Took your advice

iVillage Member
Registered: 09-29-2000
Took your advice
4
Sun, 09-04-2005 - 10:47am

I origionally posted my intro on Aug 8. You guys gave me some good advice and we decided to take it. If you remember, I said my DH was going to be getting laid off. Well he did. He has a 2000 Tahoe we are going to sell. The 2 months he worked, we really put alot of $ towards debt. This is what we had when I posted on Aug 8:

car #1: $9,426.44 at 5.09% interest
car #2: 22,327.88 at 4.85% interest
2nd mort: $9143.11 at 6.75% in interest

This is what we owe today:

car #1: $8655.48
car#2: $ 21,401.78
2nd mort: $8000.00

We just bought a 1999 Chevy Tracker with less than 70,000 miles on it. We used $$ DH got from the union for being laid off for most of the first 6months of the year. Plus we took about $1800 from our savings to pay for it. When we sell his Tahoe we are expecting to make about $4-5,000 and we will put that towards the 2nd mort. Plus I will probably pull the rest out of saving to get it paid off. Thanks ladies for your encouragement and help. I really think we can do this. Now we will really have to work on my Sienna. But we are getting there.

Thanks again ladies,
Donna

iVillage Member
Registered: 03-27-2003
Sun, 09-04-2005 - 11:41am

Wow, Donna, I'm sorry to hear your dh got laid off, but I am SO impressed at how much you've done in just a few short months! Your totals have dropped by so much, despite so many obstacles. Good going!

Blessings,

Heather

iVillage Member
Registered: 05-30-2003
Sun, 09-04-2005 - 5:12pm

Good for you for knocking out as much debt as possible. That's always satisfying to watch the balances drop!

Sounds like you have a good plan, but I'd hesitate to pull the money out of savings until your DH gets another job, just in case something goes haywire. I'm always of 2 minds about this stuff. On the one hand, having it paid off means that the payment is gone, and you don't have to figure out where the money has to come from. On the other hand, having an emergency fund to help out is great.

I dunno-I'm confusing myself, LOL! Anyway, good job on the falling totals!

Lisa

iVillage Member
Registered: 09-29-2000
Sun, 09-04-2005 - 10:19pm
Thanks ladies!! As far as pulling from savings, we would still have about $8000 in savings if we do pay everything off when we sell the Tahoe. Do you think I should wait? I am able to pick up hours at work to help out (I am a NICU RN). We are hoping this time it is much less time. He is actually looking for another job. We really like the union except for the getting laid off part! I will continue to stick around. You guys give me so much inspiration!!
Donna
Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Mon, 09-05-2005 - 9:24am

Donna - you have made tremendous progress!

All my best,
Danni