I need some "Keep on Plugging" vibes

iVillage Member
Registered: 03-27-2003
I need some "Keep on Plugging" vibes
3
Sun, 10-12-2003 - 10:47pm
My goal for the new year was to be "Debt Free in 2003". That was a huge goal for us since our debt is so high. We had about $11,00 on our HELOC which I was paying faithfully -$1000/month. Well, we also had a car payment with a balloon payment of $7500 which was due in June. We could have refinanced but since our interest rate on our line of credit is so low (4%) we just rolled it into that. I knew we had to pay it off but it just made me feel like we didn't get anywhere since our balance went back up. I know we have made tremendous progress this year but it's just taking so long. DH, who has no clue about our finances keeps saying "Won't that ever be paid off?" I have tried to show him how much we have paid on it but it does seem like it's been such a long time paying on it. I keep telling him that we didn't make that debt over night and it's going to take us a while to finish paying it. I always pay my car ins. in the fall in three monthly installments for the whole year so I can't put as much on the loan until December. I am really trying to discipline myself to not spend anything extra, but we all know how emergencies and other things come up. I'm just really hoping to stay strong through the holiday season so we can wipe that thing out by next summer. I think we have it down to around $10,ooo now. Any other tips?

Thanks,

Karen
iVillage Member
Registered: 03-27-2003
Mon, 10-13-2003 - 9:32am
It really sounds like you're doing well to me! It will eventually make a difference-while we've backslid lately I can remember when we were carrying a high debt load. It does take time but the peace of mind is great when it's paid off. I have to laugh at myself now all stressed out about $2000 in credit card debt because when we first got married it was more like 15,000 and seemed like it would never, ever be paid off.

I do a table on the computer to show how much I've paid off on long-term debts. It helps me to see that we're inching along. Especially now that we have a mortgage and a car payment.

Taleyna

iVillage Member
Registered: 10-12-1998
Mon, 10-13-2003 - 11:37am
Actually, if you don't mind me saying, it looks like you are doing pretty darn well. If you can foresee that it's possible to pay off that much debt by sometime next summer, that's really awesome. In my book that's a lot of debt to pay off that quickly. For most people, that much debt would probably take a couple of years to pay off even with struggling to stay frugal and paying as much as possible each month.

Even if emergencies come up, you will still be done with that debt very quickly.

You're doing great!

~Vickie

iVillage Member
Registered: 03-31-2003
Mon, 10-13-2003 - 1:15pm
I just want to say you are doing a GREAT job, and I applaud you for sticking with it!!!!

We refinanced our mortgage a year ago Sept. We got a 30 year mortgage with a 7 year balloon at 5.25% and a HEL for 5%. The HEL was to consolidate other loans we had at a much higher rate. The plan was to make the same pmt that we were making before and the mortgage and HEL would be paid for before the 7 yr balloon was due. Well we had no extra money everythng was going to those 2 pmts, BUT the thought of paying off the mortgage that soon was music to our ears!!!! Well we didn't make it a year at that pace. I had to refigure to give us some breathing room. Since then we have paid down the HEL, but then have taken more back out on it. So really haven't made any progress on this except what actually went to the mortgage. But on our behalf, we have made some nice improvements to our house!!!LOL!!

So good job, and you have inspired me to get back on track with our mortgage/HEL!!

Paula