Does Debt Hold You Back?
Results 1 to 15 of 15
  1. #1
    Registered User UKMum's Avatar
    Join Date
    Jan 2006
    Location
    UK
    Posts
    67
    Post Thanks / WTG / Hug
    Rep Power
    15

    Default Does Debt Hold You Back?

    I have been thinking about the kind of money we are going to have spare after our debts are paid off.
    Do you know I would be able to holiday at least 3 times a year with the kind of money we are repaying right now ....
    The ammount of repayments would also allow us to move to a bigger home in no time

    It just makes me frustrated and angry that we allowed ourselves to be in debt in the first place, what were we thinking???

    So my question is, does debt hold you back?
    Has anyone else worked out how much better they wil be when the debts are cleared

  2. #2
    Registered User Scattymum's Avatar
    Join Date
    Oct 2005
    Location
    Ireland
    Age
    49
    Posts
    1,141
    Post Thanks / WTG / Hug
    Rep Power
    16

    Default

    Oh yes I have worked out how much better we would be
    I have plans for the money when all the debt is gone.

    New windows for the house before they rot in their frames is one but I want to be able to save up and pay in cash.

    pay for everything with cash, once in a while go out without having to worry if we can afford it out of the budget, to maybe go and treat myself to a new outfit!

    to be able to save, save, save so we never get in this mess again

    I want to go to America and take the kids to Disney

    oh the things i could do!

    The main thing is once this debt is gone to be able to never get in debt again

  3. #3
    Registered User UKMum's Avatar
    Join Date
    Jan 2006
    Location
    UK
    Posts
    67
    Post Thanks / WTG / Hug
    Rep Power
    15

    Default

    ^^^
    I agree, when the debt has gone, I will NEVER repeat NEVER be in this situation again!

    Makes me sick when I think about the mounting interest

  4. Remove Advertisements
    FrugalVillage.com
    Advertisements
     

  5. #4
     is offline

    Join Date
    Dec 1969
    Posts
    0
    Post Thanks / WTG / Hug
    Rep Power
    0

    Default

    We finally got all of our credit cards paid off last month - so we're really hoping to go to town on our goal of saving for a downpayment for a house. I really only update my siggy with the total once a month, but we were putting around $2,000/month towards credit cards - so we're hoping to be able to watch that savings fund skyrocket!

    It's also been nice to know that there have been a lot of upcoming things that we can pay for ourselves - we're planning on buying a washer next month
    (about $1000) - DH has another class to take this year ($900) - We'll be buying a car before the end of the year ($20,000 minus trade and whatever else we can save) - Car Insurance comes does again in November ($600-$700) and with the baby on the way, I'm not going to get paid at all for the last 4 weeks of the year. Knowing that we're not spending ANYTHING to pay off credit cards will give us the flexibility to get all this done!

    We've also been able to up DH's contribution to his 401K to 12%. We're hoping to have it at the max by the end of the year. We also plan on opening a 529 plan after the baby arrives. Its a really good feeling to know that we have the money available to do all this!

  6. #5

    Join Date
    Feb 2006
    Posts
    693
    Post Thanks / WTG / Hug
    Rep Power
    0

    Default

    I cannot wait until we can be free of the credit card debt.
    We are dreaming of taking a cruise this time next year, I think we may be able to do it!

  7. #6
    Registered User watchingpennies's Avatar
    Join Date
    Aug 2006
    Location
    Southern Ontario
    Age
    48
    Posts
    276
    Post Thanks / WTG / Hug
    Rep Power
    14

    Default

    I often look at things in my house (that I used a credit card to buy) and think....I wonder if that is paid for yet????? or I wish I didn't buy that. I look at the amount of money being sucked out of the bank to pay for debt and it really sickens me but at the same time...at least I have realized that and won't make the same mistake again...it really is a change in attitude...knowing that you don't need "stuff" and I am happy with the progress I am making.
    Watchingpennies

  8. #7

    Join Date
    May 2006
    Posts
    2,999
    Post Thanks / WTG / Hug
    Rep Power
    0

    Default

    That is a really good question. I don't have a huge amount of debt and if things go as planned, it should be paid off next year except for the mortgage. I am following the Dave Ramsey plan, so the fully funded emergency fund will be next.

    There are many things I would like to get done around the house, but have decided only to do what is absolutely necessary until after BS3. It feels good having a plan, though. I have changed my behavior, and don't feel I will ever get into debt again.

