bankergurl
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Joined: Dec 30, 2010 17:05:10 GMT -5
Posts: 1,435
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Post by bankergurl on Aug 7, 2017 15:33:54 GMT -5
Update to Race #2!$681.14 paid off in the last 2 weeks!!! We are back from Vegas! We didn't win big, but we didn't get our booties kicked either. Our flights, 7 day hotel stay (and our families rooms as well), lots of food, about $300 in gaming, poolside cabana (and $1000 poolside food/alcohol bill) were all comped. It was nice to be able to share some of our comps with my inlaws as well as they are always willing to help us out with watching our puppy girls. We also had a limo ride to and from the airport, a fancy BD dinner at Paris for my SIL's 21st BD, a ride on the High Roller, zipline on Fremont St., a tour of the Mob Museum, some of our group also went to The Blue Man Group, some to Penn and Teller, and my fave was Cher Concert on the last night! It was a great trip and had a lot of fun with hubby and his family. We probably won't go back this year, but we don't have kids so sometimes we go impromptu, so we shall see. With the amount we played through we will be able to get free rooms, etc for the rest of 2017 and 2018 as well.
Now on to financial business! We are right on track to be able to pay off the Mom Loan in Dec. We "could" pay it off now, but we need to have enough to pay off the loan, have our renters deposits in savings in case someone moved out, and have a little EF. Total we need is about $21,750, right now we have about $17K so we need to save another $5K by Dec. That would be a fabulous paydown, and we would blow past the $500K mark. I can't wait! So time to put our nose to the grindstone and get that last bit into savings! Celebrations for this update:
-$681.14 paid off in the last 2 weeks! -Race #2 went under the next $1000 mark! -Mom Loan went under the next $1000 mark and under $20K!!!!! -Total debt went under the next $1000 mark for the 4th update in a row!
Race #1 - Banker Gurl Mortgage (Rental #2)
7/21/17 $151,750.00 (9/17/07 $250,514.73) Paidoff - $98,764.73
Debt | Interest | Start 9/17/07 | Last 6/23/17 | Current 7/21/17 | My Mortgage (Rental #2) | 3.62% | $250,514.73 | $152,100.00 | $151,750.00 |
Race #2 - Bad Debt Race
8/4/17 $27,870.98 (6/19/15 $37,603.84) Paidoff - $9,732.86
Debt | Interest | Start 6/19/15 | Last 7/21/17 | Current 8/4/17 | Student Loan | N/A | $93.97 | $0 | $0 | Payback Savings | 0% | $500.00 | $0 | $0 | David's Bridal | 0% | $275.30 | $0 | $0 | Scheel's Card | 25.24% | $929.90 | $0 | $0 | Total Rewards | 17.99% | $3,955.66 | $0 | $0 | LOC - US Bank | 21.90% | $4,994.05 | $0 | $0 | Ring - Iddeal | 9.99% | $9,334.87 | $0 | $0 | Appliances - Best Buy | 0% | $2,960.09 | $0 | $0 | Mom Loan #2 | 2.00% | $0 | $20,168.85 | $19,602.46 | Store Loan | 2.00% | $14,560.82 | $8,383.27 | $8,268.52 | Totals |
| $37,603.84 | $28,552.12 | $27,870.98 |
*Mom Loan Savings Account has $2115.00 in it so total still owed is $17,487.46.
