Are you working on a debt reduction p...
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Are you working on a debt reduction p...
| Tue, 10-04-2005 - 11:58pm |
Are you working on a debt reduction plan of any kind?
- No, I am hoping for a miracle to erase the debt.
- No, I don't know how to set up a debt reduction plan.
- No, I don't need a plan.
- No, I'm working on reducing debt with a different method.
- Yes, I am working hard with a plan.
- Yes, I am working on developing a plan.
- Yes, I am working with a plan, but it is not working.
- Yes, I developed a plan, but I didn't like following it.
- I don't care.
- None of the above
You will be able to change your vote.

I am following the Dave Ramsey's plan with a few modifications.
Step 1- Build an emergency fund of $1000 (half way there)
Step 2- Pay off all debt except mortgage. (half way there)
Step 3- Save for retirement.
Step 4- Save for college.
Step 5- Pay off mortgage.
(We are doing step 1 & 2 together, but I do not advocate anyone else do this)
Shannon
hmm... wasn't sure how to answer this. I currently am just trying to get current. I am trying to budget and get things caught up. we are basically just doing the basics right now, trying to pay food, clothing, transportation and housing and utlities. urgh.. what a mess we have made. i will post more in another post about our situation.
kel
Kel,
No offense is meant here!
But from what I have gathered from your posts, you have not yet made the sacrifice needed to be able to get out debt and live within your means. Until you commit to a plan, whatever that may be, create a budget, and commit to stop using debt, it will be a long time if ever that the bills will be paid in full.
My husband & I spent years paying on credit cards, still charging, and watching the balances grow, roll it into the mortgage and start over. Yeah that plan did not go well. This year we cut up the cards, start getting serious about getting out of debt, and the balances are really declining. We can now see our progress.
I want you to have that feeling of accomplishment!
Shannon
"But from what I have gathered from your posts, you have not yet made the sacrifice needed to be able to get out debt and live within your means. Until you commit to a plan, whatever that may be, create a budget, and commit to stop using debt, it will be a long time if ever that the bills will be paid in full"
what from my few posts makes you think that we have not yet made sacrifices to be able to get out debt? believe me, we have made plenty of sacrifice. We simply made some mistakes years ago, (dumb mistakes yes, but everyone makes mistakes) and we are paying for them. We do not charge anymore. I have called the creditors and I am negiotating with a few right now for payment arrangements. We feed our family of three for about 60 bucks a week. We have my car for sale, which is paid for, but we feel we can get a good 5k out of it, and I will buy a little put-put car for around town for about 2k and the rest will go to debt. My husband buys his work clothes (he is in an office setting) at consignment and goodwill stores. my daughter has not had one item of new clothing for two years unless it was a present from someone else. I have exactly three shirts, all short sleeves. My husband works two jobs and goes to school (work pays for school, it is a requirement) I took my old job back, which is work from home but extremely stressful with a three year and no sitter) i work forty plus hours a week. I also sold everything we own, besides basics, on ebay. We currently sleep on blow up mattresses because we can't afford new beds. We also had to live with my parents for 5 months, because my husband got a new job in feb and our old rental home was part of his deal with a former employer. I see my husband one day a week (maybe) because he spends so much time working the extra job.
we have made plenty of sacrifices. We are just trying to catch up and start our plan. I know you said you meant no offense, but it's hard not to take offense when you are working your tail off and someone says you have not made a sacrifice. I do not post here that often, so I don't know how you would feel you know so much about me. I appreciate the advice, i do. But believe me, sacrifice is my middle name.
kel
I am sorry Kel, I confused your posts with another poster. Can you forgive me?
And yes I see that you are making the sacrifice. I know about having a husband work 2 jobs! Hard to live with but worth the effort!
Shannon
'course i can forgive you... but to be honest, i went over my past few posts and all i ever post about is when we mess up!! so i wouldnt have blamed you if you thought that! I need to post here more often! It seems like I always need to tell the world when i mess up but i never give myself the opportunity to "brag" about what we have actually accomplised! I mean, this time last year, my husband worked as a milkman (not a bad job, but looooong hours.. he would leave at 2am and not get home until 3pm!) and we were in a crappy rental house. Now, we own our first home and dh has climbed several rungs on the ladder at work. He has gotten three raises and is very proud of himself. I have a gorgeous daughter, we are making new friends over here, I am "only"(blushing) 30 days past due (actually only a week or two , but they consider it 30 days since it has been 30 days since i last paid.. urgh!) I am blessed to have a husband who works his tail off and I am hard worker myself. We are gonna do this!!! I know it! Now, I am going to read the rest of the posts for more inspiration!!!
thanks shannon, whether you meant it or not, you have me a little wake up call... i need to take pride in what we have sacrificed and but also look for other ways to get on track.
kel
Thank you for forgiving me.
I think you are on target, and thank you for getting what I meant about having to make the sacrifice. A lot of people don't get that thats what is takes to get yourself in nice financial shape.
Shannon