Mon Apr 29, 2013, 03:22 PM
Liberal_in_LA (28,474 posts)
How We Got Out of $50,000 Worth of Debt
They knocked out the first personal loan by allocating their entire $8,000 tax refund toward it, as well as the proceeds from selling Angela’s car ($3,000) and Ted’s luxury watch ($1,000). They also used the $3,000 they’d saved since January and, by April 2012, they’d deleted a third of their debt.
To pay off the remaining $35,000, they lived on half of Ted’s $6,000 monthly paychecks and put Angela’s entire $1,500 monthly income toward the debt. By August, they’d wiped out the second personal loan and the car was finally paid off in December.
A spending allowance for Ted proved essential. He limited himself to just $100 a week in cash for gas, food and incidentals. Gone were their days of eating out. Their grocery list shrank to just 10 basic items they’d use for all three meals: eggs, milk, bread, salmon, chicken breast, broccoli, asparagus, Brussels sprouts, berries and oatmeal.
An even greater sacrifice came with the couple’s living arrangement, when they boomeranged back to live at home with Ted’s mom and dad. “We wanted to get our own place, but after we looked into our finances and realizing that we pay $700 to stay here and just to help with the mortgage and the utilities, we can save half or even more than half,†says Angela.
http://finance.yahoo.com/news/how-we-got-out-of--50-000-worth-of-debt-201705706.html
Response to Liberal_in_LA (Original post)
Mon Apr 29, 2013, 03:31 PM
Make7 (6,396 posts)
4. It's really hard for those poor struggling couples only making $90,000 a year.
I myself considered selling my $1,000 watch, but I only have the pocket watch I received as a gift that is worth about $50. I'm sure my $117 tax refund payment will go far to pay down my debt.
Mon Apr 29, 2013, 07:13 PM
A HERETIC I AM (10,122 posts)
49. "Do you think a couple can live on $40,000 a year?"
Well, yes, sure. But what astonishes me about your post and those of many of the others on this thread, and for that matter, the larger sentiment of many DU'ers, is that EVERYONE in this country except the "1%" is making $8.50 a hour and therefore EVERYONE is struggling.
It's nonsense.
Look...anyone that has a substantial amount of debt and is able to pay it down deserves some praise, OK?
I'm really sorry that there are people that have difficulties. I am by no means without them. I have finally, after the vast majority of my adult life, achieved a neutral (as opposed to a negative) net worth. But I have no one to blame for that situation but myself. I have paid off over $15,000 in debt over the last 18 months, so I have a little bit of an understanding of what these people went through. That paying off, BTW was preceded by the longest stretch of unemployment I have ever had in my more than 30 years working for wages.
It is no one else's fault but my own that I used credit cards as a second income during the late 80's and 90's and ran up all that debt. But I got out from under it. Have I put up a thread about it? No. But I did pay it off.
Should I be belittled because I was able to do it?
As I said, $90K is just $45K times two. It isn't as if these people are living high off the hog. It used to be that if a couple was able to pay their debts, live in a nice place, save and be frugal, put their kids through college, take vacations etc., it was APPLAUDED.
instead, this thread seems to be dedicated to busting the chops of a COUPLE that makes ninety grand TOGETHER merely because they have no kids and moved in with mom and dad.
So the **** what?
Again, $90,000 a year is about what two truckers put together could expect to make. It ain't a fortune.
I am, quite frankly sick and tired of reading the "Oh woe is me" diatribes of DU'ers who seem to be upset that there are other, regular old Americans who have the audacity to be able to hold onto their middle class status.
I am a god damned truck driver, for ****s sake, and I live in a decent house in a decent neighborhood and am finally able to see light at the end of the tunnel and I know it is sunshine and not an oncoming train.
If you're a competent, capable grownup and can't make a living, then who is to blame?
You?
Or someone else?
Mon Apr 29, 2013, 03:31 PM
reformist2 (3,922 posts)
5. Are we supposed to admire a couple making $90K per year for paying off their debt???
Mon Apr 29, 2013, 03:39 PM
Orrex (36,174 posts)
10. My thoughts exactly.
They could have paid off that entire $50K debt from one year's salary and still brought home more than most people I know
I wish I had a $3000 car and a $1000 watch to hock. Boo hoo hoo.
