Getting out of debt Spring thread! - Page 2

[FillingMyQuiver]

Hi Mamas!! I usually just lurk on the GOOD threads because I typically don't have much to add, but I just wanted to give you all s and pats on the back and to tell you, IT CAN BE DONE!!! In the short 3yrs. that DH and I have been married, we have paid off over $40,000 worth of debt And to top it all off, DH has been laid off, switched job fields, AND took a crazy pay cut (almost 27K/ yr less).

When DH and I got married, we each had debt coming out of our ears. I had student loans for a college education I didn't complete, cc debt for clothes and STUFF I didn't need, and $3000 borrowed from my parents for a car. DH came w/ a brand new financed car, student loans, and cc debt that was close to double what mine was

Early on in our marriage, we decided that we wanted to be debt free and would work our butt's off to get there. We've put tax returns, bonuses, holiday gift money, EVERYTHING extra towars our debt.

In March, DH was laid off (we knew it was coming and prepared by saving along w/ paying off our debt). Using DH's severance, we paid off the very last of our debt this month and can now live on less than $1600/ mo. Which is great b/c DH has decided he doesn't want to program anymore and is now driving for UPS, a paycut of almost half his old salary.

But ya know what?!?! We are so happy and relieved. We no longer have this burden of owed money hanging over our heads. We are FREE!!! I want you ladies to know that the end is in sight, even if you can't see it right now. YOU CAN DO IT!!!

[dinade]

Aww Jenn...

thank you for lifting us so far up when we are so far down (drowning in debt) Your story made my day. It can be done ladies.

[PikkuMyy]

I'm here!

I have about $130K total including CCs, student loans, and a home equity loan. It's all in my name, although DH shares the CCs with me. I got my credit reports free through my state and although my credit score is low (almost 600), there's nothing negative except a bill to Sprint that I refuse to pay because it's their fauly (about $20) so it's just my debt-income ratio.

DH needs to be building his credit but that's hard to do without taking on debt to pay off and we don't need any more of that!

We're doing very well financially in terms of income right now but we have to pay our property taxes ($1,000) and all of our bills add up to just get the minimum paid off each month. Plus, we don't know how long DH's good income will last and I'll be working part-time this summer instead of full-time (I teach.)

We're trying to be more frugal with our living expenses because we like to go out to eat, etc. and we buy only organic food. I figure that every dollar coupon I use and every health food thing I can find at the closeout store (I got a gallon of natural lavendar soap for $7) helps us to pay off our debt.

We'd like to have a savings but it's hard because everything that we save means we pay more CC finance charges.

[simply me]

Well iam off to bed for the night but i am so glad to have found this thread!!!! I wil be on tomorow & post as i have alot to say!!! So looking forward to having others who can relate/encourage etc.

[its_our_family]

I'm here!

Like patty, I lost the rest of the group so I'm glad to see this thread going

Where I'm at is:

We make our first house payment today Which is less than our rent by over $100.

We also just got the payment book for our brand new car loan. We traded in our SUV. Our carpayment is slightly higher but we now have a warantee, a brand new car that is big enough for our needs, we are saving on gas (we spend less than half of what e spent before) and our car insurance dropped from 2400 to 1600 a year (from the new car and buying a house )

Our debt isn't all that bad. We owe on 1 car, 1 cc, and 1 overdraft loan (minus the house and new car)

I started working 2 weeks ago. I get my frirst paycheck today! We have it worked so dh watches the boys while I work, so no child care. I can walk to work (les than 2 city blocks) so we szve on gas.

Our plan is to use my checks only to pay off debt and for savings. We want to be able to have money for emergancies.

If we follwo through completely on our plan we will be completely debt free (minues college loans, house and new car) in a year

[PikkuMyy]

Wow Megan, looks like you've got it really planned out! I wish I could walk to work. Right now DH drives me to my first job, picks me up and takes me home for lunch and then drives me to my second job, then comes and gets me again!!! (Our home is right on the way from the 1st to 2nd job so that's not a big deal.) What a lot of extra driving! I don't have a license nor do we have a second car. (He works from home and needs it.) I've taken public transportation from time to time but it adds so much time to my commute that I end up with no lunch time in a 9 hour day.