Anonymous
12/30/2011 10:51
Subject: If you have significant debt
Anonymous wrote:Anonymous wrote:Anonymous wrote:Do you feel like you shouldn't spend any money on anything but bare necessities? We have pretty significant consumer debt and I know we should be putting every dime towards paying it off. We also should be saving money for college (paying off the debt will help a lot with paying for college). If we watch every penny we might be able to pay it off in 3 or 4 years. But that means we don't do anything extra (take kids to the movies, sign up for kid sports, go anywhere, buy DD "cool" clothes etc) It means our kids can't do a lot of what their friends do (private school). But I know the sooner we pay it off the more money we save. It just means restricting our lifestyle a lot. If you have debt, are you paying it off aggressively and not spending on much of anything?
You shouldn't be doing private school unless you are getting a discount, Some schools will give you a tuition discount even if the debt is reckless and at fault of the parents (credit cards, fancy cars, mortgage refis, vacations etc...)
Grandparents pay for catholic school.
And you are still in debt? Crazy
Anonymous
12/30/2011 10:47
Subject: If you have significant debt
Anonymous wrote:Anonymous wrote:Anonymous wrote:Do you feel like you shouldn't spend any money on anything but bare necessities? We have pretty significant consumer debt and I know we should be putting every dime towards paying it off. We also should be saving money for college (paying off the debt will help a lot with paying for college). If we watch every penny we might be able to pay it off in 3 or 4 years. But that means we don't do anything extra (take kids to the movies, sign up for kid sports, go anywhere, buy DD "cool" clothes etc) It means our kids can't do a lot of what their friends do (private school). But I know the sooner we pay it off the more money we save. It just means restricting our lifestyle a lot. If you have debt, are you paying it off aggressively and not spending on much of anything?
You shouldn't be doing private school unless you are getting a discount, Some schools will give you a tuition discount even if the debt is reckless and at fault of the parents (credit cards, fancy cars, mortgage refis, vacations etc...)
Grandparents pay for catholic school.
If grandparents are willing to help, I'd pull the kids from private school (which IMO is a frivilious expense) and ask for that money to help pay down debt instead.
Anonymous
12/30/2011 10:46
Subject: Re:If you have significant debt
Anonymous wrote:what is "debt"?
most households have mortgage debt and auto loan debt. many have student loan debt. or are you just referring to credit card debt?
My goal was to pay off ALL credit cards, ALL student loans and ALL car loans, and then I would still have a ridiculous high mortgage but at least it would be just the one big payment monthly. The student loans and car loans are finally paid off, and I have about $11K on the credit cards still.
So irritating when people don't read.
CONSUMER DEBT
Anonymous
12/30/2011 10:36
Subject: Re:If you have significant debt
Anonymous wrote:What are we talking about in terms of significant CC debt? $5k? $20k?
19k for credit card. 25k personal loans
Anonymous
12/30/2011 10:35
Subject: Re:If you have significant debt
Anonymous wrote:Anonymous wrote:what is "debt"?
most households have mortgage debt and auto loan debt. many have student loan debt. or are you just referring to credit card debt?
My goal was to pay off ALL credit cards, ALL student loans and ALL car loans, and then I would still have a ridiculous high mortgage but at least it would be just the one big payment monthly. The student loans and car loans are finally paid off, and I have about $11K on the credit cards still.
I am just referring to credit card debt. It's just depressing to live such a bare bones lifestyle, but we don't really have a choice. How big is your mortgage? How long did it take to pay off your car and student loans?
My mtg payment is $6K/month. I paid off my car and student loans just by making the regular monthly payments - so my car is 7 years old but zero car payment (now it has 105K miles, but hopefully last me another two years?).
Anonymous
12/30/2011 10:34
Subject: If you have significant debt
Anonymous wrote:Anonymous wrote:Do you feel like you shouldn't spend any money on anything but bare necessities? We have pretty significant consumer debt and I know we should be putting every dime towards paying it off. We also should be saving money for college (paying off the debt will help a lot with paying for college). If we watch every penny we might be able to pay it off in 3 or 4 years. But that means we don't do anything extra (take kids to the movies, sign up for kid sports, go anywhere, buy DD "cool" clothes etc) It means our kids can't do a lot of what their friends do (private school). But I know the sooner we pay it off the more money we save. It just means restricting our lifestyle a lot. If you have debt, are you paying it off aggressively and not spending on much of anything?
You shouldn't be doing private school unless you are getting a discount, Some schools will give you a tuition discount even if the debt is reckless and at fault of the parents (credit cards, fancy cars, mortgage refis, vacations etc...)
