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My Ditched Debt Story My Shiny Nickels
Advertiser disclosure You're our first priority. Each time. We believe that every person should be able make financial decisions without hesitation. Although our website does not include every financial or company product that is available however, we're confident that the advice we provide as well as the advice we offer as well as the tools we design are impartial, independent easy to use and completely free. How do we make money? Our partners compensate us. This could influence the types of products we review and write about (and where they are featured on the website), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. .
How I Trespassed Debt: My shiny nickels
Written by Anna Helhoski Senior Writer | Financial news, consumer finance trends, debt for students loan and debt Anna Helhoski is a senior writer covering economic news and current trends in consumer finance at NerdWallet. She is also an expert for student loans. The company was founded by NerdWallet in 2014. Her work has appeared on The Associated Press, The New York Times, The Washington Post and USA Today. She has previously covered local news from New York for the Daily Voice, as well as local news in New York metro area for The Daily Voice, Daily Voice and New York state politics for The Legislative Gazette. She holds a bachelor's degree of journalism at Purchase College, State University of New York.
Apr 4, 2017
Many or all of the products we feature are from our partners, who pay us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are entirely our own. Here is a list of and .
This series by NerdWallet talks to individuals who have overcome debt using a combination of commitment, budgeting and smart financial decisions. The stories of these people may encourage you to .
My Shiny Nickels blogger Laura Dobbins and her husband, Randy, on a trip to Paris and a trip that they could afford following their getting out of debt.
In 2011, Sacramento, California-based IT manager Laura Dobbins, her husband and children lived in a luxurious home that had all the luxuries of wealth- but their finances were a different story. They were almost $40,000 in debt, and had billed an excessive amount on their credit card accounts that Dobbins could not afford an airline ticket for the business trip.
Dobbins recognized that they had to alter their lifestyle. Dobbins along with her husband, Randy, began saving instead of spending, and then paying down their balances. They also downsized their house and, in just 2 years they had become debt-free. She offers money-saving tips and details her debt payoff techniques on her blog . Here's the full story.
What was your total debt when you began your repayment journey?
Laura Dobbins: 2011: $39,685 total which includes $17,000 in the credit card industry, 15,000 in auto loan debt and $8,000 in personal loan debt.
What is your total amount of debt today?
In 2013, became debt-free. Today, still zero.
How did you get in credit?
Ironically, it started the year I got my first big promotion and salary rise. It doesn't seem logical from afar; do you earn more money and you're then in debt? While it might sound odd, the answer is "yes." Suddenly we were in the position of having all this extra money, even though we lived living in a comfortable house in a beautiful middle-class neighborhood, we opted to put that extra income towards a larger and more luxurious house in a more upscale neighborhood. With that came the "need" for more furniture and a professionally-designed new backyard and an SUV just like the neighbors had, a gardener, and ... well, you get the idea. Instead of actually being wealthy we were financing the look of it. Every month. The downward spiral of debt had started.
What triggered your decision to get out of credit?
A realization came to me that I couldn't float the $400 plane ticket for an upcoming business trip. We have paid down the credit card only to have some available credit for any unexpected expenses that might arise. That pattern finally stopped the day my boss advised me to travel to St Louis for work. I looked over our credit card accounts to find we only had available credit for $90 (and the balance was $52 on our bank account). We had managed to conceal our financial position from everyone for a really long time, but now it was bubbling up into the open. It was terrifying.
What steps did you take to lessen your debt? What tools or resources did you use?
We realized that the first thing we had to accomplish was stop the cycle of being in debt to "rescue" us. So before we paid down the debt we owed, we set aside an emergency fund of $1,000.
We also realized that to pay off the debt we accumulated in the shortest time, we would need to make more money. This was not the moment to relax and only throw $50 at our monthly debt. It was a "hair's-on-fire and we needed to call the firemen" situation, which is why we had to make a major move. Literally. We gave up the massive house in the suburbs and relocated to a small 1,000 square foot house in a working-class area. The change alone helped us save more than $2,500 per month. (I'll do the math for you: That's a savings of over $30,000 a year.)
