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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!

Marching To Debt Freedom – Couple #3 – Month 07

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.

What went well this month?

The 401(k) loan payment won't be taken out of the paycheck until July 1, so we were able to increase our payment to $200 on National City this month! YEAH!! We are hoping once the loan payment comes out we can continue doing this…….  It is nice to see some balances coming down…..

What were the challenges/struggles this month?

We are just trying to stay on track and see the big picture at the end…BECOMING DEBT FREE!!! The cost of gas and groceries going up is impacting our budget some…but we are shifting things around so that INCOME – OUTGO = EXACTLY ZERO……we couldn't live without the budget sheet!!! It helps us out TREMENDOUSLY!!!!!

Updated Debt Freedom Date …

Month By Month Progress …

Have you taught any of your friends/family this stuff?  If you have, how did it go?

My husband has shared this with several co-workers who were excited about it….he gave them the website JoeSangl.com so that they could learn more about it.

Sangl Says …

Couple #3 is in position to make dramatic debt reduction.  Will it happen?  Let us watch and see!

Readers …

If you have debt, what steps do you need to take to position yourself to make dramatic improvements to your debt situation?  What will it take to make you take those steps?

Read previous Debt Freedom March updates HERE.

Marching To Debt Freedom – Couple #3 – Month 06

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.

What went well this month?

We took out a 401(k) loan to pay off four high-interest credit cards.  This allows us to pay a MUCH lower interest rate, and even better… we pay the interest back TO US! :) We are now hoping that we can take advantage of some 0% interest offers and transfer the remaining balances to those cards.

What were the challenges/struggles this month?

Trying to not get discouraged about not getting it all paid off now!  We are also planning on making higher payments on the lowest debt as soon as we see what the 401(k) loan payment does to the paycheck.

Updated Debt Freedom Date …

Month By Month Progress …

What has helped you stay on this Debt Freedom March?

Knowing that one day we will be DEBT-FREE and not live paycheck to paycheck!

How has this Debt Freedom March impacted your marriage relationship?

We are actually closer now and get this: WE DON'T FIGHT ABOUT MONEY!!!  We both know what we owe and we are both on the same page to GET IT PAID OFF!

Sangl says …

Couple #3 has completed part two of their three part plan to restructure their debt.  Their credit cards had hugely punitive rates – all of them 20% or higher.  This was really killing their ability to attack the debt principal.  With the majority of their debt now at a much lower interest rate (some of it at 0%!), they are now positioned to make tremendous strides toward Debt Freedom!

In my meetings with thousands of people, I have seen situations like this completely intimidate someone and they allow it to prevent them from taking charge of their finances.  Couple #3, I applaud you for sticking with this!  You guys CAN do this, and you will!  And all of us will have this front row seat to cheer you on.  Way to go!

Readers …

Would you leave some words of encouragement for Couple #3 in the comment section? 

If you are totally intimidated by your financial situation, I would be glad to help in any way that I can.  We offer FREE one-on-one financial counseling through NewSpring Church in Anderson, SC.  I have even begun offering a very limited number of on-line appointments.  If you are interested in receiving financial counseling, please contact me HERE

Marching To Debt Freedom – Couple #3 – Month 05

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.

What went well this month …

We changed car and homeowner's insurance companies saving us $672 a year! UNBELIEVABLE!

What were the challenges/struggles this month …

Well, we are so frustrated! We have called our credit card companies, and they are still not wanting to reduce interest rates.  We have applied for transfers and can't get them right now b/c our balances are too high.  So we are really focusing on paying these off even faster so we can tell these crooks to TAKE A HIKE!  We are still calling and harassing them trying to get reduced rates – 1% here and there but it is lower than the previous month.

Updated Debt Freedom Date …

Our car balance is higher than it has been because we have the actual balance now and not a guess.  Also, the Citi card stayed the same as it was a balance transfer and the Discover went up a little for the balance transfer fee.

Month By Month Progress …

What is your favorite tool on JosephSangl.com …

Why, the budget form by far!  It really keeps us in line telling our money where we want it to go and also being able to account for all of it.  We couldn't do this without it!