Race #3 - MO's Mortgage/HELOC
7/21/17 $84,656.75 (6/19/15 $119,756.61) Paidoff - $35,099.86
Debt | Interest | Start 6/19/15 | Last 6/23/17 | Current 7/21/17 | HELOC | 3.5% | $30,324.70 | $0 | $0 | MO Mortgage (Rental #1) | 4.5% | $89,431.91 | $84,838.75 | $84,656.75 | Totals |
| $119,756.61 | $84,838.75 | $84,656.75 |
Race #4 - Our Mortgage
7/21/17 $248,643.70 (9/2/15 $270,000.00) Paidoff - $21,356.30
Debt | Interest | Start 9/2/15 | Last 6/23/17 | Current 7/21/17 | Our Mortgage | 4.125% | $270,000.00 | $249,030.79 | $248,643.70 |
Yearly Progress
Date | Total Debt | 6/19/15
| $584,391.18
| 1/1/16 | $557,236.94 | 2/1/16 | $558,578.70 | 3/1/16 | $556,926.66 | 4/1/16 | $555,255.36 | 5/1/16 | $537,809.61 | 6/1/16 | $536,179.52 | 7/1/16 | $535,227,72 | 8/1/16 | $533,602.53 | 9/1/16 | $531,929.14 | 10/1/16 | $529,329.28 | 11/1/16 | $527,573.63 | 12/1/16
| $525,933.12
| 1/6/17
| $524,971.47
| 1/20/17
| $523,953.74
| 2/3/17
| $523,279.38
| 2/17/17
| $522,251.76
| 3/3/17
| $521,576.28
| 3/31/17
| $520,437.48
| 4/14/17
| $519,027.69
| 4/28/17
| $518,733.73
| 5/12/17
| $517,321.49
| 5/26/17
| $516,997.18
| 6/9/17
| $516,318.28
| 6/23/17
| $515,316.35
| 7/7/17
| $514,636.33
| 7/21/17
| $513,602.57
| 8/4/17
| $512,921.43
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sbvs4you
Initiate Member
Joined: Dec 28, 2010 20:28:01 GMT -5
Posts: 75
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Post by sbvs4you on Aug 7, 2017 17:07:51 GMT -5
Update:
sbvs4you Race#1: 8/7/17 $40,463.48 ($36,871.63 10/3/15)
sbvs4you Race #2: 8/7/17 $7,715.57 ($12,812.37 2/9/17)
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bankergurl
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Joined: Dec 30, 2010 17:05:10 GMT -5
Posts: 1,435
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Post by bankergurl on Aug 14, 2017 15:51:21 GMT -5
Since we are getting close to our next goal of paying off the Mom Loan, I have been looking at what our next goal would be, and now am considering not paying off the Mom Loan early, but continuing our monthly payments and doing another option. So I thought I would throw it out here and see what thoughts suggestions you all had for me!
You can see the list of our debt balances/interest rates above for reference.
Original plan: Payoff Mom Loan
The Mom Loan was taken from my Mother at her offering so that we could pay off MO's HELOC and save money on interest, we have a signed contract, an amortization schedule, and our payments are taken monthly on auto-withdrawal from our checking account to hers, so no worries of needing to pay it off early or any awkward/uncomfortableness in regards to the loan. She was actually happy to do it to make a little side money of her own on the interest.
The Mom Loan is at 2% interest, our payments are $600 a month. $350 we pay from our checking, the other $250 is our monthly pay for managing a rental property for my parents, so rather then pay that to us and then get it right back, they just keep it and it is considered the other portion of our monthly payment.
Right now the balance on the Mom Loan is $19,602.46. We started in June 2016 at $28,000. The large payments and low interest are helping the balance roll down quickly. We do not make extra principle payments as neither myself or my Mom wants to reconfigure the interest balance/payoff amount monthly. However we are saving up to payoff the balance of the loan in full much earlier then the actual due date. We did this before with my Mom and it worked great. The original due date on the loan is June 2020, but I think we could pay it off by Dec 2017 (maybe a few months later), which would be 2 1/2 years early.
At that time, we would then have an extra $600 per month to go towards our next goal, which we have been talking about and were thinking it would be best to work on the mortgage for our personal home to get it down a bit so that we can have the PMI removed. PMI on our home is $89.78 per month. We do not have PMI on our 2 rentals. Current balance on our home is $248K, we would need to get the balance down to $216K to have the PMI removed. Normally I wouldn't want to tackle the biggest balance debt, but as MO pointed out we are basically just throwing away the $89.78 a month, so we should try to work to get that removed and then we can add that amount to our snowball and have it making a difference each month. Once we reach the $216K to have the PMI removed, we could then re-evaluate the payments and possibly switch our snowball back to the lowest debt (Rental #1) to try to get another $0. All of the debts have interest between 3%-4% so that interest rate isn't a big factor in the payoff order once the Mom Loan is gone.
