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Old 06-29-2013, 08:45 AM   #21
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Congrats on your progress!!
Don't know all your specifics, but generally good idea to concentrate on paying down the highest-interest debt first. Best wishes for continued success in your quest towards FI.
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Old 06-29-2013, 09:21 AM   #22
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ERhoosier,

I wanted to pay off the smaller accounts ($500-$1000) since i can pay those off in a short time, 1-2 paychecks, then use that money I have been paying on the minimum payments ($25-$50) on the larger ones as well as the extra money I have left over (paying $700 instead of $500). It may take me an extra month or two to pay them off, but I have been paying interest on them for years, what is a couple extra.
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Old 06-29-2013, 08:42 PM   #23
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That's great progress, nice work! And thanks for the update, it's always fun to see how people are coming along.
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Old 06-30-2013, 03:47 AM   #24
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I also opened Roth IRA's for my wife and I yesterday. Started each with $200 and putting $200 every 2 weeks in them, will put me close to the $5500 limit. Next year, my income level will not allow me to use the Roth option more than likely, so will deal with that then. I am just under it for this year, so opted for the Roth this year.

I figured it up, I am paying over $325 a month in interest alone on the CC/Charge accounts. That is so ridiculous. I can't believe I let myself get into that trap, never again will I do it.

Thanks again for the encouragement. Not a lot of people to "brag" to about how it is coming along, without sounding like a d!ck about my income.
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Old 07-01-2013, 06:41 AM   #25
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Great progress and wise choice on the Roths. Your income in future is no problem regardless since congress allows Roth conversions at any income. This is often called "back door" Roth. Just put after tax money in traditional IRA. Next day convert that money to your Roth account. Since tax basis is 100% given no other IRA you have no tax due. Now watch growth tax free!
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Old 07-14-2013, 02:51 AM   #26
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Rothman, I will look into the backdoor Roth IRA's when I get to that point. I had heard of that before, so that was the plan.

Got 2 more CC paid off. Would have paid a 3rd off but had to get 4 new tires on the SUV due to the wire belts showing on one. Life is much easier when you have the cash to battle these unexpected expenses. Before, I would have had a heart attack, $1000 for 4 new tires. Keeping some out of this check to probably put back into savings once I see how much my wife spends on a trip back to our hometown for a couple weeks.

Keep trudging along, paying it all down.

Credit cards: $15,000 - $12,700 - $12,450
Other charge accounts: $6,700 - $5,300 - $4,700
Student loans: $23,000 - $22,500 - $22,400
Car loan: $23,000 - $19,000 - $18,700
Mortgage: $154,000 - $152,000 - $151,800

Checking: $2,000
Savings: $1,000
401k: $7,200 (mis-stated almost $8k in other post, it was almost $7k)
Roth IRA/Spousal Roth IRA: $800

I know it is not like a lot of the super-wealthy on here, but still getting myself out of debt and some money in the bank is good for me. Used to have $0 or -$ before the next paycheck hit a year ago, what a difference a year can make.
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Old 07-14-2013, 06:29 AM   #27
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Originally Posted by delsolkm14 View Post
Life is much easier when you have the cash to battle these unexpected expenses.
Isn't it, though? What a great feeling!

Quote:
I know it is not like a lot of the super-wealthy on here, but still getting myself out of debt and some money in the bank is good for me.
Pshaw! Damn right it's good! Congrats on your progress!
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Old 08-20-2013, 05:05 AM   #28
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Back with another update. Trying not to post too much in here (over-share), but like to show my progress... makes me wanna push harder to get it paid down and only place I can tell others about it.

Credit cards: $15,000 - $12,700 - $12,450 - $11,500
Other charge accounts: $6,700 - $5,300 - $4,700 - $4,600
Student loans: $23,000 - $22,500 - $22,400 - $22,200
Car loan: $23,000 - $19,000 - $18,700 - $17,900
Mortgage: $154,000 - $152,000 - $151,800 - $151,600

Checking: $500
Savings: $2,000
401k: $8,300
Roth IRA/Spousal Roth IRA: $1800

Still whittling away slowly. Only got $2000 paid down on the debts this month. I have three more paychecks that I am paying some other debt payments, then will have an extra $1,750 out of each check to put towards these debts, so they should start going down quickly once that happens.
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Old 11-07-2013, 03:30 AM   #29
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Well, here it is a couple months later and I wish I could say I was in a way better position than I was then, and although I do have some more in retirement, I had a temporary setback in my progress.

I just got back off my 3 weeks of R&R leave, and we took a vacation and spent a little more than originally planned and then I did some home improvement stuff while I was home that was needed, so funds took a little hit. I ended up putting some back on my Credit Cards to ensure the house stuff got done while I was home, rather than having an additional cost of paying someone else to do it.

Good news is, this next paycheck is my last with the $1750 coming out, so from here to the end of the year, should be able to pay around $10k off.... so that well help dent it all.

