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Out of the Red by Stretching the Green 2013

Last post Wed, Jan 1 2014 6:52 AM by redw4552. 160 replies.
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  • Fri, Dec 28 2012 11:34 PM

    Out of the Red by Stretching the Green 2013

    This is specifically for debt reduction!  How are you saving your money and using it to fund debt reduction?

    First step in financial solvency is to get out of debt, we are using our saved money to truly invest in a better financial future for ourselves.

    Even little steps, post them!  Did you reluctanctly drive past the sandwich shop to make some peanut butter toast, did you pay an extra payment or some extra funds towards credit cards, did you start saving money by hand washing instead of dry cleaning? If your goal is to pay down debt, family debts, credit card debt, student loan debt, home equity debt, mortgage debt, student loan debt, medical debt, payday loan debt, car debt, motorcycle debt, business debt, small debts, join us!

     I will go out on a limb and share a number, my credit card debt is about $20K. At the end of the year, I am hoping it is down to $15K.  I have lots of expenses this year, but I think with a very disclined approach I can make it. I will also be paying legal debt and housing debt, but would love to get rid of the credit card debt in three or four years.This is dependent on keeping a job, and kids staying healthy, and not needing a new car this year, but I think it is both doable and desirable.

     You can state a goal, how you are saving the green, how being in the red impacts you, anything!

    Let's blast the debt, slay the debt dragron, get the debt monkey off our back!

  • Sat, Dec 29 2012 2:00 AM In reply to

    • LindaC
    • Top 150 Contributor
    • Joined on Mon, Mar 30 2009
    • Posts 570

    Re: Out of the Red by Stretching the Green 2013

    I have a lot of credit card debt that I would also love to pay off within a few years. It will be very hard as I'm experiencing health difficulties, and the added burden of working at home while taking care of most of the housework and sharing in the care of our mother who is still recovering from 3 surgeries on her knee since June may prove too much for me. I'm on the edge right now of just throwing in the towel and filing bankruptcy. It just wouldn't take much to push me over that edge! But, I'm going to take each day as it comes and see how things go. The second step (first step was to start selling again) is to see a dr at the free clinic. I now think I have an ear/sinus infection. Ugh! Left ear has been roaring all day. I may not last until I can get in to the free clinic, so I'll have to whip out that credit card again!
  • Sat, Dec 29 2012 9:36 AM In reply to

    • swedluv
    • Top 50 Contributor
      Female
    • Joined on Sun, Jun 8 2008
    • North Carolina
    • Posts 1,713

    Re: Out of the Red by Stretching the Green 2013

    We are starting the new year with $56,996 in debt...gotta make some progress!
    Lynn


  • Sat, Dec 29 2012 11:25 AM In reply to

    Re: Out of the Red by Stretching the Green 2013

    I just did an overall review. 2785 credit card, 8065 personal loan, and 2917 care credit. We are making minimum payments plus a little on the care credit and letting it snowball itself through the several promotional purchases we have on it. The credit card will be getting knocked down a good bit in January with the extra payday in it. The loan is our lowest priority debt as it is the lowest interest, and also a set payoff date as long as we make our monthly payments. I don't personally count our mortgage as debt right now, we'll aim at that more once the other stuff is gone. We'll be using our tax return to clear off the remaining credit card balance, and hopefully throwing enough at the care credit to clear all promotions before they expire. If we have enough of a return to do that, then we'll use a bit to take care of a few big purchases before we apply the rest to knocking down the personal loan. We will be adding $400-$900 more to the debt in April to finish DH dental work.

    13767 Total Debt as of 12/29/2012
    Kris in VA
  • Sat, Dec 29 2012 12:33 PM In reply to

    Re: Out of the Red by Stretching the Green 2013

    I'm in.  This is a new beginning for me as well!  I am in hopes of being completely debt free and have some equity in my home in the next few  years.  I am trying to plan ahead now so that at least when I retire, in minimum of ten years, I won't have such a debt load and may even have some breathing space.   

    The struggles I see for myself will be no credit card usage and saving for emergencies.

    If there are emergencies and I am not ready for them, it will hinder my plan!

    Slay that debt dragon, get out from underneath the heavy burden!  Out of the red and into the green, 2013!


    Good luck everyone!