Pros -We would have a new $0 and one less debt. -We would have an extra $600 to throw at either the next debt snowball or savings depending on our goals. -Because savings would be drained to payoff this debt, I believe we would be less lax with savings/debt payoff Cons
-Lowest interest rate debt. -Would drain savings when paying off (only listing this as a con because of my personal comfort level with having a lot in liquid savings).
Other option(s):
We are considering another option of continuing to make the normal payments on the Mom Loan, but instead of paying it off now, redirecting our large payoff at our mortgage and working on getting the PMI removed first. Then once that is done the Mom Loan would again be the goal. The interest rate on the mortgage is double the % rate of the Mom Loan (4.125% vs 2%), and we easily make principle payments online. So we would most likely make principle payments each month, and then once our savings payoff ball matched the amount left to get PMI removed we would payoff that big chunk. I'm estimating about 2 years for us to payoff the $32K to have the principle removed. By that time the Mom Loan would be down to just about $5K-$6K and would be paid off quickly since the balance would be so low.
Pros -Getting PMI removed would save us $89 a month that is currently not reducing our debt or benefiting us in any way. -$89 could then be added to monthly snowball. -This is our 2nd highest interest rate.
Cons -No changes to the current # of debts we are paying on. -Possibility of being more lax with savings/debt payoff because we will still have the large amount in savings, and I will feel more "comfortable", which I guess is good and bad. However we could send $5K-$10K to the mortgage right now to rectify that and reduce interest/balance towards PMI.
Thoughts? You can also view our debts on the post at the top of the page and let me know if you think there is a 3rd option that would make more sense too. TIA!!
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debthaven
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Post by debthaven on Aug 14, 2017 18:52:55 GMT -5
bankergurl Personally I'd want the Mom Loan gone first, especially since you're so close anyway. I wouldn't worry about less than $90 of PMI for now, but that's me. Also, what was your MO's HELOC for originally? If it was for consumer debt rather than mortgage debt, that would give me another reason to want the Mom Loan gone first. Same with the "store loan" ... if that's consumer debt (of course I don't know if that's the case), I'd tackle that next. I just don't see the point of working/saving hard for 3 more years to save $89 per month. By paying off the Mom Loan, you would have an extra $600 a month by Dec (or early 2018). That amount would go MUCH further towards your next goal than the $89 in PMI. Even if you decide that your next goal is to eliminate the PMI. JMO of course. ETA: If you're worried about draining savings, you can either save another few K before you reimburse your mom, or (worst-case scenario) re-borrow from her IF you suddenly have a problem that costs more than your current savings at that point + cash flow.
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oweno
Junior Member
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Posts: 133
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Post by oweno on Aug 14, 2017 20:16:17 GMT -5
Wow, the board got busy since I last checked in! Still catching up, but here is my happy update for this month:
UPDATE
OweNo: 8/14/2017 $4,000.00 (03/17/08 $54,750.91, M190, M298, 190, 324)
Ohh yeah, big payment made in July. Woo hoo! Hoping to make another big one in October, once DH is back to work (he gets summers "off" i.e. they only pay him 9/12 months unless he teaches in the summer). I am fantasizing about being DEBT FREE by Christmas ... what an amazing present that would be!
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nidena
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Post by nidena on Aug 15, 2017 2:28:16 GMT -5
bankergurl, if the difference between what you owe on the mortgage ($248K) and what the pmi-free balance needs to be ($216K) were the same as what you owe your mom ($19K), I'd suggest paying down the mortgage but it's almost double ($32K) what you owe your mom. I'd pay off the Mom Loan and then reallocate that payment accordingly.
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bankergurl
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Post by bankergurl on Aug 15, 2017 9:25:41 GMT -5
debthaven - Thanks for the response. Paying down the mortgage wouldn't just be for the $90, but also that it has double the interest rate of the Mom Loan, but I definitely see your point.
The HELOC debt was created when MO got divorced and had to pay out his ex for her portion of their house as he kept the property. The bank wasn't able to put the balance back into the home loan, so they created the HELOC.
The store loan is consumer debt, but that comes out of MO's paycheck each payday so even though I would like it gone since it is such a low balance, we won't be making any extra payments to that since it is auto and easy.......well maybe we should consider that The Store Loan payment is $121.20 per paycheck. We don't miss it cause our budget is set up without that money. If we took out a chunk from savings and paid that off now we would have an extra $240 per month......hmmm....we really weren't thinking about paying that off early since the interest is so low, but actually seems like a good option....I will talk to MO and see what he thinks!
