Never feels like progress is being made

iVillage Member
Registered: 10-25-2005
Never feels like progress is being made
4
Mon, 05-08-2006 - 12:30pm

I know it is. Debt in October was $20,000. Next month it will be under $15,000. We HAVE made progress. It just doesn't feel like it because we always feel broke. But we are and we are doing it right. Even though the minimums go down, I still pay the same, so while we could have $150 extra cash every month, we don't. Therefore, it feels like we will never dig ourselves out. But if all goes as planned (which it never does, right), December 2007 we should be CREDIT CARD DEBT FREE.

Part of it is the vehicle we have. Payments are disgusting, but March 2008 it will be completely paid and I like that. We owe $8000 still on it, so even trading it in, I did the math and our payments will be much the same. So to me it's pointless.

I just wish the money fairy would come and give me like $5,000. Just $5,000 and then I can power through the rest. But the money fairy doesn't exist.

We don't charge anymore AT ALL. It's just the fact that we never have any spending money each month, but deep in my heart I know that means we are SUCCEEDING!

iVillage Member
Registered: 12-12-2004
Mon, 05-08-2006 - 1:23pm
Hi, plastic prison. Well, to pay down $5000 is quite an accomplishment.! Give yourself a pat on the back for this. On the vehicles, can you negotiate a better loan at a lower interest rate (i.e., credit union)? When DH got his new SUV (the one that is smaller than the traditional SUV---what is it called?), he didnt go the conventional route with the loan from the car dealer, etc, but got into a better rate with a different lender. (edmunds.com is where he found the car, compared rates, dealers,etc.). Whiz.
iVillage Member
Registered: 05-09-2005
Mon, 05-08-2006 - 2:13pm
Hi Plastic
I sure know what you mean!! You and I have the same payoff date -- if I can stand it that long LOL -- what keeps me going is imagining what I'll do with the credit card payment $$ when we are debt free. Can't wait. My DH's dental bills have thrown us a real curve, so we have even less that the nothing we had before for spending. Oh well - gotta have teeth!
Megan
Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Mon, 05-08-2006 - 5:10pm

I know how you feel.


That is when I look in our yard to see if our money tree is growing.

Avatar for endomagazine
iVillage Member
Registered: 11-09-2004
Mon, 05-08-2006 - 9:06pm

Hello,


I know that it's frustrating, after all, I'm trying to pay down 35k in debt! I've made progress from 39k down to 35k in 5 months, but it doesn't feel like we're making much progress! Our minimum payments have reduced by $20 since then. I'm lucky that my DH has a job now, because before, we were living on 33k with 39k in credit card debt and a 88k mortgage. Our debt payoff date was in 2020! I haven't calculated our new payoff debt with a household income of 83k, but the snowball is much bigger now.


Isn't it amazing? I can send over $2000 to our debt some months (due to medical reimbursements and tuition reimbursements) but it still doesn't *feel* like we're making progress, because the budget restrictions are still there. However, I'm happy to have an emergency fund and I know I'll really enjoy sending those previous "debt" payments to "savings" in the future!

Sincerely,
Lindsey Schocke


Geeks on Tap: Mission Accomplished

Sincerely,
Lindsey Schocke

Geeks on Tap: Mission Accomplished