Author Topic: Should we be paying down debts?  (Read 3045 times)

Bearblastbeats

  • Bristles
  • ***
  • Posts: 415
Re: Should we be paying down debts?
« Reply #50 on: March 26, 2020, 10:35:41 AM »
I don't know what dog supplies are for you - but it doesn't need more than the cheapest dry food in a huge bag, and possibly the cheapest flea medicine [ which you can wash the dog regularly [ preferrably a bath where it is mostly submerged] to reduce that expense.  Supplement its food with your left over table scraps. Have something thats left-over a day beyond what you are comfortable with eating yourself... - yummy for dog - they are genetically built to eat sporadically, and meat that is not refrigeratted in the wild. No Onions or grapes.

  Forget that bankruptcy stuff. Do the method of paying your smallest loans 1st, Then "snowball " the others.  You can dig out of this.

 Look into banking with a local credit union if you aren't already. Get your paycheck direct deposited there if possible. After a couple months approach them for a consolidation loan.  My Credit union offers a "signature' loan [ no collateral at about 10% ] . Thats 1/2 the interest rate of what you are paying currently.

 Track ALL your spending on a sheet of paper taped to your $1000+ refridgerator.  Believe me, having it in black and white in a place you look at every day will help.  We put 6 Categories down on our sheet - Wife - Husband - Kid [ her allowance spending ] - Food - House Expenses - Restaurant [ we budget $100 a month, but you don't get this category for obvious reasons ] .   Fudge putting it into a spreadsheet, you need it in your face every Day !  Change it at the beginning of each month. Don't leave ANything off, no cheating. When you pay off a credit card , put it on there in bold big letters and colors.

 There are lots of folks on this board who have been in the position you are. Persistance. You "lifestyle inflated" to fill up the house, now hunker down and deal with it. You can get all the unsecured debt [ except student loan maybe] knocked out in less than 2 years.


Thanks for this insight. The spending sheet is a good idea for sure!

Edit: just so it be known, We haven't stepped inside a restaurant since the boy was born, other than for a birthday dinner which was paid for by someone else other than us.

Edit 2: Kohl's put me on a 2 month no payment and no late fee program, which I could call in 2 months and extend. Best Buy keeps disconnecting the call, figures as much because its Citibank.. I've been on hold now for over an hour with chase. woof.
« Last Edit: March 26, 2020, 10:51:07 AM by Bearblastbeats »

six-car-habit

  • Bristles
  • ***
  • Posts: 345
Re: Should we be paying down debts?
« Reply #51 on: March 26, 2020, 10:51:55 AM »
BearBlast - i added a paragraph to my last diatribe on Reply # 49.  Read + Think about it please. MAny of us have screwed up. Maybe it makes overcoming the financial obstacles, we put in our own way, that much sweeter. Not many of us have had good spending / saving / investing habits , all our lives like some folks on the board. Wishing you luck, is the wrong perspective, so I am wishing you persistance !       
« Last Edit: March 26, 2020, 10:54:34 AM by six-car-habit »

KBecks

  • Handlebar Stache
  • *****
  • Posts: 2161
Re: Should we be paying down debts?
« Reply #52 on: March 26, 2020, 11:15:05 AM »
You have to cut up your credit cards.  All the credit cards.

Bearblastbeats

  • Bristles
  • ***
  • Posts: 415
Re: Should we be paying down debts?
« Reply #53 on: March 26, 2020, 01:28:30 PM »
And just like that NH is now part of the shut down.

This is effective until May 4th.

Looks like I won't be able to do those flooring gigs either since Home Depots are closed?

lhamo

  • Stubble
  • **
  • Posts: 135
  • Location: Seattle
Re: Should we be paying down debts?
« Reply #54 on: March 26, 2020, 02:08:11 PM »
Deep breaths.

Check with your mortgage holder and utility company -- many are offering reduced or delayed payment options.

Try using the chat function to communicate with those companies that have it.  Might be more efficient than using the phone at this time.  You can probably have a couple of chat windows open at one time.

You might still be able to take deliveries of supplies from Home Depot or other sources.  Construction is still considered essential services in some places, or allowed as long as social distancing rules can be followed.  Don't assume anything -- check first before you cancel those jobs. 

the_fixer

  • Pencil Stache
  • ****
  • Posts: 700
  • Location: Colorado
  • mind on my money money on my mind
Re: Should we be paying down debts?
« Reply #55 on: March 26, 2020, 02:10:46 PM »
And just like that NH is now part of the shut down.

This is effective until May 4th.

Looks like I won't be able to do those flooring gigs either since Home Depots are closed?
Are the home depots actually closed?

I believe around here they are considered essential for health and safety. Think about plumbing, heating and ETC.


