When this thread started it felt like FOREVER until our debt would be reduced- but if all goes according to plan 2010 will be our year! Down to just ONE car payment! I'm so excited I would make a ticker if I knew how! 
Debt Reducers
- Thread starter alicenwonder99
- Start date
mrsklamc, I was reading the posts from early on and you were so supportiave of me, thank you! And I hope this is your year as well
The "air" in the house without all those bills hanging over our heads is so much cleaner!!
As I said previously, you all can be debt free! If we did it, you can!
The "air" in the house without all those bills hanging over our heads is so much cleaner!!
As I said previously, you all can be debt free! If we did it, you can!
indimom
Are We There Yet?
- Joined
- Jul 18, 2008
I need some support working on our next steps:
1. A LARGE emergency fund.
2. A car fund.
3. The House.
We finally put an end to our credit card/car/medical debts a few years back. For about a year after that, we did okay staying out of debt, but didn't really work toward any other goals. In 2008, we got back on the ball and now have a moderately sized emergency fund, enough to cover us for about six months if we had an emergency. I've also saved enough for a trip to Disney World this summer.
I was taking alot of pride in the fact that we had gone an entire year (2009) without borrowing a cent from the emergency fund! Then at the end of December we had to decide how to pay for DS braces, paying monthly or take a 5% discount and pay up front. We decided to pay up front, but hitting the savings has been driving me batty.
So, my goal for right now: Pay back the emergency fund, and then I'd like to see it doubled. I'd also like to start a car fund. We are currently driving a 1980 Chevy and a 2000 LeSabre. The truck could run forever as it's old and simple enough that hubby can work on it when it needs help. The car, on the other hand, has too many electronics that he can't do anything with and it's bound to start having problems in the next few years.
So, if it's alright with you all, I'd love to tag along while we work on the next steps. It's been a real transformation for us to not stress over bills each month, and I absolutely don't want to go back to another car payment.
All of you who are working on your debt, trust me, it's worth it. I love that I no longer have to juggle the bills. I have a grand total of 5 monthly payments: house, water/gas/trash, phone/cable/internet, electric and our credit card we use for convenience. I actually enjoy paying the bills now, instead of dreading it. Trust me, it feels a lot better than a new pair of shoes or eating out ever did.
Good job everyone, keep it up!
1. A LARGE emergency fund.
2. A car fund.
3. The House.
We finally put an end to our credit card/car/medical debts a few years back. For about a year after that, we did okay staying out of debt, but didn't really work toward any other goals. In 2008, we got back on the ball and now have a moderately sized emergency fund, enough to cover us for about six months if we had an emergency. I've also saved enough for a trip to Disney World this summer.
I was taking alot of pride in the fact that we had gone an entire year (2009) without borrowing a cent from the emergency fund! Then at the end of December we had to decide how to pay for DS braces, paying monthly or take a 5% discount and pay up front. We decided to pay up front, but hitting the savings has been driving me batty.
So, my goal for right now: Pay back the emergency fund, and then I'd like to see it doubled. I'd also like to start a car fund. We are currently driving a 1980 Chevy and a 2000 LeSabre. The truck could run forever as it's old and simple enough that hubby can work on it when it needs help. The car, on the other hand, has too many electronics that he can't do anything with and it's bound to start having problems in the next few years.
So, if it's alright with you all, I'd love to tag along while we work on the next steps. It's been a real transformation for us to not stress over bills each month, and I absolutely don't want to go back to another car payment.
All of you who are working on your debt, trust me, it's worth it. I love that I no longer have to juggle the bills. I have a grand total of 5 monthly payments: house, water/gas/trash, phone/cable/internet, electric and our credit card we use for convenience. I actually enjoy paying the bills now, instead of dreading it. Trust me, it feels a lot better than a new pair of shoes or eating out ever did.
Good job everyone, keep it up!
T. Lynn
...livin' and learnin' - simplified my life :-)
- Joined
- Feb 20, 2006
I would like to join in for this year!
I'm going through a divorce and luckily we had our house settlement this past Monday. Credit cards, house and home equity are all paid in full...YEAH
The only thing I have left is a car payment and I'd love to pay that off this year. With everything I've been through, I'd love to be debt free. DH bled our checking account dry many times so it's nice not having that anymore. I go online now and it actually matches my checkbook (before I use to close my eyes when I logged online).
