No. of Recommendations: 11
If you had asked me yesterday how my debt paydown was going, i would have said its not. But reviewing my first post almost three months ago, I see that I have made progress.

I just have a hard time sticking to the plan. The plan was a straightforward snowball. But I have veered off course several times. I know I should pay off my highest interest rate off first, but alloted xtra payment to other debt for various reasons, some rational, others not so much. For example I finally got the $600 city tax refund from 2011. I applied it to a joint chase acct I have with my husband because the refund was in both our names as is the card. At the time, sounded like a reasonable choice, on paper not so much.

I analyze things in a rational fashion, but then end up winging it based on my gut. Since I doubt I will change, I have to find a way to harness that for good.

It's hard not to get discouraged. Had reasonable success earlier this year, but progress has slowed. No more windfalls coming up. Also hubby's work has picked up, making it difficult for me to pick up xtra work. Anyway will keep on trucking.


I owe 23500 at 15.24 to Amex., now 13500
4000 to chase at 15.24, now 8980 at 0% till April 2015
12000 at 14.24 to chase, now 9800
6000 Bank of America 11.24, now 0
4000 Bank of America 9.9, now 3800
3500 Capone at 9.9, now 3400
15200 Lending club at 10.99, now 14800
2500 citi at 0% until march 2015, now 2400
Chase slate: 3000 till ?april

Still w car, student loan, and mortgage -all under 3%
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No. of Recommendations: 26
Hi Neveragain --

Let's put a little celebration in your post, because it deserves it.

By my calculations, you have taken your total debt from $70,700 to $59,680! You've reduced your debt by more than $11,0000, and by 15%!!!!

That is totally awesome!!

Even better for your monthly cash flow and your snowball efforts, it looks like you have reduced your interest payments dramatically. I'm not sure that I did these calculations exactly right, but debt x interest/12 seems to tell me that you have taken your monthly INTEREST payments from $748.93 to something around $520 (you didn't say what the slate interest was so I can't be exact). That reduces your interest payments by $228.75 each and every month.

Cripes, that's more than a 30% reduction in your interest payments. That's huge!!

The term on these boards is a "happy dance" for making it to a milestone. You have several here. Yes, there is work to be done and you have to keep going. But celebrate the work you've done so far. Be proud of taking these steps. Sure there are things that happen along the way -- they're called life. That's okay! Just keeping going.

ThyPeace, impressed. Really!
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<<I just have a hard time sticking to the plan. The plan was a straightforward snowball. But I have veered off course several times. I know I should pay off my highest interest rate off first, but alloted xtra payment to other debt for various reasons, some rational, others not so much. For example I finally got the $600 city tax refund from 2011. I applied it to a joint chase acct I have with my husband because the refund was in both our names as is the card. At the time, sounded like a reasonable choice, on paper not so much.
>>



No particular reason why you need to stick to boring rationalism in paying down debt and forego some romatic im[provisation that you find appealing.

If you can take satisfraction in paying down debt held jointly by you and your husband, especially with a check made out to both of you, that sounds peachy to me!


The most important thing is that emotions are leading you to reduce your debt, rather than increasing it. A dollar or two in interest is a side issues compared to that important point.


Seattle Pioneer
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Wow -- sounds good to me. The most expensive debt is disappearing the fastest -- and there is a general decrease in debt across the board -- what's not to like?!!

culcha
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The most important thing is that emotions are leading you to reduce your debt, rather than increasing it. A dollar or two in interest is a side issues compared to that important point.

Indeed. Someone (David Bach, maybe?) said that when deciding which debt to snowball into an early grave first, pick the one that makes you the angriest that it even exists.
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You are knocking down the debt, and that's what matters. It may seem slow, but progress is a "win."

One day, that money that is being use to knock down debt will be used to fund your retirement, and you'll really be happy.
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<<One day, that money that is being use to knock down debt will be used to fund your retirement, and you'll really be happy. >>



Not only that, but investments produce added net worth by compouding --- just the o[pposite of paying interest on debt.

I'm a retiree these days and scarcely a day goes buy without checks in the mail paying dividends or reinvesting income in more stock.

Frankly, my investments pay a dood deal more in interest and dividends than I care to spend.

People who LIKE TO SPEND should really save and invest heavily when they are young to be able to buy investments and give them time to grow.

A dollar of debt held over a lifetime takes many dollars to finance.

Each dollar of savings and investments produces many dollars of additional net worth that will be available to spend over a lifetime.


Seattle Pioneer
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<<
The most important thing is that emotions are leading you to reduce your debt, rather than increasing it. A dollar or two in interest is a side issues compared to that important point.

Indeed. Someone (David Bach, maybe?) said that when deciding which debt to snowball into an early grave first, pick the one that makes you the angriest that it even exists.


>>



Heh, heh! Maybe you should save that one for a while to motivate you to get rid of some of the others first!

Perhaps a good way to motivate yourself to get started though.


Seattle Pioneer
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