That is fighting the Monster of Impatience.

I know the goal will be met and achieved, but how do you control the impulse to pay too much at a time to debt?

I pay so much to the debts, getting them down, and a couple of times I leave myself a little short. Not short enough to use cc’s to buy necessities, but just shorter than comfortable if you get my drift. I want to make big payments to get this monkey off my back soonest as humanly possible, and I know there are others like me. How to you just focus and not get too carried away?

Two of my cards want minimums of $82.00, and another’s more like $30.00, and another is a closed end signature loan with a firm $190.00, but they don’t have a pre-payment penalty or such so I add a hundred more a month to that if I can, last one is $120.00, but I pay at least $150.00 if not more like $200.00 a month.

My SSI is like $226-$265.00 a month, sometimes less if I earn more than my usual $900.00 from work a month, and the roommate pays $475.00 for rent of one of our rooms. Big bills this month was the second installment of Property tax and IRS for their $204.56 due the second of March (Monday because of the weekend).

Bills outside of utilities:

  • Closed end loan: $3,327.00 Interest 12% Minimum: $190.00 actual: $250-300
  • Target $2,791.00 Interest 21% Minimum: $82.00 actual: $120-160
  • Kinecta cc: $3,750.00 Interest 13% Minimum: $120.00 actual: $200-220
  • Penny’s $ 553.00 Interest 22% Minimum: $30.00 actual: $ 50-100
  • GE Money (closed) $2,551.16 Interest 18% Minimum: $82.00 actual: $140-200

Utilities etc:

  • House insurance $ 77.00 a month
  • SoCal Edison (LPP) $ 135.00 a month
  • DISH net $ 78.00 a month
  • AT&T only cell serv $ 66.00 a month
  • Property tax $ 65.00 a month to savings, payable in dec. and april.
  • Groceries, roughly $ 200.00 a month

Most of my bills come at me on the first part of the month, and the second part of the month is when I add a payment to cc’s and get some groceries.

Any thoughts on this? Staying to minimums only for some and socking it to others? I plan on socking it to penny’s as they are the lowest in balance (Under a thousand) and the card’s been cut up now anyway, I also cut up the Target card. I know some would say I’m trying too hard, but what else to do….?

I don’t think you can try too hard to pay off the debts and be rid of them. I do think you can go overboard and stress more than needed, as you stated. If you can afford to send one debt an extra $100 this month, do it. But, don’t try to send all of them and extra $100 this month, and then fill a real pinch after you pay your utilities and go to the grocery store.

Snowball it. Pay minimums on all but one, put everything to the last one.

I’m not going to use your examples, just make it bare bones, so you can see.

Also, go to www.whatsthecost.com they have a great snowball calculator.

  • X debt 1500 $30 minimum
  • Y debt 1700 $45 minimum
  • Z debt 2100 $65 minimum

You would have $140 in minimums. Say you want to apply $300 to debt. Pay minimum on Y and Z and pay $190 to X. When X is paid in full then you pay minimum to Z, and pay $235 to Y. When Y is paid off, pay $300 to Z until paid in full.

Clear as mud?

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