It's gonna be a little tough now that I'm on my own but I'm determined. Just need to stay focused on the end result!
I'm going through a divorce and luckily we had our house settlement this past Monday. Credit cards, house and home equity are all paid in full...YEAH
The only thing I have left is a car payment and I'd love to pay that off this year. With everything I've been through, I'd love to be debt free. DH bled our checking account dry many times so it's nice not having that anymore. I go online now and it actually matches my checkbook (before I use to close my eyes when I logged online).
It's gonna be a little tough now that I'm on my own but I'm determined. Just need to stay focused on the end result!
I would love to join. DH and I made our plan for the year this week and if we stick to it we can get my student loan and the camper paid off. Then all that would be left is one car and the house. 
We have no credit cards so that makes it a little easier. My DH really wants to buy a vacation home in about 10 years so he is on a mission to get everything paid off. We should have car paid off by 2012 and then house in less then 10 years. It helps that we are both on board with the plan. We have also posted our long term goal so when we are tempted to go out to eat, or spend money on something we really don't need, it will help us say NO.
We have no credit cards so that makes it a little easier. My DH really wants to buy a vacation home in about 10 years so he is on a mission to get everything paid off. We should have car paid off by 2012 and then house in less then 10 years. It helps that we are both on board with the plan. We have also posted our long term goal so when we are tempted to go out to eat, or spend money on something we really don't need, it will help us say NO.
mster425
DIS Veteran
- Joined
- Mar 18, 2009
I can't believe I never saw this thread. 4 years ago I realized that I had acquired $40,000 in debt when I'd been out of college 2.5 years, with very little to show for it.
This is what I did. I consolidated my student loans into a low interest one from AES. I consolidated my credit card debt onto one that had a low, fixed interest rate on transfers- but a crappy rate for everything else-and I stopped using credit cards. I took an income tax return and one of those awesome 3rd paycheck of the month checks and started an emergency savings fund.
I have not charged one single thing on a major credit card since 2005. I know a lot of that is luck, I was young and didn't have any disabilities or medical emergencies that I had to pay out of pocket for. But then again, that's not what I went into debt for.
I caved a few times and opened a Macy's charge so I could get the giftcards for my wedding registry; I opened a JCrew card when the discount was 20% off- but I paid them off right away and didn't let my failures stop me.
I have $200 out of every paycheck put into a savings account (automatically, I set it and forget about it), plus those handy 3rd paychecks when they roll around (I would like to increase this now that I am older but haven't yet). I snowballed my debt payments. I found out through a simple phone call that my student loan company would give me a rate reduction of 1%!!!! for automatically withdrawing payments from my checking account and another rate reduction once I'd paid off a certain amount ($5,000 or something?)
By February I will only have $7500 of debt besides the house, all student loan debt and my interest rate is 2.25%. At that rate I'm not sure if I should continue snowballing and pay $800/month into that or route more into savings. I didn't do it perfectly, others have paid off debt way faster- but I finally paid off that stupid consolidated credit card on Monday so I am thrilled!! It feels like it took FOREVER- but it happened!
So, don't give up! It does go away even if you feel like you're just chipping away! And don't quit trying even if you can't make your snowball one month- do it the next month.
Sorry if my post seems too........boastful or something. I really think if I could do it anyone can, and I wanted to give hope to others.... that was a loonnnng 4.5 years!!! (and I'm not done yet, but soooo happy there is a light at the end!!)
This is what I did. I consolidated my student loans into a low interest one from AES. I consolidated my credit card debt onto one that had a low, fixed interest rate on transfers- but a crappy rate for everything else-and I stopped using credit cards. I took an income tax return and one of those awesome 3rd paycheck of the month checks and started an emergency savings fund.
I have not charged one single thing on a major credit card since 2005. I know a lot of that is luck, I was young and didn't have any disabilities or medical emergencies that I had to pay out of pocket for. But then again, that's not what I went into debt for.
I caved a few times and opened a Macy's charge so I could get the giftcards for my wedding registry; I opened a JCrew card when the discount was 20% off- but I paid them off right away and didn't let my failures stop me.
