Getting Out of Debt in 2009 - What are your financial plans?

[MrsPinecone]

I don't know if I posted this earlier, but we are debt free aside from the mortgage!!!

I negotiated with the hospital on the baby bills-- apparently a family of 4 living on DHs salary in this area qualifies for hardship status and a SIXTY PERCENT reduction in our bills. Made me laugh really hard as I have them the 40% that I owed.

We also sold my car, and got rid of the last of DHs sizeable back tax bill. I am so glad to have that sword of Damocles no longer dangling over my head.

[cantstopshopping]

Originally Posted by MrsPinecone I don't know if I posted this earlier, but we are debt free aside from the mortgage!!!

CONGRATULATIONS!!!!!!!

[MamaBird06]

Originally Posted by MamaBird06 so far we've paid off about 12000 of our 46000 debt, pretty much in the last 3 months.

Update: I know it's only been a little over three weeks but I will be updating a lot this summer/fall because dh makes a lot of extra money in the summer so we will be tackling debt pretty quickly, things will slow down probably sept/oct ish.

So i added in the taxes we owe so this is the most accurate numbers i have at the moment, this does not include our mortgage, but all cc's, students loans, car loans and back taxes.

The payoff numbers are as of January 09, but snowballing began March 2009, so as of today we have paid off 16983.12 of 49076.44 in debt (34%), dh also just bought a 4500$ suv in cash so we are back to two vehicles. Dh is in car sales so just like his previous car, he pretty much paid 5000K less than retail, talk about a nice savings! Next month is to take out citi cc, start snowballing b of a cc and start saving 4000$ for the winter months.

[skw6559]

Originally Posted by MamaBird06 Update: I know it's only been a little over three weeks but I will be updating a lot this summer/fall because dh makes a lot of extra money in the summer so we will be tackling debt pretty quickly, things will slow down probably sept/oct ish. So i added in the taxes we owe so this is the most accurate numbers i have at the moment, this does not include our mortgage, but all cc's, students loans, car loans and back taxes. The payoff numbers are as of January 09, but snowballing began March 2009, so as of today we have paid off 16983.12 of 49076.44 in debt (34%), dh also just bought a 4500$ suv in cash so we are back to two vehicles. Dh is in car sales so just like his previous car, he pretty much paid 5000K less than retail, talk about a nice savings! Next month is to take out citi cc, start snowballing b of a cc and start saving 4000$ for the winter months.

Congrats! Great job in getting it paid down.

[MamaBird06]

Originally Posted by MamaBird06 Update: I know it's only been a little over three weeks but I will be updating a lot this summer/fall because dh makes a lot of extra money in the summer so we will be tackling debt pretty quickly, things will slow down probably sept/oct ish. So i added in the taxes we owe so this is the most accurate numbers i have at the moment, this does not include our mortgage, but all cc's, students loans, car loans and back taxes. The payoff numbers are as of January 09, but snowballing began March 2009, so as of today we have paid off 16983.12 of 49076.44 in debt (34%), dh also just bought a 4500$ suv in cash so we are back to two vehicles. Dh is in car sales so just like his previous car, he pretty much paid 5000K less than retail, talk about a nice savings! Next month is to take out citi cc, start snowballing b of a cc and start saving 4000$ for the winter months.

Well it's been over 3 months since i posted, dh was in an accident and had terrible problems with his neck in july and ended up missing 1 month of work and having surgery. So we have been just paying the minimums on everything and we did get more into debt for his surgery, but that will be paid for soon enough from a settlement and probably more of our debt. i don't have the exact numbers, but i am guessing we incurred about 5k in hospital bills. Much better than the full bill which was closer to 50k.

So anyway here is our update: not including the new hospital debt:

We've paid off: $20,521.54 of our 49076.44 debt which is 41.8%

We didn't get our emergency fund going, but hoping to have 1K in it by november.

[heartse]

I am excited... we are on track to meet/exceed the goal of paying off 10k in debt this year. As of last month we paid off $9563, with three months left in the year. We are projecting having paid off over $12k, but I don't know that that's going to actually happen. We shall see where we are at the end of the year. I am happy about the progress that we have made this year.

[cantstopshopping]

Originally Posted by heartse I am excited... we are on track to meet/exceed the goal of paying off 10k in debt this year. As of last month we paid off $9563, with three months left in the year. We are projecting having paid off over $12k, but I don't know that that's going to actually happen. We shall see where we are at the end of the year. I am happy about the progress that we have made this year.

Congrats to you!!!!!

We've been working hard on our debt this year.....in the past 4 months, we've paid off 3 credit cards!!! YEAH!!
They were smaller ones, only totalling $2k together, but I'm still THRILLED at the progress we are making......especially since DH is retired and I do not work outside the home, so extra money doesn't come easy at all here.

I'm hoping for the "snowball" to start rolling now, and I'm loving the feeling of being less and less in debt!

[amy s]

Doing Dave Ramsey...fell off the snowball for DD graduation from High School and just jumped back on. Should be about 18 months to debt free! Also thinking of getting a boarder to raise extra funds to put toward debt.


LOL..... just re-read this and for some reason I thought the post was to get us geared up for NEXT year! (2010) I hope to be out of debt by 12-2010, except fot he house ond one auto loan. Hope to have auto loan paid by dec 2011.

[MamaBird06]

Originally Posted by MamaBird06 Well it's been over 3 months since i posted, dh was in an accident and had terrible problems with his neck in july and ended up missing 1 month of work and having surgery. So we have been just paying the minimums on everything and we did get more into debt for his surgery, but that will be paid for soon enough from a settlement and probably more of our debt. i don't have the exact numbers, but i am guessing we incurred about 5k in hospital bills. Much better than the full bill which was closer to 50k. So anyway here is our update: not including the new hospital debt: We've paid off: $20,521.54 of our 49076.44 debt which is 41.8% We didn't get our emergency fund going, but hoping to have 1K in it by november.

didn't make a whole lot of head way the past couple months, had bdays, xmas and weddings etc. anyway, ending this year with Paid off: $21,525.42/49076.44

hope to pay off $27,551.02
in 2010, plus the medical debt from dh's wreck, about 5k extra

we've paid off a total of 43.8% of our non mortgage debt in 2009

[puakinikini]

Originally Posted by MamaBird06 didn't make a whole lot of head way the past couple months, had bdays, xmas and weddings etc. anyway, ending this year with Paid off: $21,525.42/49076.44 hope to pay off $27,551.02 in 2010, plus the medical debt from dh's wreck, about 5k extra we've paid off a total of 43.8% of our non mortgage debt in 2009

That is really super great - thanks for sharing!