Hey hun, you popped up on my timeline. We are on this journey together and my Debt is right up there with yours. I do the Debt Snowball as well, it's the lowest amount. I like it because it lets you see your progress. The debt confession video was the hardest one I had to do, but I am holding myself accountable. Good luck on your journey. New subbie. #community 💗
Whew! I remember filing for bankruptcy 40 years ago and my debt was only 16k which was still a lot for that era. Good Luck on your journey, thank goodness there are no student loans on top of everything else.❤
The way you’ve laid out your bills, you WILL pay them off. 🙂 I keep a zero-based biweekly budget and long term debt payoff plan but still want to continue saving as much as 35% of my biweekly pay to my HYSA (approximately $2,500). My retirement contributions have been maxed out for the past 10 years. I’ll payoff my mortgage when I retire in 9 years and I have no credit card debt because I treat all 16 credit cards like debit cards. But I am working to payoff a $15K+ student loan in 1 year, $5K+ personal loan in 4 months, and $45K+ car loan in 3.5 years.
Take out the mortgage. You don’t need to stress it, because not only do you have 30 years to pay it but housing is consider a monthly bill not debt. - Try to consolidate all the consumer debt into 1 low interest loan or credit card. You can transfer the consumer debt to a 0% card. Then your monthly payments will be $500 instead of $1000+ you paying. - If those two larger loans are student loans just put them in the SAVE program, your minimum will be 0$ and you wont have to stress paying them until after you finish paying the consumer debt.
You would be doing the avalanche method by going by lowest interest first. Snowball would be lowest balance first, which is what Dave Ramsey recommends so that you can gain momentum. Good luck on your new journey!
I wanna know why you would do 100 thousand dollars in repairs on a 100 thousand dollar house.im going to guess all that money didn’t go to repairs. But keep pushing, I hope that you succeed. And snowball is lowest balance. Not interest rate
You are doing wonderful in your debt payments. You will get there!
@@SavingWithASenior24 Thank you!
Hey hun, you popped up on my timeline. We are on this journey together and my Debt is right up there with yours. I do the Debt Snowball as well, it's the lowest amount. I like it because it lets you see your progress. The debt confession video was the hardest one I had to do, but I am holding myself accountable. Good luck on your journey. New subbie. #community 💗
Thank you for the support, I really appreciate it!!!! Good luck on your journey as well!
Whew! I remember filing for bankruptcy 40 years ago and my debt was only 16k which was still a lot for that era. Good Luck on your journey, thank goodness there are no student loans on top of everything else.❤
Thank you! I was fortunate to pay those off years ago. Now it time to tackle this debt.
I also include my mortgage as a debt. It’s a loan and we pay interest on it.
Thanks for sharing! How did you end up getting so many CCs? Specifically the AmEx and Chase cards
@@DotMyFinances Well, at the time my credit score was over 750 and everybody was offering me credit cards.
absurd
The way you’ve laid out your bills, you WILL pay them off. 🙂
I keep a zero-based biweekly budget and long term debt payoff plan but still want to continue saving as much as 35% of my biweekly pay to my HYSA (approximately $2,500). My retirement contributions have been maxed out for the past 10 years. I’ll payoff my mortgage when I retire in 9 years and I have no credit card debt because I treat all 16 credit cards like debit cards. But I am working to payoff a $15K+ student loan in 1 year, $5K+ personal loan in 4 months, and $45K+ car loan in 3.5 years.
Thanks for sharing! I appreciate the support!!
Ma’am you haven’t met a debt you don’t like 😫😫. I’m rooting for you! You should highly consider following the Dave Ramsey plan!!!
Thank you! I appreciate the support and advice.
Newbie here! Good luck on your new journey!
Thank you!!
Thank you! You too!
Take out the mortgage. You don’t need to stress it, because not only do you have 30 years to pay it but housing is consider a monthly bill not debt.
- Try to consolidate all the consumer debt into 1 low interest loan or credit card. You can transfer the consumer debt to a 0% card. Then your monthly payments will be $500 instead of $1000+ you paying.
- If those two larger loans are student loans just put them in the SAVE program, your minimum will be 0$ and you wont have to stress paying them until after you finish paying the consumer debt.
Thank you so much for all the advice!! I really appreciate it. I will look into getting a 0% credit card to consolidate all my debt. Thank you again!!
When you pay your credit cards with the heloc loan do not use your credit cars again.
@@ernieramirez2491 Absolutely, yes I take those credit cards out of my wallet! Out of sight out of mind.
The Ramsey method is the lowest debt and then the next highest. Not by interest.
Thanks! Just a little overwhelmed by this debt. So I shouldn’t worry about interest now. Just start with lowest debt?
You would be doing the avalanche method by going by lowest interest first. Snowball would be lowest balance first, which is what Dave Ramsey recommends so that you can gain momentum. Good luck on your new journey!
Lowest first to correct behavior issue or highest interest first to save money
@@LonestarChicPlansTX I actually think with the avalanche method you start with the highest interest rate, not lowest interest rate.
I wanna know why you would do 100 thousand dollars in repairs on a 100 thousand dollar house.im going to guess all that money didn’t go to repairs. But keep pushing, I hope that you succeed. And snowball is lowest balance. Not interest rate
Great question! Debt confession update coming soon. I will be sure to answer your questions regarding the loans. Thank you!