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Debt Dumpers 2020

Just checking in from the UK. Our finances are still doing pretty well, mainly because there is not much we can spend our money on! I am realising just how much we spend on eating / drinking out. But I am not sure we won't go back to it fairly quickly once we can.

DH is still working hard, and his clients are paying up pretty quickly which doesn't always happen. One of his clients has furloughed some of the team that he works with as they are able to get government support for those costs so it is cheaper to furlough the staff and just use DH as and when they have a specific need.

His clients are not expecting to reopen their offices until July at the earliest, and one is thinking they will remain fully working from home until October or November, which will save a lot in travel costs for DH, but that might be offset by the cost of all the cookies and cakes he buys when he goes out for his daily walk.

Not being able to travel, or effectively plan when we might be able to travel, is beginning to get a little frustrating but there isn't much we can do about it so it's just a case of wait and see and work on the fantasy travel list. Our government's lack of clarity on overseas travel restrictions (will we have to quarantine on our return if we do go out of the country or not) is not really helping things, particularly as they are saying "we may impose this at some point in the future" - so great, you run the risk of going somewhere without a quarantine threat but while you are away it all changes.

Both DH and I are involved in a minority sport that has an annual gathering of about 1,000 players from across the country at a holiday camp every September. We have just made the decision to cancel this, the venue is likely to only be able to take about 40% of us, we would have to have staggered mealtimes which doesn't work for the format of the competition and only about half the playing area would be available. The organising committee were worried that if we opted to cancel the association would still have to pay the full bill of about £45,000 but thankfully we have been able to negotiate that down to a maximum of £2,500 if they are unable to fully let the available space - assuming they are allowed to open. That was a big relief as the full amount of money would have wiped out all our reserves.

I had been tentatively planning a trip to WDW with some friends for Sept 2021 but I have no idea where that possibility stands now as we can't really think that far ahead. We would have been booking it about now if times had been more normal but I think we will hold off for now.

Stay safe everyone.
 
Royal has officially canceled cruises thru July 31st so I have requested a refund. The company I work for sent a note this week basically saying there will be reductions in staff. So we are going to continue to stock pile cash in our emergency fund. Luckily we have no debt other then our house and we only owe $50k left there. I had my job eliminated a little over a year ago, luckily I found another job within the company, but I never assume my job is "safe". I am supposed to go back into the office on June 1st as a wave 1 associate. I have training I will have to take, they will provide masks and other supplies, and we have to be tested for the antibodies and something else but I don't remember what.

DD is taking finals this week and then has online gym over the summer. Nothing like paying $95 for 1/2 credit for your daughter to take online gym. They have to play a sport or take gym and track season got cancelled so online gym is her only option. Both DH and DD are continuing to work lots of hours. My husband works in a bike/cycle shop and at the rate of bikes they are selling they will be out of stock by end of June. He is the lead sales guy and I told him to stop being good at his job so he can have his job longer. They just opened a new store so it looks like he is being moved to the new store for a while to help drive increased business there. My DD works at Chick-Fil-A and she is working over 30 hrs a week. It is good for her bank account but I told her that if it becomes too much she needs to say something since she is only 16. Trying to stay positive and not gain weight, which has been hard as I am an emotional eater.
 
What was it back in 2010?
What is your reason to ask about rates in 2010, do you see a different trend? Honestly, I don't study the historical rates and so my speculation is a total SWAG. But if you know what the rate was, do you see a pattern? I'm going off of pure speculation when I said I think the high yield savings rate will go down more, speculating that taking out loans and spending would be encouraged over savings. So, I think the rate offered will go down. Also, I'm watching some other fund trends that invest in securities and see the yields dropping. I'm just expecting a lower yield yet on the savings accounts, at least for a short while.
Royal has officially canceled cruises thru July 31st so I have requested a refund.
I saw that! I'm so glad we jumped on cancelling our RC cruise right before things hit the fan on cruises and they were likely overwhelmed with all the cancellations and rebookings. We had an August sailing, so that sailing is not cancelled as of this moment, but no way do I feel comfortable going on one. Nor would I have wanted to pay the balance on it right now which was due beginning of May, when I'm uncertain if it is even going to sail and then tying up money.

*Congrats to those on here recently becoming "debt free!"
 