We also ate out less and found cheaper ways to spend time together as an entire family. With the extra cash each month, we paid down the debt using what's known as the "snowball technique." We started with the smallest account balance on a credit card of $1500 to get a quick, psychological victory right away. We then paid the other debts from the smallest to largest. As we paid each debt off, the cash that used to go toward paying off those monthly debts was redirected to the next debt on our list. It was like the "snowball" of money which was going to debt each month was growing like crazy.
How have your lives changed in a positive way since you got out of debt?
We're happy. Truly, wonderfully, down-in-your-soul happy. When all debts were paid and house costs were so low, we had money to spend on the things that mattered most. The huge suburban house didn't provide us with joy however, traveling around the world did. We save a lot of our income and still have enough to splurge where it counts.
A few years ago, my husband was unhappy with his job as a manager that was a nightmare. With the money we'd saved up and a few savings, we started our first company -- one of my husband's long-term dreams. The business was sold to him, is now the sole boss, and he is awed by it.
Being debt-free gives you more than just the feeling of liberation; it opens up opportunities that you didn't think were possible.
How to approach your debts and begin paying off your debt
The strategy Dobbins suggests is ideal for people who require small victories as motivation to repay larger debts. But, the strategy where you prioritize paying off debts with high interest such as credit cards or payday loans before lower-interest ones like student, mortgage and auto loans, can aid in paying down your debts faster and save on interest. This shows you how long it'll take to pay off one debt at a time.
For a better way to manage your debts, consider debt consolidation, which combines multiple debts into one new one with a lower interest rate. Two options for debt consolidation are a or a . Use a to estimate your interest rate.
Anna Helhoski is a staff writer at NerdWallet the personal finance website. Email: . Twitter: .
Author bios: Anna Helhoski is a writer and NerdWallet's authority in the field of student loans. Her writings have appeared in The Associated Press, The New York Times, The Washington Post and USA Today.
Similar to...
Dive even deeper in Personal Finance
Do all the right financial moves
Here is more information in regards to no credit check payday loan (https://mybestloan.ru) check out our own page.
Advertiser disclosure You're our first priority. Each time. We believe that every person should be able make financial decisions without hesitation. Although our website does not include every financial or company product that is available however, we're confident that the advice we provide as well as the advice we offer as well as the tools we design are impartial, independent easy to use and completely free. How do we make money? Our partners compensate us. This could influence the types of products we review and write about (and where they are featured on the website), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. .
How I Trespassed Debt: My shiny nickels
Written by Anna Helhoski Senior Writer | Financial news, consumer finance trends, debt for students loan and debt Anna Helhoski is a senior writer covering economic news and current trends in consumer finance at NerdWallet. She is also an expert for student loans. The company was founded by NerdWallet in 2014. Her work has appeared on The Associated Press, The New York Times, The Washington Post and USA Today. She has previously covered local news from New York for the Daily Voice, as well as local news in New York metro area for The Daily Voice, Daily Voice and New York state politics for The Legislative Gazette. She holds a bachelor's degree of journalism at Purchase College, State University of New York.
Apr 4, 2017
Many or all of the products we feature are from our partners, who pay us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are entirely our own. Here is a list of and .
This series by NerdWallet talks to individuals who have overcome debt using a combination of commitment, budgeting and smart financial decisions. The stories of these people may encourage you to .
My Shiny Nickels blogger Laura Dobbins and her husband, Randy, on a trip to Paris and a trip that they could afford following their getting out of debt.
In 2011, Sacramento, California-based IT manager Laura Dobbins, her husband and children lived in a luxurious home that had all the luxuries of wealth- but their finances were a different story. They were almost $40,000 in debt, and had billed an excessive amount on their credit card accounts that Dobbins could not afford an airline ticket for the business trip.
Dobbins recognized that they had to alter their lifestyle. Dobbins along with her husband, Randy, began saving instead of spending, and then paying down their balances. They also downsized their house and, in just 2 years they had become debt-free. She offers money-saving tips and details her debt payoff techniques on her blog . Here's the full story.
What was your total debt when you began your repayment journey?
