The Official 2020 Debt Smackdown

Welcome to the Official* 2020 Debt Smackdown! 


Happy new year everyone! 

That's right, we're back for 2020. Last year we saw about 310 of us brutally destroy  about $3 million in debt. Wow. Right. Massive achievement. Can anyone say 'YNAB blog post'?

But there are plenty of us with still some debt to go. And as much as I hate debt, I do love a good spreadsheet, so here we go. A few of us have come into 2020 with some debt remaining. Maybe over spent at Christmas. Either way, this challenge is open to anyone who wants to eradicate that debt from your life. 

So what's this about? If you are holding onto some debt as you enter 2020 - and would like to get rid of it - this challenge is for you.

To the participants from last year, welcome back! For some of us, our total debts are too large to smack down completely in one calendar year, so if you're here from last year, congratulations on your progress and let's keep on doing this! In 2019, we collectively paid down over $2,800,000 in debt! An increase of OVER $1,300,000 than in 2018!

For all new participants, we are happy to have you join in this year! New blood is always welcome. Let's all motivate each other to pay off those debts and continue moving forward to financial freedom.
 

How it works:


1. List the amount of total debt that you owe. 
This step is to give you an awareness of your current debt situation. Feel free to share, this forum is a safe and nonjudgmental place. You can also decide to keep this information private, you don't have to post your total here if you are not comfortable doing so. 

2. Post in this thread the total amount of debt you would like to pay off during the 2020 calendar year. (This part is required.) 
Feel free to break down the amounts by credit card/type of debt. Also, if you have a specific plan or some ideas on how you plan to pay down the debt, you can post that too. Maybe your plan will spark some ideas for others on how to tackle their own debts!

3. Check in monthly in this thread and report on how your debt smackdown is going. (This part is required.)

4. Post monthly on the 2020 Google Sheet to track your progress. (This part is required.)
Claim a line on the spreadsheet, and post your total debt to be paid off, and the monthly amount that you send off towards it. Some people track their total payments and don't account for interest, some people account for principal only. The method you choose is up to you!

If you come across this challenge later in the year, no worries, you can still jump right in. Just put zeroes in the months where you had not joined the challenge yet, and start in the month you join in. 
 

Last year, we collectively paid off $2,800,000. Let's smash that number again in 2020!

Please let me know any issues with the sheet - sometimes things are a bit wonky when making new ones!

*Official in the sense that there's a spreadsheet. Not official in the sense that it's made by YNAB. I'm just following naming conventions here :)

3376replies Oldest first
  • Oldest first
  • Newest first
  • Active threads
  • Popular
  • Auto loan 1 (Honda) - $10k balance and 2.9% interest rate

    Auto loan 2 ( Subaru) - $23k balance and 0.9% interest rate

    Mortgage - $525k balance and 3.75% interest rate

     

    No plans to pay down mortgage early. Goal to pay off Honda car loan by May 2020 and Subaru car loan by May 2021. Additional principal payments planned in 2020 is $15k

    Like 2
  • Hello fellow YNABers!

    One of my biggest goals this year is to actually track my spending in YNAB. I love the software and how it works but I can never seem to keep up with entering my purchases. Maybe I need to try linking my account.

    Anyway, I’d like to pay my $17K car loan down by half this year, so my goal is to pay $8500 by December 31. I will add myself to the Google Doc later today. 
    Happy debt crushing everyone!

    Like 2
      • Grey Tux
      • Silver_Wizard.3
      • 9 mths ago
      • 1
      • Reported - view

      Sky Blue Stallion Hi SkyBlue, give the linking a try!  The majority of my accounts are linked and it does make a Big difference especially if you have trouble with entering your purchases.  I have the same issue and I don't think I would have lasted very long in YNAB without the linking!!  Though on my one card ( that both hubby and I use) that can't be linked I'm pretty good and entering and what I miss is taken care of when I import the .csv statement I download from the card site...

      Like 1
  • I'm new to the smackdown, but excited to join the community and conquer our debt! This year I am focused on eliminating all non car loan debt and building up savings.

    CC debt: $6,969 (consolidated on a no interest balance transfer card)

    Grad school loan: $3,058

    Car: $23,933

    Total debt: $33,960

    Total to be paid off in 2020: $15,460

    Like 2
    • Gator_Gal We're just as excited to have you here! :)

      That debt will be a thing of the past before you know it!

      Like 1
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      Gator_Gal It looks like we had some trouble yesterday with our spreadsheet when you added in. I just wanted to let you know I moved you to ID 243 so you can find your numbers and update from there. 

      Like
      • Gator_Gal
      • gator_gal25
      • 9 mths ago
      • Reported - view

      Veronica Thank you!

      Like
  • Here is my debt:

    9500 spread among 5 credit cards

    27000 car loan

    27000 student loads 

    total: 63000$

    goal for 2020: pay off at least 9500 in credit cards, and start tackling my car payments for a total of 12000$ this year. 

    Like 3
    • Juzt4me Rooting for you! I'm looking forward to you knocking those credit cards out this year! :)

      Like
  • Hello, finance friends. 

    My total debt,  a combination of student loans and credit cards: $16,700.  Ew, gross. 

    Student loan payments are non-negotiable, but I would like to pay down $5,000 total as a goal. 