Sent from my iPhone using Tapatalk

Peachtea

  • Stubble
  • **
  • Posts: 222
Re: Should we be paying down debts?
« Reply #56 on: March 26, 2020, 08:09:40 PM »
IL is in a shelter in place but Home Depot is open as an essential business, so your side hustle should be fine as long as people donít cancel to avoid contact.

Comcast - You need to know what you want before you talk to them. On your phone (so it doesnít register your WiFi connection) enter a random address in your neighborhood on xfinitys site to see what the new customer deals are. Select see all offers. Narrow to internet only. Somewhere in there, likely smooshed between two expensive options, is the 25 mbps performance started pick. This is what you want to switch too and thatís the price you want it at. I.e. I entered a random Manchester address (no idea if thatís your city, just an example) and 25 mbps is $49.95. This option is often more a stable price than the boost they bundle with cable to make it feel like itís cheaper to bundle, b/c those are promo rates for 1 year and then get jacked up. Call Comcast ask to switch to 25 mbps and drop cable. If they wonít honor the lower price, ask to cancel. If they still donít lower it, cancel your internet, once itís effective wait a day or two, have GF sign up for new customer rate under her name. Make sure you sign up for autopay and e billing to get the $10 discount. Also make sure you are not using their router. Buy your own, theyíre like $100 at Best Buy and saves you $15/month in equipment fees.

Verizon - when you get that side job money, use part of it to pay off the $125 phone if youíre not otherwise on contract so you can switch to a Verizon mnvo. Red pocket can run on Verizonís network and has plans as low as $10/month. (Coworkers mom in rural Indiana has great success with this.) or check out total wireless if your phone isnít red pocket compatible for some reason (check on their site not outdated forums, b/c theyíve increased amount of compatible phones. This will help with cash flow.

Electricity - anyway you can cut this back? We lowered ours $10/month in a small apt by unplugging everything we could and only plugging in when using (including the TV), turning off lights, and only using the drier for sheets. Hang drying is really worth it.

Thatís a lot of space to not address what you should be paying on debt, but itís because reducing your expenses increases cash flow to pay them down and really shouldnít be overlooked. Even $25/ month in savings will help wipe out the lower cc amounts and snowball your cash flow.

For your GFs employment. If she hasnít been officially laid off, but has no hours and no pay, have her tell them she needs docs to show lay-off for unemployment or they need to pay her, with or without hours. Then, if they donít pay her, she can collect unemployment which is now (assuming house passes the bill tmrw) going to be extra generous and should help out a lot. I *think* part timers became eligible under first relief act and now theyíll also get an extra $600 a week in benefits regardless of prior income. (Assuming I sorted all the messy news coverage of these bills and their status correctly.)

Also howís a good time to call insurance companies for cheaper rates if you havenít already done that.

Bearblastbeats

  • Bristles
  • ***
  • Posts: 415
Re: Should we be paying down debts?
« Reply #57 on: March 27, 2020, 06:18:26 AM »
So to update.

My company is deemed an essential business for manufacturing.

I called a few more creditors and they granted a push back with no fees for 1-2 months. I'll just need to call back when the period ends to extend if needed.

The typical dog food I get is blue buffalo at around $55 a bag for 24#. This was a clearance item last night so I picked up 3 bags for $25 ea. This is 3 months worth of food for him.

We stocked up on diapers, insulin & needles for me, and another ~2 weeks worth of food. So we have plenty of food and supplies for the month.

I plan to start doing the demo part of the job tonight or tomorrow and hopefully the actual job starting next week. This will give us some breathing room for the remainder of the month.

lhamo

  • Stubble
  • **
  • Posts: 135
  • Location: Seattle
Re: Should we be paying down debts?
« Reply #58 on: March 27, 2020, 08:51:40 AM »
Glad you are seeing some rays of sun poking out behind all those clouds.

Can your SO check with some of the local stores and see if they need people for stocking?  A lot of stores are reducing their open hours, so it wouldn't necessarily be an all night shift.   

the_fixer

  • Pencil Stache
  • ****
  • Posts: 700
  • Location: Colorado
  • mind on my money money on my mind
Re: Should we be paying down debts?
« Reply #59 on: March 27, 2020, 09:10:23 AM »
Do not let your guard down yet you are still in the middle of an emergency. Delaying the payments will likely still be building interest so keep cutting expenses to the bone and get any work the two of you can.

Save every penny and when things start to stabilize you can throw some money at it.

How much interest is that Home Depot credit card going to hit you with? Any chance you can pay that off before the zero interest expires?