What is your reason to ask about rates in 2010, do you see a different trend? Honestly, I don't study the historical rates and so my speculation is a total SWAG. But if you know what the rate was, do you see a pattern? I'm going off of pure speculation when I said I think the high yield savings rate will go down more, speculating that taking out loans and spending would be encouraged over savings. So, I think the rate offered will go down. Also, I'm watching some other fund trends that invest in securities and see the yields dropping. I'm just expecting a lower yield yet on the savings accounts, at least for a short while.

Personal savings rate is through the roof even though interest is dropping. With so many people throwing money at the banks, I think, banks can be less competitive with their savings rate.

What I was thinking about is the spread between treasury rates and savings rate.
 
Personal savings rate is through the roof even though interest is dropping. With so many people throwing money at the banks, I think, banks can be less competitive with their savings rate.

What I was thinking about is the spread between treasury rates and savings rate.

Not everyone is saving a lot of money. Many have lost their income and are not saving at all. I would not want to be a small business owner right now.

https://www.wsj.com/articles/millio...ts-11589985381?mod=searchresults&page=1&pos=1
 




i wish that chart had data that extended past march b/c i think people started getting the hardest hit in april and may when the last of their pay checks dribbled in and prices on consumer goods like food and paper products started surging. there might be a bit of an uptick in those months for those who retained their pay or got the extra $600 uib and thought to squirrel away their stimulus money.

i can't believe how much interest rates have dropped on savings products-the 5 year cd's i got at the end of 2018 that pay 3% are now only being offered to buy into at 1.1% :faint: but i guess that's what happens when mortgage rates hit all time lows (my credit union is offering 15 year fixed at 2.875%:scared1:)
 
Congratulations to everyone who has become debt free recently!!!

Chugging away slow and steady here. Our credit card debt is carried on 0% interest cards, and is still on track to be paid off before the promotional period expires. We got a new roof this month which was one of my goals for the year and something we had ear-marked some savings for. It came in a little under what I had budgeted (we weren’t sure how many plywood sheets would need replacing) so that money will go back in to the fund for other home improvement projects. The best thing is that getting the new roof has fixed the leak in our back porch/Florida room/3 seasons room (we’ve never settled on what to call this room lol) and now we have another space at home that we can enjoy!

DH found out he will be furloughed for July and August. He is not unhappy about this and honestly feels ready for a break after all this time of working from home. For July he should get the extra fed money which will help with August when we will miss his full income. We are just hoping for the best for September. He works for a college and it’s a tough time for higher ed. I hope they can bring everyone back in the Fall but I’m not confident it won’t be without some concessions.

We have two Disney trips scheduled for later this year (September & December) both staying with family on their DVC points. We are 99.99% sure we won’t be taking those trips or traveling anyway this year. Even if places are open it just seems like a lot of hassle with a toddler who doesn’t understand social distancing. So that at least will be a money saver!
 
i wish that chart had data that extended past march b/c i think people started getting the hardest hit in april and may when the last of their pay checks dribbled in and prices on consumer goods like food and paper products started surging. there might be a bit of an uptick in those months for those who retained their pay or got the extra $600 uib and thought to squirrel away their stimulus money.

i can't believe how much interest rates have dropped on savings products-the 5 year cd's i got at the end of 2018 that pay 3% are now only being offered to buy into at 1.1% :faint: but i guess that's what happens when mortgage rates hit all time lows (my credit union is offering 15 year fixed at 2.875%:scared1:)

I have about 22 years left on my mortgage. I figure I need about $10k of additional principal a year to cut off each year, so to get me to a reasonable payment with a 15 year, I’d need to pay down my mortgage another $70k. I’m not ready to do that yet. But I do have a lot CDs maturing this summer. I might roll those into my mortgage.
 
Anyone who is thinking about it, now is a good time to refinance your home. Think about the savings you will be putting back into your pocket. I know that Third Federal Savings has an offer or refinancing for just $295.00 and really great rates. Even if all you are doing is getting your rate 1/2 a percent lower you are adding money back into your pocket for the cost of $295.
 
We have less than 8 years remaining on our mortgage. I will be so happy when it's gone. Like the weight of the world lifted off of us.
 
And more congrats on the debt payoffs!!!

