WOMEN IN RED RACERS

[nikiz628]

Jan 5, 2024 10:45:16 GMT -5 Minnesotagirl7 said:

Shoutouts!


nidena - Nice update, numbers went down a nice chunk!

chiver78 - Almost 95% paid off!

nikiz628 - You’ve got this!! Do you have a plan of attack? (FYI, you’ve had a couple restarts, this is race #7 for you.)


Link to Smileys

I can change it to 7. In my mind, I never finished the restarts so I just called it Race 3 every time. 

[nidena]

nikiz628, with the new information, I'm with debthaven.  Obliterate Menards and Quicksilver and then put the remainder towards Discover.  That'll make it two debts fewer and one debt considerably smaller.

[Rukh O'Rorke]

Just the minimums for January. Have a 2024 goal to try to do an additional 10k to debt, not possible to start now! Will see how it goes.


Student loan balance: $98,195.00

[lark1964]

Well, here 'tis, first update for 2024, adding in my car, it's - eesh. But still not terrible considering the rest of the mess I've left behind...

Discover  17,109.36    526.00  25.74%  16,966.64
Toyota **              700.00  11.25%  30,609.58
Lowe’s     7,795.18  7,795.18  26.99%       0.00
Trumark   16,600.00    473.45   7.99%  16,300.00
          41,504.54  9,494.63          63,876.22
lark1964 [2]: 1/8/2024 $63,876.22 (4/13/2023 $80,738.38 C290)

Update on the other car, the payment has been made, now my attorney is starting his chase for not only the $1233.14, it's also for his fees. And my time and effort and the credit report annoyance. Wasn't really smart for them to try this crap with me.

Still annoying.

[Minnesotagirl7]

nikiz628, I'm on board with Debthaven's suggestion. Knocking out a couple debts completely and putting a dent in Discover. Tell DH to trust the WIRR! 

[lark1964]

Jan 8, 2024 9:44:24 GMT -5 Minnesotagirl7 said:

nikiz628 , I'm on board with Debthaven's suggestion. Knocking out a couple debts completely and putting a dent in Discover. Tell DH to trust the WIRR! 

Throwing my hat in the ring, too! I'm down to three debts in my race, it's - freeing! All the other things (there were eight more!) have gone away. The only way I would say to keep one of the others going is if the interest rate is considerably less, like - it's 8.5% vs. 25.74%. But - if not, kill those debts off! 

[chiver78]

 what they all said. I'm down to one racing balance now, and I can see the light at the end of the tunnel. you can do it! 

[nikiz628]

And this is why I have stuck around in WIRR for years. I love you ladies, thank you! 

[debthaven]

lark1964 you've made AMAZING progress!!! Kudos to you!

You know, you don't HAVE to include your car, since you're not actively "racing" it right now ...  You could always take it out for now, and add it in again later, once you've paid off the Discover... 

Just a friendly suggestion! 

[lark1964]

Jan 8, 2024 19:36:50 GMT -5 debthaven said:

lark1964 you've made AMAZING progress!!! Kudos to you!

You know, you don't HAVE to include your car, since you're not actively "racing" it right now ...  You could always take it out for now, and add it in again later, once you've paid off the Discover... 

Just a friendly suggestion! 

I just got notified by a lender, Tower Federal Credit Union: I have re-fi deal for my car, 6.74%, same 60 months, but now it will be about $625/month. 

Down from 11.25 to 6.74%. And about $75/mo savings.

Or rather... $75 I can use, maybe on Discover? More like I'll increase Discover to $500/mo and put that $25 into... well, actually, I've noticed every month my Trumark has the insurance fee of about $25, which is why I've been feeding another $20-25 a month, I think the $25 will just fit into that little slot nicely!

I'll be talking with them Monday to finalize everything. Probably take 4-6 weeks for the dust to settle, but YAY!

And btw, the other car payoff was... $1,132, with all changes and charges and updates and removal of extra interest (they did that for me unasked), so it's done and gone!

Now I just need to get the bank on-board with a HELOC or something and I can kill Discover, too! After the last couple of years, OH MY!! 

[TheOtherMe]

Question on Trumark.  I am not familiar with Trumark.  Are they adding on insurance to pay off a loan if something happens to you?  Yes, get the balance down.   

When I had a loan with that kind of insurance, it was based on the balance due so it decreased as the principal decreased.

[debthaven]

lark1964  congrats on being done with the racoon!!! That must feel GREAT!!! Here's to hoping that you end up getting some money back! 

Since you've paid off the high-interest rates cards except Discover, have you checked recently to see if you can get a new card for a balance transfer? That could be a big help! 

As always, we're rooting for you! 