I have $200 out of every paycheck put into a savings account (automatically, I set it and forget about it), plus those handy 3rd paychecks when they roll around (I would like to increase this now that I am older but haven't yet). I snowballed my debt payments. I found out through a simple phone call that my student loan company would give me a rate reduction of 1%!!!! for automatically withdrawing payments from my checking account and another rate reduction once I'd paid off a certain amount ($5,000 or something?)
By February I will only have $7500 of debt besides the house, all student loan debt and my interest rate is 2.25%. At that rate I'm not sure if I should continue snowballing and pay $800/month into that or route more into savings. I didn't do it perfectly, others have paid off debt way faster- but I finally paid off that stupid consolidated credit card on Monday so I am thrilled!! It feels like it took FOREVER- but it happened!
So, don't give up! It does go away even if you feel like you're just chipping away! And don't quit trying even if you can't make your snowball one month- do it the next month.
Sorry if my post seems too........boastful or something. I really think if I could do it anyone can, and I wanted to give hope to others.... that was a loonnnng 4.5 years!!! (and I'm not done yet, but soooo happy there is a light at the end!!)
Count me in!
I'm halfway through Dave Ramsey's book. I have a LOT of debt. Medical bills, credit cards, personal loan, student loans, 2 car payments, and a large mortgage. My goal is to knock out everything except the mortgage and one car payment (lease) by December 31st of this year. I know it is a tall order, but I am up for the challenge.
Getting started: I started a new part-time job a couple weeks ago and will work an additional 8-24 hours per week. I got this job for the purpose of debt elimination. I will make the final payment to the $1000 Emergency fund this Friday with part of the paycheck from my new 2nd job. After June 11th I will no longer have to pay $800 month for dd to go to school (private K) she'll be going to public school so more money to the snowball.
Thanks to the recommendations here on the budget board, I ordered Quicken from Amazon, and will have it in a couple of days. I will gather all of my debt statements (there are a LOT), so I can itemize them. I will create a budget and STICK to it! No eating out, no bowling leagues, no movies, no shopping excursions! Coupons, coupons, and more coupons! Dh will have to stop his weekly trips to the Turf Club and his internet ventures. In one week I should be ready to get started. I'm a little giddy about the whole thing. I'm bummed about having to get a 2nd job though, but it'll be worth it in the end.
I'm halfway through Dave Ramsey's book. I have a LOT of debt. Medical bills, credit cards, personal loan, student loans, 2 car payments, and a large mortgage. My goal is to knock out everything except the mortgage and one car payment (lease) by December 31st of this year. I know it is a tall order, but I am up for the challenge.
Getting started: I started a new part-time job a couple weeks ago and will work an additional 8-24 hours per week. I got this job for the purpose of debt elimination. I will make the final payment to the $1000 Emergency fund this Friday with part of the paycheck from my new 2nd job. After June 11th I will no longer have to pay $800 month for dd to go to school (private K) she'll be going to public school so more money to the snowball.
Thanks to the recommendations here on the budget board, I ordered Quicken from Amazon, and will have it in a couple of days. I will gather all of my debt statements (there are a LOT), so I can itemize them. I will create a budget and STICK to it! No eating out, no bowling leagues, no movies, no shopping excursions! Coupons, coupons, and more coupons! Dh will have to stop his weekly trips to the Turf Club and his internet ventures. In one week I should be ready to get started. I'm a little giddy about the whole thing. I'm bummed about having to get a 2nd job though, but it'll be worth it in the end.
omghidanielle
DIS Veteran
- Joined
- Mar 22, 2009
oooh this is right up my alley! 
Here were my goals for last year and how I did:
# Save 20% of an assumed down payment for a new house - 93% COMPLETE!
# Bring total debt down by 20% - 80% COMPLETE!
# Pay off car loan - DONE!
# Pay off student loan - TOTALLY DIDN'T HAPPEN!
This year:
# Save 50% of an assumed down payment for a new house - 37% Thus far!
# Bring total debt down by 50% - uhh I don't know I have my spreadsheet at work
# Pay off student loan - 47%! SO CLOSE!
# Pay off Disney Card - 71%! GETTING THERE!
# Pay off Visa - SCARY!
If I'm able to accomplish these this year, by next year I will only have 1 Student Loan left, and the Mortgage! (Although I have a feeling our 1 car is on it's last legs)
Hoping to move by 2013!
Here were my goals for last year and how I did:
# Save 20% of an assumed down payment for a new house - 93% COMPLETE!
# Bring total debt down by 20% - 80% COMPLETE!
# Pay off car loan - DONE!
# Pay off student loan - TOTALLY DIDN'T HAPPEN!
This year:
# Save 50% of an assumed down payment for a new house - 37% Thus far!
# Bring total debt down by 50% - uhh I don't know I have my spreadsheet at work
# Pay off student loan - 47%! SO CLOSE!
# Pay off Disney Card - 71%! GETTING THERE!
# Pay off Visa - SCARY!
If I'm able to accomplish these this year, by next year I will only have 1 Student Loan left, and the Mortgage! (Although I have a feeling our 1 car is on it's last legs)
Hoping to move by 2013!
Hi everyone!
I'm down to my last $5200 in CC debt. I'm not sure how high it was a couple of years ago, but probably nearly $10,000. It's exciting to see it paid off!
That's my first goal for this year - plug away at the CC.
My second goal is to focus on building my emergency fund. I am blessed to have a roommate who pays me rent each month - but I know I can't count on this forever. I need to be prepared to pay the whole mortgage myself!
I also have student loans, a couple of special assessments, and the mortgage, but I'm not going to worry about those too much right now. I don't want to lose my enthusiasm!
This thread is definitely inspiring me to find an extra $50 to send to the CC each month!
I'm down to my last $5200 in CC debt. I'm not sure how high it was a couple of years ago, but probably nearly $10,000. It's exciting to see it paid off!
That's my first goal for this year - plug away at the CC.
My second goal is to focus on building my emergency fund. I am blessed to have a roommate who pays me rent each month - but I know I can't count on this forever. I need to be prepared to pay the whole mortgage myself!
I also have student loans, a couple of special assessments, and the mortgage, but I'm not going to worry about those too much right now. I don't want to lose my enthusiasm!
This thread is definitely inspiring me to find an extra $50 to send to the CC each month!
Grendalynn
Self Proclaimed DIS Veteran
- Joined
- Feb 5, 2005
I had joined this last year at some point... DH changed jobs and I knew we took a huge pay cut, but it wasn't until I did a mock run of my taxes that I realed we were down about $24,000 in income that we used to have. Thats a big bite! We do not have an exuberant amount of debt, but more than I would like. We have our mortgage payment which includes taxes and insurance, one car payment and our $4000 of credit card bills. Add 3 growing boys, household expenses and extras and it all adds up. We are not in bad shape but knwo we can be in even better shape if we just focus and sets some goals (again). We made it through this year, the hardest in a long, long time. And hope to take a trip to WDW with no effect to our "household operating budget". Thansk for "listening" ! 
Waseller77
Mouseketeer
- Joined
- Jul 7, 2005
We're working on our debt too while trying to build up our emergency fund.
2010 Goals:
1. Pay off 0% credit card
2. Save for bathroom remodel
3. Beef up emergency fund
Good luck to everyone!
2010 Goals:
1. Pay off 0% credit card
2. Save for bathroom remodel
3. Beef up emergency fund
Good luck to everyone!
My2Pixies
Disney Dreamin'
- Joined
- Oct 27, 2009
Mind if I join?
Dh and I have been paying off some major credit card debt for the past couple years now. We incurred most of it from purchasing a home and then having to turn around and sell it and move (long story). At one point we were paying both rent in the new place and the mortgage back home while waiting for it to sell. Luckily it finally did last October and we're now in a position to work on paying off about 26k on the cards, plus 5k that's still left on his truck. So here's our goals for this year:
1. Build up our EF (possibly done by the end of this month)
2. Pay off dh's truck (all of our tax return will go towards it, hopefully that will take out at least half of it)
3. Work on CC's-one has 18k, another has 8k. The 18k one has a higher APR so we will probably work on it first.
4. Build up a FFEF
We have a 2 month old dd, whom I am staying home with right now. I need to get into cloth diapering her, I did off and on when she was newborn but it got to be too much to deal with so I stopped. I have one pack of disposables left, by the time it's gone I will hopefully have some wraps in her size. I already have plenty of prefolds. But that's my goal for the next week.