Nidena - My thoughts too, I was hoping when I was figuring out the PMI that they were close to the same balance, but yup big difference there. See the note above about the store loan....maybe we will do that??
Now thinking maybe payoff Mom Loan to get the big $600 back in our pockets, then don't worry about the PMI and payoff Store Loan for the $240. Hmmmmm....
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nidena
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Post by nidena on Aug 15, 2017 10:10:08 GMT -5
debthaven - Thanks for the response. Paying down the mortgage wouldn't just be for the $90, but also that it has double the interest rate of the Mom Loan, but I definitely see your point.
The HELOC debt was created when MO got divorced and had to pay out his ex for her portion of their house as he kept the property. The bank wasn't able to put the balance back into the home loan, so they created the HELOC.
The store loan is consumer debt, but that comes out of MO's paycheck each payday so even though I would like it gone since it is such a low balance, we won't be making any extra payments to that since it is auto and easy.......well maybe we should consider that The Store Loan payment is $121.20 per paycheck. We don't miss it cause our budget is set up without that money. If we took out a chunk from savings and paid that off now we would have an extra $240 per month......hmmm....we really weren't thinking about paying that off early since the interest is so low, but actually seems like a good option....I will talk to MO and see what he thinks!
Nidena - My thoughts too, I was hoping when I was figuring out the PMI that they were close to the same balance, but yup big difference there. See the note above about the store loan....maybe we will do that??
Now thinking maybe payoff Mom Loan to get the big $600 back in our pockets, then don't worry about the PMI and payoff Store Loan for the $240. Hmmmmm.... What about: Continue the payment cycle on everything, as is, until you have enough saved to pay off the Mom Loan. You'll also be putting into your other savings BUT, instead of doing that put that towards the Store. Then, at the same time that you pay off the Mom Loan, withdraw the necessary funds from savings and pay off the Store. Then, with those both gone, you'll have $840 to put towards whatever each month.
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debthaven
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Post by debthaven on Aug 15, 2017 15:31:20 GMT -5
Now thinking maybe payoff Mom Loan to get the big $600 back in our pockets, then don't worry about the PMI and payoff Store Loan for the $240. Hmmmmm....That's what I would do bankergurl . The $600/mo extra from the Mom Loan will help you pay off the Store Loan very quickly.
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urdoingit
Established Member
May the road rise to meet you ...
Joined: Dec 23, 2010 8:04:56 GMT -5
Posts: 480
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Post by urdoingit on Aug 15, 2017 15:56:00 GMT -5
7 Year WIRRversary!
Progress … it’s a beautiful thing, even when it doesn’t follow a particularly straight line.
Last year’s goals:
* Pay off the remaining debt. DONE! * Continue to build our EF. Our EF took a hit, but we are almost back to our pre-hit balance. * Continue contributions to our 401(k)s. Still going strong. * Continue with improvements/maintenance to our home. Foundation/waterproofing work done! * Save for replacement vehicles. Over $14k in the account – about half what we need. * Travel as much as we can while DH is still able. Made it to Ireland and Gulf Shores …
DH and I sat down and made up a list of necessary and wish list repairs and improvements we want to make to our home while we are still working. It grew to a pretty long list! Hope to knock some of the smaller-ticket items off with cash as we go along and save up for the bigger expenses. Need to completely gut and redo our basement and that is going to be the biggest expense.
We are trying to put some extra $$ aside to cover the co-pays and such for DH’s bilateral knee replacement. The cost estimator on his medical insurance website says we can expect $6k to $7k out of pocket. Of course he is hoping it will come in under that and I am expecting it to be way more … we’ll see which of us is right once the dust settles.
This year’s goals:
* Continue making additional principal payments on the mortgage every month. * Replace DH’s car (may not be a cash purchase, but as close as we can get!) * Continue traveling – Have trips planned (and saved for) to Northern California/Oregon this fall and South Dakota next spring. * Begin clearing out the “stuff” that has accumulated over the years.
We don’t have a lot of goals for next year as some things are dependent upon DH’s recovery from his knee replacements.
