Debt Free In '23 Challenge.

[arakboss]

Since I achieved weight loss success with a challenge, I've decided to try it out for getting 100% debt free.

I don't owe a lot compared to those of you with mortgages, car payments, etc but I want to be free of what little I do owe.

My total debts add up to just under $5,100. My goal is to pay it all off and be 100% debt free by July 1st 2023. I will post the new debt balance total whenever I pay off a portion of the debt.

If you would like to join me in working on your own debt free goals, feel free to post your strategies and or progress in this thread.

Here's to living below my means for the next 6 months.

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[TTSX]

$5100 is a totally manageable hole to get out of. The problem isn't getting out of the hole, it's stopping the digging.

I also need to get my act together, though. No CC debt, I just need to quit buying crap for a few months and reset

 

[arakboss]

$5100 is a totally manageable hole to get out of. The problem isn't getting out of the hole, it's stopping the digging.

I also need to get my act together, though. No CC debt, I just need to quit buying crap for a few months and reset

It should be doable if work picks up. I had to use PTO to cover one day I missed in the last pay period. It is looking pretty slow right at the moment. I am hoping things pick up soon. 2023 could be a rough year.

 

[Jay Walk]

I started back in 2017, staring down retirement (someday) and coming to the realization that payments are kind of dumb.

Credit card (heating system upgrade) $9,500 PAID IN FULL
Car payment $6,500 PAID IN FULL
Motorcycle payment $6,000 PAID IN FULL
Student loan $13,000 NOW $3,500
House $91,000 NOW $26,000

If the house is not paid off by June it hopefully will be really close.

I remember my parents paying off their home at 50 and my three siblings are paid off now which are big motivators for me.

If you are sick of payments too, I recommend following the Dave Ramsey baby steps. It works but only if you are fed up with giving away your income.

Good luck to all of you

 

[Alexx1401]

Certainly a great goal to have. Other than financing a vehicle or home its great to be free. One way I have long done this to "help" is accounts that offer free financing. I keep an account at Discount Tire only for this. Every time one of the vehicles needs tire's they offer deals if I use their card. Normally 6 months or better free, and they toss in a pre paid Visa card for around $50. So I buy the tires pay them off. Came in handy while back for one kid. Needed tires and was short. Ordered a set in his name. He went down to have them put on. Told him if you pay this back by this date there is no fee. Kid paid them off before the free ended and of course got a $50 bonus. Now of course this only works if people can control the temptation to keep adding more stuff till they can't pay it off. Which is of course what the people who are selling are hoping they do.

 

[ilikegunspdx]

Oh no. Another one. First it was the weight maintenance challenge, then the $3 a day food challenge, then the I need peopel to keep me accountable for too many projects, and a few others.

It's time to read "driven from distraction" book.

Seriously.

 

[arakboss]

This morning I paid off rifle and scope I bought from an NWFA member ($365) and paid Dec and Jan loan payments to wife totaling $600. I also paid $300 towards credit card. That puts my new total balance at about $3850.

I was looking at a Glock 20 for about $500 but couldn't negotiate the right conditions so money went towards debt instead. I kept a couple of hundred in reserve in case seller will agree to split purchase deal (frame now, slide later).

 

[Jay Walk]

Nice Arakboss. Knock it out, you can do it.

I write down quarterly goals and seems like I always meet or exceed them. Have not went backwards anyways since 2017.

 

[Jay Walk]

Extra money towards the balance early on in the life of the loan will take years off from your mortgage. Skip the new $50,000 vehicles and treat yourself to freedom later on in life.

 

[arakboss]

Since I achieved weight loss success with a challenge, I've decided to try it out for getting 100% debt free.

I don't owe a lot compared to those of you with mortgages, car payments, etc but I want to be free of what little I do owe.

My total debts add up to just under $5,100. My goal is to pay it all off and be 100% debt free by July 1st 2023. I will post the new debt balance total whenever I pay off a portion of the debt.

If you would like to join me in working on your own debt free goals, feel free to post your strategies and or progress in this thread.

Here's to living below my means for the next 6 months.

Thanks to Oregon Supreme Court and their denial of second petition, I am pushing out my debt free goal date to Sept 30th.

