## \$55,537 in unsecured debt - now down to \$0!!!!!!!!!

New! Use this space to post your goals, accomplishments, and setbacks on your path to get rich slowly. Others can read about your situation, and provide critiques and motivation. Look here to find somebody who has experienced a situation similar to yours!

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Gnashchick
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Wow Sam, that's tremendous. Be proud of your accomplishment! You'll be debt free in a matter of weeks, at this point!
Steal what works, fix what's broke, fake the rest

Sam
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### 12/18 numbers

Here are our numbers as of 12/18: we have \$2,841 in debt left to pay. We have paid off \$52,696 or 95% of our debt. Hooray for 95%!!

We are presently \$1,773 behind on our debt paydown project.

Thanks for all your support. I do have a chart that I need to figure out how to post.

plonkee
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I was so excited when I saw the title change to under \$3K (seriously, if there was anyone else around they'd think I was a right weirdo). This is so cool.
In mathematics you don't understand things. You just get used to them. John von Neumann

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Sam
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### 2008

My husband has created a new Excel chart for me to use to track our 2008 money goals. I've got a chart to track the percentage met for each goal, along with target dates for fully funding each goal, and percentage accomplished for our total goal. I also have a bar chart for each goal along with the total goal and a pie chart as well.

Our goals are as follows:
1. 2007 IRA - \$8000
2. Nused car for me - \$17,000 (might be a bit high if we also count my trade in)
3. Add to emergency fund - \$10,000
4. Baby fund - \$5,000 (may need to increase if we end up pregnant in 2008)
5. 2008 IRA - \$10,000

Total - \$50,000.

Since we have paid off \$52,696 in debt thus far in 2007, I think the above goals are attainable but still a stretch for us. Its taken everything we had this past year to pay down \$52,696 in debt but we've done it so we want to try again.

Sam
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### Re: 2008

Sam wrote:My husband has created a new Excel chart for me to use to track our 2008 money goals. I've got a chart to track the percentage met for each goal, along with target dates for fully funding each goal, and percentage accomplished for our total goal. I also have a bar chart for each goal along with the total goal and a pie chart as well.

Our goals are as follows:
1. 2007 IRA - \$8000
2. Nused car for me - \$17,000 (might be a bit high if we also count my trade in)
3. Add to emergency fund - \$10,000
4. Baby fund - \$5,000 (may need to increase if we end up pregnant in 2008)
5. 2008 IRA - \$10,000

Total - \$50,000.

Since we have paid off \$52,696 in debt thus far in 2007, I think the above goals are attainable but still a stretch for us. Its taken everything we had this past year to pay down \$52,696 in debt but we've done it so we want to try again.

In addition to the above money goals, I plan to train and run a marathon in December 2008. The marathon will be my one big goal (like the debt paydown project this year). I plan to tackle marathon training like the debt paydown project, I'm going to start reading running books and blogs and I'm going to set a training schedule and chart my progress. I've already found a 9 week couch to 5k schedule that I like the looks of. My plan is to buy supplies the first weekend in January and start training the second week in January. My husband plans to join me but has agreed to follow and not lead the training.

Sam
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### Debt

I've been crunching the numbers this morning and I think we can get the remaining \$2800 in debt paid off by the end of January '08. Our budget and debt payoff schedule has been derailed by the holidays, a tenant who will likely leave in Januray 2008 and a big yard project at our house (basically redoing the yard and thus far have spent \$1000 on the project before buying any new plants or sod which will likely be another \$1500).

I'm really going to try hard to get us done with debt by the end of Jan.

Sam
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### Re: Capital One

Sam wrote:Following up on my earlier posts about needing a new credit card (I presently don't have any credit cards). I've gone with Capital One design your own card. I have some concerns about Capital One, lots of bad stuff out there, but I haven't had good service from Citi or BOA either so I'm going to give CO a try. I won't be using this credit card for day to day expenses but only for a couple of small monthly bills that I prefer get charged to a credit card and I'll use it for business travel (right now I'm using my debit card which works fine but I don't like using my money for biz travel).

So I used my new credit card a total of 2 times on a recent business trip (for a rental car and for gas) and I've already received a letter from Capital One indicating that they have put a hold on my account due to suspected fraud. Ugh! I had this same problem with CitiBank, they would block or deny charges regularly due to 'fraud' and its one of the main reasons I cancelled my CitiBank cc.

I called CO and they lifted the hold and I asked the customer service rep to make a note of my credit card habits (I won't use the card for long periods of time and then will use it several times since I'm only using the card for business travel) which she agreed to do.

I've set up my online account for CO and set up Wachovia bill bay for the new card.

Sam
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### Re: Debt Collection

This debt collection company is still calling on a daily basis so this time around husband called and spoke with a rep who said, again, that they would disassociate our home phone number with the account. Husband asked for a home office phone number and mailing address so that we could send a letter (if necessary, pursuant to the debt collection act) and the rep hung up on him. So he called back and got another rep and got the home office address. So far, we have spent about 45 minutes trying to get this company to stop calling us. As an aside, our home phone number has been 'my' home number for 7-8 years.

morydd
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Now that you have an address, cc the Attorney General of your state and theirs on the letters.

