Another one down!!

I had a lot of good hours at work over the holidays, so I paid my Target bill off. I may close the account tomorrow…..

So much for their ads telling us “Don’t stop livin’ in the Red…” I’m gettin’ the heck out of the red!

So, now I’m left with:

  • Penny’s $5129 ($200.00 a month)
  • K-Designers (Slider doors in 2004) $3890 ($120.00)
  • Colocollect (Collection Agency till 7/2008) 300.00 a month (Fixed)
  • Fed credit union cc $4800.00 ($200-300.00 a month to make a real difference)

But I’ve been knocking debts down fairly well with my low income and all, so I can be proud.

You are an inspiration to all those feeling like their debt is a hopeless situation!

It’s also so terrific that you can share the reality of the payments you have to make, to clear the debt out of your life. I had large payments like every month myself when I was in debt and also made an average lowside income. For newbies just starting to get a grip of what it’s going to take to get out of debt, it’s a hard pill to swallow. But, as you may agree, and anyone who is making great progress – it really becomes worth the effort to pay all that off.

Thanks for sharing. I am a “newbie”, and I have mapped out a plan to pay off my debt, that seems realistic for me. I have attached the payment schedule here. If anyone wants to look over it. Please be advised, it’s all averaged interest rates. I wont have anything conculsive, until I pull my credit reports and confirm what I owe.

I appreciate any tips, suggestions and opinions.

I agree with the last response. You are an inspiration. I plan to do the same. I have HD to pay off by May ’07. I fell into the 0% interest for 1 year trap. The balance is only 1,400 so I should be able to manage.

The email below may have sounded very snobbish, it wasnt my intention and I apologize. I wasnt trying to sound better than anyone. I dont always know how to put help into words to ask for advice, opinions and direction.Her email was definitely an inspiration and I wish I knew where to start too.

SO…if I can start over and say, Does anyone wish to give some pointers on where to start paying the debt off. I wasnt able to attach the payment schedule, I created, here. Excel doesnt give me the copy/past function on that file.

I take the lower amounts owed and pay that down then add to others. Target wasn’t that much, in fact the minimum they wanted was now at $10.00. But I would pay $30.00- $50.00 because I hated having a balance so small and keep it hanging. I never pay the minimum, but always add a few bucks to the payment. K-Designs say I should pay $82.00 a month. I pay 120.00 now that the Kirby loan is paid off in October, I tacked that onto K-Designers.

Now that $30.00 or $50.00 from Target will also be going to the K-Designs (Higher interest). Colocollectors take their $300.00 a month but by 7-8/08 I’ll be free of them too, so that will be divvied up to the others I owe. I’ve knocked off a few debts and closed off the accounts. That way, I’m not tempted to buy more there again. I’m filing the letters of complete payoffs/closures and have shot six or so down.