I helped do this:

U.S. credit card debt jumps 18.5% and hits a record $930.6 billion

Inflation and higher interest rates boosted credit card debt to a record $930.6 billion at the end of 2022, a 18.5% jump from a year earlier, TransUnion found.

www.cnbc.com

 

[slimmer13]

Squirrel!

 

[Alexx1401]

Thanks to Oregon Supreme Court and their denial of second petition, I am pushing out my debt free goal date to Sept 30th.

I helped do this:

U.S. credit card debt jumps 18.5% and hits a record $930.6 billion

Inflation and higher interest rates boosted credit card debt to a record $930.6 billion at the end of 2022, a 18.5% jump from a year earlier, TransUnion found.

www.cnbc.com

Last I heard there is still some millions of working age males who are not in the work force. I am sure some of them are working some kind of under the table stuff but not all of them. Add to that the price of things like basic food and cost of rent. No doubt a LOT of people living in the lets go brandon economy are living off CC's. I am sure a lot of them watch as the USA just prints money for stuff they want so figure why not. Sooner or later the lawyers doing bankruptcy should be doing a booming business again. Soon after that those who cleaned their debt will find out its not much fun to have a credit rating in the crapper and will scream for law makers to "do something". Rinse and repeat.

 

[Alexx1401]

Extra money towards the balance early on in the life of the loan will take years off from your mortgage. Skip the new $50,000 vehicles and treat yourself to freedom later on in life.

Price on a lot of new vehicles now is shocking. Nice as they look when I see that sticker I keep wondering how people do it. Of course for a while there the cost of used got to insane places too so that had to help sell the new stuff. I now and then catch myself looking at some "mid life crisis" car as I call them. Kind of tempting for a short while but I soon tell myself no. Sure it would be all kinds of fun for a short while but, those payments would sure take the fun out of them fast. My little 6 speed manual was in the shop for a month and I soon missed it. Using Wife's jeep to get to work at 15MPG was not nearly as nice as getting high 30's MPG. Now if the weather would just cooperate I can ride my new (to me) bike to work and commute all week on a couple gallons, not to mention it is FUN!

 

[arakboss]

Last I heard there is still some millions of working age males who are not in the work force. I am sure some of them are working some kind of under the table stuff but not all of them. Add to that the price of things like basic food and cost of rent. No doubt a LOT of people living in the lets go brandon economy are living off CC's. I am sure a lot of them watch as the USA just prints money for stuff they want so figure why not. Sooner or later the lawyers doing bankruptcy should be doing a booming business again. Soon after that those who cleaned their debt will find out its not much fun to have a credit rating in the crapper and will scream for law makers to "do something". Rinse and repeat.

I would like to think as one of the slightly more productive members of society, that I'm helping to make up for some of the slackers. Currently working two jobs (one full, one part time). My buying spree should have helped the economy anyways.

 

[Alexx1401]

I would like to think as one of the slightly more productive members of society, that I helping to make up for some of the slackers. Currently working two jobs (one full, one part time). My buying spree should have helped the economy anyways.

Those of use working (I have one full time, one part time) are what keeps this ship from sinking. We support the truck loads of cash they flush down the crapper on people who will not work but sure know how to stand there hand out wanting more. I finally made the mistake of looking at my retirement account at one job the other day. its lost almost 5% in the last year. They cheered me on though by telling me it gained 4% over the last decade. That had me doing a happy dance

 

[Jay Walk]

Thanks to Oregon Supreme Court and their denial of second petition, I am pushing out my debt free goal date to Sept 30th.

I would like to preach to you arakboss but I did the same, spent lots of money pre mag ban. Wish I would have spent more.

 

[arakboss]

I would like to preach to you arakboss but I did the same, spent lots of money pre mag ban. Wish I would have spent more.

I am starting to think the LEVO group and M114 was sponsored by the firearm industry to spur sales

 

[Jay Walk]

I am starting to think the LEVO group and M114 was sponsored by the firearm industry to spur sales

And Visa.

 

[Alexx1401]

I am starting to think the LEVO group and M114 was sponsored by the firearm industry to spur sales

Anti rights law makers stimulate hell out of one small part of the economy. Obama was doing wonders for the gun industry.

 

[Longwalkhome]

I have no time left to take on large debts so basically I am kinda debt free. The cost of daily living is a debt and you would have to be homeless to get away from that.

Good luck on your journey.