Ah-ha moment for this year: We figured out approximately what DH will get on short-term disability after his surgery and we should be okay financially - probably won't be putting as much into savings, but we will have enough to cover our monthly expenses.
Keep chugging along, Racers!
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movinonup
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Joined: Feb 7, 2013 7:44:03 GMT -5
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Post by movinonup on Aug 15, 2017 19:30:07 GMT -5
bankergurl, including the PMI, your Mortgage is probably your most expensive debt. If you are not desperate to decrease your monthly expenses because cash flow is tight, I would concentrate on paying the Mortgage first. If cash flow is an issue, I would tackle the store debt first since it seems that you are able to pay that off in full basically immediately. That will free up $240 a month. Then you can pay off Mom Loan. -movinonup
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ners
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Post by ners on Aug 15, 2017 20:39:04 GMT -5
Update
79290.94 (1/3/2011 $97,382.42 MPT5)
252.52 lower this month. Progress is progress no matter how slow.
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bankergurl
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Posts: 1,435
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Post by bankergurl on Aug 17, 2017 12:20:36 GMT -5
bankergurl , including the PMI, your Mortgage is probably your most expensive debt. If you are not desperate to decrease your monthly expenses because cash flow is tight, I would concentrate on paying the Mortgage first. If cash flow is an issue, I would tackle the store debt first since it seems that you are able to pay that off in full basically immediately. That will free up $240 a month. Then you can pay off Mom Loan. -movinonup That was my thought as well for looking at that as another option. Cash flow is not an issue, we currently have $1660 a month in discretionary income. Each month, the plan is for that amount to always go into savings (until the Mom Loan is paid off), but in recent months some of it has been covering car repairs, vacations, and general overspending, so that we don't have to take any out of savings.
On the actual dollars side of things, it makes the most sense to go after our mortgage since the interest is double that of the Mom Loan, and to stop throwing away the $90 a month on PMI. Everything has to get paid off eventually either way.
On the morale side of things, it would be nice to payoff the Mom Loan and have that shiny $0, and also have that $600 to throw at the next debt.
Since cash flow isn't an issue (and shouldn't be in the future as we have no plans of taking out any new debt, or lowering our income), we can really do either option. We are still discussing it, but will probably end up sticking with the original plan. We have also discussed paying off the Mom Loan (which is essentially the HELOC since that is what it paid off) and then taking out a new loan from my Mom to get that chunk paid off of the mortgage. Then of course going back to paying off the new Mom Loan, but at a lower interest rate then the mortgage and we would have the extra PMI money to use as well. I have not discussed with my Mom, and this would be a larger loan, so I am not sure that this is an option, but about 95% sure if she did have the liquid funds to loan us she would as she also enjoys getting a little extra income and helping me out.
Thanks everyone so much for the input and suggestions, I very much appreciate it. I will let you know when we have made a decision, and keep on trucking with normal payments for the moment.
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shanendoah
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Post by shanendoah on Aug 17, 2017 13:28:32 GMT -5
shanendoah: 8/17/2017, $17,643.12 (5/4/2017, $36,155.05, WIRR151)
Line of Credit | Current Balance | Previous Balance | Starting Balance | Limit | APR | Total Paid | Percentage Paid | Citi Thank You | $0.00 | $0.00 | $15,441.35 | $16,400 | 13.74% | $15,441.35 | 100% | Citi Diamond | $4,504.50 | $4,144.93 | $5,182.70 | $6,600 | 0% until 11/18 | $678.20 | 13% | Chase Disney | $13,138.62 | $12,881.00 | $15,531.00 | $15,000 | 0% until 5/18 | $2,392.38 | 15% | Total | $17,643.12 | $17,025.93 | $36,155.05 |
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| $13,055.20 | 51% |
Balance went up again with a $1,200 bill to the lawyer. In addition, there was another $5,500 bill to the lawyer this month. For the moment it is on the BECU Visa, but I just got a couple of new card offers which have 0% interest for 14 months (on transfers and purchases in the time period) and one includes $0 transfer fees before December, so as soon as I get the card, I'll be transferring the $5,500 to that and adding it to the race.
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bankergurl
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Joined: Dec 30, 2010 17:05:10 GMT -5
Posts: 1,435
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Post by bankergurl on Aug 18, 2017 15:32:06 GMT -5
Update to Race #1, 2, 3 and 4!$1035.26 paid off in the last 2 weeks!!!
We are in that stage where bills just won't stop coming in, always something.... . Planning a no-spend 6 days starting tomorrow, and then again for the month of September so we can get back on track.
Happy with this update! Celebrations for this update:
-$1035.26 paid off in the last 2 weeks! -Total debt went under the next $1000 mark for the 5th update in a row!
Race #1 - Banker Gurl Mortgage (Rental #2)
8/18/17 $151,400.00 (9/17/07 $250,514.73) Paidoff - $99,114.73
Debt | Interest | Start 9/17/07 | Last 7/21/17 | Current 8/18/17 | My Mortgage (Rental #2) | 3.62% | $250,514.73 | $151,750.00 | $151,400.00 |
Race #2 - Bad Debt Race
8/18/17 $27,756.14 (6/19/15 $37,603.84) Paidoff - $9,847.70
Debt | Interest | Start 6/19/15 | Last 8/4/17 | Current 8/18/17 | Student Loan | N/A | $93.97 | $0 | $0 | Payback Savings | 0% | $500.00 | $0 | $0 | David's Bridal | 0% | $275.30 | $0 | $0 | Scheel's Card | 25.24% | $929.90 | $0 | $0 | Total Rewards | 17.99% | $3,955.66 | $0 | $0 | LOC - US Bank | 21.90% | $4,994.05 | $0 | $0 | Ring - Iddeal | 9.99% | $9,334.87 | $0 | $0 | Appliances - Best Buy | 0% | $2,960.09 | $0 | $0 | Mom Loan #2 | 2.00% | $0 | $19,602.46 | $19,602.46 | Store Loan | 2.00% | $14,560.82 | $8,268.52 | $8,153.68 | Totals |
| $37,603.84 | $27,870.98 | $27,756.14 |
*Mom Loan Savings Account has $2190.00 in it so total still owed is $17,412.46.
Race #3 - MO's Mortgage/HELOC
8/18/17 $84,474.75 (6/19/15 $119,756.61) Paidoff - $35,281.86
Debt | Interest | Start 6/19/15 | Last 7/21/17 | Current 8/18/17 | HELOC | 3.5% | $30,324.70 | $0 | $0 | MO Mortgage (Rental #1) | 4.5% | $89,431.91 | $84,656.75 | $84,474.75 | Totals |
| $119,756.61 | $84,656.75 | $84,474.75 |
Race #4 - Our Mortgage
8/18/17 $248,255.28 (9/2/15 $270,000.00) Paidoff - $21,744.72
Debt | Interest | Start 9/2/15 | Last 7/21/17 | Current 8/18/17 | Our Mortgage | 4.125% | $270,000.00 | $248,643.70 | $248,255.28 |
Yearly Progress
Date | Total Debt | 6/19/15
| $584,391.18
| 1/1/16 | $557,236.94 | 2/1/16 | $558,578.70 | 3/1/16 | $556,926.66 | 4/1/16 | $555,255.36 | 5/1/16 | $537,809.61 | 6/1/16 | $536,179.52 | 7/1/16 | $535,227,72 | 8/1/16 | $533,602.53 | 9/1/16 | $531,929.14 | 10/1/16 | $529,329.28 | 11/1/16 | $527,573.63 | 12/1/16
| $525,933.12
| 1/6/17
| $524,971.47
| 1/20/17
| $523,953.74
| 2/3/17
| $523,279.38
| 2/17/17
| $522,251.76
| 3/3/17
| $521,576.28
| 3/31/17
| $520,437.48
| 4/14/17
| $519,027.69
| 4/28/17
| $518,733.73
| 5/12/17
| $517,321.49
| 5/26/17
| $516,997.18
| 6/9/17
| $516,318.28
| 6/23/17
| $515,316.35
| 7/7/17
| $514,636.33
| 7/21/17
| $513,602.57
| 8/4/17
| $512,921.43
| 8/18/17
| $511,886.17
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nidena
Senior Member
Joined: Dec 28, 2010 20:32:26 GMT -5
Posts: 3,582
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Post by nidena on Aug 18, 2017 22:41:13 GMT -5
bankergurl...race #1 and #2 are just inches away from adding another digit to the total paid off.
