Comments on: How Much is my Debt Costing Me?

By: wyojeff

wyojeff — Thu, 19 Nov 2009 22:26:16 +0000

Just make sure that you stick to your strategy! Pick one debt (whatever it is) and throw all your resources towards that. Once you find that first success, you’ll find the road ahead much less steep.

By: FinanciallySmart

FinanciallySmart — Thu, 19 Nov 2009 18:14:41 +0000

Debt is costing us a lot isn’t it? Well it is good that you are attacking it and so on top of your game. I have been reading your comments and it has encourages me to try this strategy as well. All the best.

By: wyojeff

wyojeff — Thu, 19 Nov 2009 15:42:06 +0000

Kim
The way that I pay my debt is usually to send them large payments around the due date, and whatever leftover money I have I send along the way. This past month, I have made 4 payments, totaling around 1400 to one card. Im going to continue doing it this way, as it allows me to keep some cash in reserve while making substantial progress on my debt. I’ll definitely keep posting updates to the debt, and maybe some more fancy graphs and whatnot.

By: Kim_Mango

Kim_Mango — Wed, 18 Nov 2009 01:23:00 +0000

Something you might want to consider is paying off your credit cards in partial payments. For example, let’s say you have a minimum amount due of $100 per month. Instead of paying on the creditor’s timetable, set up your checking account to send $25 a week to them.

At this juncture, banks are accepting multiple payments per month from consumers (unlike mortgages). I would suggest watching to see if that doesn’t make a bit of a dent in your finance charges each month. The faster you pay, your daily average balance decreases. This is how I was able to get out of debt faster.

If you decide to try this, please keep me posted because I’d like to see this logged month over month since I didn’t think to do it at the time I was in debt.

Best of luck!

Kim

By: wyojeff

wyojeff — Mon, 16 Nov 2009 13:15:43 +0000

That’s quite a challenge Matt. I’ve been considering it for a while, and it will take some serious thinking. My girlfriends grandparents were deeply afraid of debt (they grew up during the depression) and didn’t take out a mortgage either. Instead, they bought land with cash, and had a house built on it. They couldnt afford to build the whole thing at once, so they built the basement first, covered it with tar-paper and lived in there until they had the cash for an extra layer.
This allowed them never to go into debt on their home.

By: Matt Jabs

Matt Jabs — Mon, 16 Nov 2009 03:20:43 +0000

I see you don’t have nearly as much debt as many others. Good job. Keep it that way!

I challenge you to never go into mortgage debt. Everyone will tell you you’re crazy… but if you stay out of debt, you’ll stay out of slavery and will be able to do whatever and go wherever whenever.

Something to think about.

By: Week in Review – 11/14/2009 | Debt Free Adventure!

Week in Review – 11/14/2009 | Debt Free Adventure! — Sun, 15 Nov 2009 22:50:50 +0000

[...] How Much is my Debt Costing Me? – by SustainableLifeBlog.com [...]

By: wyojeff

wyojeff — Fri, 13 Nov 2009 02:11:34 +0000

Exactly right eric,
Im glad that soon enough I’ll be able to take this extra $70 and keep it for myself, instead of giving it to the banks. I think im going to make this a monthly series, but soon it’s going to change….I’ll have to make the first (of alot) of student loan payments in december, so I can have a whole new set of banks to hate and interest to tabulate. I’ll keep on going with it, cause I’ll be $70 richer every month, and $840 richer every year!

By: BDO

BDO — Fri, 13 Nov 2009 01:30:19 +0000

That is a great way to look at it! With that thought, we can also say that we are making banks $70 more rich every month. So when we get out of debt, we can instead save that money and start making ourselves $70 more rich every month. Keep up the good work!