Tara Anderson in Woodinville is doing 34 things including…

get out of debt

10 cheers

 

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Tara Anderson has written 9 entries about this goal

whew

I was worried for a little bit; I thought that with the way things were going, that I’d be hitting a sizeable bump that would make life hell for a short while and thus, make paying off the debts a little harder.

Well, I think the debt payment schedule is still on track. The expense check I’d been waiting for finally showed up, and so I was able to pay off my speeding ticket (shut up) and then I got paid today, so I put in my regular biweekly payment.

[insert massive sigh of relief here]



Maybe I'll be done sooner than I originally planned?

I got a small raise, so I am putting a small bit of that amount into the debt every two weeks in addition to my normal payments. If I follow that plan, I’ll be done with that debt as of March 23…!



$2654.37 left on the old high-rate loan...

Should be paid off by the first paycheck in April, which, from my cursory calculations, appears to be 4/13/07. Based on bank transfer dates, I will challenge myself to get this done by 4/15.

I’ll still have student loans and mortgage payments, but those will be separate entries, since they will take longer…



OK.

As of today, $2,654 left to pay on the “high-rate debt” which is now no longer high-rate debt since R paid it off, and I’ve been paying him. That will be paid off in 7 more paychecks’ time – by the first paycheck in April, and that will feel good.

The student loan payments have started and those are a bitch and a half. I have a plan where I could potentially get those paid off by July 2009. I don’t know if that is possible but if I follow the plan I’ve followed for paying R, I’ll have an extra $350 per month to put to my 401K or toward living expenses or the soon-to-be mortgage or whatever.

I have a reliable car to drive now (the Subaru R bought outright that I drive) which is great and I feel safer knowing that the car is not going to break down every week like the Jeep used to.

After all that’s said and done, I have about $5600 in personal debt to R for some other stuff he paid off a while back, but the plan is currently to let that wait until the student loan is paid off, or until I get a raise or whatever.

I feel a little more relieved, though still quite overwhelmed.



easier and harder, at the same time

This one is about to get easier and harder at the same time.

R paid off my big debt, so it looks like I paid off my huge, high-rate debt loan in one large chunk. I’m cancelling that account today. I’ve given $1500 to him to date, and should, all things considered, have that paid off in about a year, and then work toward paying off the money I already owe him outside of that.

My student loan payments start in September. I need to get in touch with the financial aid department about that.

Furthermore, it looks like I’m about to get deeper in debt – I need a reliable car, and getting that seems to require a car payment. So… we’ll be doing that soon, too. Probably a used car with a car payment.



easier than I thought?

I figured out that I can pay off my high-rate debt pretty quickly if I just keep making large payments.

The student loan debt is another thing entirely, but if I kept at it, I could probably get it all paid down by 2008.

We shall see.



slow progress...

I scheduled a $500 payment (roughly $65 more than I would normally pay on a minimum payment) on my current biggest money-suck – I mean, loan – and that will go through on the 17th. I feel accomplished knowing that I am making a (very) small dent toward fixing my financial problems.

The paychecks don’t always go far enough, but this month I’m able to have the foresight to see how much I’ll earn over these next three paychecks that it seems I may actually be able to continue the trend of paying more.

Now if only my financial aid refund check would show up (::grumble::), I could pay for some other outstanding things…



The thing that sucks

... is having to live paycheck-to-paycheck. I’ve cut out almost everything nonessential and yet, I’m still broke, still making minimum payments.

I managed to shoot my budget to hell accidentally when two big checks cleared in too short of a time, and I managed to overdraw myself. I got paid this morning but now I’m short about $20 for a big bill I need to pay (a monthly thing), and in addition to not quite having enough to pay that, I don’t have money for gas or food or ANYthing else until NEXT tuesday.

/Gulp/ time to take a loan out of the Bank of Mom again (which I can actually repay on Tuesday, but still…)



yikes.

Yesterday was rather boring and uneventful – until I received a call from a debt collector.

Now, I’m aware that I am fully responsible for my debts. As much as I hate it, I know I need to pay these things off eventually. But being told you need to have $3600 by two days from now (or really, immediately) is somewhat of a heart-stopper, when it would take you three months to make that money without paying for anything else.

So, I listened to the debt collectors, who had a fun time calling me names, misreading everything I said, accusing me repeatedly of refusing to pay this bill (it’s not that I didn’t want to pay it – I simply could not afford it) and generally telling me I was a horrible person. I agreed to somehow come up with the money and pay them with a check over the phone.

Yikes. I don’t have $3600. I went into panic mode. Stressed myself out. Borrowed money from someone close to me and paid them off today, however.

There are still some small debts I owe money on, the large loan I’ve been paying $500/month on for over a year now, and the student loans I’ll owe money on, starting next year, for what willl probably feel like the rest of my life.

I’m resigning myself to the fact that I will probably never own a house or a new car on my own, unless I miraculously land a position in which I can suddenly pay off all of the debts or when I’m 65 and retired or something.

I don’t even have a retirement plan.

So I’m beginning the process of getting rid of most of my stuff (see previous entry on decluttering). I realized I have an apartment full of crap that I never use. I use my space for sleeping, eating, doing homework, bathing, knitting and internet. Not much else. If I can sell 50-75% of my stuff (because really, I don’t use much of it at all anymore, it’s been packed in boxes through three separate living spaces), maybe I’ll be able to make a dent in the debts.

I hope.



Tara Anderson has gotten 10 cheers on this goal.

 

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