  9. #8

    Join Date
    Jul 2005
    Posts
    2,010
    Post Thanks / WTG / Hug
    Rep Power
    0

    Default

    Yes the debt holds us back from MANY things, I couldn't even tell you how often we get frustrated with not ever having a day off, especially when family is always telling us about new purchases or vacations they're taking, BUT, and it's a BIG BUT, the majority of our debt is our land and it IS what we want in life! We haven't had a vacation or even a day off in 9 years but one day we WILL be able to hire help so we can go and just relax, knowing that our land is ours and our bills are gone will be priceless to us.

    One day, one day.

    kj

  10. #9
    Registered User tlenad's Avatar
    Join Date
    Dec 2004
    Location
    Kansas City, MO
    Age
    43
    Posts
    488
    Post Thanks / WTG / Hug
    Blog Entries
    1
    Rep Power
    16

    Default

    Yes debt is definately holding me back. I would like to buy a house but am holding off until I get this debt paid off and the saving built up. Current including snow ball, I'm sending around $1300 to debt each month. Freeing up that money would help on the house fund a lot plus having a bit of extra spending money each month wouldn't hurt my feelings. I will be nice to be able to walk into a store and not worry about how spending an extra $5 here and there is going to effect my long term goals.

  11. #10
    Registered User PrairieRose's Avatar
    Join Date
    Apr 2002
    Location
    Texas
    Posts
    14,689
    Post Thanks / WTG / Hug
    Blog Entries
    1
    Rep Power
    37

    Default

    It doesn't anymore but man it used to. Before we paid off over $140k in debt we were hammered down and couldn't breathe. Now we still have a bit of debt, working hard on that but it's soooo much better now. Hang in there, once you get a breath of air you'll be sooooo happy that you've taken care of it now.

  12. #11
    Registered User mom2three's Avatar
    Join Date
    Mar 2006
    Posts
    618
    Post Thanks / WTG / Hug
    Rep Power
    16

    Default

    Yes - most definitely. On our new budget (trying one income while I am on maternity leave), we can pay debt pr food, but not both!! Debt is robbing me of time with my children!

  13. #12
    Registered User rachelMcK's Avatar
    Join Date
    Jun 2006
    Location
    Toronto
    Posts
    660
    Post Thanks / WTG / Hug
    Blog Entries
    2
    Rep Power
    14

    Default

    Yes, debt has definitley affected us. Because of student debt (he's out of college, I have one more year) we have such bad credit we can't move out. We weren't able to get a phone in our apartment, so we opted for cell phones. At the time, DH's credit was so bad, I had to put both phones on our account. They don't cost us that much cause we hardly use them, but it was just a hassle to have to do that. We're not in a terrible situation when it comes to debt, but we could be in a better one. Since we're newlyweds, we're really trying to start our life off on a better foot. So far, we're going to be working on our credit cards and putting $50 a month into emergency funds. When the credit cards are done, we'll complete our emergency fund then move on to our student loans...

  14. #13

    Join Date
    Jan 2006
    Posts
    205
    Post Thanks / WTG / Hug
    Rep Power
    0

    Default

    i think once the debts are paid off, i will have more money to put into savings which will be great!

  15. #14
    Registered User JustJoy's Avatar
    Join Date
    Jun 2006
    Location
    Northern IL
    Age
    57
    Posts
    2,451
    Post Thanks / WTG / Hug
    Rep Power
    16

    Default

    Debt holds us back some. We have another 18-24 months until the credit cards are paid off and another 18 months before DH is done paying child support. We should have quite a bit of "extra" money then

  16. #15

    Join Date
    Apr 2006
    Posts
    138
    Post Thanks / WTG / Hug
    Rep Power
    0

    Default

    Yes, like many of you, we are in the same situation.
    One thing that debt really taken away from us is "TIME" with each other.

    I stay home, so I have plenty of time to myself. But BF is working so much, no time to himself or me. We only have about 3 to 4 hours each evening together (not including sleeping time).

    If it wasn't for our debt, he could get a part-time job, and we would be able to spend more time together.

Similar Threads

  1. Replies: 41
    Last Post: 08-23-2009, 11:33 AM
  2. Trying to hold back!
    By my4littlebuffaloes in forum Homesteading and gardening
    Replies: 13
    Last Post: 03-23-2009, 09:51 PM
  3. Hold me back Christmas is coming....
    By mommyto5 in forum Frugal Living
    Replies: 13
    Last Post: 10-29-2002, 11:49 PM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •