Finally making progress

**nitemarecooper** · 08-08-2011, 06:31 AM

Yes for sure

I first woke up to debt and the damage it was doing about 2 years ago. The problem is that I was married at the time and my wife had no interest in wanting to take extra effort to pay off debt. She said she did, but any attempt to start a budget or reduce unnecessary spending was met with extreme opposition.

She even went so far as to blame me for 100% of money problems and blame the attempt itself to pay down debt as the reason we had no money on a combined income of about $120,000 a year with no mortgage. Wow. Not the debt itself, but the attempt itself to pay it off. Long story short, we split up with my debt being (including newer car loan) roughly double what it was when we got together just 3 years earlier.

Oh well, now its time to pay it off. The only real question is her half of the debt. All in my name she is not legally required to pay it, but she has agreed to and thus far is maintaining minimum payments only, which given the ultra low interest, is making at least slight progress.

**DaveL** · 08-08-2011, 05:37 PM

You were in a tough situation but are making the best of it. Good job on trudging on to the goal of being debt free. Once you get that high interest debt paid off, use the extra money to apply to the next highest interest debt. In no time you will be completely debt free. Good luck.

**krantcents** · 08-08-2011, 07:41 PM

Sounds like a good plan.

**Eric80** · 08-09-2011, 03:54 AM

Keep going! I think a lot of people all over the world need to re-evaluate their finances.

**bjl584** · 08-09-2011, 08:48 AM

Originally posted by nitemarecooper View Post

I am a long distance truck driver. After spending a little more than 1.5 years in a low paying local driving job to get off the highway (my sanity was quite literally on the line

), I went back on highway for the higher pay this past January. All with the same company I've been with over 6 years now. I was really looking forward to having my highest interest card paid off by mid or late summer. Then the Japan earthquake happened. My company's business is 100% hauling for Honda automotive plants here in North America, mainly Alliston, ON and Lincoln, AL.

With this earthquake Mar 9th, all work ground to a halt

and I've spent the months since just trying to maintain the debt and not increase. Finally a light at the end of the tunnel, now that things are getting back to normal, pay is increasing back to what it should and I've now paid off over $2000

in the last month to 5 weeks or so. I'm on track with last week's runs and this week's schedule, I should get another $1000 paid off

in the next 2 weeks. With about $4600 to go on that card now, I'm hoping to have it paid off totally by end of October.

I do have other debts, but that is the only super high interest debt @ 19.99% All the others are much less than 10%.

So happy to finally be making progress now and an end in sight to it all. Yeah!!!

Good job. I would suggest that any of your other debts that are higher than 5% should be made a priority for payoff. Below 5%, you can probably pay less on them and make more money by investing elsewhere. I don't know how many other debts you have, but you seem like a good candidate to snowball them out of existence. Here's some info on the snowball method if you aren't familiar with it.

Get Out of Debt with the Debt Snowball Plan - daveramsey.com

**Petunia 100** · 08-09-2011, 12:23 PM

Originally posted by nitemarecooper View Post

Oh well, now its time to pay it off. The only real question is her half of the debt. All in my name she is not legally required to pay it, but she has agreed to and thus far is maintaining minimum payments only, which given the ultra low interest, is making at least slight progress.

I suggest you ask your ex-wife to refinance the debt into her name.

**nitemarecooper** · 08-13-2011, 03:55 PM

Originally posted by Petunia 100 View Post

I suggest you ask your ex-wife to refinance the debt into her name.

That's a good idea indeed. I just might do that and hope she accepts.

**photo** · 08-13-2011, 04:33 PM

First off, congratulations!

Originally posted by nitemarecooper View Post

All in my name she is not legally required to pay it, but she has agreed to and thus far is maintaining minimum payments only, which given the ultra low interest, is making at least slight progress.

Is she paying you or directly to the company? Since the debt is in your name, and if she is making payments to the company, I'd double-check every month. Any late or missed payments are legally your responsibility and probably will affect your credit.

**nitemarecooper** · 08-14-2011, 04:17 AM

Direct

Originally posted by photo View Post

First off, congratulations!

Is she paying you or directly to the company? Since the debt is in your name, and if she is making payments to the company, I'd double-check every month. Any late or missed payments are legally your responsibility and probably will affect your credit.

She is paying direct, but as it is a credit card, I have full online access so I check every couple weeks or so to make sure she is making the weekly payments she promised to make. Thus far no issues, thankfully enough.

Finally making progress