Mon Apr 29, 2013, 05:39 PM
reformist2 (3,922 posts)
46. It was a piece of cake for them. Certainly not worth being the subjects of an article.
Mon Apr 29, 2013, 10:01 PM
KentuckyWoman (10 posts)
63. 93 a yr is apparently now "the middle"
pretty sickening.
most people's plan to shed 50 grand in debt is to pay on it for a lifetime and then die after barely making a dent in the principle.
Mon Apr 29, 2013, 03:34 PM
reformist2 (3,922 posts)
9. Step #1 for paying off a lot of debt...make a boatload of money!
Mon Apr 29, 2013, 04:01 PM
trotsky (32,872 posts)
23. Is it OK if I sell some of the wad of GM stock that my dad gave me?
Just so that my wife and I can "tough it out" living off investment income while we're in grad school?
Mon Apr 29, 2013, 03:40 PM
JVS (60,485 posts)
12. Annual income of $90,000 combined and moving back into the the parents' home didn't hurt either.
Gotta love tales of the well-off overcoming small problems.
Mon Apr 29, 2013, 04:22 PM
arely staircase (3,960 posts)
31. yeah, i wish i had a six thousand a month paycheck
and I wouldn't buy a 1000 dollar watch either.
Mon Apr 29, 2013, 03:40 PM
Marrah_G (22,109 posts)
13. With those resources I would find it easy to pay that off also
Mon Apr 29, 2013, 03:40 PM
hobbit709 (25,773 posts)
14. Talk about unrealistic. Let them try that on the average wage earners income.
I know someone who just makes $30K and had hip replacement surgery. $10K up front even with her insurance. She drives a 10 year old car and has a $10 Timex.
Mon Apr 29, 2013, 03:51 PM
4Q2u2 (223 posts)
20. $90,000+
If I made that kind of money I would not be in debt in the first place. Kind of the reason i am is that is what I used to make, and over the last 10 years has seen it steadily eroded
Mon Apr 29, 2013, 04:17 PM
cbdo2007 (6,411 posts)
28. This is good advice, whether you're making $90,000 a year or $12,000 a year.
Rich and poor people all struggle with too much debt. None of us will really be free until we stop buying shit we don't need on credit and get out of debt. That is the only way to truly be free from the choke hold the govt. and private companies have on us all.
Response to cbdo2007 (Reply #28)
Mon Apr 29, 2013, 07:16 PM
duffyduff (907 posts)
54. No, it isn't. You obviously have never lived on 12k a year or less.
It has nothing to do with buying shit we don't need but with being kicked to the curb in this rotten economy and not being able to get back on our feet because there are no real jobs out there.
A little empathy would go a long way with you.
Mon Apr 29, 2013, 04:19 PM
Warpy (68,630 posts)
29. How to get out of $50,000 in debt: get a high paying job
Most people with student debt are not going to be making $72,000 a year. Many of them will consider themselves lucky to make half that.
Mon Apr 29, 2013, 07:18 PMAnd too lazy to work.
duffyduff (907 posts)
55. Any time I read about the "struggles" of married, working couples I want to hurl.
They have NO clue how rough it is to be single with no real income at all and too young to collect SS.
Mon Apr 29, 2013, 07:28 PM
Ilsa (31,524 posts)
59. It's nice that the parents are alive or aren't drunks
or drug addicts or so abusive they can't be lived with.
My parents simply told me "No" when I asked to move back home to save money, and we got along great. It was still "No."
Well, good for the Heretic's post.
Quite so! As for the rest of them, these are the same dingdongs who brag about their PhDs, or claim to be attorneys, or medical 'professionals' (I.e., a pretentious way of admitting to not actually being a doctor), and apparently can't even dream of a household income that would round up to a hundred grand. Pathetic.
Mon Apr 29, 2013, 07:18 PM
duffyduff (907 posts)
55. Any time I read about the "struggles" of married, working couples I want to hurl.
They have NO clue how rough it is to be single with no real income at all and too young to collect SS.
