How are you paying back your debt?

iVillage Member
Registered: 09-22-1999
How are you paying back your debt?
12
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?"

Pages

iVillage Member
Registered: 09-22-1999
Thu, 06-19-2008 - 11:02pm

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

iVillage Member
Registered: 11-17-2007
Fri, 06-20-2008 - 3:52am

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


iVillage Member
Registered: 03-26-2003
Fri, 06-20-2008 - 5:38am

I love your questions.


We used a backhoe.

Photobucket
iVillage Member
Registered: 04-12-2007
Fri, 06-20-2008 - 6:52am

Very clever questions...


I envision it as a medium-sized swimming pool now.

iVillage Member
Registered: 04-02-2003
Fri, 06-20-2008 - 12:26pm

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.

Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Fri, 06-20-2008 - 12:55pm

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

Community Leader
Registered: 07-26-1999
Fri, 06-20-2008 - 4:09pm
I would say 2 years ago it was a large swimming pool being filled with a small backhoe.
Photobucket
iVillage Member
Registered: 08-24-2006
Sat, 06-21-2008 - 4:24am
It's like a medium sized swimming pool, but it has a slow leak that leads straight into hell or something. I'm filling it up with a big shovel, but it leaks out so fast it's hard to keep it from getting bigger.
Meez 3D avatar avatars games
iVillage Member
Registered: 06-09-2008
Sun, 06-22-2008 - 12:51pm
Well it depends how you look at it :) I think that if me and my husband get real focused we can be out of debt within the next year with $20k of cc debt and $5k personal loan debt. But we will still have our student loan debt which is like the grand canyon. That will take some time to pay off. As of right now we have been paying our debt with a tespoon but we are about to begin paying it with a backhoe here in the next month.
iVillage Member
Registered: 06-09-2008
Sun, 06-22-2008 - 12:54pm
Thats awesome that you paid off $28k in a year! We have $25k that I hoping we can pay off in a year as well. That's awesome!

Pages