt pronto! I'm a solo mum of 3 from Australia desperately trying to pay off the DL holiday I overextended for but badly needed in 2014. I know there will be some differences in some financial options discussed on here between the two countries - but is it still cool for me to join in?

Absolutely! :grouphug:

:welcome:
 
Woohoo! Joining in! Feeling very motivated to dump some debt in 2016! Hoping to knock out DH's car payment (13k left) and about half of one of my student loans if possible (7200 left to pay right now). The student loan wouldn't free up that much money each month, but the car payment would free up A LOT. We'll never buy a new car again, ugh!
 


I have been lurking around this thread on and off for a couple of months. I definitely need to dump some debt pronto! I'm a solo mum of 3 from Australia desperately trying to pay off the DL holiday I overextended for but badly needed in 2014. I know there will be some differences in some financial options discussed on here between the two countries - but is it still cool for me to join in?

:welcome: Welcome aboard! Debt is debt, no matter what the currency :crazy: so feel free to share as much or as little as you like and ask any questions you have!
 
I will be joining in as well. DH and I got married in August and he has about 10k in student loans that I would like to focus on paying off this year.
 
I don't want to wish away the holidays and all the special moments that come from this time of year. However, from a debt perspective, I am SO ready for the New Year and a "clean slate" towards dumping debt! We started off 2015 incredibly strong, but ended quite weak. I know that's completely normal, but the guilt that I feel from it sucks. With that said here's where we will be starting off the year and our goals to go with it :)

7 credit cards, 2 furniture/appliance loans, 1 personal loan, 10 medical bills, 1 car loan, 7 student loans, 1 DVC loan, 1 private school loan, 1 collection, an empty emergency fund, and IOUs on both of our kid's savings accounts (ages 2 and 4). All of these reach a grand total of $90,887.13 :(

The collection irks me beyond belief. It's from Comcast who claims we never returned our cable boxes (which we did) or our internet modem (which wasn't theirs, we bought it from Best Buy!). I have no proof of returning the cable boxes, but I do still have the receipt for the internet modem. So, I guess I'm going to have to go to war with them. It's $684.39, so not a small fee to pay and just move on.

The IOUs on our kid's savings account isn't from taking money from the accounts per se. When they were born we started depositing a set amount of money into an account for them each payday. In order to put more towards our debt payments we have suspended those payments, but I've been logging how much we owe them in "backpay" once we get back on our feet.

Out of the 7 credit cards, 4 of them are currently on no interest plans, the other 3 are on very high interest rates.

The rest of the items are pretty cut and dry. They are what they are.

Our main 2016 goals:

1. Replenish emergency fund $1,000.00
2. Eliminate all credit card balances. Once they are paid off we will utilize our rewards cards doing the charge/pay off method. $6,822.38
3. Pay off both furniture/appliance loans. One is on a no interest plan until June 2016, the other one has been acquiring interest all along. $2,719.93
4. Pay off personal loan. $750.00
5. Figure out ways to increase our snowball to make this all feasible.

Things won't occur necessarily in that order to ensure that we pay off no interest plans before they expire etc.

Best of luck to everyone for an amazing 2016!!!
 
I'd like to join
Trying to make 2016 a "Happy Debt Free New Year " .
I was doing ok till "Murphy" hit 3 times in a row and now need to change gears....
I need to have a few "Murphy" free months to get back on track and then restart that emergency fund. (Ok maybe more than a few).
I am swimming ,swimming,swimming this year!
My first step will be to NOT buy any after Christmas "deals'.
Best wishes to all of us.
Hugs Mel
 
I'd like to join
Trying to make 2016 a "Happy Debt Free New Year " .
I was doing ok till "Murphy" hit 3 times in a row and now need to change gears....
I need to have a few "Murphy" free months to get back on track and then restart that emergency fund.
I am swimming ,swimming,swimming this year!
My first step will be to NOT buy any after Christmas "deals'.
Best wishes to all of us.
Hugs Mel

I'm seriously putting a moratorium on ALL wrapping paper buying!!! We have so much Christmas paper, I'm not joking when I say we could wrap presents for a family of four for the next five years no problem! We are going to buy some decorative Christmas stuff though since we moved into the new house and don't have a lot of Christmas decorations.

DH and I are both paying off our credit cards before the end of the year. He has about $1500 on his and I have $1300 on mine right now. He gets paid Friday and I'll get paid next Thursday, and then I'm starting with a ZERO balance in the new year!
 