Response to cbdo2007 (Reply #28)
Mon Apr 29, 2013, 07:16 PM
duffyduff (907 posts)
54. No, it isn't. You obviously have never lived on 12k a year or less.
It has nothing to do with buying shit we don't need but with being kicked to the curb in this rotten economy and not being able to get back on our feet because there are no real jobs out there.
A little empathy would go a long way with you.
A wise woman once told me that poor people have poor ways.
For the most part, I believe that to be true.
Mon Apr 29, 2013, 07:18 PM
duffyduff (907 posts)
55. Any time I read about the "struggles" of married, working couples I want to hurl.
They have NO clue how rough it is to be single with no real income at all and too young to collect SS.
The couple is Asian, I'm going through the list of protected minority groups but I don't see Asian on it, so I take it that it's not racist for the left to be dissing this couple?
You knew my mother? :whatever: Who knew.
She was a fountain of such common sense wisdom, could have given the Old Farmer's Almanac a run for its money.
Response to arely staircase (Reply #31)
Tue Apr 30, 2013, 01:26 AM
DearHeart (667 posts)
109. I just wish I had a 1000 a month. I'll keep my cheap ass watch too...still works.
For her avatar, this DUmmie has chosen
(http://1.bp.blogspot.com/_473nrD5vEv8/SM-MTI6PvlI/AAAAAAAAAxQ/cSuZipmeiRc/s400/Depression-Great-Woman.jpg)
Woe is me!
A HERETIC I AM deleted all their posts in that thread.
Wow....do you think they were reading our comments to their posts?
I'm not as versed as some here are when it comes to DU, so I'd be curious as to what their opinions are on why this person deleted their posts? my opinion on it? it had nothing to do with us, the poster was being piled on by leftists and instead of sticking to their opinion no matter the fallout they retreated, kind of like the hold the left has over blacks, if someone black strays they pile on, but the strong blacks basically say :bird: to the left.
Every DUmbass claims to be destitute,in hock to their eyeballs,no future in life...
Or it could be the powers that be over at DU do not encourage independent, responsible thinking and they disappeared the posts...... :whatever:
All the posts say this:
This message was self-deleted by its author
I don't know what personality disorder/mental disease this is clinically called but is definitely a deep psychological problem. This is why I think that the DUmp should be disbanded for the mental health of all the misfits on the island.
If I were queen for the day, I would put them all out into a forest near a lake, far away from any signs of civilization. Give them a few basics, like a sleeping bag, an ax, a knife, a gun, some matches and a few vessels and leave them there alone for a year.When you returned you'd just find a few moles, armed to the gills.
Would they live or would they die of their inability to survive?
Mon Apr 29, 2013, 07:18 PM
duffyduff (907 posts)
55. Any time I read about the "struggles" of married, working couples I want to hurl.
They have NO clue how rough it is to be single with no real income at all and too young to collect SS.
Oh, poor dear DUmmieDuffy, I'm sorry you have it worse than any other person on the planet. For instance, there's those uber-dependent starving children in Africa who constantly have their hands out for free food. What the hell? It's certainly not your fault they were born in such a harsh place crawling with warlords who take much of the food sent their way. If those people can't keep track of their own damn food, they shouldn't get it! And have you seen how round their bellies are...how can they possibly be hungry? Obviously, they're taking government funds that should be given to people such as yourself, poor souls without any "real" income...except that teeny tiny amount which allows you to pay for Internet access.
I'm so sorry your mother was SO damn shelfish, giving birth to you instead of having an abortion. Had she thought of you and the cruel world she was subjecting you to, maybe she would've had some compassion. At least that way you wouldn't have to suffer so deeply that your only recourse is going on an Internet message board and finding sympathy amongst others whose parents were too self centered to have abortions. It's tantamount to child abuse, subjecting all of you to such misery!
