Comments on: How I ended up with $10,000 in my bank http://www.moneyfunk.net/finances/debt-consolidation-loan-update/ Personal Finance & Frugal Living Tue, 07 Feb 2012 09:38:55 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: money funkhttp://www.moneyfunk.net/finances/debt-consolidation-loan-update/#comment-4120 money funk Fri, 05 Feb 2010 22:41:47 +0000 http://www.moneyfunk.net/?p=4559#comment-4120 And I say continue on with paying penance if you are not sure. There are days I think about using those credit cards, but I have been good to be responsible to say "NO". Plus cutting them up and out of my wallet helps, too. :) As you move further on your journey...you will begin to feel more secure. I do, not completely but getting there. But I am okay not using CCs at all right now! Let me know how your decision pans out. And I say continue on with paying penance if you are not sure. There are days I think about using those credit cards, but I have been good to be responsible to say “NO”. Plus cutting them up and out of my wallet helps, too. :)

As you move further on your journey…you will begin to feel more secure. I do, not completely but getting there. But I am okay not using CCs at all right now!

Let me know how your decision pans out.

]]> By: sahmCFOhttp://www.moneyfunk.net/finances/debt-consolidation-loan-update/#comment-4110 sahmCFO Fri, 05 Feb 2010 16:28:54 +0000 http://www.moneyfunk.net/?p=4559#comment-4110 Wow. Congrats Money Funk. I'm going to have to sit down this weekend and seriously go over our numbers regarding consolidation. I'm not sure I fully trust myself YET not to make the same money mistakes and return to my irresponsible ways. As crazy as it sounds, I'm almost paying the high interest as penance until I'm 100% sure I'm totally serious about sticking to debt reduction. Wow. Congrats Money Funk. I’m going to have to sit down this weekend and seriously go over our numbers regarding consolidation. I’m not sure I fully trust myself YET not to make the same money mistakes and return to my irresponsible ways. As crazy as it sounds, I’m almost paying the high interest as penance until I’m 100% sure I’m totally serious about sticking to debt reduction.

]]> By: Matt SFhttp://www.moneyfunk.net/finances/debt-consolidation-loan-update/#comment-3667 Matt SF Mon, 04 Jan 2010 16:26:44 +0000 http://www.moneyfunk.net/?p=4559#comment-3667 No problem. I would keep that $1800 in an emergency fund if you don't currently have one. I like a 3 month emergency fund at bare minimum. If you feel you have adequate reserves, then I ask if you have a major purchase you want to make in the next year. If so, then save the $1800 and pay cash. If nothing is on the horizon and you've got a solid emergency fund, then I'd use it to pay down more debt. I would also say it's healthy to invest a small portion at Lending Club yourself just to tinker with the P2P investing model. I really enjoy it thus far, but I always wanted to be a banker as a kid. No problem.

I would keep that $1800 in an emergency fund if you don’t currently have one. I like a 3 month emergency fund at bare minimum.

If you feel you have adequate reserves, then I ask if you have a major purchase you want to make in the next year. If so, then save the $1800 and pay cash.

If nothing is on the horizon and you’ve got a solid emergency fund, then I’d use it to pay down more debt.

I would also say it’s healthy to invest a small portion at Lending Club yourself just to tinker with the P2P investing model. I really enjoy it thus far, but I always wanted to be a banker as a kid.

]]> By: money funkhttp://www.moneyfunk.net/finances/debt-consolidation-loan-update/#comment-3664 money funk Mon, 04 Jan 2010 16:11:08 +0000 http://www.moneyfunk.net/?p=4559#comment-3664 I have to agree - 16 hours was good. Well thank you, Matt. I can't believe - 85 investors. And there has been some great support through out this LC adventure - it's been nice. So now, I still have $1,800 of it in my bank waiting for a home. What would you do with it? I have to agree – 16 hours was good. Well thank you, Matt. I can’t believe – 85 investors. And there has been some great support through out this LC adventure – it’s been nice.

So now, I still have $1,800 of it in my bank waiting for a home. What would you do with it?

]]> By: Matt SFhttp://www.moneyfunk.net/finances/debt-consolidation-loan-update/#comment-3657 Matt SF Mon, 04 Jan 2010 00:55:50 +0000 http://www.moneyfunk.net/?p=4559#comment-3657 A 16hr funding period is very impressive. I really wish I had known you were up for a loan... would have definitely thrown a few bucks your way! A 16hr funding period is very impressive. I really wish I had known you were up for a loan… would have definitely thrown a few bucks your way!

]]> By: money funkhttp://www.moneyfunk.net/finances/debt-consolidation-loan-update/#comment-3609 money funk Wed, 30 Dec 2009 16:13:23 +0000 http://www.moneyfunk.net/?p=4559#comment-3609 LOL. I am glad to know someone shares how I feel. And sometimes when I move things around in a fury... that I eventually move them back to square one again. LOL. I know many people do not use the Credit Union. So, in that case Lending Club offers fantastic rates compared to a normal bank institution. And even so with the credit union. It's good to compare. But I am happy with the moves the hubby and I made. Have a wonderful New Year! LOL. I am glad to know someone shares how I feel.

And sometimes when I move things around in a fury… that I eventually move them back to square one again. LOL.

I know many people do not use the Credit Union. So, in that case Lending Club offers fantastic rates compared to a normal bank institution. And even so with the credit union. It’s good to compare. But I am happy with the moves the hubby and I made.

Have a wonderful New Year!

]]> By: Mrs. Moneyhttp://www.moneyfunk.net/finances/debt-consolidation-loan-update/#comment-3607 Mrs. Money Wed, 30 Dec 2009 05:30:34 +0000 http://www.moneyfunk.net/?p=4559#comment-3607 I am type A too and it KILLS me sometimes. Sometimes I get these ideas in my head about money and moving around and then I have to do it. I need to learn to relax! I'm glad things are working out for you! <3 I am type A too and it KILLS me sometimes. Sometimes I get these ideas in my head about money and moving around and then I have to do it. I need to learn to relax! I’m glad things are working out for you! <3

]]> By: money funkhttp://www.moneyfunk.net/finances/debt-consolidation-loan-update/#comment-3606 money funk Tue, 29 Dec 2009 22:32:55 +0000 http://www.moneyfunk.net/?p=4559#comment-3606 it's a good thing as long as I don't rack it back up. Which I am NOT! :) I need to take the $200 to firm up the EF and then I will apply it to our snowball schedule (which I need to clean up and revise). I am going to look into and see what it will take for us to live on one income and use the other for debt. Essentially, we are almost using one for debt. I need to see what the figures are and work at that. If we can pull it off we can see the debt PIF w/in 2 years. I'm for it! I wish you luck in finding a good part-time job for you. *fingers crossed* And to meeting you 2010 goals (nice list you posted). Happy New Year's Sharon! *clink* Here is to a great New Year! it’s a good thing as long as I don’t rack it back up. Which I am NOT! :)

I need to take the $200 to firm up the EF and then I will apply it to our snowball schedule (which I need to clean up and revise).

I am going to look into and see what it will take for us to live on one income and use the other for debt. Essentially, we are almost using one for debt. I need to see what the figures are and work at that. If we can pull it off we can see the debt PIF w/in 2 years. I’m for it!

I wish you luck in finding a good part-time job for you. *fingers crossed* And to meeting you 2010 goals (nice list you posted).

Happy New Year’s Sharon! *clink* Here is to a great New Year!

]]> By: Sharonhttp://www.moneyfunk.net/finances/debt-consolidation-loan-update/#comment-3605 Sharon Tue, 29 Dec 2009 15:32:35 +0000 http://www.moneyfunk.net/?p=4559#comment-3605 Wow, anytime you can lower the monthly payments, it's a good thing! Maybe you can take the extra $200 toward the debt and pay it off sooner? We are now going to one income...at least until I can find another part time position...It will be tough, but I'm hoping that we can get our savings account up.... Looking forward to watching your progress in 2010! You can do it!!! Sharon Wow, anytime you can lower the monthly payments, it’s a good thing! Maybe you can take the extra $200 toward the debt and pay it off sooner?

We are now going to one income…at least until I can find another part time position…It will be tough, but I’m hoping that we can get our savings account up….

Looking forward to watching your progress in 2010! You can do it!!!
Sharon

]]> By: money funkhttp://www.moneyfunk.net/finances/debt-consolidation-loan-update/#comment-3602 money funk Tue, 29 Dec 2009 02:04:03 +0000 http://www.moneyfunk.net/?p=4559#comment-3602 Hi Little House, I really did have a great experience. And I did hear about LC quite a while back, but was skeptical about the whole peer-to-peer issue. But once I talk to Rob from LC, he put my mind to rest. It is completely safe as a borrower. And I am really going strong on paying this debt down. So to save $700+ interest and cut the live of my debt by 9 months is completely worth it to my husband and I. It's really cool that you get to see the loan terms right away when you apply too. Then you can chose if you wish to list those terms or not. So, there is no qualms about what you are signing up for. I am lucking to have the Credit Union as another source. I've taken personal loans from them in the past and I was lucky to get good interest rates. Let me know how it goes if you two decide to give a try. And thanks.. by all means I plan on keeping up the debt destroying work. ;) Hi Little House, I really did have a great experience. And I did hear about LC quite a while back, but was skeptical about the whole peer-to-peer issue. But once I talk to Rob from LC, he put my mind to rest. It is completely safe as a borrower.

And I am really going strong on paying this debt down. So to save $700+ interest and cut the live of my debt by 9 months is completely worth it to my husband and I.

It’s really cool that you get to see the loan terms right away when you apply too. Then you can chose if you wish to list those terms or not. So, there is no qualms about what you are signing up for.

I am lucking to have the Credit Union as another source. I’ve taken personal loans from them in the past and I was lucky to get good interest rates.

Let me know how it goes if you two decide to give a try. And thanks.. by all means I plan on keeping up the debt destroying work. ;)

]]>