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How has the economy affected your debt pay off?

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Old 02-19-10, 11:59 AM
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Default How has the economy affected your debt pay off?

Dh and I are really lucky to live in a part of the country that hasn't been as affected as other areas. He's a teacher, so his job is safe even if it doesn't pay well. And I work for Girl Scouts and so far my job is safe as well.
We thought we'd have everything paid off by now, but we've had several major things happen in the last 18 months...me breaking my ankle, a car wreck in November, a custody change for my stepdaughter....so we are definitely behind in our debt pay off plan.
But even so, we just made up our budget for March..we no longer have to pay child support, we switched the kids to his insurance which was cheaper, and we paid off several credit cards this month. We realized in the last 2 months we have doubled the amount of money left over after bills!
 
We are on track to have all of our credit cards, and DH's vehicle paid off by the end of the year! I couldn't have even imagined that a couple years ago! His car payment is twice mine, so once we get his paid off, mine should go quickly.
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Old 02-19-10, 12:47 PM
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WoW! That is awesome. I can't even begin to imagine how good that would feel!
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Old 02-19-10, 01:26 PM
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That is great the progress you are making even under some tough circumstances.

We are not as far as we'd like. The past 6 months our health copays have been ridiculous and have eaten up all of our "cushion". I'm praying our health takes a turn for the better and all this money can be put towards our goals and not our medicine chest. LOL!

Way to go!!! I'm excited for you guys!
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Old 02-19-10, 01:58 PM
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That is wonderful news!

The economy hasn't really changed our debt payoff; it's our situation right now that's changed it. With me being off, and then dh being off, plus hospital bills, etc, we will have a long way to go once DH is back to work and I'm making my full salary again in late August. Luckily we got a huge tax refund and had an emergency fund, so we're not getting into more debt--- just spending our emergency fund.

I think a lot of it is just being aware what's being spent and on what it's being spent. I am still humiliated and disgusted that we were spending over $600 on eating outand per month (and that's just what was on the debit cards, not even what we paid cash for so it's probably more) until we quit all of that in the Summer/Fall of last year. I just had no idea!

So actually dh and i need to sit down again and put together an actual plan for getting all squared away again.
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Old 02-19-10, 02:09 PM
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Fortunately for us, we got out of debt before the economy took a dive. Right now we're still working on building our solid emergency fund. We had to buy a new mattress, a new-to-us car for DH, and a few more things that slowed us down but we're back on course and we're halfway to our goal.
 
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