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chiver78
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Current Events Admin
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Posts: 38,539
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Post by chiver78 on Aug 18, 2017 22:52:36 GMT -5
hi ladies (and gents, if any are still kicking around) Sunday will be my 9 year anniversary of posting on WIRR. sadly, I've not only dug myself back to my starting point, I've gone beyond and then some. I've been posting a bit in the Savers thread, since we started talking about my payoff goals as a tangent to why I was "only" doing a calendar savings plan.....which I've actually stopped already for the year. anyway, I moved a few shells around to consolidate things, and have removed all cards from my wallet save for debit and one CC for emergency use only. I'll tally up the current really ugly numbers this weekend and put them up on Sunday. I intend to check in monthly like I had been doing back when I was actively racing, all the way down to when I had my balances under $10k. I'm determined to pay all of this off and not be in this position again!
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Maryland Monroe
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Post by Maryland Monroe on Aug 19, 2017 9:52:14 GMT -5
I'm determined to pay all of this off and not be in this position again! Good for you! That's half the battle. When I finally made my mind up that there would be no more credit card debt, it went away. It took a few years, but it is gone. I have a mortgage and car payment, the goal I wanted to reach before I retired (which happens in 103 days!) and they are manageable on my expected retirement income.
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seriousthistime
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Post by seriousthistime on Aug 19, 2017 10:14:19 GMT -5
chiver78, I know that is not the place you hoped to be in at this point, but look at the life progress you've made in those 9 years. I bet if you compare then to now and think about how you got here, you'll realize that it's not all "bad" debt. Sometimes, debt gets us out of a bad situation, improves our long-term satisfaction, or makes us happier and healthier. Keep this in mind when you add up those numbers.
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chiver78
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Post by chiver78 on Aug 19, 2017 11:09:47 GMT -5
yeah, most of this is not good debt. but, I suppose it was very educational, if that's a positive I'll take it. once I finish catching up around here, I'll get to tallying. have my pencil and paper ready to go for notes. I am not looking forward to this at all....
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seriousthistime
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Post by seriousthistime on Aug 19, 2017 11:38:46 GMT -5
yeah, most of this is not good debt. but, I suppose it was very educational, if that's a positive I'll take it. once I finish catching up around here, I'll get to tallying. have my pencil and paper ready to go for notes. I am not looking forward to this at all.... The process actually induces nausea. But it is a necessary evil. The shock of confrontation is the logical first step. To the extent the debt increased as a direct or indirect result of selling your condo, the move had lots of positive effects.
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chiver78
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Post by chiver78 on Aug 21, 2017 9:13:09 GMT -5
lots of positive, and a fair amount of negative as well. but that's neither here nor there. I realize it's now Monday and I never posted yesterday. the day started earlier than expected when some friends made much better time getting to my house than planned lol... I have the numbers ready to go, but need more time than I have right now in order to properly format the table. will post tonight when I get to work and the place clears out from day shift. I promise, it's ugly.
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snapdragon
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Post by snapdragon on Aug 21, 2017 11:24:07 GMT -5
lots of positive, and a fair amount of negative as well. but that's neither here nor there. I realize it's now Monday and I never posted yesterday. the day started earlier than expected when some friends made much better time getting to my house than planned lol... I have the numbers ready to go, but need more time than I have right now in order to properly format the table. will post tonight when I get to work and the place clears out from day shift. I promise, it's ugly. Hugs - I know how hard it is to confront those final numbers.
