Home | Community | Message Board


Sporeworks
Please support our sponsors.

General Interest >> Money Matters

Welcome to the Shroomery Message Board! You are experiencing a small sample of what the site has to offer. Please login or register to post messages and view our exclusive members-only content. You'll gain access to additional forums, file attachments, board customizations, encrypted private messages, and much more!

Jump to first unread post. Pages: 1
Offlinemick
living in perverty
 User Gallery

Registered: 07/06/04
Posts: 12,285
Last seen: 1 day, 21 hours
Going to wipe out all of my debt this year
    #15953781 - 03/16/12 02:25 AM (5 years, 6 months ago)

I owe 17,000 in debt. Nearly all student loans. There is one old bill (roughly 6 years ago) from a medical procedure I had that went to collections, accounting for ~$300.

I make $16.50 an hour full time, or $34320 a year, and have $3000 saved up.

As my loans are in deferment for 6months with no interest accruing, I am considering opening up a 6 month CD with my bank at a .30 annual return. I can put $1500 a month into this account, I would like to be able to put $2000 a  month into it, but I would probably be too stretched. I dont pay rent. Only insurance $280 every 6 months, and my cellphone bill which is $65 a month.

Does anyone have any suggestions for paying off debt in this way? If I could go into next year debt free it would be an amazing feeling.


--------------------
http://kittiesntitties.tumblr.com/

notapillow said: "you are going about this endeavor all wrong. clear your mind of useless fear and concern. buy the ticket, take the ride, and all that.... "

ChrisWho said: "It's all about the journey, not the destination."


Post Extras: Print Post  Remind Me! Notify Moderator
OfflineEagle
Horney Biker
Male User Gallery


Registered: 01/13/12
Posts: 179
Loc: USA
Last seen: 5 years, 1 month
Re: Going to wipe out all of my debt this year [Re: mick]
    #15954310 - 03/16/12 07:47 AM (5 years, 6 months ago)

Start by calling and paying off one on collections. call whichever Mae that gave you the loan (usually Sallie Mae) and schedule payments. escalate them as needed to pay off in year. don't tell them your paying off in a year and ask for those payments! Instead take what they offer perhaps 5 or 10 year. This does 2 things. 1. If you have an emergency you wont have a huge monthly bill over your head even giving you another strike on your credit report. 2. If you pay it off in a year or year in a 1/2 as opposed to the new 5 or 10 year plan it boosts your credit report as a "paid off early". Good Luck!!


Post Extras: Print Post  Remind Me! Notify Moderator
OfflineOpiate
Cultivate Yourself
Male


Registered: 03/11/12
Posts: 107
Loc: NC
Last seen: 3 years, 7 hours
Re: Going to wipe out all of my debt this year [Re: Eagle]
    #15954338 - 03/16/12 08:29 AM (5 years, 6 months ago)

I think thats a great idea. I love when people have rhe motivation to get their finances straight


--------------------


Post Extras: Print Post  Remind Me! Notify Moderator
Invisiblebadchad
Mad Scientist

Registered: 03/02/05
Posts: 12,052
Re: Going to wipe out all of my debt this year [Re: mick]
    #15954859 - 03/16/12 01:05 PM (5 years, 6 months ago)

So you plan on collecting interest for the 6 months your loans are deferred?

Thats a decent idea, but I'd crunch the numbers.  A few grand in a 6-month CD is probably going to yield 5-10 bucks, if that.


--------------------
...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436


Post Extras: Print Post  Remind Me! Notify Moderator
InvisibleEnlilM
Literally Hitler
 User Gallery


Folding@home Statistics
Registered: 08/16/03
Posts: 38,668
Re: Going to wipe out all of my debt this year [Re: badchad]
    #15955042 - 03/16/12 01:49 PM (5 years, 6 months ago)

First, if the medical bill is 6 years old, you probably don't even need to pay...I don't know what state you live in, but most states have a statute of limitations that is shorter than 6 years...Fuck em...It won't even be on your credit in another year..

Don't bother with the CD..seriously, a 6 month CD isn't gonna give you shit for interest...even if you put the whole 17k in right now and left it in for 6 months, you'd only get 100 bucks or so out of the deal...You're much better off just putting the money into paying the loan right now and as you get it...that way, you're not even tempted to spend it.


--------------------
Censoring opposing views since 2014.

Ask an Attorney

Fuck the Amish


Post Extras: Print Post  Remind Me! Notify Moderator
Offlinemick
living in perverty
 User Gallery

Registered: 07/06/04
Posts: 12,285
Last seen: 1 day, 21 hours
Re: Going to wipe out all of my debt this year [Re: Enlil]
    #15955201 - 03/16/12 02:38 PM (5 years, 6 months ago)

that was kind of my idea with the savings account, which I opened today. Something I couldnt touch for 6 months even if i wanted to, with a small bonus at the end.

plus id like to write a check for $15000 that actually clears at least once in my life :tongue:


--------------------
http://kittiesntitties.tumblr.com/

notapillow said: "you are going about this endeavor all wrong. clear your mind of useless fear and concern. buy the ticket, take the ride, and all that.... "

ChrisWho said: "It's all about the journey, not the destination."


Post Extras: Print Post  Remind Me! Notify Moderator
Jump to top. Pages: 1

General Interest >> Money Matters

Similar ThreadsPosterViewsRepliesLast post
* Is this serious?
( 1 2 all )
zZZz 4,162 21 09/17/11 11:15 AM
by Icelander
* Paying off or keeping debt? DieCommie 948 8 10/10/10 08:47 AM
by ClammyJoe
* Fed Considers Issuing It's Own Debt: WSJ LunarEclipse 1,054 9 12/15/08 12:09 AM
by memes
* Every US man, woman and child went an additional $4.000 deeper in debt last wednesday
( 1 2 3 all )
AsanteA 3,405 51 04/06/09 05:24 AM
by virus1824
* so i have like 15-20K in debt that i want to consolodate and pay off ZippoZM 1,086 5 04/16/08 12:51 PM
by Wronguy
* I am now DEBT FREE Gr8fulJ420 2,845 17 06/12/10 06:55 AM
by GrowWannaBe
* How can I turn 100 dollars into 1000 in a month?
( 1 2 3 all )
Agent MadHatter 40,584 47 12/21/09 04:39 PM
by automan
* *EDIT* No longer considering bankruptcy - huzzah!
( 1 2 3 all )
yogabunnyM 6,054 46 10/24/12 11:32 AM
by dwpineal

Extra information
You cannot start new topics / You cannot reply to topics
HTML is disabled / BBCode is enabled
Moderator: Lana, geokills, Asante, automan
802 topic views. 0 members, 1 guests and 0 web crawlers are browsing this forum.
[ Toggle Favorite | Print Topic | Stats ]
Search this thread:
Magic-Mushrooms-Shop.com
Please support our sponsors.

Copyright 1997-2017 Mind Media. Some rights reserved.

Generated in 0.049 seconds spending 0.013 seconds on 19 queries.