Dh and I have been paying off some major credit card debt for the past couple years now. We incurred most of it from purchasing a home and then having to turn around and sell it and move (long story). At one point we were paying both rent in the new place and the mortgage back home while waiting for it to sell. Luckily it finally did last October and we're now in a position to work on paying off about 26k on the cards, plus 5k that's still left on his truck. So here's our goals for this year:
1. Build up our EF (possibly done by the end of this month)
2. Pay off dh's truck (all of our tax return will go towards it, hopefully that will take out at least half of it)
3. Work on CC's-one has 18k, another has 8k. The 18k one has a higher APR so we will probably work on it first.
4. Build up a FFEF
We have a 2 month old dd, whom I am staying home with right now. I need to get into cloth diapering her, I did off and on when she was newborn but it got to be too much to deal with so I stopped. I have one pack of disposables left, by the time it's gone I will hopefully have some wraps in her size. I already have plenty of prefolds. But that's my goal for the next week.
I'll join! You guys should give me just the motivation I need! Paid off all cc debt about a year ago and was doing great living on a budget. Our family went through a lot of turmoil last year (moved to a new state, started new jobs etc) and and we got busy/lazy and now have about 8k on the cc. I was overwhelmed and did not take the time to scout out sales, cut coupons etc, plus dd is in high school now and has lots more expenses than anticipated. Dh wrote out a new budget, we are paying off the cc this month with savings and starting fresh! Good luck to all other debt reducers!
So, we've been working on this debt reduction thing since it started and we have made good progress. Paid off both vehicles and 4 cc's. Here are the goals for this year:
Pay off remaining CC-$3500
Pay off new furnace-$4300
Put money in emergency fund
Renovate DS's bedroom---he's outgrown the little kid stuff
Take summer vacation to Florida
Wish me luck!
Pay off remaining CC-$3500
Pay off new furnace-$4300
Put money in emergency fund
Renovate DS's bedroom---he's outgrown the little kid stuff
Take summer vacation to Florida
Wish me luck!
5fordisney
Mouseketeer
- Joined
- Feb 18, 2006
I followed this thread 2 years ago in 2008 for encouragement and motivation and then was off the disboards for awhile. I'm so glad to see it's still going and that I can join again for more debt-reducing encouragement!
From 2008 till now, all of my kids have started school and I went back to teaching full time this year. We have been able to live without using credit cards this year but still have a way to go to getting previous debt paid off. Plus, we need to begin to build an emergency fund, which we've never had. Also, oldest son needs dental work in Feb. and dog currently has vet bills from serious illness. Aghhh...it's always something! I need to figure out how to get ahead instead of just keeping up! But I'm so happy to have a job and at least be headed in the right direction! Thanks to all who post your stories and advice...it's all very motivating! Here's to a reduced debt load in 2010 for all of us!
From 2008 till now, all of my kids have started school and I went back to teaching full time this year. We have been able to live without using credit cards this year but still have a way to go to getting previous debt paid off. Plus, we need to begin to build an emergency fund, which we've never had. Also, oldest son needs dental work in Feb. and dog currently has vet bills from serious illness. Aghhh...it's always something! I need to figure out how to get ahead instead of just keeping up! But I'm so happy to have a job and at least be headed in the right direction! Thanks to all who post your stories and advice...it's all very motivating! Here's to a reduced debt load in 2010 for all of us!
JEFFSWIFE11
Mouseketeer
- Joined
- Jan 22, 2009
I am so in!!!!!!! I have a question on where 2 start. Do I start to pay off debt or start an EF?? I'm not sure how 2 start this but I want 2 get it done. It will feel so good to be debt free!!
minnie1928
WDW addict
- Joined
- Feb 16, 2004
If you follow Dave Ramsey's recommendations, he says to build up a baby emergency fund of $1000. Then attack the debt, then build up a fully funded emergency fund (about 6 mths of expenses).
Share this page
GET A DISNEY VACATION QUOTE
Dreams Unlimited Travel is committed to providing you with the very best vacation planning experience possible. Our Vacation Planners are experts and will share their honest advice to help you have a magical vacation.
Let us help you with your next Disney Vacation!
Dreams Unlimited Travel is committed to providing you with the very best vacation planning experience possible. Our Vacation Planners are experts and will share their honest advice to help you have a magical vacation.
Let us help you with your next Disney Vacation!
