Debt Management and Elimination

No Spend 16 - 23 November

my.kids — Mon, 16 Nov 2009 00:16:01 GMT

Seeing as on my side of the world the day starts earlier than yours thought I would get the next week up and running. Who is in for this week?. Haven't started too well here, had a hospital visit and though I saved money on the petrol for the 1 hr drive as I was in town anyway I spent $6 on parking and $5.50 on breakfast. Have to do groceries tomorrow but hopefully that will be it for the week. At least in NZ healthcare is free!!!!

Slaying the DD 2009 part 2

zohnerfarms — Thu, 05 Nov 2009 22:58:51 GMT

Since the original thread seems to have taken a trip into "elsewhere", I thought we could continue it here.

should i pay off all my debt?

lisy — Mon, 09 Nov 2009 04:04:57 GMT

My total debt is 17k at 4% interest only. This makes my monthly payments around $80. I could pay it off, but that would mean using all of my savings. My question is should I pay it off in a lump sum or little by little just in case I were to need the money for an emergency? What would you do?

Thanks for you advice.

NO SPEND * Nov 8 - 14th *

dmc_2008 — Sun, 08 Nov 2009 05:26:20 GMT

Hi all, I am starting thread early and going the distance... 7 whole days!

Let's see how many we can make * No Spend * and include a Sunday (the 8th) and a Saturday (the 14th). I am well into my budget already this month, so very little spending is my hope!

NO Spend * November 2 - 6 *

dmc_2008 — Fri, 30 Oct 2009 16:13:17 GMT

See how many days you can go without spending.

(I am posting early because I am giving myself some time off from the board)

Please know that I am right here with you trying not to spend daily!

Good luck.

Slaying the Debt Dragon in 2009

latenightleader — Tue, 23 Dec 2008 18:03:11 GMT

We will challenge ourselves to end the year with lower debt than when we started!

We will have challenges and support each other, even when we buy something or need to spend on something necessary, or something that we need to buy to feed the soul or for our families.

Starting this thread now because we all have a task, to FIND OUR STARTING POINT. You can post it or put it on a post it under your mousepad, or write it on your dayplanner, or save it in your email inbox.

Dig out those holiday reciepts and add them to the totals if you won't have a new bill, call the credit card 800 number to get your current balance, look up your car loan online if you can, just gather those numbers, add them together, and say to yourself- "This will be smaller next year."

I'm Frustrated by Debt/Income - the psychology of debt

Cinnamonhuskies — Thu, 22 Oct 2009 17:53:53 GMT

By that I mean I either have to decrease monthly debt or increase income. Hahahahahah

I am looking at our credit card bills as they come in this week...bills I did not have until last spring.....and then it was dh telling me that we'll just do it for now and don't worry and blah blah blah and well all it takes is shortened work weeks, increased expenses, a depleted emergency account to pay some medical bills and voila! They magically climb right before your eyes!

Dh is lucky he's out of the country right now.

These bills have our vacation from September on them so in the back of my mind I knew it was coming.

My Point Is: (yes I have one) We had everything but the mortgage paid off last year and didn't start adding debt until around March or April. So what happened? I am thinking it is like a drinking problem. If you are an alchoholic, even a small drink can become a drinking problem all over again. You think you've learned everything you need to know to handle it. But when faced with the 'just this one time' it snowballs. I know I'm not totally without blame but the decisions were dh's and it didn't work. I think he has a problem , too, but having grown up poor he's never considered himself having a problem with money. I think all this time ...

..we have the haves and have nots (me and him). I had everything growing up, he had nothing. He wants the things he didn't have, and i expect the things I had.... both of us being frugal and these being subconcious actions of ours....like an addiction problem maybe?

Problem is, we need to either increase our income (which i have failed at doing) or decrease our fixed monthly debt (which Is the mortgage...again something I have not succeeded at) This is that rock and a hard place I am living in.

NO Spend * 26 - 30th * October

dmc_2008 — Mon, 26 Oct 2009 15:20:55 GMT

Good morning, sorry thread is late.

No spend week!

What happens when you walk away from mortgage's and helocs???

dmc_2008 — Tue, 27 Oct 2009 15:37:48 GMT

I am just curious. What happens when you just stop paying for your primary mortgage, your second mortgage and your Home Equilty lines of credit?

Obviously, you get kicked out on the street and your credit goes in the toilet but what else? (As if that is not bad enough). But what else happens.

Do you end up in debtors prison? ;-) Or do they garnish your wages for the rest of your life for the Heloc? What happens?

No Spend * October 19 thru 23 *

dmc_2008 — Sat, 17 Oct 2009 23:42:25 GMT

That is a Monday thru friday. Bills don't count! No stores, no garage sales, no shopping online, no fast food, no dining out, no cash out!

Posting early so we can prepare and be ready. See you Monday! Are ya in?

