Couple #3

Marching To Debt Freedom – Couple #3 – Month 12

Introduction

This couple has been married for many years and have one child.   They have HAD IT with their debt and have been marching toward debt freedom since November 2007.  They are THROUGH with credit cards.

Thoughts from Couple #3 this month

Couple #3 has taken a new job this month so they are very busy right now.  Below are their updated numbers.

Updated Debt Freedom Date

Month By Month Progress

Sangl says

Couple #3 is going through a job change so things will be interesting over the next several weeks for them.  It is very easy to break the routine of planning one's spending during major life changes so it is critical that Couple #3 makes a disciplined effort to keep up with their plan.  As you can see, the plan is working!

Readers

When you have went through a major job change that required a move, what did you do to maintain sanity in your financial plan?

Read previous updates from Couple #3 HERE

Marching To Debt Freedom – Couple #3 – Month 11

Introduction

This couple has been married for many years and have one child.   They have HAD IT with their debt and have been marching toward debt freedom since November 2007.  They are THROUGH with credit cards.

Thoughts from Couple #3 this month

It is nice to see our balances decreasing as well as our years 'til Debt Freedom!  It seems like it will take forever, but we will get there.  It is also nice to see gas prices coming down.

Updated Debt Freedom Date

Month By Month Progress

Sangl Says

Couple #3 is closing in on one full year of attacking their debt.  It was a rough start since the interest they were paying toward debt was very high.  They restructured their debt by surfing their debt to low and zero percent balance transfer credit cards.  Now, the pay-off is here!  They are averaging around $1,600 of debt elimination each month.

Yes, they could spend that $1,600/month elsewhere, but they have had their IHHE Moment.  They have reduced their debt by over $10,000!  Outstanding! 

Readers

Have you started your March To Debt Freedom?  You CAN do it!

Read previous updates from Couple #3 HERE

Marching To Debt Freedom – Couple #3 – Month 10

Introduction

This couple has been married for many years and have one child.   They have HAD IT with their debt and have been marching toward debt freedom since November 2007.  They are THROUGH with credit cards.

Good things this month

We are seeing balances come down due to making higher payments (National City) and lower or no interest on the others!  YEAH!!!!

Challenges this month

Still gas prices … BUT we have restructured our schedules to only run errands once a week if possible and it has really helped out! 

Updated Debt Freedom Date …

Month By Month Progress …

Sangl Says …

You can see the progress being made by Couple #3 now!  There were several months where the debt was being restructured by transferring credit card balances to 0% and low interest rate credit cards.  Now that all of that money is going directly to the principal, look at how swiftly they are dropping!!!  Couple #3 dropped their debt by a huge amount last month!  Outstanding.

Readers …

Are you paying high interest on your credit cards?  Move the balances to zero percent and low interest cards!  That can really help one gain traction toward debt freedom.  There are several 0% balance transfer credit cards available on the Next Steps page.

My book, I Was Broke. Now I'm Not, is available via AMAZON.COM, BORDERS.COM, and PAYPAL.  You can read the Introduction HERE.  In this book, you will learn exactly how Jenn and I became debt-free in just fourteen months.

Marching To Debt Freedom – Couple #3 – Month 09

Introduction

This couple has been married for many years and have one child.   They have HAD IT with their debt and have been marching toward debt freedom since November 2007.  They are THROUGH with credit cards.

Good things this month

We transferred JC Penney balance which was 21.99% to a 2.9% on Discover AND we transferred Chase that was 26% to a Juniper Mastercard at 7.9%.  We were VERY excited about those transfers.

It is also very encouraging to see the balance on the National City card come down!! It won't be long until that one is GONE!

Challenges this month

Challenges this month have been the rising cost of gas and food, but we have just budgeted a little differently in some areas and made it work out fine!  Again, this month I have to say THANK GOODNESS for the budget form!!! We were able to pay cash for all back to school items this year and MAN! Does that ever feel good!!!

Updated Debt Freedom Date …

Month By Month Progress …

Sangl Says …

It is so nice to see Couple #3 reap the rewards of the hard work they put forth to restructure their debt.  Look at the tremendous progress they are making.  Instead of twenty percent of their payments going toward principal and eighty percent to banks, they have switched it around.  Now, over 80% of all of their payments are going toward principal reduction!  AWESOME!

Readers …

If you have debt, have you considered restructuring it?  This can really help your debt freedom march gain a ton of traction and speed up your journey to ZERO DEBT!  I encourage you to read the series of posts I wrote called Restructuring Debt.

My book, I Was Broke. Now I'm Not, is available via AMAZON.COM, BORDERS.COM, and PAYPAL.  You can read the Introduction HERE.  In this book, you will learn exactly how Jenn and I became debt-free in just fourteen months.

Marching To Debt Freedom – Couple #3 – Month 08

Introduction

This couple has been married for many years and have one child.   They have HAD IT with their debt and have been marching toward debt freedom since November 2007.  They are THROUGH with credit cards.

This month's update

We have still increased our payment on the National City card and are determined to get it paid off SOON!  We absolutely could not do this without the budget/budget form.  It is AMAZING how much that tool helps us! (Get your own budget form HERE)

Struggles?  Hmmm…  Nothing specific really.

We have transferred two of the credit cards a couple days ago that will show up on the next month's sheet and that what went well! 🙂  More on that one next month!

Updated Debt Freedom Date …

Month By Month Progress …

Sangl Says …

When Couple #3 started out, they had an incredible level of high-interest debt.  The high interest was absolutely crushing their efforts to become debt-free.  They have taken the first few months of their Debt Freedom March to restructure their debt such that they can make tremendous strides toward their goal of ZERO debt.  Nearly all of the debt has been restructured at this point, and you can see that fact very clear through their progress in just one month.  They are sending the same amount toward their debt each month, but now it is nearly all going toward the principal balances.

Watch out Franklin Financial, National City, and JC Penney!

Readers

Do you have high interest debt that is crushing your attempts to lower your debt?  Restructure it!  A series on restructuring debt will be appearing soon on this wildly popular website known as JosephSangl.com!

Help Is Available!

If you have tried to put together a budget that works and it just is not working, I want you to know that help is available.  We provide FREE one-on-one financial counseling here at NewSpring Church – both the Anderson and Greenville campuses.  There are about fifteen incredible volunteers who are passionate about helping others win with their money.  You can request an appointment by clicking HERE.  We even provide a limited number of on-line appointments too!

You might consider picking up a copy of I Was Broke. Now I'm Not.  In this book, I spend four chapters telling my family's story of walking out of debt and into financial freedom.  In the final nine chapters, I teach the practical tools that we used!  It is a fast read at 121 pages, and it might just change your life!