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03-07-2011, 02:44 PM #1Registered User
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First one gone - snowball started- Happy news
We paid off and closed our first one. It was a line of credit.
We used our tax return to pay it off.
1 down 4 more to go ( three cards and an equity line)
Happy news #1 line of credit - paid off and closed
happy news #2 Credit card - our big one with the big interest rate this one we have been throwing snowflakes at and now have a snowball. It started out as a min only payment but we threw snowflakes at it( birthday money, extra here, christmas etc) the min. payment went down but we didn't change what we paid. SO the new payment we have set for ourselves on this card is the monthly payment amount from #1 added to what we were paying. The snowball.
When we started our debt reduction plan in Septemeber, the amount till pay off was from min only payment (which we had only been paying) of 55 years to a payoff. With the snowflakes we have sent to the card and the new snowball payment (old min.
+loan #1 payment) the payoff date is now estimated at 3 years.
yes from 55 years to 3 years Think of the interest we will have saved.
I'm so happy
One down and one well on it's way!
"Everyday as your walking down the street, everybody that you met has an original point of view" -Arthur PBS
Imagine - Wife of 18 years to Hubby
Mom to Buddy (son 15) and Little Miss ( daughter 11)
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03-07-2011, 03:09 PM #2Moderator
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Congratulations! You'll be finding that snow ball will do some hard hitting on those cc's now.
The Free Spirit Saver who walks the path with Greebo.
Onboard with a modified Dave Ramsey Plan
Budget: "Every month! On paper, on purpose!"
Gardening somewhere between Zone 6b and 7a.
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03-07-2011, 03:22 PM #3Registered User
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That is good to hear!
Originally Posted by Ceashels
Congratulations! You'll be finding that snow ball will do some hard hitting on those cc's now.
We have a 0% interest rate store card that we have. We decided not to snowball into that one but into the other higher interest rate.
The 0% one is due to pay off in September. Then we plan on adding that one to make a bigger snowball for the higher interest rate one."Everyday as your walking down the street, everybody that you met has an original point of view" -Arthur PBS
Imagine - Wife of 18 years to Hubby
Mom to Buddy (son 15) and Little Miss ( daughter 11)
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03-07-2011, 03:23 PM #4Registered User
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Well done, Imagine!
2012
Savings:
£800 / £2000 by June for Paris holiday
£1950 / £2600 by July for P-W Savings
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03-07-2011, 05:53 PM #5Registered User
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YAY!!! It is a wondeful feeling isn't it.
EF $703.21
STARTING DEBT $40,567.12
DEBT TO DATE $5,571.24
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03-08-2011, 01:07 AM #6Registered User
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Way to go imagine!!
And keep it up............you are doing great!
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03-08-2011, 01:24 AM #7Registered User
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Great job, Imagine.
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03-08-2011, 06:58 AM #8Registered User
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52 years shaved off your payments? It boggles the mind...GOOD FOR YOU, keep up the good work!
May:
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03-08-2011, 07:49 AM #9Registered User
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Congratulations!
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03-08-2011, 08:25 AM #10Registered User
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It is does boggle the mind. Originally Posted by khaski
I think that is why the government decided they had to put the box that states the years and shows shows you how much you can save in interest costs if you pay it down faster with just an increase in payment.
Before the min payment was just barely covering the interest. Which is common and why they say if you only pay min payments you will never (or at least take a long long time)
Once we put some birthday money etc. our same payment min payment was getting more principal and less interest.
Then when the first one was paid off we increased the payment on the card and the website forecast payoff date in 3 years.
Another thing that Boggles the mind is that our income did not go up at all and our budget couldn't do more in a month than what we were already paying each month so those didn't increase. This was all mindfully taking spending money (birthday money, Christmas money, tax return) and putting toward the debt and the Snowball.
I'm never under estimate the power of a snowball again."Everyday as your walking down the street, everybody that you met has an original point of view" -Arthur PBS
Imagine - Wife of 18 years to Hubby
Mom to Buddy (son 15) and Little Miss ( daughter 11)
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03-10-2011, 03:06 PM #11Registered User
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Congrats on a great job.
Cat
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03-11-2011, 11:57 AM #12Registered User
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Being someone who is just starting here I love reading about everyones success!!!!!!!!! WTG!!!!!!!!!!
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03-11-2011, 04:04 PM #13Registered User
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WTG imagine!
"Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like."
Will Rogers (1879) as quoted on Becoming Minimalist, 1 April 2011
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03-26-2011, 03:38 PM #14Registered User
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Payoff time reduced from 55 years to 3 years - unreal!
Your story is inspirational and is a real testament to the power of staying focused.
Congrats on what you've accomplished so far -- I have no doubt that you will continue to have even more successes!Jen
30 yr old DD
3 kitties
(2 adopted from my daughter)
As of January 1, 2011------------------------ Updated June 10, 2011
Short term goals:
- $2,000: to set up my consulting business. DONE! INVESTED ANOTHER $5000!
- $4,000: down payment gift to daughter to bring her down payment on a house to 20% and avoid PMI. ON HOLD.... her offer wasn't accepted...
- $1,500: pay off Student loan ALMOST THERE!
- $1,200: pay off credit card (was disputing with creditor (ALL PREDATORY FEES charged on ZERO BALANCE), but I'm giving up the fight to make this go away...) PUT OFF till June/July
- $11,600: Pay off Cornerstone car loan by end of May 2011 DONE
- Complete tax returns by February 15th DONE
Long term goals:
Continue to follow a modified Dave Ramsey plan to pay off debt. Progress has been made, but there is much to do...
Balances January 1, 2011 -----------------June 10, 2011
Citimortgage on home: $104,500-------- $102,775
BofA Mtg on Rental: $27,000------------ $26,000(Est)
HSBC Equity Line on Rental: $11,900------ $9,902
Citibank car loan: $13,830 -------------- $11,663
Cornerstone car loan: $11,600------- PAID OFF!!
Student Loan: $1,500------------------ $320
Credit card: $1,200-------------------- $1,200
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03-26-2011, 09:04 PM #15Registered User
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Congratulations! You're on a roll! And who's to say it might not happen a little quicker than the 3 years...there could be more found money from things...tax returns etc
Bank of America is THE godfather of Hell with Wells Fargo running neck and neck. When the world ends the only things that will be left are cockroaches, Walmart, Wells Fargo and Bank of America. Not necessarily in that order. The order remains to be seen.
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