I have decided to throw as much at our debts as possible

DebtsI have decided to throw as much at our debts as possible. First, I will work on building an emergency fund ($1000-$1500); then, pay extra on any debt that has fallen even a little tiny bit behind. I want everything up to date. Then, I want to cut our expenses even more than I have last year. Our only “splurge” right now is cable, since we don’t go out at all. We work, spend time with our child & each other. We look around for free or low cost things to do as a family. This year, we are going to spring for the zoo membership, since we go often.

Ultimately, I want to get our wall-to-wall carpet ripped out. All of it.

First up will be our kitchen (I did not do it!) and our dining room. In its place, there will be tile. I am soooooooooo looking forward to solid surfaces and no carpet in these two areas. Before the end of 2008, it will be installed. My goal is by the end of August. I want to squirrel away 80% of the money before getting the tile installed. I don’t want to increase our debt load at all. Someone, I believe it was Herlean, mentioned having a written plan for the debt paydown this year…..if you dont mind me asking, what does your plan involve and what did you do to set it up? I think putting it in writing would really help me too..

I haven’t been online in a few days.

What I did was take a piece of notebook paper and gathered every single statement that I could find. I wrote down in column form, listing the highest interest rate down to the lowest. Some people write highest balance down to the lowest. I added a column for the due date, the date I need to mail the bill so it is not late. Later, when I put it on an Excel spreadsheet, I added the mailing addresses in another column. I find it very eye-opening to see the total that we owe each month, the total of all of our debt, including the mortgage, on paper.

For instance:

Who Do I Owe? Balance Payment Due Date Mailing Date Interest

Mastercard $3,098.76 $35.00 March 1 February 15 7.85%
Sears $975.88 $10.00 March 10 March 1 22.00%
Auto Loan $1,000 $350.00 March 15 March 1 10%

This way, you will see how much you owe in black & white and have a real clear picture of what you owe. It will make you somewhat sad, but it can also fire you up once you decide to pay it off and get it done with.

I am struggling with debt right now and really hoping to get a few pointers and some camaraderie here. I look forward to getting to know you all. I know your struggle all too well. Years ago I had a college instructor that said “debt is economic slavery.” That is all too true. The key to getting out of debt is changing your view toward money and spending. I’ve gotten out of debt only to get right back in. I am still in debt but am getting out by the grace of God and intend to stay out. I like to listen to Clark Howard and he has some wonderful resources at www.clarkhoward.com. Also www.stretcher.com will show you how to make even a tiny bit of money go a long way — or at least further than it does for most folks.

That’s what I hope to do with this juniper bunch

That’s what I hope to do with this juniper bunch when they call me. I’m on a cell phone as when we had the DSL taken out (Went to Cable) The phone line was shot to heck. so cell’s better anyway. I rarely use a phone, so…. We’ll see by next week what they say. I dont know much about this whole group thing im in school and im doing this for an assignment. however this topic is a very common topic around my house. me and my fiance are having trouble with not getting out of debt.He is currently not working because his work has no work so we are getting on unenployment, but we are having trouble witht that. we have a baby and i would really appreicate it if anyone could give me some advice on how to get out of debt.

I am new to the blog and I have a qustion. I am trying to get copies of my credit reports but I can only find the address to Equifax. Esperian and Equifax have an online request form, but I am hesitant about the personal information online thing. Transunion has a form which appears to be through a third party that can be used to request all three reports. How do I safely request my reports?

If you want your reports you can get them at www.annualcreditreport.com for free…. 3 free a year.. 1 per agency. you can purchase your score thru these sights but it might be cheaper if you want all three scores at once to go thru fico.com! Good luck. hope this helps some!!! I’m trying to get myself on track for 2008 and one of the suggestions I heard was to join an online community, so here I am. Here’s my little situation just to get me started: lots of credit card debt (must I give the amount? Let’s say it’s around 15k); just bought a house in March 07 and the mortgage takes up 66% of my income; husband out of work, somewhat by choice, and that’s probably an issue for yet another group.

So I am going to my credit card to pay for groceries and gas, can barely pay minimum payments, and oh yes, my husband’s student loan payments kick in completely in January, to the tune of an additional $275 a month. I know! It’s ridiculous! All I can say is: southern California real estate prices. There were several reasons we ended up buying a house, and of course, I thought my spouse would be working at some point to help out with the expenses. I’m hopeful that will happen very soon.

Thanks for the tip on student loans. In addition to that, my overall plan for ’08 is to pay down debt gradually, starting with anything at all over the minimum payments and then work the amount up; build up savings gradually; and decrease our dependence on credit cards. Because of the house (and our relatively low income!) I’m anticipating a significant tax refund, which will be split equally between savings and debt payoff.