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jillgalindo · 06-18-2008, 02:41 PM

We have A LOT of cc debt I have been tackling it a little at a time. I do A LOT of extra side work to get extra money to pay towards the cc's. So I have paid off my Macy's, Nordstrom, Khol's, Circuit City they all totaled close to $1000. Next I'm paying off my chase which I owe $700 more dollars on. And my stimiuls check will pay off our furniture bill $1500. So that's some that I have paid off. But as soon as you moving along something HUGE comes up and it all has to go on a **** cc almost $4000 of work to do to our car. Oh but wait we have a $18000 loan, $11000 cc now a $4000 and a $3000 that is my next tackle. I'm getting sick already just looking at these numbers. SO should I consolidate my $4000 and $3000 and start tackling that one?

lrmc · 06-18-2008, 05:49 PM

Hi,

The one thing with the Dave Ramsey baby steps is to build up a $1000 savings to pay for those unexpected expenses such as car work but $4000 would have wiped that out.

Dave R suggest not consolidating but sometimes you just have to.

DH recently switched one of our CCs over to another one that offered a much lower rate. That will help us pay off the debt that much faster. More of the payment is going to the debt and not the interst.

mheatherm · 06-19-2008, 04:12 AM

Hi Jill,

Welcome, we are so glad you are here! I agree with the others that the first thing to do is go to the library and get Dave Ramsey's book "Total Money Makeover". It is life changing.

I decided back in 2006 that I didn't like having over 6 credit cards and living way over our income. I paid off my cards, called the companies and closed them ALL down! I now live on a cash system for monthly items (groceries, gas, everyday little expenses).

You can do it!

Dave's steps are simple and easy to follow. First, get current on all of your payments (which it sounds like you are). Continue making the minimum payments on everything while you sock away the $1,000 emergency fund.

The rationale on the $1,000 is that Murphy's Law (if bad things can happen they will) likes to hunt out those who aren't expecting Murphy! So, your emergency fund will help stop pesky emergencies from occuring.

Then, do the snowball! Pay off your lowest balance credit card first. It will give you an instant great feeling and then close it down. Continue with monthly minimum payments on everything else and then pay down the next lowest credit card balance.

You get the drift. Keep us posted on your progress!

Heather
North Carolina
first time mommy to mary elizabeth born 1/28/07

writer4kids · 06-19-2008, 07:29 AM

Hi and welcome!

You are doing a great job!

I am also doing a lot of side jobs to get extra cash to put toward our debt. It is so rewarding when you see the progress, isn't it?

About consolidating or not... if you have low rates with both and are able to make the monthly payments, I'd keep it like it is and chuck away at that $3,000 debt first. It is so encouraging to see something get paid off and it would probably take much longer to see the progress with a debt of $7,000 from the consolidation. However, if you get an awesome rate offer, then maybe consolidate.

LisaKay · 06-19-2008, 09:09 AM

[QUOTE=mheatherm]Hi Jill,

Welcome, we are so glad you are here! I agree with the others that the first thing to do is go to the library and get Dave Ramsey's book "Total Money Makeover". It is life changing.

I so agree. I reserved The Total Money Makeover from my library.....took 5 wks to get it because there were 67 people ahead of me! I read it.....it changed my life.......I just bought my own copy today.

Good Luck.

Caligal · 06-19-2008, 03:45 PM

Welcome! The ladies here Rock!!

Sounds like you are doing a great job already tackling your debt!!

Magpie · 06-19-2008, 08:39 PM

Welcome!

citibankrep · 06-26-2008, 07:06 AM

Welcome and looks like you're already off to a great start.

**BC-KAMILI** · 07-01-2008, 05:23 AM

Welcome,

Glad you're tackling the debt already

That's the way to do it! ONE at a time!

I've been following Dave Ramsey's plan since last summer and love it!! We're almost at Baby Step #3 -

I can NOT wait to SCREAM ------------ WE'RE DEBT FREE!

ajbear · 07-01-2008, 06:10 AM

Welcome! You've gotten great advice and are ready to work hard to become debt free - YEA!!! We're with you along the way!

06-18-2008, 02:41 PM	#1 (permalink)
jillgalindo 5000-9999 post king of hearts Join Date: Jan 2005 Location: So Cal Posts: 5,039	New here We have A LOT of cc debt I have been tackling it a little at a time. I do A LOT of extra side work to get extra money to pay towards the cc's. So I have paid off my Macy's, Nordstrom, Khol's, Circuit City they all totaled close to $1000. Next I'm paying off my chase which I owe $700 more dollars on. And my stimiuls check will pay off our furniture bill $1500. So that's some that I have paid off. But as soon as you moving along something HUGE comes up and it all has to go on a **** cc almost $4000 of work to do to our car. Oh but wait we have a $18000 loan, $11000 cc now a $4000 and a $3000 that is my next tackle. I'm getting sick already just looking at these numbers. SO should I consolidate my $4000 and $3000 and start tackling that one? __________________ me 33 mommy to Zoey 4 years old TTC #1 02/01 It's a girl Zoey Lee-Ann born 12/13/05 1:29am 6lbs8ozs

