Missing in Action

**rosebron** · 04-04-2008, 10:34 AM

I've been away from the board but still updating my signature. It shows in my money managemnt though as I've slumped back into some debt !!!

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We had a death in the family, were in dire need of clothes (hadn't bought any clothes since 2005). On top of that, my daughter won a national award that requires a week in several states and it is quite expensive. We have been raising money to pay for it so that will reduce our debt by at least $2,000.

We haven't touch our 3-month emergency fund and plan to pay off this new debt by end of summer. I can't say that I feel entirely bad about our purchases. We need to be aggressive about the pay-off and plan to do so by:
1. using our tax return (~$3000)
2. using consulting money (~$3,000)

**rosebron** · 09-22-2008, 11:32 AM

Still updating my signature and aggressively fighting the debt we've accrued this year: home remodel, travel (lots of weddings) and an East European family trip.

In July, my cc balance was $22,400. Today, it is $13,103 Yippeee!!!

Now, if only I could just scrape up another $13K before year end....

**Parksfamily5** · 09-22-2008, 11:35 AM

Welcome Back. Good for you on getting that credit card debt down. I am working on that myself.

**lovestoread** · 09-22-2008, 01:09 PM

Missed you!! Good to see you back!!! Sounds like you are doing well on your "road to recovery"!!!!

**Wendy99** · 09-22-2008, 10:05 PM

Sorry to hear about the death in the your family.

Glad to hear you are getting your finances back on track - sounds good

**Luv2BeFrugal** · 09-23-2008, 02:48 AM

You made a HUGE dent in you CC in just a few short months!! That's super!!

**rosebron** · 10-10-2008, 04:41 PM

Well it is time for braces for DH.
That's another $2,200 that we'll need to find. I hadn't budgeted for that even though I knew I saw it coming!!!!!

Here's my concern - do we take the loan from the orthodontist (11 months payment; total interest $177), pay with savings or pay with cc?

That means that orthodontist's interest rate is around 8%
If we pay ahead, we save $177.
My cc rate is $7.49% and I now owe a little over $13K.
I also don't want another payment out there.
Otherwise, we'll have to hit the EF.

What should I do?

**Cricketlegs** · 10-11-2008, 12:48 AM

Do you not have any time to save for it? Is that even a possibility?

I would say no to the adding it to the CC just because it is so hard to pay them off!

A simple intrest loan would be best, that way you get the price up front, know the interest and if you make sure by ASKING there is usually not an early payoff penality.

That way you caould pay but when you have extra you can put it on and pay it off early and save some of that interest.

A credit card adds interest to the balance every month so that take forever,