Anybody working on debt?

Jiro said:
those $70k can quickly disappear to your expenses + taxes and some invisible expenses (unconsciously spending on small expenses like restaurants, etc. which runs up to quite a some in the end). watch out! :cool2:
Click to expand...

You will be suprise how far $70k (before tax) can take you.. It can pay your debt off just less than 2 years while living like a monk.

I didnt take my debt very seriously until about 3 years ago.. That when I was able to pay all off in just 2.5 years. (technically, I was debt free last December and I moved out to better apt and had to shell out $5,000 of new furniture last Jan with 18 months 0% free.. I didnt start paying it until June and made final payment this month.
 
Jiro said:
those $70k can quickly disappear to your expenses + taxes and some invisible expenses (unconsciously spending on small expenses like restaurants, etc. which runs up to quite a some in the end). watch out! :cool2:
Click to expand...



It's called budgeting, you seat down and set goals on where the money goes. It can be done, and with a paid off trailer and no real payment other then insurance, the money can go else where for awhile til I'm on my feet and debt free.

Beside, I been living off $20,000 a year, so it can be done.
 
RichardDeaf said:
yeah.. Student loans, $15,000 CC debts, and brand new SUV back then... At least I paid it all off just in time in middle of credit crisis.

I am considered "deadbeat" to banks now cuz I use their CC and pay it off in full each month so I can take advanage of their reward program.. :lol: But my credit is perfect with score of over 800.
Click to expand...
Well, I have a bigger debt... might take me a few years to pay it off, unless I suddenly come upon a $50,000-a-year job, then I can pay it off sooner. ;)
 
RichardDeaf said:
Luck has nothing to do with it.. I used to be over $50,000 in debt about 5 years ago.. Hard work and sticking to paying off the debt aggressively pays off.
Click to expand...

How did u do it? Guess what? 6 years ago, I was $75,000 in debt and now, I owe almost less than $10,000 minus car and house debt.

That was $75,000 in credit card and vehicle debt!!!! Now, to those who know I mentioned about working 2 full time jobs...u know why now! :lol:
 
Wow! I am seeing a lot good tips from veterans that once had debts and now debt free. Take advantages of their tips. Ask them for wisdom, for they speak from experiences with different types of debts.

I often work with clients that have bad credit history and I often help them to rehabilitate back for to purchase a home or refinance if needed.

Top budget buster I have seen since working in Mortgage industrial is car loan. Often I see people get a car loan that is 300+ and often have two car loans both 300+. This is where budget strain their financial needs and #1 budget busters. If you make wise decision of not buying car that requires over $200 monthly, then you have better chance of financial. Best to do with car is pay it off. One of my co-worker came across one individual with salary of 30,000 and wanted to buy a house. Turn out he couldn't because he had $600 monthly car loan on Jaguar along with insurance on top of that. This show poor financial management decision making. Its better to educate yourself and avoid making similar mistakes that others made in past.

There are more tips to share but I am not sure if people want to hear those tips.

Dave Ramsey is one of the book that can help you get better idea of how to get out of debts. He said car loan is first question he ask everybody. So be ready to answer that question. http://www.daveramsey.com

A lot of you say about wanting to be a debt-free. I want it too but its not my priority. I rather to be financial free for life than be a debt-free. Ask me on this topic later. I am sure Birdie and DeafRichard know what I am talking about.

As today, I only have car loan as my liability because some jerk hit n run with no insurance on his car. So I end up toss my totaled paid off car for new car. I am paying 188 monthly for 8k loan. It will do until I become financial freedom then I can buy any car I want by then. I am only 26 years old with no student loans, no medicinal debt, or credit card debt. I pay off all my credit card on time and full amount of balance. I walked out of Gallaudet University age 23 with over 13,000 medical debts but no student loans as I paid every semester in full.

How I got rid of my collection of over $13,000 medical... I just called and agreed to settle my debts in half. I won and saved a lot of money. If you want to know how to get rid of your collection, you can PM and I will give you more personal tips in private due to confidentiality individual would want to know.

I know this is a lot to read but its a start. Road to debt-freedom then road to financial freedom.
 
Keep it up, ya all! Freedom from debt is awesome. I'm not there yet but....getting there little by little.

I financed the business on the business credit card. It's there to pay off. Working on some events this month to pay that off. The car is almost paid off. I had 3 cars four years ago but had to give two of them away. As soon as the car is paid off, more money to pay off CC debt. We're paying cash more often than not. Debt has been keeping us from acquiring more equipment BUT better to do that when we have the CASH so it's working out for us. I was approved for a mortgage four years ago on my credit alone but I didn't take the bait. No sense in it until it's a good price.