Laura Dobbins: 2011: $39,685 total which includes $17,000 in the credit card industry, 15,000 in auto loan debt and $8,000 in personal loan debt.
What is your total amount of debt today?
In 2013, became debt-free. Today, still zero.
How did you get in credit?
Ironically, it started the year I got my first big promotion and salary rise. It doesn't seem logical from afar; do you earn more money and you're then in debt? While it might sound odd, the answer is "yes." Suddenly we were in the position of having all this extra money, even though we lived living in a comfortable house in a beautiful middle-class neighborhood, we opted to put that extra income towards a larger and more luxurious house in a more upscale neighborhood. With that came the "need" for more furniture and a professionally-designed new backyard and an SUV just like the neighbors had, a gardener, and ... well, you get the idea. Instead of actually being wealthy we were financing the look of it. Every month. The downward spiral of debt had started.
What triggered your decision to get out of credit?
A realization came to me that I couldn't float the $400 plane ticket for an upcoming business trip. We have paid down the credit card only to have some available credit for any unexpected expenses that might arise. That pattern finally stopped the day my boss advised me to travel to St Louis for work. I looked over our credit card accounts to find we only had available credit for $90 (and the balance was $52 on our bank account). We had managed to conceal our financial position from everyone for a really long time, but now it was bubbling up into the open. It was terrifying.
What steps did you take to lessen your debt? What tools or resources did you use?
We realized that the first thing we had to accomplish was stop the cycle of being in debt to "rescue" us. So before we paid down the debt we owed, we set aside an emergency fund of $1,000.
We also realized that to pay off the debt we accumulated in the shortest time, we would need to make more money. This was not the moment to relax and only throw $50 at our monthly debt. It was a "hair's-on-fire and we needed to call the firemen" situation, which is why we had to make a major move. Literally. We gave up the massive house in the suburbs and relocated to a small 1,000 square foot house in a working-class area. The change alone helped us save more than $2,500 per month. (I'll do the math for you: That's a savings of over $30,000 a year.)
We also ate out less and found cheaper ways to spend time together as an entire family. With the extra cash each month, we paid down the debt using what's known as the "snowball technique." We started with the smallest account balance on a credit card of $1500 to get a quick, psychological victory right away. We then paid the other debts from the smallest to largest. As we paid each debt off, the cash that used to go toward paying off those monthly debts was redirected to the next debt on our list. It was like the "snowball" of money which was going to debt each month was growing like crazy.
How have your lives changed in a positive way since you got out of debt?
We're happy. Truly, wonderfully, down-in-your-soul happy. When all debts were paid and house costs were so low, we had money to spend on the things that mattered most. The huge suburban house didn't provide us with joy however, traveling around the world did. We save a lot of our income and still have enough to splurge where it counts.
A few years ago, my husband was unhappy with his job as a manager that was a nightmare. With the money we'd saved up and a few savings, we started our first company -- one of my husband's long-term dreams. The business was sold to him, is now the sole boss, and he is awed by it.
Being debt-free gives you more than just the feeling of liberation; it opens up opportunities that you didn't think were possible.
How to approach your debts and begin paying off your debt
The strategy Dobbins suggests is ideal for people who require small victories as motivation to repay larger debts. But, the strategy where you prioritize paying off debts with high interest such as credit cards or payday loans before lower-interest ones like student, mortgage and auto loans, can aid in paying down your debts faster and save on interest. This shows you how long it'll take to pay off one debt at a time.
For a better way to manage your debts, consider debt consolidation, which combines multiple debts into one new one with a lower interest rate. Two options for debt consolidation are a or a . Use a to estimate your interest rate.
Anna Helhoski is a staff writer at NerdWallet the personal finance website. Email: . Twitter: .
Author bios: Anna Helhoski is a writer and NerdWallet's authority in the field of student loans. Her writings have appeared in The Associated Press, The New York Times, The Washington Post and USA Today.
Similar to...
Dive even deeper in Personal Finance
Do all the right financial moves
Here is more information in regards to no credit check payday loan (https://mybestloan.ru) check out our own page.
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