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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iVillage Member
Registered: 05-09-2002
Thu, 01-12-2012 - 7:31pm

I was actually quite surprised in a good way.

iVillage Member
Registered: 11-14-2008
Thu, 01-12-2012 - 3:07pm
Its possible but as you work at it, it changes and that is the motivational part.
iVillage Member
Registered: 05-09-2002
Thu, 01-12-2012 - 2:36pm
aha!!!! Will try this now thank you! Worried I'll have a way negative net worth if that is even possible hahaha.
iVillage Member
Registered: 05-09-2002
Thu, 01-12-2012 - 2:36pm
yay for 110 weeks!!!! I am very happy to hear all is well with your heart now. That must have been very, very scary. I wouldn't worry about the unsecured debts getting 70% or whatever. You are still paying!!! They are getting something. :)
iVillage Member
Registered: 05-09-2002
Thu, 01-12-2012 - 2:35pm
Thanks and I get assets - liabilities part in general but I need help on this: i'm not sure how to do our house. We owe less than it is worth by about 60k, so is that 60k an asset and our mortgage a liability? If so, I assume I should charge the 60k against the amount of our mortgage to get the net liability of the house? Thanks!
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.

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.

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: 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: 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).

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