Call me slow and cautious but we will get there....... I really cannot complain in today's society where so many people hurt so much all over.
 
Oh I forgot about the ER bills!

I settled for a low, low payment plan on two of the ER bills from last September. Paying those--but calling to settle these bills in half might help.

I'll see about lining up the cash for half those bills and then call them in a few months' time to give them an option--settle to pay in full on half or continue the payments. They're not with interest so I don't care about them as long as they are slowly getting paid off. :hmm:
 
Had a $3k debt with Telstra, which I'm still paying off. Should be done sometime next year.

Will have around $20K debt after I graduate from uni, however, I am planning to open a high-interest savings account early next year so I can put some money away in order to reduce the $20K debt with a lump sum payment, so that it can be paid off quicker, rather than having to pay it off for the next 10 years.
 
shezzbeav said:
Had a $3k debt with Telstra, which I'm still paying off. Should be done sometime next year.

Will have around $20K debt after I graduate from uni, however, I am planning to open a high-interest savings account early next year so I can put some money away in order to reduce the $20K debt with a lump sum payment, so that it can be paid off quicker, rather than having to pay it off for the next 10 years.
Click to expand...

Its better to pay off your debts before you invest money. Those high interest banks will disappear soon. AIG was 4-5% saving interest and they are gone now. Soon others will lower their interest rates.

Always pay off your debts before you begin saving or anything. Its very difficult to do both and you will have budget buster.
 
Deaf Mortgage said:
Its better to pay off your debts before you invest money. Those high interest banks will disappear soon. AIG was 4-5% saving interest and they are gone now. Soon others will lower their interest rates.

Always pay off your debts before you begin saving or anything. Its very difficult to do both and you will have budget buster.
Click to expand...

Now you know why I don't have much saved up. I'm always trying to pay off debt........;) Some of that is business debt! No Hawaii for the whole family until all debt is paid off. Great incentive!!! Wooooo Hooo.
 
DeafMortgage,

Please keep it up with your "informicals", "tibits" and "helpful tips". I LOVE reading your posts. I always learn something or at least affirm what I know with what I read. Thank you, as always.:D
 
IslandBreeze07 said:
DeafMortgage,

Please keep it up with your "informicals", "tibits" and "helpful tips". I LOVE reading your posts. I always learn something or at least affirm what I know with what I read. Thank you, as always.:D
Click to expand...

Thanks for word of encourage. I will continue to throw in some tips as much as I can.

Perhaps you given me idea Mortgage Tibits, or Financial Tibits... there a catch with the wording. I will bring that up in Deaf Financial Education Center's board meeting.
 
Oh yeah

Financial Tibits
Mortgage Tibits
Personal Finance Tibits
Tibits of Fianance To Help You

Keep it up and keep us posted on how this goes down in your meeting!!
Yeaaaaaaaaaaaaa!!!:lol:
 
IslandBreeze07 said:
Oh yeah

Financial Tibits
Mortgage Tidbits
Personal Finance Tibits
Tibits of Fianance To Help You

Keep it up and keep us posted on how this goes down in your meeting!!
Yeaaaaaaaaaaaaa!!!:lol:
Click to expand...

I have to wait until Board meeting is established when all board are hired. We have few slot still open. None of Gallaudet Professor nominate have joined us yet. Know anybody?

From there, we will do a lot of those things. I am not investor, or financial planner. However, I can show you a lot of tips of how to save money and go around. I am sure DFEC will have team to develop more tips how to save money on utilities, gas, dining out, food shopping, clothing, the ultimate wants and needs etc...

Yet I still love your ideas of Tidbits. Its something for us to work on. Short term and long terms. I am still waiting for approval for Mortgage Blog that I am pending on. Once switch bank, I will seek for more approvals regard of compliance. Blah!
 
Same with RichardDeaf. I have no debt, either. When I bought a townhouse 5 years ago, which I paid in full. So, again, I have no debt.
I feel so bad about my neighbor's friend who just lost everything what she has. Now, she's homeless and she is staying at my neighbor's place until she gets back her feet. It's scary.


RichardDeaf said:
I have no debt.. Just paid my last furniture payment last month.. I still use credit card for gas/food/general stuff but pay it in full each month.
Click to expand...
 
Sosie said:
Same with RichardDeaf. I have no debt, either. When I bought a townhouse 5 years ago, which I paid in full. So, again, I have no debt.
I feel so bad about my neighbor's friend who just lost everything what she has. Now, she's homeless and she is staying at my neighbor's place until she gets back her feet. It's scary.
Click to expand...

5 years and paid off? How?
 
Back
Top