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No. of Recommendations: 7
Hi everyone,

I have been visiting this forum for a while and thought that it might help me if I got my debt out in the open. We started a HELOC three years ago and bought quite a few things that added up very quickly. Our HELOC was almost up to $190,000 six months ago and currently is at $177,022 with a 7.74% rate.

Here is the rest of our situation:
The only other debt that we have is our mortgage which has a pretty steep payment because we refinanced into a 15 year loan three years ago. The good news is that it is locked in at 4.875%.

My DW and I started a budget two months ago. It seems to be helping, but is kind of depressing at the same time. We have been trying to double up on the HELOC payments and have a $3000 tax refund that we will apply to it.

We have some mutual funds and stocks that I am sometimes tempted to use to help pay down the HELOC, but I would prefer to cut back on spending and try to pay it down as we go.

My biggest worry is that we won't be able to keep it up. We tried the same thing last year and I fell off the wagon big time. During the summer, I convinced myself that I needed a third car to commute in and put $3600 down on a two year lease and now have a $422 payment for another year and half. It is hard to convince my DW that we need to cut back after I went out and did this. Very foolish of me.

I hope that we can do it this time. This forum has given me a lot of inspiration. Half the battle for me will be to quit buying or leasing big ticket items. I always justified it with, "I deserve it, I work hard". I think that I finally understand how foolish that type of thinking is.

Thanks for reading this. I also look forward to any feedback that I might get.

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