Father of Aiden Thomas Dec 10, 2004-Dec 15, 2004 and Dean Paul June 12, 2008

Sam
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### 401k

I'm happy to report that my husband and I were both able to max out our 401ks (\$15,500 each) during 2007. Husband's last pay check was today and he confirmed that he had maxed his 401k out. Husband also gets a small match at work (@ \$2000).

Sam
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### 1/2 numbers

Here are our numbers as of 1/2/08:
we have paid off \$53,795 or 97% of our debt.

We have \$1745 in debt left to go.

We are \$1745 behind on our 2007 debt pay off project.

Happy New Year!
Last edited by Sam on Wed Jan 02, 2008 5:45 am, edited 1 time in total.

Sam
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### Re: Other goals

Sam wrote:In addition to paying off our unsecured debt, we had the following goals for 2007. I spent some time this weekend revisiting the goals and seeing how well we are doing thus far.
(1) No credit card spending. We have done well with this goal. Husband and I closed all our credit card accounts except for one each with BOA. We have not charged any expenses to our credit cards except our monthly ADT bill and my SunPass (auto toll paying device) is also linked to my credit card. So far in 2007, \$310 in ADT and SunPass charges have been billed to my BOA card. I don't count these charges as credit card spending because I would be paying the monthly payment for ADT each month and the SunPass charges as they come up. I could switch the ADT charge to auto billpay with Wachoiva, SunPass works best if it can automatically replenish. As I was adding up my BOA charges for 2007 I noticed that BOA recently increased my credit limit to \$17,000. I don't think I need that much credit and plan to ask them to lower by \$5000 to \$12,000. I wonder if my husband's limit was also recently increased, need to ask him.
(2) Increase ING emergency account to \$8200. The current balance for our ING e/r account is \$3963 which is not quite where we should be to accomplish this goal by the end of 2007, but we have used the e/r account for A/C repairs for our investment property and for car repairs.
(3) Retirement goals. My Raymond James IRA acct. has lost money (I didn't set any goals for this account). I have already, even with the poopy market the last 2 weeks) met my 2007 goals for my 401k which included increases both based on contributions (I'm maxing out my contributions this year) and performance. I'm only \$2000 away from meeting my 2007 overall savings/investing goals. This goal does not include my husband's investments/retirement accounts.
(4) Wachovia savings account. I currently have \$750 in my savings account (this account makes very little interest and I mostly use it as cushion for my/our various checking accounts). I would like to increase this account back up to about \$1000 because with our very aggressive debt payments I often find myself close to \$0 in my checking account. For example, I currently have about \$50 in my personal/primary checking to last me until 8/15 (due to recent car repair bill). I do have a couple of reimbursement checks to deposit but I likely will need to transfer some money from my savings.

All in all, I think we are on track to accomplish our financial goals for 2007.

Update on other 2007 goals.
(1) Credit card spending. I have a new Capital One credit card and the only charging I'm doing is for business travel. I may switch my ADT and Sunpass charges back to the credit card. Husband has not used his credit card since he paid 2 years of gym membership.
(2) and (4) Between my ING emergency account and my Wachovia savings account we have \$8676 in emergency funds. ING account is at \$7676 (a bit below our \$8200 goal for 2007) and Wachovia has \$1000.
(3) I met and exceeded my retirement savings/investing goals.

Sam
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### Re: Thanksgiving Numbers - updated

Sam wrote:I don't think that we are going to make our goal to pay off all our usecured debt by the end of this year due to the expenses of the holidays, a solo trip up to the family for me pre-Christmas, and a New Year's trip with my husband's cousin. The New Year's trip has not been budgeted for, but husband's cousin has already spent the money to rent the condos so we feel like we can't not go. The funny thing is that I read Total Money Makeover over New Year's 2006 on this same trip, so we are going back to where it all started. This time around, even though the trip is not budgeted we will pay cash for the condo rent, travel costs, and food and entertainment instead of using credit cards.

Our New Years trip with my husband's cousin was fun. We paid in check for the condo rental (husband's cousin had already paid for it, we just had to pay him back for our part) and used our debit card for meals out, drinks, and a couple of small purchases. We also went to the grocery store and cooked a couple of breakfast meals and one dinner meal at our condo which kept our dining costs down. We also picked up the check for one group dinner to thank husband's cousin for making all the arrangements which pushed our dining costs up.

It was great to come home from the trip and not think/worry about having to pay any upcoming bills related to the trip.

Sam
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### DONE!!!!

More later, but we are done with our debt paydown project.

We have \$0 unsecured debt left.

We paid off \$55,537 in unsecured debt in 12 and 1/2 months.

plonkee
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Hooray.

Congratulations.

I'm so pleased for you, I've been looking forward to this for a little while, so you must be over the moon.
In mathematics you don't understand things. You just get used to them. John von Neumann

uk personal finance and religion and atheist