Question

Where are my 100k+ in debt peeps?! I need to know there is a light at this very long tunnel! Total we are have 150ish in debt not including our house? I’m in month one and I’m excited but MAN does that number feel like it will take forever to accomplish! Anyone have tips on staying the course when your debt is so high?!  

Answer 1

I made an amortization schedule that showed when each of my debts would be paid off if I did the debt snowball and stayed the course. It's motivating to see that it will be paid off sooner than I thought and to see how much faster it will all go down as we finish each debt.  

Comments

Lindsay, that has helped me SO much. It really does keep the motivation alive.  

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@capitulum yes! I never would have dreamed we could be completely debt free in 5 years without seeing it broken out that way  

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Lindsay, I’m only 2 more years out! The thought of debt used to keep me up at night before TBM. I couldn’t imagine being out of it.  

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@capitulum that is AMAZING!  I'm just starting. like as of last Monday  but I'm excited at the possibilities this would open up for the remainder of our lives without this weight. Keep up the great work!  

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Lindsay, you too.  

Answer 2

Right there with you. Also on month one and so very overwhelmed by the high number

Answer 3

‍♀️ that is student loans at about 98k and the rest cc debt. I just keep chipping away at it. I’ll get there eventually.  

Answer 4

Just keep going! We started last Jan with $104K, ended the year at $86k and are on track to be close to $60k at the end of this year. The balance will come down if you stay focused!  

Answer 5

Choose an enemy and attack?  I've eliminated 7k in the last 2 months. I could do more but emptying my savings gives me anxiety

Answer 6

Started off at $107, 000 beginning of this year. Now at $99, 000. One step at a time

Answer 7

Baby steps and consistency is key too. I'm with you. I just started mid January. I'm a quarter of the way to saving an emergency fund and once i get paid tomorrow, it will be the first time i have extra money to pay extra on my debt. Im so excited to pay extra on my debt and to start both the snowball and avalanche methods when paying off debt. Keep your head up!  

Answer 8

Write things and post them where you can see them! Motivate yourself daily. Track you accomplishments so you can see your progress. Reward yourself when you pay off a creditor! Set realistic goals, have a strategy on what you want paid off first. Celebrate when you do. Everyday research what you can do to cut costs in your home, (crockpot meals, DIY gifts, enter to win raffles, giveaways, cut out unnecessary expenses and reward yourself with them again later when debt is being paid) find a side hustle to start, self taught.  

Answer 9

Ask your cc for a lower interest rate, if you pay consistently on time, they may lower the rate, the worst thing they can do is say no

Answer 10

If I include my students loans yes.  

Answer 11

Started in dec of ‘18 and I remember someone asking how much people had in debt. I posted $80K and got  from someone. I felt kinda embarrassed but then realized I had posted my number to kick me out of denial. Good for you for facing the debt head-on. Fast forward to this month. I tallied the debt (not including mortgage) that I paid off last year and it was just shy of $25K. That was with sinking funds, EF, a 20th anniversary vacay, and a family vacay. TRUST the process and stay the course as best you can.  

Answer 12

I was at $112, 000. Now $0! You can do it!  

Answer 13

I have $100, 000 just in student loans. $30, 000 in credit cards, $11, 000 on my suv and $65, 000 on our house  

Comments

@benton that’s almost my situation as well, minus the car note. I’m driving a 97 Jeep Grand Cherokee I paid $2800 for a year ago and I pray it survives my looooong debt repayment journey.  

Answer 14

Oh and we keep the debt trackers from Debt Free Charts on our bedroom wall so we see them every. single. day. I’m using a different color for each year. I’m going in rainbow order and hope to never get to blue or purple  

Answer 15

I feel your pain! Right there with you! Started in January and over 130k to pay off!  

Answer 16

We started with 137k not including our 2 houses. Trust me there is light. We payed off all debts below 2k so we saw a dumber drop, then we focused on high interest debts. Got a huge loan for a small interest and transferred debts to that so the over all amount paid would be less. One year in and we have paid approx 38k. Feb 28th will be 1 year and I’ll calculate numbers then. There is light. Don’t give up.  

Answer 17

We started with $170, 000 Best advice chunk it! Our focus is one debt at a time and as we work through it that number is the only one I focus on till it’s gone then snowball to the next You got this

Answer 18

We got this! Do a debt snowball in a Google sheet or Excel spreadsheet and you will be able to have an end date to look forward to!  

Answer 19

Yepp, we’re right about $100k including student loans.  

Answer 20

318k including house and student loans but we're making it one step at a time! Paid off our last credit card last month, paid off a student loan today, and we're on track to pay off another student loan next month. Plus I found out this week that our FICO scores are On. Point.