Here is the updated info:

Credit cards: $15,000 - $12,700 - $12,450 - $11,500 - $13,200
Other charge accounts: $6,700 - $5,300 - $4,700 - $4,600 - $4,400
Student loans: $23,000 - $22,500 - $22,400 - $22,200 - $21,500
Car loan: $23,000 - $19,000 - $18,700 - $17,900 - $17,400
Mortgage: $154,000 - $152,000 - $151,800 - $151,600 - $150,900


Checking: $500
Savings: $1,250
401k: $11,500
Roth IRA/Spousal Roth IRA: $3950

I adjusted my 401k contributions to max it out before the end of the year, and will max out both IRA's for 2013 as well.

Still making small steps towards the goal, but had a temporary pause in reduction. Full steam ahead the next few months to knock out all the credit accounts and start on the student loans.
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Old 11-07-2013, 06:30 AM   #30
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Good job - keep on trucking!

(That's the closest I could find to some kind of "keep movin'" smiley. )
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Old 11-08-2013, 08:46 AM   #31
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Nice work. Keep the momentum going!
I'd personally like to see those loan amounts going down faster than they are. Even if it meant less in savings.
I would be paying off the cards and student loan as quickly as possible and leave your savings where they are.
My personal #1 goal coming out of this possible 3-4 year job is to be completely debt free. The savings will follow from that.
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Old 11-12-2013, 11:36 AM   #32
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In general marry a right person and don't get divorced.
Though I see you are already married......
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Old 11-14-2013, 09:00 AM   #33
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Congratulations, you are on the right track!

Quote:
I started paying off the CC debt this paycheck. Paid 2 completely off and 1 almost 3/4 off. Next paycheck will pay that one off and 2 more completely off and then working on the larger accounts I have.
Great job. But why in the world do you have 5+ credit cards? No offense, but you Americans are crazy. Pay off the debt, and then cut up all but one. Pay off any balance on that one every single month!

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I figured it up, I am paying over $325 a month in interest alone on the CC/Charge accounts. That is so ridiculous. I can't believe I let myself get into that trap, never again will I do it.
Yep, ridiculous. Good thing you figured this out and can now change your habits.

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I'd personally like to see those loan amounts going down faster than they are. Even if it meant less in savings. I would be paying off the cards and student loan as quickly as possible and leave your savings where they are. My personal #1 goal coming out of this possible 3-4 year job is to be completely debt free. The savings will follow from that.
+1
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Old 11-14-2013, 09:10 AM   #34
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No offense, but you Americans are crazy.
I don't believe Americans have any exclusivity when it comes to personal financial impropriety. Das ist verrückt - und unhöflich.
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Old 11-14-2013, 09:16 AM   #35
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Guess I am just too negative....but I was wondering why you spent too much going on vacation. Depending on the vacation......could be a lot of savings.
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Old 11-14-2013, 09:25 AM   #36
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Quote:
I don't believe Americans have any exclusivity when it comes to personal financial impropriety.
Certainly not. In fact, I think they are on average doing very well. There must be a reason why it's the richest country in the world. But I'll stick to my opinion: The way many US citizens handle consumer- and CC debt is imprudent. And the way banks and corporations support this behaviour is IMO just short of criminal.

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Das ist verrückt - und unhöflich.
Entschuldigung, ich wollte niemanden beleidigen.
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Old 11-14-2013, 10:35 AM   #37
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The way many US citizens handle consumer- and CC debt is imprudent.
Agreed

Quote:
And the way banks and corporations support this behavior is IMO just short of criminal.
Some likely IS criminal. But, you know, though they use sophisticated psychological techniques to lure customers, they don't actually hold a gun to anyone's head...


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Entschuldigung, ich wollte niemanden beleidigen.
Gesundheit...
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Old 11-27-2013, 09:23 PM   #38
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You are getting a lot of well done's in this thread but its already 8-9 months you've been on the huge 180k money almost half way through the contract.

8/10/2010 Debt 208k Retirement/savings accounts 14K
22/7/12 Debt 208K retirement ?
16/12/12 Debt 222k retirement 20K
29/6/13 Debt 211K retirement 10K?
14/7/13 Debt 209K retirement 11K
7/11/2013 Debt 207400 retirement 17K

Looks like your 12k better off since the 180k contract. You put holidays back on the credits cards You can't afford a $24000 car loan, sell it. There should be no holidays till the credit card debts at least are completely paid off.

Sorry if this is harsh but the big money will end soon and you need to get a lot more serious / motivated about your situation . Good luck.
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Old 11-27-2013, 09:26 PM   #39
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If you look at it from 3 yrs ago you are you are 3k better even though you have had 9 months of the increased salary.
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Old 11-29-2013, 06:00 AM   #40
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Note that the 300K job is a 180K job. That still seems to be enough to pay off the credit card debt.
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