ST Alpha - "once the 18k is gone, you have limited resources to attack the remainder." (Reading a Post)

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once the 18k is gone, you have limited resources to attack the remainder.

Posted by groiny (aka groiny) Aug 12 '11, 13:42

so I believe in giving yourself the most ammo to accomplish this.

Responses:

I can see the arguement that you might go after 2 instead of 4, because the difference in minimum is big and the dif in rate isn't, but 4 is still - musubi Aug 12, 13:45 11
- THIS. -- nm - MDH Aug 12, 13:54
- the plus side, if you do this, you can have the whole thing paid off in about 18 months - znufrii Aug 12, 13:53 9
  - Nice well thats how we have been living. I should get 1600 in Nov and my bonus in Dec should be 8-10K -- nm - Capstern Aug 12, 13:55 8
    - seriously, put together a spreadsheet projecting every payment until everything will be paid off. - znufrii Aug 12, 13:57 6
      - send me one :) - Capstern Aug 12, 13:58 5
        
        *thud* nm -- nm - groiny Aug 12, 14:00 4
        
        I waskidding - I have like 8 spreadsheets open now at work -- nm - Capstern Aug 12, 14:03 3
        
        *deletes the spreadsheet he was working on to send to you* -- nm - znufrii Aug 12, 14:05 2
        
        I dont mind gifts but wasnt EXPECTING you to do anything -- nm - Capstern Aug 12, 14:06 1
        
        don't worry, I wasn't. :) -- nm - znufrii Aug 12, 14:07
    - All of that November money and the bonus should go towards these debts, then it'll be even quicker. - MDH Aug 12, 13:56
Though we are talking about 691 to attack vs 716 right? (approx was too lazy to go back a page) -- nm - Capstern Aug 12, 13:45 1
- yes. nm -- nm - groiny Aug 12, 13:46
but, that remainder can either be at a higher or lower interest rate. why make it higher? -- nm - Andie Aug 12, 13:44
No that makes sense and I didnt see that. I do sort of want to keep a little of the 18K to put aside - Capstern Aug 12, 13:44 69
- I just read the numbers, then this, and I'm starting to hyperventilate on your behalf. -- nm - b. Aug 12, 13:52
- They need to bring back debtors prisons for people who file for bankruptcy after this behavior. -- nm - Max Aug 12, 13:52 5
  - A large part is left from divorce. My debt has steadily dropped for 3 years now. It used to be worse. - Capstern Aug 12, 13:54 4
    - we do have no idea what your income is, but if you are carrying this sort of debt for years, it's not high enough to warrant this debts. - Andie Aug 12, 13:59
    - if your combined income is so high, you shouldn't have crazy debt with high interest. - b. Aug 12, 13:57 2
      - Well yes my 2nd divorce sucked and I got screwed. I was nice. 6K is about 6 months of dental work -- nm - Capstern Aug 12, 13:59 1
        
        that was then. you don't pay for airline tickets to pay for football game tickets while you're paying 15% interest. -- nm - Max Aug 12, 14:00
- I would just blow the 18k, have fun, you don't live forever and you can't take it with you. - CrankYanker Aug 12, 13:49
- absolutely not. -- nm - Remlik Aug 12, 13:46
- Do *not* do that. 37k in debt is no joke. (nm) - musubi Aug 12, 13:46 48
  - Well if you add the cars and houses its 400K - Capstern Aug 12, 13:49 47
    - 70K worth of cars?????? - groiny Aug 12, 13:52 19
      - ~30-35K, assuming the $400K includes the $37K of cc debt -- nm - Roger More Aug 12, 13:53 18
        
        That sounds about right a little under 30 on the wifes A6 and 8K on my A4 -- nm - Capstern Aug 12, 13:57 17
        
        really? you thought that was a good idea? (sorry, i sound bitchy, but debt doesn't go away by magic.) -- nm - Andie Aug 12, 14:00 2
        
        Which part was good idea? I know I have been working my ass off for 3 year to get this under control - Capstern Aug 12, 14:05 1
        
        the part about buying cassie a 30K+ car. so unnecessary. that's 30K you have to pay off eventually, you know? - Andie Aug 12, 14:08
        
        Okay, I'll bite...is she paying for the A6? - Will Hunting Aug 12, 13:59 13
        
        At the time we got it was a great car for us to go DOWN to 1 car. Yes she works - Capstern Aug 12, 14:08 5
        
        I'm not saying, is it useful...cuz really, it's an A6 -- there are other options that are equally useful for less. -- nm - Will Hunting Aug 12, 14:13
        
        question, seriously: after her car payments, insurance, gas, and maintenance, how much does Cassie take home? - Andie Aug 12, 14:11 1
        
        When that is your job you do. Shes been a nanny for 10 years. She work for executive families and so - Capstern Aug 12, 14:14
        
        ....and is made of solid gold, with ruby encrusted steering wheel. - groiny Aug 12, 14:10 1
        
        Here I will explode your head - we DID NOT get it new but new the MSRP on that car was 58,750 -- nm - Capstern Aug 12, 14:16
        