Wow!! I can't believe how many posts are on here already! Yay!!!! Welcome to everyone joining or rejoining! We are happy to have everyone on this thread regardless of what country you live in! 4mickeys - I believe there's 3 years worth of debt dumper threads in case you want to look at them. You will see that we come on here to not only get ideas and post success but also to vent! Especially when unwanted Murphy hits!
 
I don't want to wish away the holidays and all the special moments that come from this time of year. However, from a debt perspective, I am SO ready for the New Year and a "clean slate" towards dumping debt! We started off 2015 incredibly strong, but ended quite weak. I know that's completely normal, but the guilt that I feel from it sucks. With that said here's where we will be starting off the year and our goals to go with it :)

7 credit cards, 2 furniture/appliance loans, 1 personal loan, 10 medical bills, 1 car loan, 7 student loans, 1 DVC loan, 1 private school loan, 1 collection, an empty emergency fund, and IOUs on both of our kid's savings accounts (ages 2 and 4). All of these reach a grand total of $90,887.13 :(

The collection irks me beyond belief. It's from Comcast who claims we never returned our cable boxes (which we did) or our internet modem (which wasn't theirs, we bought it from Best Buy!). I have no proof of returning the cable boxes, but I do still have the receipt for the internet modem. So, I guess I'm going to have to go to war with them. It's $684.39, so not a small fee to pay and just move on.

The IOUs on our kid's savings account isn't from taking money from the accounts per se. When they were born we started depositing a set amount of money into an account for them each payday. In order to put more towards our debt payments we have suspended those payments, but I've been logging how much we owe them in "backpay" once we get back on our feet.

Out of the 7 credit cards, 4 of them are currently on no interest plans, the other 3 are on very high interest rates.

The rest of the items are pretty cut and dry. They are what they are.

Our main 2016 goals:

1. Replenish emergency fund $1,000.00
2. Eliminate all credit card balances. Once they are paid off we will utilize our rewards cards doing the charge/pay off method. $6,822.38
3. Pay off both furniture/appliance loans. One is on a no interest plan until June 2016, the other one has been acquiring interest all along. $2,719.93
4. Pay off personal loan. $750.00
5. Figure out ways to increase our snowball to make this all feasible.

Things won't occur necessarily in that order to ensure that we pay off no interest plans before they expire etc.

Best of luck to everyone for an amazing 2016!!!


I have to say this - when I was reading your post it just popped in my head the 12 days of Christmas song!! Towards the end of reading I just heard and a partridge in a pear tree .
It seems like you really have your ducks in a row with all the debt that you owe - which is a fantastic first step! You will see that we all have different methods of paying - some start with the smallest balance then snowball. Some start with the highest interest and some look for cc offers where they can transfer the balance for a year of no interest. Sometimes they run promotions with no transfer fee but sometimes depending on the balance its worth it to pay the fee if you have a very high interest rate. On the furniture /appliance loans - what is the balance on the one that you are paying interest on and is it high interest?
 
No more xmas bags,wrapping paper,tags needed here either,,lol.

One nagging kind of put it on the back burner was that I suspended my (RRSP) Registered retirement savings plan as I was busy try to help my three sons get through school and I just never restarted it, they all graduated 3 years ago. I think I need to have a better understanding of what my pension plan at work is going to pay out and maybe start thinking of "ME" and my future.
Hugs
Mel
 
I have to say this - when I was reading your post it just popped in my head the 12 days of Christmas song!! Towards the end of reading I just heard and a partridge in a pear tree .
It seems like you really have your ducks in a row with all the debt that you owe - which is a fantastic first step! You will see that we all have different methods of paying - some start with the smallest balance then snowball. Some start with the highest interest and some look for cc offers where they can transfer the balance for a year of no interest. Sometimes they run promotions with no transfer fee but sometimes depending on the balance its worth it to pay the fee if you have a very high interest rate. On the furniture /appliance loans - what is the balance on the one that you are paying interest on and is it high interest?

Hahaha, I'll gladly trade in the 10 medical bills for a partridge in a pear tree ;)

The appliance loan is the one with interest. The balance is $2,139.93 and the interest is 9%. That is the next one on our list to snowball into to. Right now we are finishing off the Discover credit card (22% interest!). It has $568.91 to go and then all of that will go into the appliance loan.
 

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