Sent from my iPhone using Tapatalk

Bearblastbeats

  • Bristles
  • ***
  • Posts: 415
Re: Should we be paying down debts?
« Reply #60 on: March 27, 2020, 09:16:48 AM »
Do not let your guard down yet you are still in the middle of an emergency. Delaying the payments will likely still be building interest so keep cutting expenses to the bone and get any work the two of you can.

Save every penny and when things start to stabilize you can throw some money at it.

How much interest is that Home Depot credit card going to hit you with? Any chance you can pay that off before the zero interest expires?


Sent from my iPhone using Tapatalk

So my plan was this:

For all the minimums that are being pushed out, I was going to save them up and see what card I can pay off.

I was also thinking since Verizon, Comcast, my DCU auto Loan & personal loan, and my mortgage are waiving any late fees, maybe I should take those payments and put them towards more of the debts that are due? That's daring, I wouldn't do it with my mortgage because that would be to risky, but I could just avoid the others for a month and deal with those later.

wellactually

  • Stubble
  • **
  • Posts: 132
Re: Should we be paying down debts?
« Reply #61 on: March 27, 2020, 09:46:16 AM »
Do not make this more complicated. Waiving late fees is not the same as deferred payments. Pay everything that is due this month because you have the ability to do so.

You also don't need to save up to pay off a card. Just make sure your extra payments are going to principle and not pre-payment of future minimums.

As soon as possible, sell the vehicle.

slappy

  • Pencil Stache
  • ****
  • Posts: 876
Re: Should we be paying down debts?
« Reply #62 on: March 27, 2020, 09:48:33 AM »
How about a roommate? Something to bring in some income.

Bearblastbeats

  • Bristles
  • ***
  • Posts: 415
Re: Should we be paying down debts?
« Reply #63 on: March 27, 2020, 10:15:47 AM »
How about a roommate? Something to bring in some income.

No. I've tried this before on multiple occasions. Especially now being this whole social distancing thing and having my baby at home. I already had a high standard of cleanliness and now its more extreme, most people can't stand my standards and I in return can't deal with their lack of.

the_fixer

  • Pencil Stache
  • ****
  • Posts: 700
  • Location: Colorado
  • mind on my money money on my mind
Re: Should we be paying down debts?
« Reply #64 on: March 27, 2020, 01:51:51 PM »
I think I would pass on the late fee waiver offers. I know people that have received that offer then found out later the while the company waived the late fee they still reported the account as late and impacted their credit.

If your credit score drops it can cause your insurance to go up, interest rates and other things to change and even employment issues for some people.

I agree do not try to get fancy work on getting that income up.


Sent from my iPhone using Tapatalk

Bearblastbeats

  • Bristles
  • ***
  • Posts: 415
Re: Should we be paying down debts?
« Reply #65 on: March 27, 2020, 02:22:37 PM »
I think I would pass on the late fee waiver offers. I know people that have received that offer then found out later the while the company waived the late fee they still reported the account as late and impacted their credit.

If your credit score drops it can cause your insurance to go up, interest rates and other things to change and even employment issues for some people.

I agree do not try to get fancy work on getting that income up.


Sent from my iPhone using Tapatalk

I like the Dave Ramsey's advice of the for walls.

JetBlast

  • Bristles
  • ***
  • Posts: 367
Re: Should we be paying down debts?
« Reply #66 on: March 28, 2020, 09:33:59 AM »

Comcast - You need to know what you want before you talk to them. On your phone (so it doesnít register your WiFi connection) enter a random address in your neighborhood on xfinitys site to see what the new customer deals are. Select see all offers. Narrow to internet only. Somewhere in there, likely smooshed between two expensive options, is the 25 mbps performance started pick. This is what you want to switch too and thatís the price you want it at. I.e. I entered a random Manchester address (no idea if thatís your city, just an example) and 25 mbps is $49.95. This option is often more a stable price than the boost they bundle with cable to make it feel like itís cheaper to bundle, b/c those are promo rates for 1 year and then get jacked up. Call Comcast ask to switch to 25 mbps and drop cable. If they wonít honor the lower price, ask to cancel. If they still donít lower it, cancel your internet, once itís effective wait a day or two, have GF sign up for new customer rate under her name. Make sure you sign up for autopay and e billing to get the $10 discount. Also make sure you are not using their router. Buy your own, theyíre like $100 at Best Buy and saves you $15/month in equipment fees.


I was going to mention this but Peachtea already got to most of what I was going to say.  Comcast is screwing you with that double play. 

The one thing I'd add is that you want to talk to the customer retention people when you call Comcast.  The first person you speak to likely has limited options as to what they can offer.  Customer retention has more leeway to extend promotional offers or work with you to lower your bill.

slappy

  • Pencil Stache
  • ****
  • Posts: 876
Re: Should we be paying down debts?
« Reply #67 on: March 29, 2020, 04:42:18 PM »
IL is in a shelter in place but Home Depot is open as an essential business, so your side hustle should be fine as long as people donít cancel to avoid contact.