    Henry Ward Beecher wrote, "It is not what we take up, but what we give up, that makes us rich."

  • Sat, Dec 29 2012 1:34 PM In reply to

    • LindaC
    • Top 150 Contributor
    • Joined on Mon, Mar 30 2009
    • Posts 570

    Re: Out of the Red by Stretching the Green 2013

    dmc_2008:

    I'm in.  This is a new beginning for me as well!  I am in hopes of being completely debt free and have some equity in my home in the next few  years.  I am trying to plan ahead now so that at least when I retire, in minimum of ten years, I won't have such a debt load and may even have some breathing space.   

    The struggles I see for myself will be no credit card usage and saving for emergencies.

    If there are emergencies and I am not ready for them, it will hinder my plan!

    Slay that debt dragon, get out from underneath the heavy burden!  Out of the red and into the green, 2013!


    Good luck everyone!

    That will really be a struggle for me, too--NOT using the credit card. Being tempted to use it is one thing; actually using it is something I'm trying to avoid. At least, I'm trying to avoid using it except for absolute necessity.
  • Sat, Dec 29 2012 2:38 PM In reply to

    • ogram
    • Top 500 Contributor
    • Joined on Tue, Oct 19 2010
    • Posts 99

    Re: Out of the Red by Stretching the Green 2013

    I'm in!  I have $71K mortgage but won't work on that as far as extra payments until I pay off other debt. 

    This is where I am as of 12/29/12:

    Consolidated credit card debt into one loan with fixed rate and fixed pay off date.  Originated at 16K now down to 13,300.  I have been making extra payments but not in December because of Christmas purchases.'

    Credit card new debt in December $300, will pay off in January with extra pay check.

    DH's credit card debt been paying down, balance $150, will pay $75 in January and balance in February.

    Debt total $13750. 

    I have $1200 in savings and a bonus check by end of January that will net about $1800 which 1200 will go into savings and $600 or whatever is left will go to loan paydown.  I get a bonus in July and January and I am hoping to put all of those to loan.

     My goal is to be debt free by the end of January 2014, work one more year and save all of my income, just live off DH's disability, and then resign my full time job and work part time, either seasonal or 3 days per week to apply to mortgage only.

    Good luck to us all!

    Margo

  • Sat, Dec 29 2012 6:17 PM In reply to

    Re: Out of the Red by Stretching the Green 2013

    Linda, we can do it! Margo, it sounds like you have an awesome plan in place.

    I would love to quit my full time job and work parttime someplace, but I am 52 and have to take advantage of the working years I have left and in that time, get my debts and money mgmt under control.  I hope to retire, at 62 or a a little longer, but maybe I can make it sooner if I work very hard now!

    Henry Ward Beecher wrote, "It is not what we take up, but what we give up, that makes us rich."

  • Sun, Dec 30 2012 1:31 PM In reply to

    • ogram
    • Top 500 Contributor
    • Joined on Tue, Oct 19 2010
    • Posts 99

    Re: Out of the Red by Stretching the Green 2013

    DMC, I'm not much older than you.  I am currently 55-1/2 and want to quit full-time work between 56 and 57.  I plan to draw SS at 62 so I want to work part-time for mortgage paying sake only. I don't have much in my 401K, well not enough to last from 59-1/2 (when I can draw it without penalty) until I am 62 to pay down mortgage without working part-time.  I actually love my full-time job but the woman I work with (a 2-person department) is on again/off again controlling person, so much that I can be on the telephone explaining something to someone and she will literally grab the phone from me and take over the explanation.  I think this is so rude but if I say something to my superior it will just make things worse for me.  It is very stressful but I want to keep this job since it pays well (for around here for a woman!) until I can afford to leave.

    I want to be more patient and overlook her controlling nature because she is like this with a lot of people.  My supervisor likes her very well and doesn't see what goes on, just that she gets a lot of work done, and that being the end result she won't care if it causes anguish for others, especially me since I work with her constantly.  So I just pray about having more patience and overlooking her attitude and personality.  Big Smile

  • Sun, Dec 30 2012 1:31 PM In reply to

    • ogram
    • Top 500 Contributor
    • Joined on Tue, Oct 19 2010
    • Posts 99

    Re: Out of the Red by Stretching the Green 2013

    oops...deleted extra post...not sure how it got in there twice!

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