Sold House finally. I am happier renting. I am less encumbered and can move when and wherever I want now. This works for me. I like change.
Also, I can use monthly mortgage money toward credit cards. I hope to own only two credit cards in 3 years or less. One for emergencies only. One with a reasonable and manageable cap on monthly expenses.
I am planning an elaborate one person party to cut up cards as I pay them off. I have two cards almost paid off. I am feeling like I am no longer drowning and I will be able to live without an exorbitant debt hanging over my head. 6 months ago
My two credit cards haven’t changed, and they’re pretty much under control. When their balances get a little higher than they ought to be (we’re only talking about hundreds here) it’s because I’ve gotten a little behind on my budgeting. No big deal: I’ve been late with payments hundreds of times, that’s just how it goes when I get busy. I just rein them back in.
The last LOC is down to about $2500, which I will obliterate with my tax return, if not before. That just leaves my “mortgage” LOC, and a mortgage is only “debt” in a very narrow sense – particularly once you have significant equity. 9 months ago
I have made sure all the expenses that I accrued on business earlier in the year have been paid off my credit card.
After this month’s regular payment, and the odd pounds of interest that are bound to show up after that, then the card will be completely clear again.
I have also cancelled my gym membership as the money can be spent on better things. I have cancelled down an annual subscription, too, which at the moment, again, the money can be put to better use. It also helps to simplify my finances.
And, finally, I have tracked the dates that two of my longstanding arrangements are due to finish, and added those dates to my spreadsheet, so that I get good reminders of getting closer to having that money available to me again. Which is not to say that the reason it isn’t at the moment was not entirely worth it; I just wish I could have saved for it rather than paying it back afterwards. 9 months ago
I have recently taken a downgraded job at work, and the resulting lower salary.
I have however, planned all this forward. I have also spoken to hubby about putting a bigger percentage of my income into the joint finances to help us achieve our goals.
I have some outstanding debts from my student loans, but these are loans that are on organised repayment plans, so they are medium terms loans on fixed repayments.
It will be up to five years before I am completely debt free (except for a mortgage) but my finances are completely within my control. I have no credit card or overdraft debts.
There isn’t much left over each month, but there is enough. This includes some ‘luxuries’ too like a cinema pass and my gym membership … life is good. 10 months ago
I currently owe about $7000… at the ripe young age of 20. But to be fair, most of that was to cover the cost of moving out of my parents house… I have a payment plan set up however; making the minimum payments I will be able to pay it off in 3-4 years, but am hoping to pay it off much sooner than that & to never go back into debt afterwards because it is a terrible way to live! Buy what you can afford, if you can’t afford it – don’t buy it. Or forever be caught in the trap. :P 10 months ago
I have a small personal credit card that I can easily manage, a bit larger one for business use which is kept in line by business revenue, and an old line of credit which was related to buying my house. The other two LOCs are paid off, and I’m going to give this one the death knell within a few months.
So I’m almost there! :)
Side note: I would have gotten there by the end of the year if my mum hadn’t gotten the idea of me helping her to buy a place into her head this year. That’s been on the back burner since late summer, and I want to let it die on the vine… 11 months ago
Yeah, like most other students, I too have a huge student loan weighing me down.
Loan Amount- 900000 INR
Purpose – Obtain one of the most expensive sheets of paper (MBA)(No denying the awesome experience I had at my B school)
Tenure- Loan taken in Mid 2011, expected to complete payback by Mid 2019
The the craziest fact- The rate of interest (ROI) at the time of borrowing was 11.5% but rose to a whopping 14.1% by mid of 2013.
So I had been meticulously paying the interest right from the very first month of taking the loan ( which meant paying interest while I was still studying at school ) and started repaying the Principal amount once I took a full time job after graduating. After a paying EMI for over 2.5 years, I realized I still owed 7,74,000! This was the tipping point for me.
I am now on a quest to prepay my education loan and be debt free by the end of 2014. A real tough quest! Time to revisit my finance courses :) 12 months ago
I’m encouraged that my total debt is slowly moving down. Bit by bit we’re digging ourselves out. 13 months ago