Feel Like I'm Drowning

misschanda — Wed, 12 Aug 2009 18:09:15 GMT

Hi everyone. I am new to the forums. I stumbled upon this site while looking for ways to cut costs. I feel like were drowing in debt right now. It isn't so much credit card debt, we only have one and its a very low amount, but its medical bills, taxes, just normal monthly bills etc. We are a month and 1/2 behind on our house payment, the electric bill is about to kill us and soon it will be time to start buying propane again for heat. Hubby is making about $15 less at this new job after being laid off a year or so ago. I just feel like everytime we catch our breath something else happens. Were both driving older cars that are falling apart so I know at some point were going to have to get something but at this point we couldn't make a car payment. I feel like we are living paycheck to paycheck and its not enough to cover all the medical bills we owe. Hubby has a second job but the last two months they haven't needed him to work. We have a child with disibilities and once school starts my hours will be cut from having to pick him up from school. Any suggestions would be great. Anyone else feel this way?

No Spend Days - October 12 - 16th.

dmc_2008 — Sun, 11 Oct 2009 17:50:25 GMT

Okay No Spender Stetchers, another week ahead of us to exercise our rights to keep our money! ;-)

I stocked up and so I should be pretty good for the next week and foresee no reason to buy anything other than pay bills!

Let's do this thing!

No Discipline

0124oconn — Wed, 12 Aug 2009 16:50:44 GMT

Hi,

I have slight issues with discipline and saving money. Does anyone know anything about companies which take your money, sort out your bills and then give you an allowance to live on. I feel this would really help. Does anyone have any information on such companies and how they work or if anyone has had any negative experiences. Any help would be appreciated.

I can't seem to get relief

corgee — Thu, 17 Sep 2009 20:33:55 GMT

I've cut out everything I possibly could to save an extra penny, I eat less, and I still can't keep up with these payments for debt. Someone suggest that I take out a personal loan with a lower interest rate than the credit cards I'm trying to pay off but don't know much on the matter. I have 3 credit cards that have a pretty penny racked up on each and have cut them up but I can't seem to make a dent.

Any suggestions on what to do or if taking out a personal loan is smart? Can I even get a personal loan if my credit is bad and I don't make much money?

Why paying cash (instead of on a credit card) will cost you more

Deborahmichelle — Fri, 02 Oct 2009 14:07:48 GMT

Dear All, Here's an eye-opening article from the NY Times on why paying cash (instead of on a credit card) will cost you more. Read the last paragraph especiallY! http://www.nytimes.com/2009/10/02/business/economy/02norris.html?emc=tnt&tntemail0=y

Yours in Him, Deb

No Spend Days... October 5 thru 9th

dmc_2008 — Fri, 02 Oct 2009 03:42:42 GMT

That is a Monday thru friday. Bills don't count! No stores, no garage sales, no shopping online, no fast food, no dining out, no cash out!

Posting early so we can prepare and be ready. See you Monday! Are ya in?

Paying off payday loans ....

forginahead — Fri, 07 Aug 2009 13:22:24 GMT

Yes, I admit it. I was dumb - taking out payday loans (total of three) because I was too prideful to ask anyone else for help. This is currently the major budget-breaker for me.

I'm trying to stay positive about paying them off (made a payment arrangement for one, and am working all the overtime I can to pay off the others), but it's very discouraging ... one, because I knew I should not have done that and two, it's a lot of freakin' money!! Meaning, right now I cannot buy ANYTHING until these are paid off. In addition, I have health conditions that occasionally cause me to miss work - and if I do so, it's unpaid time.

Any ideas? suggestions? kicks in the butt? All are welcome.

I OVERPAID last month's VISA -- this month's bill $28.01!

Deborahmichelle — Thu, 01 Oct 2009 19:52:48 GMT

Dear ALl, I thought the $28.01 was a typo, since my ISP alone is $30! I'm a very happy camper. (I overpaid last cycle accidentally.) On the current cycle, I've spent the ISP + $10 yesterday for selenium. I hope to keep my expenditures very low, inl line with a new, strict budget that I've prepared & assume I'll maintain in order to be ready for Heart's inevitable vet bills. Yours in Him, Deb

No Spend Days 21st - the 30th... end of month!

dmc_2008 — Mon, 21 Sep 2009 13:03:54 GMT

Did my grocery shopping yesterday, will post in that thread later when I have the receipt in front of me. So I am good until the end of the month now.

It should be a no spend at all, no stores, nothing needed. I am going for the gold, the end of the month!

No Grocery Stores
No Drug Stores
No Clothes
No Garage Sales
No Yard Sales
Nothing extra!!

Are ya with me?

New credit/debit card regulations (Federal)

Deborahmichelle — Wed, 30 Sep 2009 23:06:11 GMT

The NY Timmes has a short story on the proposed regulations today: http://www.nytimes.com/2009/09/30/your-money/credit-and-debit-cards/30card.html?_r=1&th&emc=th Yours in Him, Deb

More Stupid Debt Tricks...

