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Old 05-08-2013, 07:25 PM   Topic Starter
DA_T_84 DA_T_84 is offline
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How Fast Can I Become Debt-Free?

The answer was 10 months.

Today I paid off the car; last month the credit card (it ballooned up to 2k after necessary flights and the holidays). I got a new job 6 weeks ago, as I mentioned in another thread, and it has been a Godsend.

Thanks for the thoughtful advice in this thread.

My next objective is to save my ass off. What are some good goals to shoot for? How many seperate piles should I be creating? (House, ring, future kids, retirement, etc..)

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Last edited by DA_T_84; 03-19-2014 at 05:51 PM..
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Old 05-08-2013, 07:28 PM   #2
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Old 05-08-2013, 07:30 PM   #3
DA_T_84 DA_T_84 is offline
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Quote:
Originally Posted by Bearcat View Post
mint.com
I do have that, but the delay on those reports makes them irrelevant. I get updates with 2-week old info, and its never completely accurate.

I want to plan going forward as opposed to combing through incorrect, delayed reports.
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Subject: RE: AC in Weight Room

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DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.
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Old 05-08-2013, 07:39 PM   #4
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Quote:
Originally Posted by Dante84 View Post
I do have that, but the delay on those reports makes them irrelevant. I get updates with 2-week old info, and its never completely accurate.

I want to plan going forward as opposed to combing through incorrect, delayed reports.
Why is it 2 weeks old? Your accounts should update every time you log in, so I guess unless you're mailing checks or something, it should be up to date... and you can set budgets and goals, too, so it's not just a tool to view the past.

I'd hit the highest interest debt first, then like Iowanian said, use that payment amount to help pay off other debt. The biggest thing I do when I want to save some cash is stop eating out... when I first signed up for mint, I didn't even realize how much I was spending.... didn't have cable at the time, but more than made up for it with trips to BWW.
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Old 05-08-2013, 07:44 PM   #5
DA_T_84 DA_T_84 is offline
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Quote:
Originally Posted by Bearcat View Post
Why is it 2 weeks old? Your accounts should update every time you log in, so I guess unless you're mailing checks or something, it should be up to date... and you can set budgets and goals, too, so it's not just a tool to view the past.

I'd hit the highest interest debt first, then like Iowanian said, use that payment amount to help pay off other debt. The biggest thing I do when I want to save some cash is stop eating out... when I first signed up for mint, I didn't even realize how much I was spending.... didn't have cable at the time, but more than made up for it with trips to BWW.
I suppose I've been relying on the texts and emails rather than logging in. I'm certainly not mailing checks, but even my online banking takes a day to a week to update, depending on the merchant I pay.

My biggest waste of money is definitely food. That is for damn sure.
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From: *****, Scott
Sent: Tuesday, August 31st, 2010 8:50 AM
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Subject: RE: AC in Weight Room

Brandon - gum wrapper and ball of hair on player staircase for two days now...

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DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.
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Old 05-08-2013, 07:28 PM   #6
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Old 05-08-2013, 07:31 PM   #7
DA_T_84 DA_T_84 is offline
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You have a $100 minimum on a balance of $500?
Well, thats my minimum, that I set. I'm sure its something stupid like 30 bucks, but it's my highest interest debt source.
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From: *****, Scott
Sent: Tuesday, August 31st, 2010 8:50 AM
To: Hamilton, Brandon
Subject: RE: AC in Weight Room

Brandon - gum wrapper and ball of hair on player staircase for two days now...

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DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.
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Old 05-08-2013, 07:29 PM   #8
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OK . Take out a 0%credit card. I know you surely get offers . And pay off everything. Just honor your CC commitment and don't be late.
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Old 05-08-2013, 07:39 PM   #9
DA_T_84 DA_T_84 is offline
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Quote:
Originally Posted by Hog Farmer View Post
OK . Take out a 0%credit card. I know you surely get offers . And pay off everything. Just honor your CC commitment and don't be late.
I considered that, however, isn't there an extra charge for paying off a loan or credit debt with a credit card? If so, I don't want to incur more fees...
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Sent: Tuesday, August 31st, 2010 8:50 AM
To: Hamilton, Brandon
Subject: RE: AC in Weight Room

Brandon - gum wrapper and ball of hair on player staircase for two days now...

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DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.
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Old 05-08-2013, 07:43 PM   #10
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Quote:
Originally Posted by Dante84 View Post
I considered that, however, isn't there an extra charge for paying off a loan or credit debt with a credit card? If so, I don't want to incur more fees...
Right now they are charging a 3% transfer fee.
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Old 05-08-2013, 07:47 PM   #11
DA_T_84 DA_T_84 is offline
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Right now they are charging a 3% transfer fee.
hmm

How long does the 0% rate typically last on these cards? And what does it spike to when that time ends?
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To: Hamilton, Brandon
Subject: RE: AC in Weight Room

Brandon - gum wrapper and ball of hair on player staircase for two days now...

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DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.
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Old 05-08-2013, 08:00 PM   #12
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Quote:
Originally Posted by Dante84 View Post
hmm

How long does the 0% rate typically last on these cards? And what does it spike to when that time ends?
I've been using them for years. I just got one for 21 months and put 15,000 on it. When it expires it will go to 11.99%. BUT I will have it paid before that. SO I'm really gonna be out 3%.

Most of the offer that come in are 12 months or so but keep your credit good and at the end you can ALWAYS roll over to another 0% cc offer.
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Old 05-08-2013, 07:31 PM   #13
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Debt snowball.

Pay off the smallest debt. Put that payment onto the 2nd lowest debt....
Find ways to save money, find ways to make extra cash.
Use that extra income for debt reduction and then eventually savings.
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Old 05-08-2013, 07:37 PM   #14
DA_T_84 DA_T_84 is offline
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Quote:
Originally Posted by Iowanian View Post
Debt snowball.

Pay off the smallest debt. Put that payment onto the 2nd lowest debt....
Find ways to save money, find ways to make extra cash.
Use that extra income for debt reduction and then eventually savings.
I like that idea, but do you suggest smallest first, or highest interest first?
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From: *****, Scott
Sent: Tuesday, August 31st, 2010 8:50 AM
To: Hamilton, Brandon
Subject: RE: AC in Weight Room

Brandon - gum wrapper and ball of hair on player staircase for two days now...

scott
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DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.DA_T_84 's phone was tapped by Scott Pioli.
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Old 05-08-2013, 07:42 PM   #15
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Quote:
Originally Posted by Dante84 View Post
I like that idea, but do you suggest smallest first, or highest interest first?
Do the smallest debt first, but after that get aggressive with high interest debt.
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