Comments on: Snowball Status http://budgetsarethenewblack.com/2010/02/debt-snowball-status.html Join us on our journey to lead a debt-free, credit-free, clutter-free life. Sat, 21 Jan 2012 14:24:47 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: April http://budgetsarethenewblack.com/2010/02/debt-snowball-status.html/comment-page-1#comment-874 April Thu, 04 Feb 2010 22:16:40 +0000 http://budgetsarethenewblack.com/?p=1321#comment-874 Are you going by Dave Ramsey's plan or making up your own? If you're going by the babysteps... then you pay off all of your debt except the house, then you build up the fully funded emergency fund, then you invest. Not a little of everything, scattered. Ignored the interest rate. Pay it off. Then you'll have that much more money to put into the emergency fund, then invest!! :) We did it. It's worth the pain. Are you going by Dave Ramsey’s plan or making up your own? If you’re going by the babysteps… then you pay off all of your debt except the house, then you build up the fully funded emergency fund, then you invest. Not a little of everything, scattered. Ignored the interest rate. Pay it off. Then you’ll have that much more money to put into the emergency fund, then invest!! :)

We did it. It’s worth the pain.

]]> By: Jaime http://budgetsarethenewblack.com/2010/02/debt-snowball-status.html/comment-page-1#comment-863 Jaime Wed, 03 Feb 2010 20:52:00 +0000 http://budgetsarethenewblack.com/?p=1321#comment-863 wow! I'm impressed! You should be so proud! wow! I’m impressed! You should be so proud!

]]> By: sahmCFO http://budgetsarethenewblack.com/2010/02/debt-snowball-status.html/comment-page-1#comment-862 sahmCFO Wed, 03 Feb 2010 19:49:03 +0000 http://budgetsarethenewblack.com/?p=1321#comment-862 The amount you've paid so far is seriously amazing...and inspiring! The amount you’ve paid so far is seriously amazing…and inspiring!

]]> By: Janelle http://budgetsarethenewblack.com/2010/02/debt-snowball-status.html/comment-page-1#comment-860 Janelle Wed, 03 Feb 2010 18:45:44 +0000 http://budgetsarethenewblack.com/?p=1321#comment-860 I think it matters how big that 2nd is. If it is more than your gross yearly income, I'd first fund your emergency fund, start putting a percentage back into retirement and then tackle it. Basically if you can't pay it off in 2 years, then put it in the 'mortgage' category. We have a similar situation. We actually have three 'snowballs' - first one being the consumer and a car loan. That will be paid off, Lord willing, in 22 months. Then we'll get a full emergency fund and more into retirement. After that we have student loans and a 2nd, then the final mortgage after that. It'll be a long road but I know it'll be worth it! Good luck in your repayment. You sure are doing great! I think it matters how big that 2nd is. If it is more than your gross yearly income, I’d first fund your emergency fund, start putting a percentage back into retirement and then tackle it. Basically if you can’t pay it off in 2 years, then put it in the ‘mortgage’ category.

We have a similar situation. We actually have three ‘snowballs’ – first one being the consumer and a car loan. That will be paid off, Lord willing, in 22 months. Then we’ll get a full emergency fund and more into retirement. After that we have student loans and a 2nd, then the final mortgage after that. It’ll be a long road but I know it’ll be worth it!

Good luck in your repayment. You sure are doing great!

]]> By: Our Lives http://budgetsarethenewblack.com/2010/02/debt-snowball-status.html/comment-page-1#comment-858 Our Lives Wed, 03 Feb 2010 04:44:45 +0000 http://budgetsarethenewblack.com/?p=1321#comment-858 Still waiting.... :) Still waiting…. :)

]]> By: jolyn http://budgetsarethenewblack.com/2010/02/debt-snowball-status.html/comment-page-1#comment-856 jolyn Tue, 02 Feb 2010 21:06:28 +0000 http://budgetsarethenewblack.com/?p=1321#comment-856 I <em>love</em> that you said that! Actually, I have studied WWDS (heh-heh) but I feel like our specific situation poses variables that don't make it black and white... I will post details soon to explain my confusion :) I love that you said that! Actually, I have studied WWDS (heh-heh) but I feel like our specific situation poses variables that don’t make it black and white… I will post details soon to explain my confusion :)

]]> By: jolyn http://budgetsarethenewblack.com/2010/02/debt-snowball-status.html/comment-page-1#comment-855 jolyn Tue, 02 Feb 2010 21:04:14 +0000 http://budgetsarethenewblack.com/?p=1321#comment-855 Jen, It was meant to be a teaser ;) I'll post all the details soon, I pinky promise. I'm all about keeping it real here. :) Jen,
It was meant to be a teaser ;) I’ll post all the details soon, I pinky promise. I’m all about keeping it real here. :)

]]> By: Jen@925frugal http://budgetsarethenewblack.com/2010/02/debt-snowball-status.html/comment-page-1#comment-854 Jen@925frugal Tue, 02 Feb 2010 18:32:47 +0000 http://budgetsarethenewblack.com/?p=1321#comment-854 Sweety, you don't give enough details. Is it a true second mortgage or is it an equity line? If it is an equity line and you are paying prime rate (which is 3.25% right now) I say increase your payment to that a little and tackle that emergency fund. 3.25 is a super low rate. If you want real time advice aka, not posting online the full monty; (I work in the mortgage/credit industry) drop me an email :) Jen Sweety, you don’t give enough details. Is it a true second mortgage or is it an equity line? If it is an equity line and you are paying prime rate (which is 3.25% right now) I say increase your payment to that a little and tackle that emergency fund. 3.25 is a super low rate.

If you want real time advice aka, not posting online the full monty; (I work in the mortgage/credit industry) drop me an email :)
Jen

]]> By: Our Lives http://budgetsarethenewblack.com/2010/02/debt-snowball-status.html/comment-page-1#comment-852 Our Lives Tue, 02 Feb 2010 17:06:28 +0000 http://budgetsarethenewblack.com/?p=1321#comment-852 What would Dave Ramsey say? What would Dave Ramsey say?

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