Wow - all I can say

neanderthal

Shared on Thu, 04/20/2006 - 09:20

Damn I actually got some good news this morning, and am excited as hell. 5 years ago the wife and I were on the verge of bankruptcy, seeing that we were fiscally irresponsible (as most young adults are) and built up our revolving credt north of $65K. Yeah you can say stoopid well because that is exactly what we were. Just when we realized that we were screwing the pooch (future) ours and more importantly our daughters future for college, we started to look at the options. The first was bankruptcy, I didnt care for it. Yeah I could filed filed and wiped the slate clean, but I figured I bought the shit I should pay for it. So we went the CCCS route to address the interest (some at 21%), and consolidated our debt into one payment of $1200/mo (yeah amazing aint it). I found out today that AMEX was paid in full and I would actually be getting $1200 from over payment, that leaves us a total balance left to pay of $5900. Well what does that mean, it means by September we will be debt free with the exception of the house and car payment. It also means that we can go on a family vacation for the first time in 7 years. A word of advice to all, unless you will really die from not owning something dont buy it on credit. Pay cash and if you cant at this moment, just wait and save the cash up usually what you wanted will reduce in price and then you can own it. I am looking forward to a vacation, Cancun Mexico with the drinking and deep sea fishing and just maybe re-kindle a little excitement back into the old marriage (yes I mean kinky sex) PMS and all.

Comments

doodirock's picture
Submitted by doodirock on Thu, 04/20/2006 - 09:37
Now that is some great news. After all my car problems and no job, Im back in debt. Sucks
Rock's picture
Submitted by Rock on Thu, 04/20/2006 - 09:43
Awesome news bro. Nothing like a little deep sea fishing to take the edge off of dealing with PMS.
novicius's picture
Submitted by novicius on Thu, 04/20/2006 - 10:00
Always great to read success stories like this!
Cranefolder's picture
Submitted by Cranefolder on Thu, 04/20/2006 - 10:18
Congrats man. Debt is a beyatch. So easy to get into, and it requires a lot of discipline to get out. So enjoy your vacation, it sounds like you have really earned it. After that you can start putting that $1200 a month towards your retirement. Mmmmm....401(k)...Roth IRA...taste the compound interest goodness. Now you can get interest working for you instead of against you. And make sure you pass on what you have learned to your daughter, cause they sure as hell dont teach you anything about managing your finances in school. Congratulations again!
neanderthal's picture
Submitted by neanderthal on Thu, 04/20/2006 - 10:46
Cranefolder you are right, they dont teach you this in school. We have discussed this with our daughter since she was about 12 (she understood) and constantly discuss it with her. She even stated that for the first 2 years of college she will attend a local college to help reduce the cost (I was shocked as it was her suggestion). Then she will attend UT Austin for her BA or BS again her suggestion. She has caught on even to the point if she wants a big ticket item for her bday or Christmas, she works a deal with any monies that she gets, mom and dad will match and pay the difference. By doing that she gets what she wants and takes pride in ownership, and shee appreciates the item more. The extra monies will going in the a Texas 521 (I think that is what it is called) for her education. It just feels good to get rid of the debt burden.
Lbsutke's picture
Submitted by Lbsutke on Thu, 04/20/2006 - 11:19
Congrats man, when my wife and I moved in together, and bought a condo, we racked up our credit cards to like 22000. Well we stopped that crap and did just like you are doing. Got that shit payed off and were able to buy a house.. Sounds like your daughter has figured some stuff out. Feels good doesnt it.. :D

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