Managing my debt... - Page 2 - Toyota Yaris Forums

Sodium Duck · 11-01-2009, 07:41 PM

Quote:

Originally Posted by rningonfumes

You're able to pay monthly with little trouble, you just want input on the most efficient way to go about it?

Exactly. I will have about $1,700.00 extra each month to apply to the loans plus about $7,500.00 I've saved up since I started working. None of these loans are in repayment yet -- I'm just starting to gear up and get my game plan down for what to do.

Quote:

Originally Posted by 2+2

I don't understand this thread even a little.

I'm trying to figure out how to best manage the payment of them. If there are any tricks/tips to doing this most effectively.

JumpmanYaris · 11-01-2009, 08:35 PM

We have a saying in Puerto Rico, It might not make much sence in English but it does in Spanish and to ppl who knows they prob. get it,
"La ultima cuenta la paga el diablo"
"The devil will pay for the last bill (account)"
they normaly say that when ur spending money that u aint got (creditcards) lol

rningonfumes · 11-02-2009, 12:31 AM

http://www.forbes.com/2009/04/15/stu...nsolidate.html

Here is a very good read for getting a gist of what to do.

Some Cliffs notes are

1)fed loans consolidation doesn't help much but it does make it easier in that you are paying just one payment
2)Can't mix fed and private loans
3) Consolidation will help you get your parents off as the cosignors.
4) Longer payments will help, but you may end up paying more in the end because of the extended time.
5) Your credit score does help you get consolidation rates.
...there's more, read it, the article isn't that long.

I say you knock off the small ones, as someone has already meantioned, it will help give you nice milestones to be proud of. Consolidate what you can and just hit them hard since (I'm assuming) you don't have family and children and you have a nice job (the RN I'm assuming again).

JBougie · 11-02-2009, 02:01 AM

Quote:

Originally Posted by supmet

No, the proper American Dream is to not have a life ever again. Be sure to get under a mountain of debt with a mortgage before you pay any of this off. Ideally you should never be able to pay off what you owe by the time you are 25, that way you'll be stuck paying interest and taxes for the rest of your life.

.....you forgot to add 'you can't really afford in the first place' after 'Be sure to get under a mountain of debt with a mortgage..'

Bob Dog · 11-02-2009, 07:43 AM

Perhaps a good place to start might be to do a spread sheet that told you the monthly and yearly total amount of interest due, and then you would know how much of your payments would be going to reduce your principle. You could then take the interest amount and play with it against different payment amounts to figure what percentage was going toward interest and what was going toward pay off. Compound interest tables are always useful in finding payoff period. Just off the top of my head I would pay only interest on the lower interest loans to keep the debt from mounting and concentrate on paying of the higher interest loans, sequentially in descending order based on their rates of interest.

127.0.0.1 · 11-02-2009, 09:56 AM

get a job that pays the big bucks and pay those off.

if you are properly motivated you can pay those off quite fast.

it depends on you,
not any external factors.

goku87 · 11-02-2009, 10:45 PM

Quote:

Originally Posted by nemelek

...Marry some one with money.

Quote:

Originally Posted by supmet

No, the proper American Dream is to not have a life ever again. Be sure to get under a mountain of debt with a mortgage before you pay any of this off. Ideally you should never be able to pay off what you owe by the time you are 25, that way you'll be stuck paying interest and taxes for the rest of your life.

Don't forget, eat lots and lots of ramen.

DandiDani · 11-03-2009, 05:37 PM

wow. we have $6000 worth in hospital/credit cards and i thought that was a lot. if u have the extra time i would get a part time job to help u pay those off faster.

11-02-2009, 12:31 AM	#21
rningonfumes Drives: Yaris Sedan 5MT Join Date: Oct 2008 Location: SoCal Posts: 865	http://www.forbes.com/2009/04/15/stu...nsolidate.html Here is a very good read for getting a gist of what to do. Some Cliffs notes are 1)fed loans consolidation doesn't help much but it does make it easier in that you are paying just one payment 2)Can't mix fed and private loans 3) Consolidation will help you get your parents off as the cosignors. 4) Longer payments will help, but you may end up paying more in the end because of the extended time. 5) Your credit score does help you get consolidation rates. ...there's more, read it, the article isn't that long. I say you knock off the small ones, as someone has already meantioned, it will help give you nice milestones to be proud of. Consolidate what you can and just hit them hard since (I'm assuming) you don't have family and children and you have a nice job (the RN I'm assuming again). __________________

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11-02-2009, 07:43 AM	#23
Bob Dog DARK PHASE OF THE MOON Drives: 07 liftback Join Date: Apr 2009 Location: the Boondocks, NC Posts: 993	Perhaps a good place to start might be to do a spread sheet that told you the monthly and yearly total amount of interest due, and then you would know how much of your payments would be going to reduce your principle. You could then take the interest amount and play with it against different payment amounts to figure what percentage was going toward interest and what was going toward pay off. Compound interest tables are always useful in finding payoff period. Just off the top of my head I would pay only interest on the lower interest loans to keep the debt from mounting and concentrate on paying of the higher interest loans, sequentially in descending order based on their rates of interest.

11-02-2009, 09:56 AM	#24
127.0.0.1 Banned Drives: '10 Yaris5drHB+99 4runner LTD Join Date: Sep 2009 Location: NE Posts: 672	get a job that pays the big bucks and pay those off. if you are properly motivated you can pay those off quite fast. it depends on you, not any external factors.

11-03-2009, 05:37 PM	#26
DandiDani View User's Garage Drives: 09' Meteorite liftback Join Date: Jul 2009 Location: Jeff,Indiana Posts: 1,374	wow. we have $6000 worth in hospital/credit cards and i thought that was a lot. if u have the extra time i would get a part time job to help u pay those off faster.