Another milestone--under $13k!

iVillage Member
Registered: 03-27-2003
Another milestone--under $13k!
5
Thu, 01-12-2006 - 9:00am

Well, I finally got our checking account buffer back up to $100 which means we can start snowflaking to credit cards again (we already pay WAY over the minimums, but we were not paying any extra above the budgeted amount while we struggled to get that $100 back in there--funny how $32k can get tackled in a matter of a few years yet we struggle to keep $100 in our checking account!).

Thanks to that extra $24 and change I snowflaked, our debt total is (barely) below $13k now. Whoopee!!

Mind you, this does not count the car loan (not quite $6k) or the mortgage (around $132k). But it does count two credit cards (one on a limited-time zero percent offer and one on a life-of-balance 3.99% offer) and two personal loans from family (at zero percent). The family members in question (my parents and dh's parents) have both said that they will not accept repayment. So when we've paid off our credit cards, the plan is to take the $2500 each we owe them, and spend it on Christmas in the mountains for the entire extended family. Or we might send my parents on a cruise or a hiking trip in Bolivia or something. But I know dh's parents want a white Christmas with the whole family, so that's the plan for them.

For those who don't know me, a quick synopsis: We were in excess of $32k of unsecured debt in March of 2002. Since then, we've made a lot of changes and a lot of progress. Don't despair--you can do this too!

Our projection, with no snowflakes, is to be paid off by the end of 2007. But with snowflakes, I hope to be paid off by the end of this year, although we might not be able to manage the $5k for the trips until next year.

Anyway, I love to see those numbers tick below each $1k mark. Yippee!

Heather

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Thu, 01-12-2006 - 9:53am
Wooo Hooo!

All my best,
Danni

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Thu, 01-12-2006 - 10:32am
Congratulations!

Becky mom to


Carolyn (6th), Aaron (3rd), Kyle (Kindie), Luke (2)


CL to

iVillage Member
Registered: 06-23-2005
Thu, 01-12-2006 - 10:38am

Good for you, Heather! Don't know what it is about watching that digit before the comma go down, but it really does something for your motivation, doesn't it!!

BTW- I like your plan for repaying the family. We have a $1600 loan from DH parents and they are in NO hurry for us to repay. Maybe a trip somewhere would be a good way to handle that.

Avatar for endomagazine
iVillage Member
Registered: 11-09-2004
Sat, 01-14-2006 - 8:40pm

Hello,

I too celebrate each 1K drop in debt. Congratulations on getting below 13K! Soon you'll be posting your next drop below 12K. =)

Sincerely,
Lindsey Schocke

Got Dot? Why Not? It Pays!
http://2-b.us/?i=33801/ivillage

Sincerely,
Lindsey Schocke

Geeks on Tap: Mission Accomplished

iVillage Member
Registered: 05-30-2003
Sat, 01-14-2006 - 10:25pm

Great job, Heather! It's funny how when we were all spending that money, sometimes that extra 1k would add more stress, but when the balances are going the other way, that same 1K (well, now plus interest, lol) difference is cause for celebration!

Congratulations-
~Lisa