I don’t understand why when the debts are so bad that there’s such a concern of remodeling. It doesn’t seem like it’s a necessity at the moment. Even stuffing for it seems frivolous.
Another option is to divide the HD card total by 12 and then pay that amount each month and put any extra toward the personal loan. Since you are not paying any interest on that HD card there is no benefit to paying it off early (aside from the rollover of the minimum payment). Nice job and thanks for sharing!
Excellent recommendation-I hope they implement this because it will save them so much money. 13% interest on $6k is more than $60 per month in interest payments alone! The extra $120 from the car payment would allow them to make a significant dent in the principal of the personal loan.
You’re doing good! I would try to make a serious commitment (with your husband on the same page) to no new debt as it’s going to just keep dragging you down and bringing you further from your goals. Don’t let those 0% interest debts get you!! You also pay no interest when you save up and pay in cash. I’m rooting for you! Can’t wait to see you pay this down!
You can become debt free by stop borrowing and stop moving your debit around and stop opening more credit cards. My thought is go and maybe get another job for repairs and cash flow that- and stop borrowing.Good luck.
It’s interesting to see all of these comments about “Americans” as though other viewers aren’t Americans also watching in fascination because this budget and debt list is so unfamiliar to us as well. I don’t think through things this way at all. I wouldn’t be so quick to assign it to a nationality.
#1 rule for getting out of debt is to not add any more debt, no matter how much you want to justify it. And don't float those two smallest debts just because they're zero interest. Get rid of them ASAP and put your energy toward the rest of your debt. You can do it!
First of all, well done on attacking those debts! I must however share that I'm so shocked by how easy it is to go into debt in the US. I mean, really? In dept to home depot? Also 3 cars on a loan? I cannot imagine myself buying anything with a loan except my house. I live in the Netherlands and nowadays you can lease cars, that's something that has been going on for the past 10 years or so. I'm not a fan, but it happens. But other than that, I don't see anyone using a loan in a store or something like that.
The Home Depot debt isn't a loan, it's the amount that they put on their credit card from Home Depot. You can lease cars in the US as well, it just actually costs you more money in the long run. Also student loan's in the US are insane, so the personal loan was consolidating those debts to get a better interest rate.
I want to know what the interest rate on your student loan was. If you combined multiple credit cards and student loans, and you still owed that little I'm impressed. But I have a hard time believing it made sense to get an 11% loan for student loan debt when average is less than 5%. Most credit cards are more than 20%, so that makes total sense. Paying the minimums on your student loan debt is also a terrible idea as they generally are set to be paid off in 10 years. I just started my 10 year journey on $55,000 in student loans. But I would never consider moving them from the 3-5% range all the way up to 11%.
She said in a previous video the student loans were paid for by military but her husband was making little money so they borrowed 4k in student loans to pay for their living costs, so I think that’s why it’s so low
Student loan interest in charged daily, where as a personal loan is charged 1x a month. Also they minimum payments on student loans is typically to pay it off in 30 years, meaning that you pay WAY more interest on a student loan than you would on a 3-5 year personal loan. It’s not a bad idea honestly.
Very good for you getting out of debt. But why do you americans care about the cents??? It just makes it so much more cluttered. Just round up to the nearest dollar and you'll always be on the "right" side.
I don’t understand why when the debts are so bad that there’s such a concern of remodeling. It doesn’t seem like it’s a necessity at the moment. Even stuffing for it seems frivolous.
Thank you for the update! Progress is progress. You're aware and that's all that matters. Praying for a healthy delivery for you and baby.
No way I'd allow 5 debts totalling less than like $300 occupy this much life energy but best wishes reaching your goals!
Another option is to divide the HD card total by 12 and then pay that amount each month and put any extra toward the personal loan. Since you are not paying any interest on that HD card there is no benefit to paying it off early (aside from the rollover of the minimum payment). Nice job and thanks for sharing!
Excellent recommendation-I hope they implement this because it will save them so much money. 13% interest on $6k is more than $60 per month in interest payments alone! The extra $120 from the car payment would allow them to make a significant dent in the principal of the personal loan.
That's awesome! Be proud of yourself !! That's more than I make it a month and I pay any little extra toward my debts.
Great progress
You’re doing good! I would try to make a serious commitment (with your husband on the same page) to no new debt as it’s going to just keep dragging you down and bringing you further from your goals. Don’t let those 0% interest debts get you!! You also pay no interest when you save up and pay in cash. I’m rooting for you! Can’t wait to see you pay this down!
Yes! Thank you!
What a great amount you paid off in December!
You can become debt free by stop borrowing and stop moving your debit around and stop opening more credit cards. My thought is go and maybe get another job for repairs and cash flow that- and stop borrowing.Good luck.
Great progress!! 👏🏻
You are making great progress.
It’s interesting to see all of these comments about “Americans” as though other viewers aren’t Americans also watching in fascination because this budget and debt list is so unfamiliar to us as well. I don’t think through things this way at all. I wouldn’t be so quick to assign it to a nationality.
#1 rule for getting out of debt is to not add any more debt, no matter how much you want to justify it. And don't float those two smallest debts just because they're zero interest. Get rid of them ASAP and put your energy toward the rest of your debt. You can do it!
First of all, well done on attacking those debts! I must however share that I'm so shocked by how easy it is to go into debt in the US. I mean, really? In dept to home depot? Also 3 cars on a loan? I cannot imagine myself buying anything with a loan except my house. I live in the Netherlands and nowadays you can lease cars, that's something that has been going on for the past 10 years or so. I'm not a fan, but it happens. But other than that, I don't see anyone using a loan in a store or something like that.
The Home Depot debt isn't a loan, it's the amount that they put on their credit card from Home Depot. You can lease cars in the US as well, it just actually costs you more money in the long run. Also student loan's in the US are insane, so the personal loan was consolidating those debts to get a better interest rate.
Congratulations on the payboff,
New subbie as of today
Thank you! I'm so glad you're here!❤
Your total should be $334,334.14. So you did better than you thought. Do you have a debt free date that you’ve planned?
I got the total balance to 334.334,14 dollar. Why not use the calculator on the phone. :)
I want to know what the interest rate on your student loan was. If you combined multiple credit cards and student loans, and you still owed that little I'm impressed. But I have a hard time believing it made sense to get an 11% loan for student loan debt when average is less than 5%. Most credit cards are more than 20%, so that makes total sense. Paying the minimums on your student loan debt is also a terrible idea as they generally are set to be paid off in 10 years. I just started my 10 year journey on $55,000 in student loans. But I would never consider moving them from the 3-5% range all the way up to 11%.
She said in a previous video the student loans were paid for by military but her husband was making little money so they borrowed 4k in student loans to pay for their living costs, so I think that’s why it’s so low
Also probably would be high interest for such a low loan I guess? No idea about how it works I’m English lol
Student loan interest in charged daily, where as a personal loan is charged 1x a month. Also they minimum payments on student loans is typically to pay it off in 30 years, meaning that you pay WAY more interest on a student loan than you would on a 3-5 year personal loan. It’s not a bad idea honestly.
@@srobs375 is it advertised using the daily interest percentage? If so that’s kind of misleading compared to everything else
Very good for you getting out of debt. But why do you americans care about the cents??? It just makes it so much more cluttered. Just round up to the nearest dollar and you'll always be on the "right" side.
Because we want to be precise!
@@CynthiaIvers Why seek precision where none is needed?
@@CynthiaIvers Why seek precision where none is needed?
@@zingzing6550 Just explaining how some of us Americans are. We aren't used to rounding up.