Grandparents pay for catholic school.
Anonymous
12/30/2011 10:28
Subject: If you have significant debt
Anonymous wrote:Do you feel like you shouldn't spend any money on anything but bare necessities? We have pretty significant consumer debt and I know we should be putting every dime towards paying it off. We also should be saving money for college (paying off the debt will help a lot with paying for college). If we watch every penny we might be able to pay it off in 3 or 4 years. But that means we don't do anything extra (take kids to the movies, sign up for kid sports, go anywhere, buy DD "cool" clothes etc) It means our kids can't do a lot of what their friends do (private school). But I know the sooner we pay it off the more money we save. It just means restricting our lifestyle a lot. If you have debt, are you paying it off aggressively and not spending on much of anything?
You shouldn't be doing private school unless you are getting a discount, Some schools will give you a tuition discount even if the debt is reckless and at fault of the parents (credit cards, fancy cars, mortgage refis, vacations etc...)
Anonymous
12/30/2011 10:28
Subject: Re:If you have significant debt
What are we talking about in terms of significant CC debt? $5k? $20k?
Anonymous
12/30/2011 10:22
Subject: Re:If you have significant debt
Unfortunately we pay about $1400.in personal loans and credit card bills each month. If we could pay these off we'd have that money. Maybe $400-600 is pure interest.
Anonymous
12/30/2011 10:16
Subject: If you have significant debt
We have some credit card debt. I could pay it off, but it doesn't bother me that much (this is recent, in the past few months, before that it was paid off every month). Mortgage and heloc combined are less than the house is worth, car debt will be gone in a year. I'd rather let the kids (and me) do their sports classes and wear decent (not designer) clothes that fit than worry about paying an extra $100 a month toward my credit card bill.
Anonymous
12/30/2011 10:15
Subject: Re:If you have significant debt
Anonymous wrote:what is "debt"?
most households have mortgage debt and auto loan debt. many have student loan debt. or are you just referring to credit card debt?
My goal was to pay off ALL credit cards, ALL student loans and ALL car loans, and then I would still have a ridiculous high mortgage but at least it would be just the one big payment monthly. The student loans and car loans are finally paid off, and I have about $11K on the credit cards still.
I am just referring to credit card debt. It's just depressing to live such a bare bones lifestyle, but we don't really have a choice. How big is your mortgage? How long did it take to pay off your car and student loans?
Anonymous
12/30/2011 10:08
Subject: Re:If you have significant debt
We had over $200K in student debt for both me and my husband and we make it a top priority to pay it off but not at the expense of bare necessities. I don't consider "cool clothes," movies, and other outings bare necessities so we do cut down on that alot. Because of our frugalness the last three years, we will be out of our debt within the next two years, which will be amazing.
Anonymous
12/30/2011 10:06
Subject: Re:If you have significant debt
what is "debt"?
most households have mortgage debt and auto loan debt. many have student loan debt. or are you just referring to credit card debt?
My goal was to pay off ALL credit cards, ALL student loans and ALL car loans, and then I would still have a ridiculous high mortgage but at least it would be just the one big payment monthly. The student loans and car loans are finally paid off, and I have about $11K on the credit cards still.
most households have mortgage debt and auto loan debt. many have student loan debt. or are you just referring to credit card debt?
My goal was to pay off ALL credit cards, ALL student loans and ALL car loans, and then I would still have a ridiculous high mortgage but at least it would be just the one big payment monthly. The student loans and car loans are finally paid off, and I have about $11K on the credit cards still.
Anonymous
12/30/2011 10:03
Subject: If you have significant debt
We still get basic things - we bought very basic gifts for Christmas for example. But mostly we're paying it off as fast as possible. We aren't putting any money away for college or anything like that until we're out of debt.
Anonymous
12/30/2011 09:24
Subject: If you have significant debt
Do you feel like you shouldn't spend any money on anything but bare necessities? We have pretty significant consumer debt and I know we should be putting every dime towards paying it off. We also should be saving money for college (paying off the debt will help a lot with paying for college). If we watch every penny we might be able to pay it off in 3 or 4 years. But that means we don't do anything extra (take kids to the movies, sign up for kid sports, go anywhere, buy DD "cool" clothes etc) It means our kids can't do a lot of what their friends do (private school). But I know the sooner we pay it off the more money we save. It just means restricting our lifestyle a lot. If you have debt, are you paying it off aggressively and not spending on much of anything?