Bye Bye Debt (almost)

[meltdown75]

that's awesome, man.....

the bank owns my soul. :thumbsup:

married to my mortgage. til death do us part :heart:

 

[lokiju]

I'm hoping by the end of the year all I'll have left is my car and mortgage if all goes well.

Currently am finishing up a CC and a loan on my motorcycle...

 

[nageov3t]

every time I read this thread title, I flash back to the Patio commercial in Mad Men last night.

:music:Bye bye sugar, it's great to see you go

 

[FeuerFrei]

Hopefully there's many others out there paying down their debts. I know I am.

Originally posted by: loki8481
every time I read this thread title, I flash back to the Patio commercial in Mad Men last night.

:music:Bye bye sugar, it's great to see you go

I, on the other hand, think of that song that goes "bye, bye happiness. Hello emptiness. I think I'm gonna cry."
(May be lyrically challenged)

 

[Kyteland]

Originally posted by: Rumpltzer

Originally posted by: manlymatt83

Originally posted by: dquan97
How much are your monthly payments towards retiring that debt?

$5K + automated minimums

Wow. That's a lot man. Even on a 6-figure income (after taxes and whatnot), it'd be tough to live on what's left if you're paying $5K+ every month.

Living with parents?

Sometimes you've got to do what you've got to do. I'll bet that 2.9% is a teaser rate that gets an additional 3 tacked on to the front of it at the end of the year. It's better to take a little pain now and live super frugally than to let the credit card companies bleed you at a high interest rate. It definitely drives the lesson home not to let yourself get in that situation again.

 

[coloumb]

Originally posted by: Aztech

Originally posted by: Kadarin
I once had $35K in CC debt, and that was bad enough... Now I'm paid off with cash in the bank, and my only debt is my car payment. It's a wonderful feeling...

Congrats! I have $35K CC debt now. And, the companies have been reducing my limits and raising my rates, I guess ahead of the Obama changes that are coming...sucks :|

About the same here - the best viable option for me [and I really don't want to do it] is to borrow from my 401k as it has the lowest interest rate and allows me to pay off the debts in 5 years [or less] without screwing up my credit record [which is what would happen if you don't pay the amount due and settle for a lower % paying them back].

My original plan was to use stock options and 15% discount on stock purchases [every 6 months] to help pay off the debts - but thanks to the economy taking a nose dive - stock options are worthless and the company changed the employee purchase plans where making a profit every 6 months is pretty much worthless.

 

[puffff]

Originally posted by: manlymatt83

Originally posted by: necine
you had 100k in debt? wow.

Yeah dude. I never told anyone, but I used to take my paychecks at Dandy and just run off with them to Taj and spend em all. Then when it came time to pay my bills, I would put them on my CC. It was bad. Bad habit. I stopped it after heather and I broke up.

Holy fuck. Props to you... for having the balls to rack up that much debt in such a manner.

 

[manlymatt83]

Originally posted by: Kyteland

Originally posted by: Rumpltzer

Originally posted by: manlymatt83

Originally posted by: dquan97
How much are your monthly payments towards retiring that debt?

$5K + automated minimums

Wow. That's a lot man. Even on a 6-figure income (after taxes and whatnot), it'd be tough to live on what's left if you're paying $5K+ every month.

Living with parents?

Sometimes you've got to do what you've got to do. I'll bet that 2.9% is a teaser rate that gets an additional 3 tacked on to the front of it at the end of the year. It's better to take a little pain now and live super frugally than to let the credit card companies bleed you at a high interest rate. It definitely drives the lesson home not to let yourself get in that situation again.

Nope. wasn't a teaser.

American Express Clear Card. 2.9% balance transfer for life rate. Then combined 3 of my Amex limits into one to be able to transfer about 90% of the debt to it. The rest was put on a BT offer from Discover and a BT offer from Capital One.

 

[magomago]

what I don't get is you plan to finish it off by the end of the year....30k in 4 months...you must be making a nice chunk of change there from work ~ 90k/year

i thought you were a student?

 

[manlymatt83]

Originally posted by: magomago
what I don't get is you plan to finish it off by the end of the year....30k in 4 months...you must be making a nice chunk of change there from work ~ 90k/year

i thought you were a student?

I haven't been a student in about 4 years.