I was wondering. How much debt do you currently owe? With this financial crisis, how are you paying it off? I was in debt last year, credit card of $2500 ($500 interest). I later had to deal with debt collectors. So we negotiated and I ended up paying for what I had used which was $2000. With the same bank, I overdraw my account $152, again, debt collects a different one, but this time was given a 50% discount, so I only paid $76. I hate debt! I have another one of probably $300 now for a tram fine from a year ago. I need to pay that off. AaaaaaaHHhhhhhhh, because the penalties.
I slashed all our debt the other week with money in our redraw facility - so now its just our mortgage to pay every week. Which is GREAT cos because of the interest rate going down - we now only need to pay $353 a week!!!! woohoo!! (We used to pay $500 a week - just on the mortgage - not to mention the $12,000 we owed on the credit cards and our car loan!)
Gotta remind DH to ring the bank today to get our repayment down to that.. heehee
we're not in a position to buy a house yet (although, with the rent we're paying.. we probably could be!) and i refuse to get any credit cards or anything. dp always wants to look at those car finance places to get a car, but we have two decent working cars.. so i dont see the point.
i have about 4 fines that i have combined, and i pay $20 a month, each time i get one, i add it to the mix (that sounds bad, but im talking 4 fines over about 4 years! one parking fine, and 2 speeding fines, and one fine for a car i sold that was never transferred out of my name, and there is nothing i can do about it.. grr)
We just have our mortgage to pay. We pay it weekly.
I'm really glad we finished paying off our credit card at the start of last month. One less thing to worry about.
We were in a nasty debt situation a few years back - I hadn't worked for several years and the basic necessities just kept eroding our position - ended up owing nearly $3K to the tax office, it doesn't seem like a lot now, but back then it was an impossible amount of money to repay.
In the end, we just sent a little now and again when we could and let it simmer. It's not like they can disconnect your tax !! Finally refinanced our mortgage, bought a new-old car, paid out a heap of bills, consolidated some old loans DH had, etc - best move we ever made. 5 years later -of which I have been fully employed only 2.5 years - and we've paid all that off and just have the mortgage to deal with again.
For us it is just the house too. I went through old financial records the other week to shred as I'd had them for 12 years lol, and we were in so much debt when we first moved in it wasn't funny $3000 loan here, $4000 there, another couple thousand over there, plus trying to pay the mortgage. I said to Andrew I am so glad all those little loans are behind us now.
Im paying my Dad back $10k interest free at $100 a fortnight....which means it'll take about 4 or 5 yrs to pay back but he's in no hurry for the money, just important to him I make a regular payment...got into the mess by buying a brand new car and laptop on finance, could hardly afford repayments and had to sell both for a huge loss and dad paid out the finance so I wouldn't be stuck in debt forever.
Apart from that, no credit cards, no loans, DP has no credit cards/loans either.
Together we make about $1000 a week after tax, rent is 300 a week, groceries about 100, fuel 50, bills like phone, utilities etc we put aside 50, 100 for 'baby savings' and 100 for my dad. So that works out to leaving us 300 a week disposable income.
Were looking at buying a house in a yr or two but we've only been together since 2 weeks before I got pg so just seeing how things pan out...
well right now all we really have is a $4000 credit card and bills and my car which im paying my parents for coz the house is DH's so all in all no more than about $8000 at the most but both of us being on newstart doesnt help much i try to pay a little of everything each pay so the bills at least have something paid on them i actually feel lucky not to have a lot more debt
We cut up all our credit cards approx 5 years ago and now only pay cash for the things we need or want. We do though have 3 mortgages which we are paying off fortnightly, but the amount we owe doesn't worry me too much because if we ran in to financial problems we could sell the investment properties and be debt free. When you look at it on paper though, it does look like we owe a huge amount of money to the bank.
Year before last I finally paid off my car loan and then last year I paid off my credit card FINALLY. I have since cancelled my credit card and only live within my means now. I also don't have mobile bills and opted for a pre paid account after getting into serious debt with monster bills.
DH has a credit card with a $500 limit and he paid his car off end of last year, so now we are both debt free. We do rent but will eventually inherit the house we rent so we don't have a morgage.
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Your debt- Where Are You With It?
!! Finally refinanced our mortgage, bought a new-old car, paid out a heap of bills, consolidated some old loans DH had, etc - best move we ever made. 5 years later -of which I have been fully employed only 2.5 years - and we've paid all that off and just have the mortgage to deal with again.
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