06-18-2008, 05:49 PM	#2 (permalink)
lrmc 10000-15000 post ace of hearts Join Date: Feb 2005 Location: NE OH Posts: 11,946 Blog Entries: 367	Hi, The one thing with the Dave Ramsey baby steps is to build up a $1000 savings to pay for those unexpected expenses such as car work but $4000 would have wiped that out. Dave R suggest not consolidating but sometimes you just have to. DH recently switched one of our CCs over to another one that offered a much lower rate. That will help us pay off the debt that much faster. More of the payment is going to the debt and not the interst. __________________ B 2003 E 2006 Bring the TRAIN Home to OH

06-19-2008, 04:12 AM	#3 (permalink)
mheatherm 800-899 post 10 of hearts Join Date: Mar 2006 Location: North Carolina Posts: 812	way to go jill Hi Jill, Welcome, we are so glad you are here! I agree with the others that the first thing to do is go to the library and get Dave Ramsey's book "Total Money Makeover". It is life changing. I decided back in 2006 that I didn't like having over 6 credit cards and living way over our income. I paid off my cards, called the companies and closed them ALL down! I now live on a cash system for monthly items (groceries, gas, everyday little expenses). You can do it! Dave's steps are simple and easy to follow. First, get current on all of your payments (which it sounds like you are). Continue making the minimum payments on everything while you sock away the $1,000 emergency fund. The rationale on the $1,000 is that Murphy's Law (if bad things can happen they will) likes to hunt out those who aren't expecting Murphy! So, your emergency fund will help stop pesky emergencies from occuring. Then, do the snowball! Pay off your lowest balance credit card first. It will give you an instant great feeling and then close it down. Continue with monthly minimum payments on everything else and then pay down the next lowest credit card balance. You get the drift. Keep us posted on your progress! Heather North Carolina first time mommy to mary elizabeth born 1/28/07 __________________ Heather first time mom to Mary Elizabeth 1 year old on 1/28

06-19-2008, 09:09 AM	#5 (permalink)
LisaKay 1000-4999 post queen of hearts Join Date: Aug 2002 Location: Ohio Posts: 3,808	[QUOTE=mheatherm]Hi Jill, Welcome, we are so glad you are here! I agree with the others that the first thing to do is go to the library and get Dave Ramsey's book "Total Money Makeover". It is life changing. I so agree. I reserved The Total Money Makeover from my library.....took 5 wks to get it because there were 67 people ahead of me! I read it.....it changed my life.......I just bought my own copy today. Good Luck. __________________ Lisa Lee, 6 Arianna, 3

06-19-2008, 03:45 PM	#6 (permalink)
Caligal 1000-4999 post queen of hearts Join Date: May 2005 Location: California Posts: 3,905 Blog Entries: 522	Welcome! The ladies here Rock!! Sounds like you are doing a great job already tackling your debt!! __________________ Me 40 DH 49 Ryan 5/22/08 Natural Surprise Pregnancy ~ EDD April 1st/10 Oct. 29th u/s and it's a In dreams and in love there are no impossibilities


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06-19-2008, 07:29 AM	#4 (permalink)
writer4kids 10000-15000 post ace of hearts Join Date: Feb 2002 Location: United States Posts: 11,822 Blog Entries: 7	Hi and welcome! You are doing a great job! I am also doing a lot of side jobs to get extra cash to put toward our debt. It is so rewarding when you see the progress, isn't it? About consolidating or not... if you have low rates with both and are able to make the monthly payments, I'd keep it like it is and chuck away at that $3,000 debt first. It is so encouraging to see something get paid off and it would probably take much longer to see the progress with a debt of $7,000 from the consolidation. However, if you get an awesome rate offer, then maybe consolidate.

06-19-2008, 08:39 PM	#7 (permalink)
Magpie 1000-4999 post queen of hearts Join Date: Jan 2002 Location: Northern California Posts: 3,891	Welcome! __________________ -Magpie Robbie 12/03/02 Vincent 1/16/06 Between the world we see and the things we fear, there are doors. When they are opened, nightmares become reality. 'A Haunting,' New Dominion Pictures

06-26-2008, 07:06 AM	#8 (permalink)
citibankrep 100-199 post 3 of hearts Join Date: Aug 2006 Location: NJ Posts: 112	Welcome and looks like you're already off to a great start.

07-01-2008, 05:23 AM	#9 (permalink)
BC-KAMILI Health & Wellness Join Date: Jan 2002 Posts: 23,525	Welcome, Glad you're tackling the debt already That's the way to do it! ONE at a time! I've been following Dave Ramsey's plan since last summer and love it!! We're almost at Baby Step #3 - I can NOT wait to SCREAM ------------ WE'RE DEBT FREE! __________________ 6 years old "Nothing teaches time management like motherhood." ~ Anonymous

07-01-2008, 06:10 AM	#10 (permalink)
ajbear 5000-9999 post king of hearts Join Date: Mar 2002 Location: One of those non-snowing southern states! Posts: 7,366	Welcome! You've gotten great advice and are ready to work hard to become debt free - YEA!!! We're with you along the way! __________________ Amanda Mom to C, B, S, 24 wk triplets, born 1999 Mom to Twins in heaven 2001 FET November 2007

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