[lark1964]

Jan 13, 2024 16:46:05 GMT -5 TheOtherMe said:

Question on Trumark.  I am not familiar with Trumark.  Are they adding on insurance to pay off a loan if something happens to you?  Yes, get the balance down.   

When I had a loan with that kind of insurance, it was based on the balance due so it decreased as the principal decreased.

Trumark Federal CU in PA. Yep. It's been going down a few cents every month as my balance decreases.

Goodness, debthaven , one debt at a time, woman!!  

[snapdragon]

So proud of everyone still plugging away. It takes time and a lot of effort. 

I ended up selling my condo and so my balances went to 0.

I was really lucky, and it sold in just 1 month and like 6? days. On the market Nov 2, 2023, paperwork and everything done by the following week for the offer and signing my side of the paperwork on 6 Dec 2023 and them on Friday, Dec 8. I was surprised that the money arrived in the bank the same day. I was expecting it the following Monday.

Lord knows I started my journey long before I even got on the WIRR site on MSN. When I really added things up and realized that I had like 23!! credit cards mostly individual store cards and I had already done a personal loan by that time. I was in my late teens/early twenties. 

[TheOtherMe]

I do think something has to happen to smack you in the face many times.

I had my own come to Jesus moment and reigned in the spending and paid stuff off.

[lark1964]

Well... not to throw cold water on anything... yes, she was sick with metastatic cancer, yes, we knew she was going to pass eventually: I just found out yesterday she succumbed December 19.

I am very sorry for her family for what they have to take care of afterwards, and she had six children and eight grandchildren, I know those grand kids were more important to her than anything. I had to do what I had to do - it was absolutely necessary - but she is finally at rest.

And I have moved forward with my own life.

[TheOtherMe]

I'm sorry she has passed away but you did need to move forward with your life.  

[nidena]

I ended up with a credit on my electric bill this month so I took the $50 that I had budgeted for it and applied it to my HRV balance.  With the next regular payment, in two weeks, that balance will be less than $10,000.  It's my lowest interest rate but seeing it lose a digit makes me all tingly inside.  lol.

[ners]

Update

51035.05 (1/3/2011 $97,382.42 MPT5)

Just plugging away at the debt. Paid down 544.12.

[muffyinthered]

MuffyintheRed #2 1/23/2024 156,914.01 (06/22/2020 $175.394.16)

Amount paid -$+321.12

CU Savings - $25,677.38


Well, when I took a BT to pay my property taxes, my total went up.  But it is paid and don't have to worry about the rest until July.  This should be paid off before it becomes interest bearing.  I have one other that I pay $500 a month on that will be gone in 2.5 monthly payments so that will free up more money to put towards this BT.

Got my renewal for car insturance and thought I read somewhere that car insurance was going up alot.  But mine only went up $10, so Yaaaaaa.

It is colder than heck, here in WI and wishing we never moved away from NC but have spent lots of time with our grandchildren so it has been worth it.

[lark1964]

OK, I never understand this: I got the paperwork for the new car loan, my interest is 6.74%, but my Apr is 7.43%. Which is so weird. I know it makes sense somewhere.

Anyway, I have all the happy paperwork, and things are flowing. Once it's all transferred from one lender to the other, right now my projected payment will start April 1, and it will be... $642. Eh. I would have preferred the selling point of $625, but I'll take it.

There's also a 3% transfer fee in the new balance (just under $1k), but it still costs less to re-finance and in the long run, the lower interest saves about $5K. It works.

One thing, the GAP insurance Toyota sold me cost $1,000, so I'll be getting about $900 refund from them some time in the next month or so. And the GAP insurance from the Tower FCU (or Caribou, I'm not sure I understand who is what, yet) is $295. Ridiculous, the difference. Anyway, I'm going to take that $900 (or whatever it is) refund from Toyota and apply $500 of it to Discover, I'll do something self-indulgent with the rest, like - buy new underwear. And get a massage. 

Oh! I also got an end of year estimate on my property value from the mortgage company for $297k, which, if the bank accepts it, that means I have $80k+ in equity! After all the car stuff settles, I'm hotfootin' it down to get a HELOC and get Discover finished!

[azucena]

Here's a good explanation of APR.

www.investopedia.com/terms/a/apr.asp

[Minnesotagirl7]

Update!

	3/18/2020	12/22/2023	1/26/2024	Total Difference
Mortgage	$403,476.12	$174,881.23	$172,134.66	$231,341.46

Diff Last Post	$2,746.57
Total Amt Pd	$231,341.46
Total % Pd	57.3%

Minnesotagirl7 [6]: 1/26/24 $172,134.66 (3/18/20 $403,476.12 C220)

[lark1964]

hoooooo-kaaaaaaayyyyyyyyy....

