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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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killing it!!! debt
woo hoo!
after falling off the financial wagon for a bit, i'm back on top.
today, i sent the final payment to one of my debts!
now, i only have three debts to pay to be debt free. the next one on the kill list should take me three months to pay off. feeling so happy.
woo hoo!
it's friday. it's payday. i'm $281.92 closer to being debt free. happy day, happy me.
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Posted 6/3/16 12:06 PM  |
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Long Island's Largest Bridal Resource |
StaceyWill
It's a girl!!!
Member since 6/10 21539 total posts
Name:
Stacey
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Re: killing it!!! debt
Awesome! Good for you! 
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| Posted 6/3/16 12:17 PM |
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Mags1227
Just a mommy ...
Member since 10/10 2665 total posts
Name:
M
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Re: killing it!!! debt
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| Posted 6/3/16 12:24 PM |
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LiGirl1225
LIF Infant
Member since 6/13 69 total posts
Name:
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Re: killing it!!! debt
How did you do it? Debt consolidation? I need to do this also
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| Posted 6/3/16 12:29 PM |
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shaleywhale
LIF Adolescent
Member since 12/09 537 total posts
Name:
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killing it!!! debt
That is awesome! Not near as close as you, but we are working on it. I know how exciting it feels to knock debt out... I can't imagine how amazing it will feel when there are only three left! Great job! You should have yourself a little dance party when you get home!
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| Posted 6/3/16 12:36 PM |
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shaleywhale
LIF Adolescent
Member since 12/09 537 total posts
Name:
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Re: killing it!!! debt
Posted by LiGirl1225
How did you do it? Debt consolidation? I need to do this also
I don't know how MarathonKnitter is doing it, but we loosely follow the Dave Ramsey tenets. Basically, you pick one debt and pay it off while continuing to pay minimum payments on the others. Then, whatever you were paying towards that debt you just paid off... apply it to the next debt. This "snowballs" your payments so that each debt gets paid off faster and faster but you don't miss the money because it's what you were always paying out to begin with. It's slow, but steady.
Hoping any of that even made any sense... it did in my head! 
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| Posted 6/3/16 12:39 PM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: killing it!!! debt
Posted by LiGirl1225
How did you do it? Debt consolidation? I need to do this also
i'm a HUGE fan of the DAVE RAMSEY TOTAL MONEY MAKEOVER PLAN
if money is tight and you don't want to buy the book, borrow it from your library or send me a PM with your name and address and i'll send you a copy.
it's a simple plan with 7 baby steps.
there's a message board that i hang out on: debtfreefanatics.com
just like here, people talk about all sorts of things and they support each other on the plan.
i'm on baby step 2. as of today, i have $9,097.26 left to pay to be debt free.
if you have any questions, please ask
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| Posted 6/3/16 12:40 PM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: killing it!!! debt
Posted by shaleywhale
Posted by LiGirl1225
How did you do it? Debt consolidation? I need to do this also
I don't know how MarathonKnitter is doing it, but we loosely follow the Dave Ramsey tenets. Basically, you pick one debt and pay it off while continuing to pay minimum payments on the others. Then, whatever you were paying towards that debt you just paid off... apply it to the next debt. This "snowballs" your payments so that each debt gets paid off faster and faster but you don't miss the money because it's what you were always paying out to begin with. It's slow, but steady.
Hoping any of that even made any sense... it did in my head!
that's exactly what i'm doing!!!
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| Posted 6/3/16 12:41 PM |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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killing it!!! debt
We are doing the Dave Ramsey method as well.
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| Posted 6/3/16 1:04 PM |
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Mags1227
Just a mommy ...
Member since 10/10 2665 total posts
Name:
M
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Re: killing it!!! debt
Loosely following Dave Ramsey here as well. We have one credit card left ~$14,000 which should be done by May of next year and then we are debt free! i cannot wait!!!
We started off 2 years ago with $54,000.
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| Posted 6/3/16 1:12 PM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: killing it!!! debt
Posted by Mags1227
Loosely following Dave Ramsey here as well. We have one credit card left ~$14,000 which should be done by May of next year and then we are debt free! i cannot wait!!!
We started off 2 years ago with $54,000.
that's great progress!!
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| Posted 6/3/16 1:25 PM |
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Peainapod
Peanuts are here!
