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Old 12-09-2013, 01:31 PM   #41
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Didn't know I had so many replies, sorry about not responding sooner.

One thing I didn't include in these calculations is that since March, I paid $13,900 towards my mortgage that was 12 months behind, $10,000 in a govt debt that I had, and $7,500 for my mom's mortgage that was 12 months behind.

That is an additional $31,000 that I have paid out since March not accounted for here.

I agree, I need to pay the CC off faster, but due to being forced to pay those other payments (the $31k), I had to push them off a little. I am done paying on all that debt, so now over 50% of my paychecks will go to the debt and only the debt listed here.

The $20k in retirement I had 7/22/12 was used while I was unemployed and in school for 7 months to help cover bills, so that was all gone way before this income started.

Since March, I have paid off over $14k towards debt, plus the $31k, and have over $18k back in retirement accounts. Not nearly as well as I would have hoped 9 months ago, but still making progress.

The next 3 months will be the months that I see the largest debt reduction now that the other debts have stopped coming out of my checks.

Honestly, we haven't been spending a whole lot extra, given the increased income. Yeah, there have been a few things we got or spent money on we didn't HAVE to have, but we haven't went over the deep end yet and won't.
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Old 12-09-2013, 05:08 PM   #42
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You need to get rid of the debt! That interest you're wasting could go to a nice vacation but instead it's going to a bank. Increase the payment amount on that debt until it hurts.
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Old 12-13-2013, 07:33 PM   #43
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Keep it up delsolkm14. This is a very interesting thread to follow.
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Old 02-09-2014, 09:29 AM   #44
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Decided to update this a couple months down the road.

Still slowly paying on the debt, things keep coming up taking the money I had planned for it. We had to have some plumbing work done, tree removal, extra propane, and a few other things this last month that took about $3k that was planned for the CC's. I will be paying $2k towards them in 2 weeks and plan another $3.5k at the beginning of next month (if no new surprises come up).

Here is where I am at now.

Credit cards: $15,000 - $12,700 - $12,450 - $11,500 - $13,200 - $11,800
Other charge accounts: $6,700 - $5,300 - $4,700 - $4,600 - $4,400 - $4,400
Student loans: $23,000 - $22,500 - $22,400 - $22,200 - $21,500 - $21,250
Car loan: $23,000 - $19,000 - $18,700 - $17,900 - $17,400 - $16,450
Mortgage: $154,000 - $152,000 - $151,800 - $151,600 - $150,900 - $149,750
Mortgage 2: $55,650


Checking: $1,000
Savings: $1,600
401k: $19,000
Roth IRA, Mutual Fund, Investment Account: $10,550

I did get $3850 paid down in debt over the last three months (with Christmas thrown in there) so making progress, but slower than I wanted. Retirement and Investments did climb by $15,000 so seeing some improvement there.

I did just get verification I am getting another contract out here, so I will maintain the higher income for at least 6 more months. Good news, now just have to continue to pay the debt down and work faster towards it.
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Old 02-09-2014, 04:46 PM   #45
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Quote:
Originally Posted by delsolkm14 View Post
Mortgage 2: $55,650
Please tell me you didn't get a second mortgage.
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Old 02-09-2014, 10:35 PM   #46
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Please tell me you didn't get a second mortgage.
No, that is my mom's house that I am paying for. Valued at $120k, owe $55k on it still. She isn't able to pay for it right now, so I took over the payments. I know I didn't need to add to my already excessive debt, but I could not see my mom getting put out. Since my dad passed away last year, has been hard on her, so I took it on.....
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Old 02-10-2014, 02:40 AM   #47
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Originally Posted by delsolkm14 View Post
I know I didn't need to add to my already excessive debt, but I could not see my mom getting put out. Since my dad passed away last year, has been hard on her, so I took it on.....
Sorry to hear that. I understand that you want to help your mother. Still, I hope you can keep your plan to pay down $5.5k of CC debt in the coming weeks.
Quote:
I did just get verification I am getting another contract out here, so I will maintain the higher income for at least 6 more months. Good news, now just have to continue to pay the debt down and work faster towards it.
This. Congratulations, you have all the means to get out of debt. USE THEM!
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Old 02-10-2014, 09:25 AM   #48
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I should be okay with the added mortgage... It is only $375 a month, so not a large expense, but does cut into some funds for payment to debt.

My father passed away from terminal cancer and some of the bills took a toll on them, I only recently found out they were behind on the house so I came to a deal with my mom that I would take over payments and catch her up on past due, and then I would own the house.

Not ideal to not have the mortgage in my name, but that is something I will look into in the future after i get this debt paid off.
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