The first step I took...
Date: Mon, 05/21/2007 - 06:43
I am doing this on my own with out the assistance of any company or individual.
The first step I took was a drastiv change for me.
I traded in my truck this weekend.
I am in the residential design/construction field and with the recent downturn in new home starts, my business has suffered - thus putting my family in a bind.
I traded in my 04 Dodge 2500 diesel 4x4 for a 2001 Dosge 1500 2 wheel drive truck. By doing this, I lowered my monthly payments by $250 a month plus lowered my DTI by $12,000.
I have negotiated with one credtior and placed myself on a payment plan with them, I am in the works with 2 other places as well. The good thing about the negotiations, is that the first creditor had lowered our credit ine far below what I owed them - this looks horrible on my credit report.
We negotiated with them to raise the credit line to match what I owed and they plan to erase the late listings on my credit report.
I am going to take this same approachg with my other debts.
Lowering my truck payment doesn't really make a big difference in the monthly payments, but it does help for us to see the light at the end of the tunnel.
The new truck should also use less fuel, so I should see some savings in that department as well.
I like the new truck, I have just got used to not seeing the 4x4 shifter in the floor...but I think this is a sacrifice that I can deal with until we are in a better financial situation.
I still owed 4 1/2 years on the truck i traded in, so i didn't really add any debts that would take longer to pay off either.
All in all, I am happy with the change and looking forward to getting back on track with the rest of my debt.
Good job! It sounds like you have the right attitude to really
Good job! It sounds like you have the right attitude to really make your debt reduction plan work!
You are making steps in getting out of debt. Good for you! Kee
You are making steps in getting out of debt. Good for you! Keep us posted on your progress!
thanks for the votes of confidence... We did one other small
thanks for the votes of confidence...
We did one other small step as well.
I was in bad need of a haircut, as well as both of my boys. My haircuts usually run around $14 and the boys $10 each. We all average around 2 haircuts a month.
Wal-Mart had a set of clippers w/ guards for $18. I bought them and had my wife cut our hair. She had never done this before, but it came out perfect...
This also saves me about $60 a month..it may sound small or silly, but it helps.
Hey, the haircut things does not sound silly at all. I cut my h
Hey, the haircut things does not sound silly at all. I cut my husband's hair, my son's hair and my daughter's. I also try to get the very ends of my hair. I have not had a regular hair cut in probably a year. Just cannot afford what they want to cut and style my hair, although I could really use a good cut and style. Told my husband that I needed to go soon. I do the best I can, but I really need a good hair cut.
Hey, $60 a month is pretty good savings! I cut my own hair
Hey, $60 a month is pretty good savings!
I cut my own hair too, but then my hair is bone straight and touches my waist . . . . I can easily trim the ends off!
My hair isn't quite that long, about mid back. But I do kno
My hair isn't quite that long, about mid back.
But I do know that cutting everyone else's hair saves me from the cost of going and having it done. I remember when I use to pay less than $10 for a hair cut for myself, now it is a lot more, unless you want a dry cut.