Who would have thought there would be so many different thoughts on what debt we should tackle next? I thank every one of you for taking the time to share your opinion. Trust me when I say this wasn’t an easy decision to make, but ultimately it came down to how we can best keep pushing forward with getting rid of our massive debt.
Hubs and I went back and forth on what to do next and decided to go ahead and tackle the biggie (current balance of $11,950) next. The main reason behind choosing to go this route was our concern about another zero percent balance transfer being available when the current one expires in November. I guess we don’t want to take any chances!
Had we not been 15+ months into our journey, we likely would have continued paying our debt off smallest to largest. A lot of this plan revolves around behavior changes, which I feel we have made. At this stage, we feel confident that tackling such an enormous debt won’t curtail us to see this through. We are on fire to get to the finish line!
So then, what’s the plan?
We first need to pay off that small credit card, which as of tomorrow, has a remaining balance of $1,500. The goal is to have it paid in full by the end of the month so that we can set our eyes on the biggie, which so happens to be a Discover card. I’m all for discovering freedom from that company! Come May 1st we will have made another payment to them and be looking at a remaining balance of $11,700.
As for the plan itself for Discover, we will keep on doing what we’ve been doing, and that is being very aggressive in paying it off. We have such an irregular income that with a number so large, it is near impossible to give an estimate of how much we can slam it down before November rolls around. Knowing that the zero percent interest will be ending will be the motivation for paying off as much as we can before this rate goes away.
Now to finish tackling the remaining balance of that smallest credit card!
You’re a woman on a mission, go you!!
Thank you! Yes, I am on a mission…to get rid of our debt!
I have no doubt you’ll succeed!
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Thank you! That is the plan!
You go! I have every faith that you will succeed
Thank you. I cannot wait to cross the finish line!
I read the title and got scared – I thought maybe you were not going to write this blog anymore….guess I have to learn to read on before I panic, lol. I think whatever decision is made is the right one for you – you’ve thought about this a lot and you know what works best for you. I also have no doubt you will do this!!!
Sorry. Didn’t mean to scare anyone! I have no intention of quitting this blog. I need it for accountability and also to let others see that getting out of debt at this stage of life CAN be done.
It really keeps me going – between you and Destination, I really feel like we will be able to accomplish this!!!
I know we will! Keep encouraging each other, through good times and bad. We will succeed!
Don’t worry – I am not going anywhere soon.
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You better not!
The fact that you are working your plan is empowering. Step by step, you will reach your goal!
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Thank you! I know we will get there!
I know you didn’t come to this decision lightly! You can do this! 🙂
I can’t even begin to tell you how much we went back and forth on what to do! I guess that also shows we are trying to change our ways! I’m eager to see this through!
For some zero percent card offers, if you fail to pay the balance before the 0% expires, they will charge you all of the interest you WOULD HAVE paid during that time. Please make sure you understand the terms of you still owe a balance in November.
Perhaps you are planning to transfer the balance again before the 0% ends?
While we hope we can get it paid off before the rate expires, if we don’t, we likely transfer any remaining balance.
Fortunately, this is NOT the case in the balance transfers we used. The only thing that will happen is we will be charged a crazy high-interest fee on any remaining balance. You can read more about it HERE.
Good to know!
You’re welcome! This is the only type of balance transfer I’d ever consider!
I think that you have made the right decision in your situation. As for me, it is back to BS1 – but hopefully not for long.
Rhitter recently posted…On Getting Off the Pity Wagon
BS1 is nothing compared to what you have already tackled! You’ll be back to beating down debt in no time!
You know it!!
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Had a REALLY great talk with dh today and he admitted he has been neglectful when it comes to the finances but says he will try harder to be an equal partner in where the money goes, He did surprise me and say he wanted to work until 75 (he’ll be 65 this year) instead of 70 – I’m hoping we can have the mortgage paid off by then as well!!!!
I would recommend having him read The Total Money Makeover and if you can, get enrolled in a FPU class.
Rhitter recently posted…On Doing a Favorite Activity
I’m so happy for you! It is so much easier when both partners are on the same page! I second Rhitter’s suggestion in reading TTMM and check into attending a class. Also, check out some Dave Ramsey Debt Free YouTube videos. They can be so motivating!
Do you have anything you could sell? I sell lots of things on eBay and Craigslist. Little things do add up. Maybe pick up an extra shift for a while. It’s only until November until this bill is gone. Look over your budget and see where can you cut $5 or $10. Can you cut your grocery bill by $10 every month? What about your gas for your car? Call your car insurance company, phone, and cable. See if they can lower it. Even $10 a month helps. If you get 10 things down $10 a month that is $700 more towards that debt by November. Don’t just look for one or two big ways. Look at every dollar you spend and ask your self if you can save it instead. Good luck. I know you can do it.
I have a few items, but not a lot as we purged pretty much everything when we moved 2+ years ago. I pick up every available hour I can and am also doing a little M-Turking. I’m planning on cutting the clothing budget for a bit as we’ve only spent $20 so far this year. No cable here. We only have Prime, which gives us plenty to watch. Today we cut back Hubs retirement to just the match. That should give us $200ish extra per month to throw at this debt. My goal is to have this credit card paid off before the rate expires to avoid doing a balance transfer. Thank you for your encouraging words!