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I just want to be out of debt!
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amother
Jade


 

Post Sun, Oct 27 2019, 9:46 am
I feel for you. We have $40,000 private debt which we are not paying for another few years and about $60,000 on a home equity line of credit which we try to pay as much as we can each month. Absolutely no savings.
The only time I allow myself to spend a little extra is before yomtov for food or clothes (up to around $1000)
It's hard to count every penny but this is life.
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amother
Orange


 

Post Sun, Oct 27 2019, 10:01 am
amother [ Pewter ] wrote:
They use Dave Ramsey's method and made it work for Frum Yidden. (Dave Ramsey never had kids and doesn't have jewish holiday expenses), who is he to talk... but he has good advice and it is now modified to help Frum Jews.
Reach out to Mesila for guidance.

And X-tians don't have their holiday expenses? Believe me, they do and there is no gmach or charity to reach out to.
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HonesttoGod




 
 
    
 

Post Sun, Oct 27 2019, 10:25 am
Jewish life is expensive and there’s a lot of Dave Ramsey that is much harder because of that but it still works.
It’s not that hard to adapt. The methodology and ideology behind it is the same - snowball.

Yes it sucks it’s a horrible position to be in and it seems to go by so slowly but when it’s gone it’s an amazing feeling.

We did it with Dave Ramsey and although I adapted his concepts and I didn’t follow him to a T, I would never have been able to do it without him.
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amother
Teal


 

Post Sun, Oct 27 2019, 10:31 am
amother [ Blush ] wrote:
My brother has this and declared bankruptcy or something like that and had all his debt erased. It took him few years to rebuild his credit score but he claims it was totally worth it.
I know he went to court and Noah dear was his judge.
Anybody knows more about this?

It doesnt work for student loans Mad Banging head Crying
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TwinsMommy




 
 
    
 

Post Sun, Oct 27 2019, 10:36 am
We are about 120 k in debt. 90 of it is student loans. I feel your pain!!
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SacN




 
 
    
 

Post Sun, Oct 27 2019, 1:03 pm
Dave Ramsey is a good dose of puritan ethics and Christian guilt with some money sense thrown in.

Money isn't moral. Debt isn't amoral. Sometimes debt is unavoidable, sometimes it is wise. Sell everything, use every extra penny for paying debt off (no matter how low the interest rate), and forget about retirement. Forget about investing.

It's really important to know what you spend, and where your money is going. But it's not WRONG to be in debt. Students can't possibly work, support themselves, pay tuition, and get good grades, graduating fast enough to increase their earnings quickly. It's a deficit in lost potential earnings they may never make up, not to mention studies show that university students who work more than 15 hours a week have grades that suffer.

Medical debt isn't wrong (well, on the part of the consumer), it's impossible. Parents can't keep jobs with great insurance while being medically available for their sick child, while paying bills.

Signed,
A responsible mom who budgets, worked through school, saves stingily, and then married someone with over 200k in student loans. I'd rather take my extra pennies and grow them, than throw them at my (husband's) student loans. I need something to pay for my nursing home one day.
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