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Thread: Paying Off Big Debt - June 2018

  1. #11
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    Nice job!

    i forgot all about the thread. I am doing really well on my car loan. Currently it looks like I will have it paid off by Valentine’s Day.

    i was kicking myself because we went on vacation and I forgot to pay my cc on time. This is the first time that has ever happened to me. EVER. And it only cost me $7. So, while it was a wasted $7, i’m just looking at it as part of the cost of relaxing and not worrying about stuff on vacation, and letting it go.

  2. #12
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    If my household was receiving no paychecks for August and September, I would plan to save for the spending in those 2 months during the other 10 months. Getting a gig for those 2 months obviously would help a lot!


    I took a look at Bankrate, and I see there are on-line banks which are FDIC insured and competitive with the APY they pay on Savings or Money Market Accounts. For example,

    CIT Bank Money Market Account, 1.85% APY, $100 minimum, access via "People Pay".

    Sallie Mae Money Market Account, 1.75% APY, zero minimum, able to write checks.

    Marcus (brand name of Goldman Sachs Bank) Savings, 1.7% APY, $1 minimum, accessible by online transfers to/from your account at another bank.


    I agree with the observation that having the savings in August and September would reduce (maybe even eliminate) the need to borrow (credit card being a high-cost, high convenience source of credit).


    In general, I would prioritize reduction of loan balances before building a cash reserve, unless the cash reserve is highly likely to prevent added borrowing... as in the case of a seasonal "dry spell" for paychecks.


    Kudos on making progress in reducing your loan balances... and thanks for being a teacher.

  3. #13
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    Quote Originally Posted by Chicken lady View Post
    Nice job!

    i forgot all about the thread. I am doing really well on my car loan. Currently it looks like I will have it paid off by Valentine’s Day.

    i was kicking myself because we went on vacation and I forgot to pay my cc on time. This is the first time that has ever happened to me. EVER. And it only cost me $7. So, while it was a wasted $7, i’m just looking at it as part of the cost of relaxing and not worrying about stuff on vacation, and letting it go.

    Call them and ask the charge be removed.

  4. #14
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    I’m not sure the time and hassle is worth $7. Also - I was late. I went on vacation. I forgot. I see no part of that that isn’t my fault. The terms of the cc were clear and I agreed to them.

  5. #15
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    Jan 2011
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    They will often let it go, but deciding if it's worth $7 is a factor.

  6. #16
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    Jan 2011
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    873
    Belated thanks, dado potato, for the recommendations of online banks. I have been using Capitol One.

    Here's an update.

    The good news: I got through my two months of no regular paychecks through both putting away about a third of my tax refund to cover summer and also by earning a bit of money over the summer through grants connected through my regular job. Also, with the help of that windfall tax refund in the spring, my current debt is 39% less than the debt I had when I started this thread.

    The not-so-good news: I feel a little behind on hitting the benchmarks I reestablished after my windfall tax refund, so I don't think I'll have paid off my debt by February 2019 as I'd hoped. However, I made up new, pretty realistic (I think) benchmarks today, and if I hit those, the debt will be paid off by May 2019.

    Thanks, everybody, for your support.

  7. #17
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    You are still doing great!

  8. #18
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    Bravo EJ, and smart to be more realistic. 3 more months is a small amount of time if you stay on target.

  9. #19
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    Jun 2015
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    Excellent job regrouping and coming up with a new plan you can live with

  10. #20
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    Minor setback ej. You are doing great! Your original goal was April, so it is really only one month.

    i am still plugging away at my car loan. I get my next regular paycheck at the end of September and will start making extra principal payments on the house construction loan again then. We have paid off 20% of the loan we took out for construction of the addition (we have no other mortgage having previously paid that off), and last week dh ordered flooring and trim using funds set aside from cash flow.

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