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Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: Lurker no more! (very long)||Date: 11/25/2002 5:25 PM|
|Author: xxannxx||Number: 145937 of 309050|
Congratulations on "going public" to the Board. I find that the more I eat, sleep, breathe and post about my debt the more motivated I am to have it be gone and stay gone.
That's exactly what I'm hoping for...I will admit it certainly helped me stay "in control" this weekend when I had an extra hour on my hands in SF and way too many cute pairs of pants calling out to me.
Is all of the CC debt in your name? Although the bottom line for me right now is interest rates, I also worry off and on about one individual carrying all the debt in the horrible case of death, separation, or divorce...
All of the debt is "mine," so all of it's in my name. My SO has always thought that I was living too far and too fast, so anything I wanted/needed/pined for went on my cards. I guess he had the "pleasure" of using my nice stuff, eating the nice meals out, looking at my nice clothes :), but he'd be happy living in a cardboard box, I think, so I can't really pawn any of it off on him.
I'm going to move ahead with reducing my contribs to my son's 529. Should I completely eliminate it (for now), or reduce it (as you suggest)? Any pros and cons? I'm realizing more and more that I need to get my debt and retirement in line (I'm 36, btw, and it feels way too late to be starting. But I figure better late than never). I think I read somewhere on TMF something about there being no scholarships for retirement. That one really struck home.
I had never thought of this:
don't forget to try determine whether you can deduct any of your student loan interest on your federal taxes
One of things about increasing my salary so much over the past few years was watching my deductions also go by the wayside (renters credit, student loan interest, etc.) The irs website says:
Taxpayers with modified adjusted gross income above $55,000 ($75,000 for married taxpayers filing jointly) may not claim the student loan interest deduction.
And I'm way above that. Am I missing some fine print somewhere?
Thanks for your support!
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