Member since 1/09 13591 total posts
Name:
Diana
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Re: killing it!!! debt
I <3 Dave Ramsey!!
way to go. Keep up the good work!
I loosely follow his envelope plan, but electronically. i have budget accounts set up with Cap one and each week money transfers out to those accounts to cover large bills, and small ones, vacation fund, etc.
so now when the quarterly car insurance bill comes, or the oil bill, etc. im not scrambling to pay it.
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| Posted 6/3/16 1:41 PM |
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gina409
TWINS!
Member since 12/09 27635 total posts
Name:
g
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Re: killing it!!! debt
That's awesome!
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| Posted 6/3/16 1:52 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: killing it!!! debt
Look at each one of your debts. On a sheet of paper, write down the full amount owed, the interest rate, and the minimum payment. Now order them by which one has the highest interest rate and go down the list by interest rate. The highest interest rate loan should be the one you put any extra payments towards. Pay the minimums on all others. Make sure that the payments are not advancing your due date, but used to pay down the principle. Once you have paid off the first loan, now throw all extra money and what was the principle payment for loan one as extra payments for loan two, and so on.
Message edited 6/3/2016 2:30:30 PM.
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| Posted 6/3/16 2:29 PM |
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LiGirl1225
LIF Infant
Member since 6/13 69 total posts
Name:
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Re: killing it!!! debt
thinking of attempting this is already giving me a headache!
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| Posted 6/3/16 3:28 PM |
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bunnyluck
LIF Adult
Member since 1/14 3196 total posts
Name:
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killing it!!! debt
Good for you!
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| Posted 6/3/16 3:56 PM |
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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killing it!!! debt
Yayayayay good for you!!! Love paying things off! So liberating!
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| Posted 6/3/16 4:06 PM |
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jellybelly79
LIF Adult
Member since 5/06 3389 total posts
Name:
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Re: killing it!!! debt
Posted by LiGirl1225
thinking of attempting this is already giving me a headache!
I used consolidated credit
I gave them all my information and they took care of the rest. I had about $35,000 credit card debt and am now 100% debt free. My credit score is almost 780
Best thing I ever did!!
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| Posted 6/3/16 8:22 PM |
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maybebaby
LIF Adult
Member since 11/05 6870 total posts
Name:
Maureen
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Re: killing it!!! debt
Posted by jellybelly79
Posted by LiGirl1225
thinking of attempting this is already giving me a headache!
I used consolidated credit
I gave them all my information and they took care of the rest. I had about $35,000 credit card debt and am now 100% debt free. My credit score is almost 780
Best thing I ever did!!
That's awesome! So it didn't negatively affect your credit at all? been thinking of consolidation but unsure. We want to buy a new house in the next year and I don't know what to do. we have some CC debt that isn't the worst but not great either :(
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| Posted 6/3/16 10:59 PM |
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Lauren82
LIF Adult
Member since 10/06 4580 total posts
Name:
L
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Re: killing it!!! debt
You all are inspiring me. I'm going to start reading the Dave Ramsey book and see if that can help us to pay down quicker!
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| Posted 6/4/16 8:29 AM |
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jellybelly79
LIF Adult
Member since 5/06 3389 total posts
Name:
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Re: killing it!!! debt
Posted by maybebaby
Posted by jellybelly79
Posted by LiGirl1225
thinking of attempting this is already giving me a headache!
I used consolidated credit
I gave them all my information and they took care of the rest. I had about $35,000 credit card debt and am now 100% debt free. My credit score is almost 780
Best thing I ever did!!
That's awesome! So it didn't negatively affect your credit at all? been thinking of consolidation but unsure. We want to buy a new house in the next year and I don't know what to do. we have some CC debt that isn't the worst but not great either :(
Thanks! I was told if I want to buy a house or a new car not to do it because it does negatively affect your credit...I was not looking to do either one so I went ahead with it. Def look into it though. It was very easy bc they automatically took the $ from my account I didn't have to remember to make a payment. Sorry to hijack OP congrats to you!
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| Posted 6/5/16 10:14 AM |
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MrsQ0520
LIF Adolescent
Member since 12/11 589 total posts
Name:
L
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Re: killing it!!! debt
That's GREAT!!! good for you!!! i am chipping away at mine now too as we speak.... i have never read that book, but i am pretty much following that snowball method... i might go pick up the book though now to see what other good stuff is in there
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| Posted 6/6/16 9:24 AM |
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