Paying off debts - Mothering Forums

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#1 of 3 Old 08-27-2014, 08:07 PM - Thread Starter
 
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Paying off debts

For those of you that have paid off a large amount of debt (Greater than 30K) did it just feel like it would never end?

Sat down with the husband today and we paid bills. We were able to make a double payment on our truck and have $1500 left on it. Hoping to have it paid off in October. Next smallest debt is a student loan of $4500 and we should have that paid off in February maybe sooner. Then the big ones. $22k in cc debt. $24k on a car and then $144k on the house. Feels somewhat insurmountable. I am forever having to be the perpetual cheerleader and optimist with DH but I feel a bit weary when I look at that amount.

Pax, loving wife since 2001, Mother of DD1 (12) and DD2 (8 1/2). Entering our 5th year of Homeschooling: Eclectic mix of curriculum and child interest lead. Backyard urban chicken chasers.
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#2 of 3 Old 08-27-2014, 09:01 PM
 
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In theory when you take car loan and add that to the student loan , the studen loan goes down that much quicker, add both the car and student loan payments to the credit card and things really take off!
kudos to you!

Mom to J and never-ending , 0/2014 items decluttered, 0/52 crafts crafts completed  crochetsmilie.gif homeschool.gif  reading.gif  modifiedartist.gif

Seeking zen in 2014.  Working on journaling and finding peace this year.  Spending my free time taking J to swimteam

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#3 of 3 Old 08-28-2014, 01:02 PM
 
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Yes, it feels like it will never end. We have a car and a student loan (DH's MA), some CC debt. We rent, so no mortgage, but the loan and car are scheduled to be paid off right about when kids hit college age. :-(
Our strategy is to put the car and student loan on autopay and simply forget about them as much as possible. It stresses me out less that way. CC is stressful right now, but we're working on it. Mainly, when I get down about it, I try to remember how much we have actually paid off during our marriage - two BAs, my MA, two cars (one still with us), etc. for a total of something like $80k. That reminds me that we can do this! And then just slog on... ;-)

Mom "D" to DD1 "Z" (14) and DD2 "I" (11) DH "M"

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