As for not beingl able to get SS because you're too young, I can't believe the injustice you must suffer every single day of your miserable life! My goodness, it's worse than being a woman or girl in the Congo! Being completely able bodies but unable to qualify for lifetime government support, well, I'm sure you'd rather be raped to the point that your insides are bleeding and hanging halfway out of your body and only having 50 miles to walk to get medical care! Bet they don't even have to pay for their surgery or insurance premiums charged by those evil corporations!
But, honey, I can assure you that being on SS is no panacea...sometimes the amount you get isn't even a living wage! My Nana is 94 and she gets just a little over $700 a month. Can you believe the government actually expects her to pay premiums for her medical insurance, too? And her premiums are going through the roof because of 0bamacare! Plus, many of the doctors in her area aren't taking Medicare patients anymore! Can you believe it? Stupid rich bastards...how DARE they be so selfish! Just because they have a decade or more of student loan payments, employees, office fees, are required to have liability insureance & living expenses they have to pay, well, it's just mean! Personally, I think they should treat everyone who doesn't want to pay for free...they can have a bake sale or raffle a few scalpels and speculums if they need more money!
However, if you still think you deserve SS because being able-bodied and unable to find a job and being so miserable every day, well, that's pretty much a disability then this nation HAS to do something about it! I think the government should kick a few adults with Downs Syndrome or some of those warmongering veterans who have lost limbs or maybe the ones with brain injuries who are having to relearn everything! Hell, they're so out of it, they probably wouldn't notice they weren't getting it anymore! Same with those Downs Syndrome people...some of them actually have jobs! Why should they be on SS when someone such as yourself can't even find employment? Besides, they shouldn't even be taking up space on this planet! Seriously, every single pregnant woman in America should be forced to be tested. There should be a law making abortion mandatory if a test proves their babies even MIGHT have some kind of disability. Might take up to six or so months to figure out whether all their limbs are there, but so what?
But may I offer you a heartfelt suggestion? Because I know a way you can get on SS for the rest of your life and it's quite simple, really. See, it's hard to prove mental and emotional disabilities such as yours. But, physical disabilities, well, those are much, much easier to prove. Why don't you just throw yourself in front of a train? Think about it...if you survived you'd have no problem getting the government funds so you canleech off the American taxpayerget your fair share since those people are lucky enough to have jobs. As an added bonus, if you didn't survive, well, it would be kinda like a late, late term abortion. You'd finally be free of this cruel world with it's mean spirited people. You would be doing what your mother obviously should have done in the first place!
Cindie
I'm curious how one gets an $8,000 tax refund. I've never gotten more than a couple hundred dollars.
I'm curious how one gets an $8,000 tax refund. I've never gotten more than a couple hundred dollars.
I'm curious how one gets an $8,000 tax refund. I've never gotten more than a couple hundred dollars.
File a messed up W4 form at work, getting too much deducted throughout the year. I consider that giving the Feds an interest free loan.The white trash savings account.
I'm curious how one gets an $8,000 tax refund. I've never gotten more than a couple hundred dollars.
Breed like rabbits and claim the EITC? Deliberately overpay on your weekly withholding to get it back at tax time?
The DUmbasses think they are super smart and the brightest people on earth even though they have little accomplishment and zero success. Therefore, it has to be an evil plot by the stupid and uneducated to put them down. I don't know what personality disorder/mental disease this is clinically called but is definitely a deep psychological problem. This is why I think that the DUmp should be disbanded for the mental health of all the misfits on the island. By finding positive reinforcement for this mental disease, they will never heal and the sicker ones will drag down those that might possibly have been healed.
I'm curious how one gets an $8,000 tax refund.The sky's the limit when you're writing a DUmp post.
The sky's the limit when you're writing a DUmp post.
Mon Apr 29, 2013, 03:34 PM
reformist2 (3,922 posts)
9. Step #1 for paying off a lot of debt...make a boatload of money!
I'm curious how one gets an $8,000 tax refund. I've never gotten more than a couple hundred dollars.
I think they were newlyweds and the wife was only making $1500 a mo. Maybe the husband still had a single/0 or even a minus dependent amount withholding on his W4.
I worked with a girl who did single/0 plus an additional $25 a week for Federal withholding just so she would get a large refund. :shrug: