Debt Reduction Ticker Question - what to include?

iVillage Member
Registered: 05-09-2002
Debt Reduction Ticker Question - what to include?
15
Tue, 01-10-2012 - 9:29pm

Hi all,

I like your debt reduction tickers.

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Avatar for poorboy2011
iVillage Member
Registered: 10-02-2011
Tue, 01-10-2012 - 10:30pm

Whatever you think will motivate the best. For me, it's the total debt. Good luck.

PS. You can make the inclusion of the ticker automatic with each post by editing your account settings.

iVillage Member
Registered: 05-09-2002
Tue, 01-10-2012 - 10:57pm

Very good point and thank you.

Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Wed, 01-11-2012 - 12:34pm

I think you put on it whatever you want to - whatever burdens you that you need to pay off.

I consider our family debt-free although we still have a mortgage and we will take out a very low-interest auto loan when it's time to buy my new car.

iVillage Member
Registered: 10-01-2008
Wed, 01-11-2012 - 2:02pm

The point of the ticker is so you can keep yourself accountable & also a tool to keep you on track with your plan.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 10-01-2009
Wed, 01-11-2012 - 6:18pm

That's an awesome question...

I separate my mortgage and

iVillage Member
Registered: 05-09-2002
Wed, 01-11-2012 - 6:19pm

Great points both of you thanks! I, too, won't think of our mortgage as debt. We bought a fixer upper two family and half the mortgage is paid for by the rental income from the first floor unit anyway. What is a bankruptcy balance if you don't mind me asking? I thought by declaring all your debt (or most) was gone and it is a fresh slate (for those who really don't have a choice).

iVillage Member
Registered: 05-09-2002
Wed, 01-11-2012 - 10:53pm
Oh good idea about your net worth. I honestly don't even know how to figure out net worth. Perhaps that is a good thing right now if mine isn't so good. :)
iVillage Member
Registered: 10-01-2008
Thu, 01-12-2012 - 9:35am

We filed Chapter 13, which is the better (if you can say that) way to file.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 11-14-2008
Thu, 01-12-2012 - 10:16am

Hello,

I just wanted to say that calculating a net worth is not always a bad thing when you have debt. Even making regular payments (and of course large or small flakes) will increase your net worth every month and can motivate you.

Avatar for poorboy2011
iVillage Member
Registered: 10-02-2011
Thu, 01-12-2012 - 12:17pm

I just calculated my net worth. (There are calculators online to help you do this; e.g., <http://cgi.money.cnn.com/tools/networth/networth.html>.) Well, the result isn't inspiring, but I suppose I'm on this board for a reason. It seems like a useful exercise nevertheless.

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