Out of curiousity, what steps did you take after re-financing? did you just take the new lower payment or did you use the savings to apply towards debt payment. I am finding that consolidation and re-financing usually dont fix any issues, it just pushes the burden further down the line. The best of luck to all in there quest for debt freedom. I am on target ofr being debt free in 5-7 years and hope the same for everyone else.
Well, see, that’s the problem. Our expenses and cc payments were much higher than my income. So the lower payment is just getting our expenses in line with what I bring in. We really don’t have any disposeable income. We will still try to save, though.
The steps we took were before we refinanced. I don’t go to Target twice a week — now I’m lucky if I go once a month. We eat out only once a week. We only buy food at the market — no more soda, no more chips, no more processed foods, those add up. We realized that Trader Joe’s is much cheaper than our regular market. I don’t wait to fill up my gas tank when I’m almost at empty and drive into any ol’ station. I make sure I get to the station withe a good price on gas.
Our issue is our spending and that’s what we’ve been working on these past two years. We have two cars that are paid off and we won’t buy another one until we have cash in hand. We just couldn’t get our expenses low enough and the refinance was our last resort.
I think most people are finding the same thing out the hard way and of course the way the credit industrys string people along doesnt help.
I found out after loosing my income how bad a shape I was in, I have since recovered and luckily did not loose anything.. I did some searching and came across a guy by the name of john cummuta. I have since learned why it is that myself and many others cannot eliminate their debts for good.
Since I have started following his methods I am making a huge dent in my debts. Even if you have start small , following his methods will create a huge debt pay off machine. Look on the net for him, his program is called debt to wealth.
Living paycheck to paycheck will hopefully be soon a thing of the past. Somewhat the same situation here. I am aching to think about refinancing with the CC’s included, though the problem I have is similar to yours, with more money going out than coming in.