Curious to see how housing looks next year after all the pandemic and economic effects for those looking to rent single family homes and those looking to sell/buy. One financial podcast I'm listening to, they have said to hold on just a minute on the house stuff.

I feel like when we have been looking for a new place the last two months, choices have been terrible, inventory slim, and the stuff that was available and actually nice, snatched up fast. Renewing our lease next week, (DH doing so begrudgingly). While I hate the house (not to mention he pointed out to me a SNAKE skin last week in the basement (ugh-not telling one kid in particular or he'll never go in the laundry room again and pretty sure snake moved on), I absolutely am not in the mood to move right now, and don't feel like shelling out more up front cash. So, this time next year we'll be in house hunting mode.
 
Anyone who is thinking about it, now is a good time to refinance your home. Think about the savings you will be putting back into your pocket. I know that Third Federal Savings has an offer or refinancing for just $295.00 and really great rates. Even if all you are doing is getting your rate 1/2 a percent lower you are adding money back into your pocket for the cost of $295.

$295 is the ONLY costs? Last time we refinanced, it was that much just for the appraisal. We are currently at 3%. Another thing to consider about refinancing is that it starts the clock back to the beginning. We did that 3 times. The first time was great, going from 30 years to 15 years. The 2nd time was taking out some equity to pay off debt. (dumb idea!) Then the 3rd time was when the rate dropped. We'll still have it paid off before the original 30 year mark but we made a lot of stupid mistakes and now we can only try to make up for them. Unless I can get a great rate for 5 years, I dread starting all over again.
 
And more congrats on the debt payoffs!!!

Curious to see how housing looks next year after all the pandemic and economic effects for those looking to rent single family homes and those looking to sell/buy. One financial podcast I'm listening to, they have said to hold on just a minute on the house stuff.

I feel like when we have been looking for a new place the last two months, choices have been terrible, inventory slim, and the stuff that was available and actually nice, snatched up fast. Renewing our lease next week, (DH doing so begrudgingly). While I hate the house (not to mention he pointed out to me a SNAKE skin last week in the basement (ugh-not telling one kid in particular or he'll never go in the laundry room again and pretty sure snake moved on), I absolutely am not in the mood to move right now, and don't feel like shelling out more up front cash. So, this time next year we'll be in house hunting mode.

I would not be going in your laundry room either. Ewww, the slithering...:scared::faint:

Oh and speaking of hiding gross things from family members, ds20 recently confessed that all the times he said he never wanted to return to the Polynesian again was because he found a bug in his bed during our 2011 stay. He was 11 at the time. His was in the convertible sofa bed. He said he never mentioned it because he knew it would 'ruin' the trip for me.
Thanks Lovey, yes it would have!

We've been to WDW many times and that was the only room bug incident I've known of and I know Disney is good at keeping rooms clean. Sometimes things just happen and a bug gets in. I'm not bashing Disney for it and certainly I'll return again some day. Some day. :scratchin
 
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I refinanced back in February before all this COVID stuff really started ramping up. We dropped just over 1.5% and lowered our mortgage by $350. Granted we were only 2 years into our 30 year and we decided to refinance at a new 30 year (we had other options, but decided not to take them). This saved us the most money which was what we were going for. This isn't our forever home, but it's a good enough home for now.
 
$295 is the ONLY costs? Last time we refinanced, it was that much just for the appraisal. We are currently at 3%. Another thing to consider about refinancing is that it starts the clock back to the beginning. We did that 3 times. The first time was great, going from 30 years to 15 years. The 2nd time was taking out some equity to pay off debt. (dumb idea!) Then the 3rd time was when the rate dropped. We'll still have it paid off before the original 30 year mark but we made a lot of stupid mistakes and now we can only try to make up for them. Unless I can get a great rate for 5 years, I dread starting all over again.

we originally did a 30 year on our current home but when rates dropped several years ago we went to a 15. rates dropped significantly a 2nd time to justify another re-fi that save a couple hundred a month but we chose to continue paying the same mortgage payment each month and as a result of doing that and throwing every odd extra money we had (grocery budget spent less on one month-threw it at mortgage, got a promotional deal with satellite provider-threw the difference in what we had been paying at the mortgage...) so while the date of the mortgage reset we manage to pay it in full in about 8 years from the original purchase date (all those dibs and dabs of extra dollars added up).
 

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