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chiver78
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Post by chiver78 on Aug 21, 2017 13:31:50 GMT -5
as promised, happy 9-year anniversary to me. Current Update: chiver78 8/20/17 $103,114.65 (8/20/08 $45152.97 NE266) Creditor | Start Balance
| Current Balance
| PAID OFF!!
| BofA #1
| $0.00 | $0.00 | $0.00 | Chase | $0.00 | $10135.28 | ($10135.28) | Citizens | $0.00 | $0.00 | $0.00 | Discover #1
| $543.07 | $14301.56 | ($13758.49) | AmEx blue
| $3142.50 | $13344.09 | ($10202.47) | Acura | $4602.06 | $0.00 | $4602.06 | Discover #2
| $5648.17 | $15148.78 | ($9500.61) | SL | $7528.74 | $0.00 | $7528.74 | 1st National
| $9862.14
| $12561.99 | ($2699.85) | BofA #2
| $13826.29
| $20468.76 | ($6642.47)
| CitiCards | $0.00 | $6575.00 | ($6575.00) | Elan | $0.00 | $1823.31
| ($1823.31) | Citi Diamonds
| $0.00 | $0.00 | ($0.00) | Bank Americard
| $0.00 | $8755.00 | ($8755.00) | Total | $45152.97
| $103114.65
| ($57961.68)
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since I can't figure out how to add columns to the table, I'll just explain interest rates. Bank Americard, CitiCards, and Discover #2 are all long term promotional rates that allowed me to consolidate some stuff. the highest of the three is 4.99% and that goes til fall 2018. 1st National is a promotional rate that is 5.99% for the life of the balance. Elan is at purchase rate of 14.74%, it is my current target to pay off next. Discover #1 and AmEx are at purchase rate at 11%, Chase is purchase rate at 14.49%. Citi Diamonds is purchase rate at 22.49% and will remain unused. I'm not cancelling anything, but I'm also not carrying these cards either. BofA #2 is a complicated mess. earlier this year, I had a handful of small balances on various promotional rates. I manged to pay off enough to lessen the rate confusion, and in consolidating stuff most recently, I added some confusion back in. This card currently has $9000 on a promotional rate of 1.99% until next fall. it also has the remnants of an offer that's going to reset to 21.49% in January. so, my current path forward is to pay off the Elan card and use that to move whatever off the BofA card that I can't pay off next between now and January. that Elan card sends me promotional offers all the time. right now, I am paying the minimum payments plus interest, rounded up to the next $25 for ease of bookkeeping. whatever's left at that point, I'm sending to the current payoff target. I'm essentially taking August to resettle my basic checking account as the dust settles on the shell game moves I've made the past few weeks. no extra snowball payments, and a couple cards haven't required additional payments beyond the BTs/payoffs. I am currently only carrying my pair of debit cards and a zero'd out CC for emergencies. it's living with my AAA card. this summer has not been good to me, financially, mentally, or any of that. I ranted a bit elsewhere on the board, but suffice to say I'm now looking out for myself and my pups. everyone else can f-off for now. I'm done being everything to everyone, because I can't afford it anymore. I am looking forward to paying all of this off and continuing to not support everyone and their mother going forward. wish me luck....
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Maryland Monroe
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Post by Maryland Monroe on Aug 21, 2017 17:18:29 GMT -5
I'm done being everything to everyone, because I can't afford it anymore. I am looking forward to paying all of this off and continuing to not support everyone and their mother going forward. wish me luck.... This is a VERY GOOD starting place! Best wishes to you.
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nidena
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Post by nidena on Aug 22, 2017 14:05:16 GMT -5
chiver78, You've got this. That Elan will be gone before you know it. And Chase and AmEx Blue will be down in the 9s very soon. All told, you'll be back down to five digits--instead of six--in just a matter of months.
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dee27
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Post by dee27 on Aug 22, 2017 14:27:25 GMT -5
Chiver, are some of the charges loans to friends who did not repay the money?
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chiver78
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Post by chiver78 on Aug 22, 2017 14:29:44 GMT -5
Chiver, are some of the charges loans to friends who did not repay the money? yep. so, I'm focusing on repaying it all myself, not lending out ANYTHING else, and not allowing myself to be put in this position again. baby steps. and yes, nidena, I'll be back in 5 digits in short order. I just mapped out the payments for the remaining Elan balance - three more and that's gone.
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Blonde Granny
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Post by Blonde Granny on Aug 22, 2017 21:00:31 GMT -5
You were determined to sell you condo and succeeded, and now have a wonderful home at the Cape. You put your mind to it back then and will achieve this financial goal too.
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chiver78
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Post by chiver78 on Aug 22, 2017 22:26:42 GMT -5
thanks for the kind words!
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