Greg Moore — Sat, 29 Mar 2008 15:27:07 GMT

If ReservePlus realizes it’s dream,

http://www.reserveplus.com/

soon everyone with a 401K retirement account can use a plastic card to access a credit line backed by their 401K retirement account assets.

Employees of companies adopting Reserve's service can transfer a portion of their retirement assets to a ReservePlus interest bearing account and use the card – euphemistically called a "401K Debit Card" – at ATMs to withdraw cash or at thousands of merchants to buy stuff.

Employees receive statements by mail or online detailing transactions, balance, interest charged , and where to mail their minimum required monthly payment.

Here’s a question… Is this a debit card… or a secured credit card, which activates a 401K account loan? If you answered, "credit card," go to the head of the class.

The difference between a "401K Debit Card" loan and a traditional 401K loan is you generally wouldn’t use a traditional 401K (hardship) loan to buy gas; albeit $3.59/gallon gas is a hardship for many. Other differences include setup fees, variable interest rates -- 2.9% HIGHER than the prime rate -- and not all of the interest paid by the user is returned to their 401K… ReservePlus gets a cut.

One other difference, touted as a benefit by ReservePlus, is you don't have to pay any outstanding loan back in 60 or 90 days if you're terminated by your employer. Instead, you get up to 5 years.

With both types of loans, you're still subject to the 10% early distribution tax penalty if you default, plus income taxes on the amount of loan outstanding at the time of default, and both loans damage your retirement account growth.

Google “401K Debit Card” and you’ll see outrage by many personal finance commentators at this apparent assault on retirement assets. I don’t think it’s a good idea, either. It’s yet another stupid debt trick.

But I think there is a larger point...

The demise of company-funded pensions and rise of 401Ks transfers the bulk of the retirement funding burden to employee paychecks. Any hope of having sufficient assets at retirement requires a high contribution level, which exacts a heavy toll when living expenses and debt payments are factored in. This is undoubtedly one of the reasons why roughly half of all working Americans don't participate in defined contribution --i.e., 401K-- retirement plans.

It’s also likely the reason why 401Ks are the ONLY retirement accounts with borrowing provisions. For many employees, funding their own retirement is unaffordable.

There is a simple way to reduce the financial stress of contributing to your retirement security. By rapidly paying off all of your debts you create additional income to use to fund your retirement. An added benefit is you cut your cost of living in half -- no more debt payments -- so you're at less risk of falling victim to a stupid debt trick... and ruining your retirement.

Do you participate in a 401K? Is it a cashflow hardship? Have you ever borrowed from the account?

-------------------
Greg Moore is the Creator of the Wealth Building System
'DebtIntoWealth -- Lessons from My Journey to Debt Freedom'

   "My husband is due to retire from the Navy in just two
    years at a young 42 years old, and right around then,
    using your system, we'll be completely debt free, which
    means we could literally never have to work another day,
    if we choose."    -- Andrea Davis, South Korea

Get Lesson 1 FREE, today. Click:
http://www.debtintowealth.com/debttrap.html

No Spend Days Sept 14 - 19th.

dmc_2008 — Mon, 14 Sep 2009 01:00:12 GMT

Time to revive this thread with a twist. Are ya in?

Starting tomorrow, the 14th for the rest of the week, let's go!!!

;-)

Do One Thing Differently

Pamelaw — Wed, 19 Aug 2009 14:43:27 GMT

I had this thought running wild through my poor mind this morning - if I were to do ONE thing differently each week - some big, some tiny - we could accelerate our debt pay down (or, dare I say, pay off!) This week my one different thing is to wash clothes only in cold water. This is not as simple as it may seem because I have one sloppy child at home and a very messy dh who tend to drop towels and their clothes on the floor....which doesn't sound that bad unless you know we have a very old cat who loooves to p p on anything dropped on the floor and then these towels, etc. need to be soaked. So along with washing in cold I will be policing the other members of the family and their messy habits. And once I start a new habit, i will promise to continue it and just keep adding more different things to do. Anyone else have ideas for the next few weeks for me? Or want to share your ideas that you use. peace.

Payday Loans

Brandy — Wed, 22 Apr 2009 11:21:43 GMT

This morning we were visited by a poster who inquired about payday loans for an emergency situation. After some research, I found the post has been repeated all over the net using different member names. I am left to believe that we were SPAMMED! But more than this, I have concerns that the poster hoped some deperate person would check out the payday loan site he/she posted and would apply online for a loan. I also believe this particular company was not a safe one to deal with.

I believe it is sound advice to NEVER give out financial or personal information to a company that does not have a solid reputable history of business. I would advise that under no circumstances should anyone use an online payday loan company, especially one that is just a broker charging a fee to connect the applicant with a loan company and requires your banking information to withdraw electronic payments directly from your account.

No Spend Days!

Striving1 — Thu, 16 Jul 2009 19:12:02 GMT