So, you know how I said the mortgage company had told me they estimate my house would appraise at $297K? They called this morning, they offered me a re-fi deal, my current mortgage with my Discover rolled in, at a new rate of 6.125%. Which they've locked in, since I approved the process.

Uh huh. 

So, they're going to send an appraiser. They have ALL my banking info, of course (I am a current mortgage holder), and - it may take about a month to dot all the i's and cross the t's, but if it does - wow.

My current mortgage is 5.375%, it's a bump, but not a huge one, it's small, and - if it rolls Discover in? That means where I currently pay $1,900+450=2,350, it will now be about $2k. I won't if they don't include the card, but this is a good deal! And it means I'll have about $350 (plus whatever comes from Lyft or otherwise) I can throw at the Trumark loan - which will be the highest interest at 7.99! And it will mean I can pay that off ever so much faster! Then I can pay off the car faster, and then I will only have a mortgage, which I can pay off that much faster, as well! The only caveat? The appraisal must truly come in at $295 or better. I have a whole new upstairs, it will, but: cross fingers for me!

EEEK!

They called me. I didn't even have to chase anyone down.

[azucena]

If they're chasing you, ask them to waive all/some of closing costs.

[midjd]

Jan 26, 2024 11:56:42 GMT -5 lark1964 said:

hoooooo-kaaaaaaayyyyyyyyy....

So, you know how I said the mortgage company had told me they estimate my house would appraise at $297K? They called this morning, they offered me a re-fi deal, my current mortgage with my Discover rolled in, at a new rate of 6.125%. Which they've locked in, since I approved the process.

Uh huh. 

So, they're going to send an appraiser. They have ALL my banking info, of course (I am a current mortgage holder), and - it may take about a month to dot all the i's and cross the t's, but if it does - wow.

My current mortgage is 5.375%, it's a bump, but not a huge one, it's small, and - if it rolls Discover in? That means where I currently pay $1,900+450=2,350, it will now be about $2k. I won't if they don't include the card, but this is a good deal! And it means I'll have about $350 (plus whatever comes from Lyft or otherwise) I can throw at the Trumark loan - which will be the highest interest at 7.99! And it will mean I can pay that off ever so much faster! Then I can pay off the car faster, and then I will only have a mortgage, which I can pay off that much faster, as well! The only caveat? The appraisal must truly come in at $295 or better. I have a whole new upstairs, it will, but: cross fingers for me!

EEEK!

They called me. I didn't even have to chase anyone down.

I won’t automatically say this is a bad idea, since I don’t know your financial situation, but I see a few red flags.

1) they contacted you first—they’re trying to sell you something, which suggests there’s more in it for them than there is for you.

2) you’d be rolling unsecured (CC) debt into a secured loan at a higher interest rate. There are usually better options, including balance transfers.

3) presumably the new mortgage is for a longer term than you have left on this one, which means any monthly savings are just added to the end of the loan. You’ll pay more interest overall.

Maybe this makes sense for your situation, but make sure you’re seeing the whole picture. My mom did something similar and ended up wiping out her home equity on CC debt and later declaring bankruptcy anyway—if she’d left her mortgage alone, she’d have had that equity when she sold.

[Minnesotagirl7]

Shoutouts!


lark1964 - Keep us posted on the possible refi!

ners - Keep up the great work!

muffyinthered - Looking forward to your next update!



Link to Smileys

[minnesotapaintlady]

75 basis points is not an insignificant rate hike and while your monthly payment would go down, the amount going to interest every month would increase. You're essentially drawing out that 17K debt for what 15? 20? 30 years?  On a 30 year loan the "Discover portion" of that 2K would be $103/month and of that only $16/month would be going to principal.

[nidena]

lark1964, I wouldn't refi the whole mortgage into a higher rate just to get a lower rate on one CC debt.  You're better off doing a BT or a Home Equity Loan for *just* that debt.

[lark1964]

Jan 26, 2024 15:14:04 GMT -5 nidena said:

lark1964 , I wouldn't refi the whole mortgage into a higher rate just to get a lower rate on one CC debt.  You're better off doing a BT or a Home Equity Loan for *just* that debt.

OK, I have tried three times to update this, I don't know why it keeps doing something weird with the page on me.

I haven't done anything yet. I just paid $1,400 from my vacation savings to Discover. Also $87 from my Lyft earnings. Technically I could probably pay another $5K out of my savings, but - I don't want to do that, yet.

I will get an actual appraisal from an actual appraiser out of this. It's not written in stone, I can still say no. I likely will. Because going up in interest on my mortgage - it would be 30 years fixed, btw, and I've got all of 18 months into the current one - it's not a huge leap, but it's still an increase. And I don't like it