Sangl Says …

When you have a pile of debt, it can take a little time to get the Debt Freedom March fully on track with a full head of steam!  This is exactly what Couple #3 is experiencing.  They are getting their debt balances organized and working hard to improve the interest rates on the debt.  In just a couple of months, all of the restructuring will be complete, and I can not WAIT to see what happens to this debt then!

Readers …

As we all know, this is tough stuff!  It is even harder when you put all of your financial information out there for the world to see.  Will you encourage Couple #3 by leaving them a note in the "comments" section? 

My book, I Was Broke. Now I'm Not, is available via AMAZON.COM, BORDERS.COM, and PAYPAL.  You can read the Introduction HERE.

Marching To Debt Freedom – Couple #3 – Month 04

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.

What went well this month …

We transferred part of our Bank of America balance to the “Discover – 2″ card at a much lower interest rate.  We are trying to eliminate the Bank of America card due to the fact that they are increasing interest rates, even though they have not “attacked” us yet.  We also transferred the 29.9% VISA to a 0% Citi Card.  We are also able to TITHE (give to the church)!  That is so exciting to us!

What were the challenges/struggles this month …

The bonus we were expecting was not nearly what we had hoped for.  We decided to plop it in the Capital One 360 Savings Account and save it for property taxes.

Updated Debt Freedom Date …

Month By Month Progress …

Sangl Says …

Couple #3 transferred a 29.9% balance to a 0% interest card.  That is AWESOME!  The balance on that card was $5,629.  With this one change, they are able to save over $1,600 a year in INTEREST!  That means that nearly $140 of the $205 monthly payment was going toward interest.  It is now going to principal reduction.  WAY TO GO!

Continue working the interest rates to 0% or close to it.  It will really speed up your Debt Freedom March!

Couple #3 has been able to start tithing to their home church as well.  That is AWESOME!  I know that if Jenn and I were not able to give, I would be very unhappy.  I love giving!  There is something so powerful in being able to support someone or something that you really believe in.

I can not wait to see next month’s update!

Readers …

As you can see from Couple #3′s Debt Freedom March, it takes work to get some traction.  Couple #3 is doing the work necessary to take their finances to the next level.  Are you doing the work necessary to manage your money to the ABSOLUTE BEST of your ability?

 

Read the Debt Freedom March updates for Couple #1 and Couple #2

Want to start your own Debt Freedom March?  Check out the free tools HERE.  My book also teaches you how to use all of the free tools.  You can purchase your copy at AMAZON.COM or via PAYPAL!

Receive each post automatically in your E-MAIL by clicking HERE

Marching To Debt Freedom – Couple #3 – Month 03

I am excited to introduce Couple #3 – the newest members of the "Marching To Debt Freedom" crusade.

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.

What went well this month …

We transferred our Bank of America card balance to another card at a much lower interest rate.  We also got the interest rate reduced on one of the Discover cards.  We "spent" our tax refund before we actually received it, and it went much further!  Half of it funded our emergency fund which is now over $2,900!

What were the challenges/struggles this month …

Not really any this month …  except we want it all paid off!

Updated Debt Freedom Date …

Sangl Says …

I am excited about the progress of Couple #3!  One debt is already paid off, and more are getting ready to fall!  It is AMAZING how fast debt can leave when you have your IHHE Moment!

I challenge everyone to seek lower interest rates on any debt you are carrying.  Many times you can obtain a lower interest rate just by calling your credit card.  Or you can avoid the conflict altogether by rolling the balance over to a "0% for 12 months" card. 

Readers …

Will you take a moment to leave a comment for Couple #3 and thank them for sharing their personal financial information with everyone?  It takes a lot of courage to do this, and I am PUMPED to watch this debt fly away!

Read the Debt Freedom March updates for Couple #1 and Couple #2 

Want to start your own Debt Freedom March?  Check out the free tools HERE.  My book also teaches you how to use all of the free tools.  You can purchase your copy at AMAZON.COM or via PAYPAL

Receive each post automatically in your E-MAIL by clicking HERE