Snowballin 2010

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    • #278994

      Hi all, my biggest reason for joining this forum is to prepare for the New Year. I am hoping to make new friends and find additional ways to create a debt free home.

      I am going to make that my mantra, A Debt Free Home!

      I kept my head above water last year. I am self employed, there is no limit on the income I can make. However, I don’t want to work harder, I want to work smarter.

      I want to do this through home management and snowballing debt. Would anyone like to join me?:007:

      Not only do I want to snowball, I have another goal I want to work towards. My truck will be paid off next July. That is going to free up 222.00 for snow.

      What if though I could free up another 280 and create a blizzard? I am in quite a bit of cc debt. So finding an additional 280.00 in payment is not difficult and the balances are small enough that payment by July is attainable, if I can make/save/cut the additional money.

      Then I could snowball the 500 into the more serious debt balance and by then be ready to tackle that large amount.

      This is not a new years resolution, well if you removed the “re” then it’s the solution. Rather though, I am seeing as a lifestyle makeover. One that I am going to dearly love in the end!

    • #426761

      Oh I hope you make it! I paid off 180,000 in 2 years and am amazed now how in the world we ever handled all those payments! Now we just have the house to deal with moving into retirement.

      I found many of the credit card places would settle for a much lower pay off if I called and asked but of course you have to wait until you have a reserve built up to do that! I listed ours lowest to highest and when I got 3/4 of the money in to reserve for the lowest one I’d call and talk to them. Almost all settled for 50% if paid in 24 hours.

      I always had them fax a settlement agreement first and then would over night my check to them with a copy of their letter marked paid in full. It seemed slow at first but after I had a couple paid off it really took off! You can do it!

      We lived 100% on our food storage while we paid it all off so no grocery bills during that time. It was hard but oh my it is most certainly worth it!

    • #426767

      That is amazing! You know I think you have to want it so bad you can taste it. Thats where i am at now.

      I am an empty nester with 2 dogs and a cat. My daughter is through college on her own. There is no more excuses and no one is going to go without.

      I own my home and the kitchen needs a major remodeling. So thats my reward in a couple of years. It will mean borrowing from the bank but if I can keep doing what needs to be done, I think they will be happy to have me owing them again.

      I am reading up on this food storage idea and its brilliant! I can see how I can do this on a smaller scale and really use it to my advantage.

    • #429348

      How did you gals make it through 2010, are you ahead of the game, or did you fall behind?

    • #429350

      Did ok except DH came home and got a couple credit cards. Arg! They are canceled now and just owe a few hundred on them.

      Now he gets to juggle finances and figure out how to pay them off with that once a month retirement check!

    • #430054

      Wow hi girls I am bk! I had major internet issues with Hughesnet and because of bandwidth could not visit the site very often. Happy to say that is now resolved but thats another story for another day.


      I did pay the truck off in July of 2010. I am still in huge cc debt and can find no help. The bank disappointed in a big way with a refusal to loan and the companies are not willing to work or lower the interest rates.

      My daughter has come home temporarily and is doing her share but not able to find a teaching job locally so is considering leaving again which I am not happy about.

      We were able to replace her car 250,000 miles! with a used reliable one that has plenty of life. She makes the payments, its in my name.

      I’ve taken on more work and continue to do all I can to increase my income.

      I work around the clock but I know its temporary and I know will be worth it 6 months down the road. I am creating a 6 months plan to approximately pay off 10,000 in cc debt. Here though is my plan for August, I call it PHASE A….

      Total income made 4,000
      bank loan
      credit cards 1,500
      Home Dept 1,700
      household needs 300

      500 left over for emergencies and possibly help my dd if she does relocate.

      Whatever of this amt is left, will go towards another cc of 250.00 and will be paid off. The 2 accounts were closed long ago.

      the home depot interest is 27% the bathroom remodel cost me thousands because of this. They are the rudest company and will not hesitate to tell you they are not a bank, and do not have to offer lower interest. I’ve never been late or missed a payment and I have not shopped there in the 3 years nor will I ever again.

      I am bound and determined to accomplish the above.

      Phase B for September is in the planning stages. I have so many accts some with reasonable interest rates others not at all. Of course it makes sense to pay the higher interest accounts first but its not doable in one month and it seems I need that sense of accomplishment.

      Still weighing the pros and cons and just feel its best to focus on August. Thanks for listening, it really does help. 🙂

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