(Closed) Anyone working on paying off debt?

posted 7 years ago in Etiquette
Post # 18
Member
3226 posts
Sugar bee
  • Wedding: October 2010

I just paid off my final loan payment for college today. I’m stoked!

Post # 20
Member
7899 posts
Bumble Beekeeper
  • Wedding: March 2012 - Pelican Grand Beach Resort

@Pollywog:  then nevermind!

Post # 21
Member
152 posts
Blushing bee
  • Wedding: April 2013

@Carolyn72:  Nevermind, you’re already on it! 🙂

Post # 22
Member
10650 posts
Sugar Beekeeper
  • Wedding: January 2011

Why not consolidate it all onto a LOC with a lower interest rateÉ

Post # 23
Member
895 posts
Busy bee
  • Wedding: August 2012

We’re in the process of paying off our debt. We have about $15,000ish. We do plan to use all of DH’s coaching stipends and tax return money to pay everything we can off. We’ll still have a bit left afterwards but we’ll have more money to put into what’s left.

Post # 24
Member
11744 posts
Sugar Beekeeper
  • Wedding: November 1999

I understand your reasoning for wanting to start with the smallest one, but really you should start with the highest interest card! Also, you should look into balance transfers – so many credit cards are offering 0% interest on balance transfers right now!

Also, I have started to set up auto pay to my credit cards weekly because I find it’s easier to make smaller payments more frequently than a larger one all at once! 

Good luck, you’ll get ahead soon enough!

Post # 25
Member
1521 posts
Bumble bee

i joined the army to payoff my loans and am working on crap that happened when i was 18 my parents never explained to me wat credit was. I literally thought if i ignored it like they did it would go away (naive and foolish but if nobody teaches you how would u kno) ….up until 2 years ago and wanting to go somewheere in lifei realized the importance of it. Im definitely got like 10 hospital bills to pay off and maybe 2 or 3 bs collections like tmobile. But case and point we are all in that boat so keep pressing forward and pray for the rest of us

Post # 26
Member
1091 posts
Bumble bee
  • Wedding: October 2012

I’m in a repayment plan for my student loans that will forgive them after 10 years, so I’m in no great hurry to pay those bad boys off (although my dad left a pretty substantial estate, so there’s a chance that in a year or so I’ll be able to pay them off completely in one fell swoop).  That’s the only debt I have, personally, although I guess the mortgage is part mine even though I’m not on it.

Fiance has quite a bit of debt- some on credit cards that he racked up remodeling the house (very necessary- it was a squat house when he bought it), student loans, car loan, that type of stuff.  We’re paying off the credit cards first- they carry the highest interest rates.  Then we’ll work on the car, then the student loans (the student loan rates are pretty low).  We’re also overpaying the mortgage every month- we’re not underwater yet and we don’t want to get there.

Post # 27
Member
1521 posts
Bumble bee

btw i said that wrong I LOVE the military and wanted to do it looooong before i had student loans but thankfully one of the benefits is they pay for my student loans. but i luv wat i do… sorry had to clarify

Post # 28
Member
1084 posts
Bumble bee
  • Wedding: December 2010

I am paying off a credit card.

The balance is at $8,000 and I pay $500 off it a month and don’t spend on it.

Can’t wait until it is gone!

Post # 29
Member
6741 posts
Bee Keeper
  • Wedding: June 2014

Read TOTAL MONEY MAKEOVER by Dave Ramsey.  I cannot tell you how this book will help you get out of debt enough.  It’s worked for me.  It’ll work for you.

Post # 30
Member
152 posts
Blushing bee
  • Wedding: April 2013

@Carolyn72:  I’m with you on starting with the lowest AMOUNT first, gotta get that moral up!

Post # 31
Member
5118 posts
Bee Keeper
  • Wedding: November 1999

@Carolyn72: I love the Total Money Makeover book, and I’m doing the Financial Peace University classes right now. I get the idea of paying off the smallest first if that will really help motivate you, but I may work to rearrange our debt priorities and then go into his plan (I’d much rather pay off the $$ that my husband’s dad lent him to get his car than my tiny, tiny, low interest school loan…I don’t eat dinner with the Feds, but we do have to see Father-In-Law often and I don’t like owing anyone money).

Just set your plan, stick to it, and keep kicking butt! Throw all of your extra $$ at it and keep rolling over that snowball once you pay one off 🙂 Good luck!!

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