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Baby step #2


Forum: Financial Planning and Budgeting

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  #1  
July 16th, 2011, 07:15 AM
JessP's Avatar Lovin life and family
Join Date: May 2009
Location: Washington
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I know we are all working to pay off debt or did in the past.

Baby step #2 Pay off debt with the snowball effect.

Or any method that you decide is how you want to do it. Where are you at with this step?
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  #2  
July 16th, 2011, 11:34 AM
Platinum Supermommy
Join Date: Oct 2006
Posts: 32,940
Although not officially done, I consider us done. Our student loan interest rates are 2% and 3.125% which is lower than our mortgage interest rate of 4.75%. I don't believe mortgage interest will ever get that low, so we'd pay less interest overall if we attack the mortgage first.

When we had 2 large credit card debts and a car loan, we did snowball them.
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  #3  
July 17th, 2011, 01:40 PM
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Join Date: Mar 2011
Posts: 8,598
We're so far from paying off debt. I work at it in little bits and pieces. Once one bill is paid in full, I apply that money towards another bill. Sometimes, it seems like the bills never end. Unfortunately, neither DH or I make enough to have enough surplus in our incomes to make any serious headway into the debt, especially with 2, soon to be 3, young kids not even in school yet.
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  #4  
July 17th, 2011, 03:05 PM
Happy Song's Avatar Nicole
Join Date: Jan 2010
Posts: 10,794
I cheated paying off my debt and morgage. I sold my house in AZ right before the market tanked and paid off our debt and paid cash for our current house.

We have since fallen back into debt and I have no idea when and how we will pay them off. Most will be charged off and Judgments before we can get to them.

The down side to owning a house even outright is we are stuck in a horrible rural job market and for other reasons have been unable to even entertain the idea of relocating.
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  #5  
July 17th, 2011, 03:57 PM
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Join Date: Aug 2005
Location: USA
Posts: 7,429
We've long paid off all of our debt (minus our house) and are 100% debt free except for our house loan. No car loans and no credit cards and no student loans. We have our emergency fund (and quite a bit more) and are working on the 12 months worth of bills to have in cash in the bank in case something were to happen and we needed that. Our rule is, if we don't have the cash then we don't get it.

Last edited by SpazTaz; July 17th, 2011 at 03:59 PM.
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  #6  
July 19th, 2011, 06:56 AM
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Join Date: May 2009
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WTG Meghan.

I recently paid off some debt and will start at the snowball effect again next month
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  #7  
July 29th, 2011, 08:20 AM
luvmygirls333's Avatar Super Mommy
Join Date: Jul 2009
Posts: 623
We are doing the snowball thing. January of 2010 we had 32K in CC debt. As of today we only have 5K left!! I am really proud of us. We are hoping that by the end of the year we will have that all paid off and we'll be debt free!!
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