        I am baffled. nm -- nm - groiny Aug 12, 14:00 6
        
        You're talking to a guy who's idea of splurging on a car now is a Hyundai Accent - Will Hunting Aug 12, 14:03 5
        
        we had to get a 'new' car last december. we bought a 2004 grand am. now, it had super low mileage so it's in great great shape. - Andie Aug 12, 14:05 2
        
        Once these cars are paid off I will use my work connections and software to find best options for us (but Audis only) -- nm - Capstern Aug 12, 14:11
        
        [deleted]
        
        well, I have always had a car payment, so that does not bother me. - groiny Aug 12, 14:04 1
        
        We consolidated to that car in 2008. And it was used and will last a long time. I figure - Capstern Aug 12, 14:10
    - Plural? House(s)? -- nm - Will Hunting Aug 12, 13:52 18
      - Yes I have an investment property in Colorado (I have had same renter 6 years but lose about 200 a month on it - the HOA) -- nm - Capstern Aug 12, 13:52 15
        
        I know some other posters here are being a bit harsh, but this post is puzzling. $200 a month over six years is $14,400. - David Aug 12, 13:56 5
        
        I owe 120K on the property its worth 85K, I keep the rent at a place where I know the guy will stay. I write the loss off on the property. - Capstern Aug 12, 14:01 1
        
        Fair enough. My suggestion would be to put out feelers on that guy taking over the mortgage payments or finding someone who would. -- nm - David Aug 12, 14:02
        
        Raise the rent a bit. Rent should go up every year, not once every 6. And I freaking rent. -- nm - MDH Aug 12, 13:58 1
        
        my rent hasn't gone up in five years *knock wood* - moles Aug 12, 13:59
        
        I suppose, conceivably, the HOA fee was not as high when he first rented the place out ... -- nm - Beryllium Aug 12, 13:57
        
        have you not raised their rent during that time? -- nm - b. Aug 12, 13:55
        
        see, this is dumb. you are throwing $200 out the window every month. -- nm - Andie Aug 12, 13:54
        
        "hey, looky here. your rent is gettin raised the fuck up" -- nm - moles Aug 12, 13:54 2
        
        there are usually laws against sudden jumps - but those laws also allow for gradual increases -- nm - Beryllium Aug 12, 13:55
        
        Exactly. -- nm - Will Hunting Aug 12, 13:54
        
        So you've lost $14,400K on your investment in the past six years? -- nm - Beryllium Aug 12, 13:54 2
        
        If you count the market I have lose about 54K since the place is worth about 40K less than what I bought it for -- nm - Capstern Aug 12, 14:18
        
        it'd be less than that with tax incentives, but yeah that's not good. -- nm - Reagen Aug 12, 13:55
        
        So, you bought a house for investments, you've seen it drop 30% in value and you're okay with losing money on the rental? -- nm - Will Hunting Aug 12, 13:54
      - Maybe one is an income property or something -- nm - Beryllium Aug 12, 13:52 1
        
        If it's an income property, it's not exactly in the same class of 'debt'. -- nm - Will Hunting Aug 12, 13:53
    - All the more reason to not do it. (nm) - musubi Aug 12, 13:51
    - OFFS. - groiny Aug 12, 13:50 6
      - Cappie's debt ceiling is rising like a hot air balloon! -- nm - Spawn Aug 12, 13:56
      - eh, I have over 300k in debt if you include my house - Reagen Aug 12, 13:52 4
        
        [deleted] 1
        
        sure. - b. Aug 12, 14:00
        
        Mortgage on a place you're living in is a housing expense, not exactly the same class as a debt ... -- nm - Beryllium Aug 12, 13:54
        
        exactly. -- nm - b. Aug 12, 13:53
- dude. you have over 37K in debt. your IM is why. get a grip. -- nm - Andie Aug 12, 13:46 1
  - see, when i posted that color of money question yesterday, i was kind of kidding - moles Aug 12, 13:48
- NO NO NO!!!!!! - groiny Aug 12, 13:45 8
  - I know and I probably wont. Only going to get this settlement once. I want to be debt free except the houses and cars -- nm - Capstern Aug 12, 13:47 6
    - no probably about it. You need to get this under control. - groiny Aug 12, 13:48
    - and, while we are on this topic - why do you have such expensive cars when you are in this situation? -- nm - Andie Aug 12, 13:48 4
      - About 20K of all of the 37 is divorce debt I got stuck with. The Cars.... - Capstern Aug 12, 13:52 2
        
        okay, why does your wife need a big car? i mean, seriously, why you have the debt is irrelevant, you have it. you need to be agressive or it won't - Andie Aug 12, 13:54
        
        WTF is she driving? nm -- nm - groiny Aug 12, 13:53
      - [deleted]
  - *this* -- nm - Spawn Aug 12, 13:46
I want to be your banker. ;-) -- nm - Name Withheld By Request Aug 12, 13:42 2
- the process has to be planned out and executed. - groiny Aug 12, 13:45 1
  - But knocking out the higher interest frees up probably well over $500 a month anyway. - musubi Aug 12, 13:55

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once the 18k is gone, you have limited resources to attack the remainder.

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