How are you paying back your debt?
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How are you paying back your debt?
| Thu, 06-19-2008 - 10:57pm |
A while ago I had written something about "Are you paying back your debt with a teaspoon or a backhoe?"

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I won't use snowflaking...........I'm thinking summer............I feel like I have a child's shovel (but no pail) flingng sand into a large swimming
My question to you Is how big is your debt?
What are you doing to pay it off. I know now you don't have a job but how much a month did you pay on your debt before you lost your job.
Time to come clean with your answers.
Mary Ann
I love your questions.
We used a backhoe.
Very clever questions...
I envision it as a medium-sized swimming pool now.
Backhoe here. Paid off a $28,000 balance to American Express in less than a year. Debt snowball averages $1200 to $2000 a month and one month we squeezed out a $4700 snowball.
Here's my Dave Ramsey baby step progress from llnoe.com:
BS1: Done.
BS2: Owe $0 Amex ($28k paid off!), $4309 Scion XB, $8740 Nissan Xterra = $13049
BS3: $1900 in addition to BS1 done. I needed more cushion.
BS4: $150k saved. Now 6% with 100% match until BS2 done.
BS5: Happily childfree. I forgot to go forth & multiply.
BS6: We own 47.87% of our house.
BS7: Hopefully by the fall of 2010.
There was a point where it would have looked like a swimming pool, and my pathetic attempts at filling it were like using a trowel. Once I got onto a DMP, it began to feel like I was at least using a wheelbarrow once a month. But then when I changed careers, it was like once a quarter I could back up a dump truck to it, and after a few quarters, it was full.
Fun visualization!
Kelly
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