Comcast - You need to know what you want before you talk to them. On your phone (so it doesnít register your WiFi connection) enter a random address in your neighborhood on xfinitys site to see what the new customer deals are. Select see all offers. Narrow to internet only. Somewhere in there, likely smooshed between two expensive options, is the 25 mbps performance started pick. This is what you want to switch too and thatís the price you want it at. I.e. I entered a random Manchester address (no idea if thatís your city, just an example) and 25 mbps is $49.95. This option is often more a stable price than the boost they bundle with cable to make it feel like itís cheaper to bundle, b/c those are promo rates for 1 year and then get jacked up. Call Comcast ask to switch to 25 mbps and drop cable. If they wonít honor the lower price, ask to cancel. If they still donít lower it, cancel your internet, once itís effective wait a day or two, have GF sign up for new customer rate under her name. Make sure you sign up for autopay and e billing to get the $10 discount. Also make sure you are not using their router. Buy your own, theyíre like $100 at Best Buy and saves you $15/month in equipment fees.

Verizon - when you get that side job money, use part of it to pay off the $125 phone if youíre not otherwise on contract so you can switch to a Verizon mnvo. Red pocket can run on Verizonís network and has plans as low as $10/month. (Coworkers mom in rural Indiana has great success with this.) or check out total wireless if your phone isnít red pocket compatible for some reason (check on their site not outdated forums, b/c theyíve increased amount of compatible phones. This will help with cash flow.

Electricity - anyway you can cut this back? We lowered ours $10/month in a small apt by unplugging everything we could and only plugging in when using (including the TV), turning off lights, and only using the drier for sheets. Hang drying is really worth it.

Thatís a lot of space to not address what you should be paying on debt, but itís because reducing your expenses increases cash flow to pay them down and really shouldnít be overlooked. Even $25/ month in savings will help wipe out the lower cc amounts and snowball your cash flow.

For your GFs employment. If she hasnít been officially laid off, but has no hours and no pay, have her tell them she needs docs to show lay-off for unemployment or they need to pay her, with or without hours. Then, if they donít pay her, she can collect unemployment which is now (assuming house passes the bill tmrw) going to be extra generous and should help out a lot. I *think* part timers became eligible under first relief act and now theyíll also get an extra $600 a week in benefits regardless of prior income. (Assuming I sorted all the messy news coverage of these bills and their status correctly.)

Also howís a good time to call insurance companies for cheaper rates if you havenít already done that.


Re: Comcast-I live in his general area and this is the exact option I have. I did have to fight for it. At first they told me it didn't exist. But I WFH full time (at least for now) and have had very few issues, so it's perfectly fine.

Peachtea

  • Stubble
  • **
  • Posts: 222
Re: Should we be paying down debts?
« Reply #68 on: March 30, 2020, 02:55:16 PM »
IL is in a shelter in place but Home Depot is open as an essential business, so your side hustle should be fine as long as people donít cancel to avoid contact.

Comcast - You need to know what you want before you talk to them. On your phone (so it doesnít register your WiFi connection) enter a random address in your neighborhood on xfinitys site to see what the new customer deals are. Select see all offers. Narrow to internet only. Somewhere in there, likely smooshed between two expensive options, is the 25 mbps performance started pick. This is what you want to switch too and thatís the price you want it at. I.e. I entered a random Manchester address (no idea if thatís your city, just an example) and 25 mbps is $49.95. This option is often more a stable price than the boost they bundle with cable to make it feel like itís cheaper to bundle, b/c those are promo rates for 1 year and then get jacked up. Call Comcast ask to switch to 25 mbps and drop cable. If they wonít honor the lower price, ask to cancel. If they still donít lower it, cancel your internet, once itís effective wait a day or two, have GF sign up for new customer rate under her name. Make sure you sign up for autopay and e billing to get the $10 discount. Also make sure you are not using their router. Buy your own, theyíre like $100 at Best Buy and saves you $15/month in equipment fees.

... cut to shorten ...


Re: Comcast-I live in his general area and this is the exact option I have. I did have to fight for it. At first they told me it didn't exist. But I WFH full time (at least for now) and have had very few issues, so it's perfectly fine.

Yeah, weíre on that plan in Chicago. We just moved and I had to search for it; I signed up online to avoid the sales pitch. Luckily ours is much cheaper, $20/ month with autopay and billing. My husband and I have both been WFH with covid-19. No problems with two people using vpn and streaming pandora at the same time. Also no problems streaming Netflix or etc on fire stick while also internetting on tablets.