    I'm eager to find some more freedom by moving to a cheaper area near my partner and by finally buying a used car. Should be easier to earn and save money when I don't have to ride the bus everywhere! So, I'll have to incur some more debt (maybe like $8k) for the car and fork out some money for a move... my work is cut out for me. Oh, and my cat Toby wants me to buy her some more of those shrimpy treats, too.  Thank goodness for the wonders of public libraries for free entertainment.*

    In the past three years, I've exited a grad program, gone through a divorce, and gotten some help in paying credit card debt from my parents. I have a lot of guilt and insecurity, so there's plenty of room for improvement.

    Looking forward to this encouraging little place to help me along. 

    🤠

    IT'S GOING TO BE A WILD RIDE. 

     

    *I met my goal in 2019 of reading more than 117 books. This year, my goal is to read 150 (I think?). Should be cool to see the book consumption set up against debt reduction! 

    Like 5
    • madwhit I'm looking forward to this wild ride of yours! I'm going to leave a quick link to our journals section and cross my fingers you'll consider it. I couldn't put my own debt feelings any clearer than your "Ew". 😆

      Also, 117 books?? I'd love to see your reading list!!

      Like
      • madwhit
      • I like to read
      • Green_Elk.6
      • 9 mths ago
      • 1
      • Reported - view

      Faness  Thanks for the link! The more places for accountability, the better.

      Book rec of today: The Gulf, a book of poetry by Derek Walcott. 🌴

      I've been using goodreads for my book-tracking for several years... still learning the trick of giving up on a book when I don't like it.  Between Libby on my phone/tablet, the thrift shops and Little Free Libraries in my city, and my own accumulation over the years, I've got a lot of material to work thru! It's a good thing. 

      Like 1
    • madwhit There's no such thing as too many books! I haven't made as much time as I should to read new books in past years (I'll reread my go-tos in a blink, though). Thank you for the recommendation! 

      Like
      • MXMOM
      • MXMOM
      • 9 mths ago
      • Reported - view

      madwhit congratulations on weathering all those changes. I’ll just add that there is no point in looking in the rear view mirror. You’re not going that way. 

      Like
      • MXMOM
      • MXMOM
      • 9 mths ago
      • Reported - view

      madwhit 

      Like
      • madwhit
      • I like to read
      • Green_Elk.6
      • 9 mths ago
      • Reported - view

      MXMOM  LOL Thank You! Laughing all the way to the bank INDEED.

      I've checked several things off my life list, and now I know  what I need to be contented! Worth more than gold.  

      Like
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      madwhit Just wanted to let you know! We had some trouble with the spreadsheet yesterday, so I moved your line to ID 244. You'll be able to find the numbers there and update from here on :)

      Like
      • Ruth Elizabeth
      • Soil Scientist
      • Sapric_Histisols
      • 8 mths ago
      • 3
      • Reported - view

      madwhit I read 130 books last year! I also enjoy using Goodreads to track all of my reading. I usually pick a topic to focus my reading. Last year my goal was to read at least a hundred books written by women. Using the library and the Libby app has definitely helped keep costs down. This year I'm alternating between sci-fi, fantasy, personal finance, and conservation related topics. Also parenting, I read a lot about parenting too.

      Like 3
  • My debts total $18,000! It's a mix of credit cards & financing for emergencies I had. Caveat: I'm on a disability income, so get money once per month. Besides my physical disability, I also have severe depression & anxiety.

     

    I know it will take longer than a year, but I'm hoping this group will help.

    Like 4
      • MXMOM
      • MXMOM
      • 9 mths ago
      • 4
      • Reported - view

      Rottie Lvr welcome. Check out internettie journal. She has a great journal and is plugging away despite medical challenges. Don’t mean to speak for her but you may find a kindred spirit there. And she’s really nice especially if your name means what I think it does she’s a fellow dog lover  

      Like 4
      • internettie
      • Writer
      • internettie
      • 9 mths ago
      • 4
      • Reported - view

      Rottie Lvr I'm glad @mxmom tagged me in this post. I am also disabled and on Social Security Disability. The low, fixed, once a month income situation is one I am very familiar with. I have been disabled since 2000. I have multiple chronic illnesses and also have depression and anxiety. My debts are about $12,000 (credit cards and personal loans). It's going to take me years to get out of debt. It won't be easy but I know I can do it. I often take 2 steps forward and one step back, but if it were not for YNAB and this forum, there would be no steps forward at all. Even though I am in debt, still mess up once in a while, and live on SSDI, this is the first time in my life I feel relaxed about money. I don't wait desperately for payday anymore. Most times, I'm surprised when payday gets here because I'm not stressing about being broke. It also tickles me that I have so much money in the credit union ("so much" for me is a little over $1,000). I never had any savings, and I was always broke the day after payday. No more! You can do this despite disability and a low, fixed income. It will take time, but any step forward you take today is progress. Even if you just save $5 you're $5 ahead of where you were yesterday. I had to post my budget and get help from folks in the forum to realize that I there were actually places I could cut expenses. Lean on folks here. Have a plan and do your best to follow it. And be honest with yourself and others. There is no shame in messing up. People here are so supportive and encouraging. Getting a different perspective can really help. Sometimes I can't believe that I didn't think of something that seems so obvious, but that's okay. I'm seeing it now and making changes. And you have to be creative and not be afraid of making changes. My life is very different now and I'm not sure that I would have imagined where I would be, but my life is so amazing and I really want for nothing. Would life be easier if I had more money and no debt? Maybe. For me, the more money I have the more trouble I seem to get in. LOL I am better when I have guidelines and limits. I know that working my way out of debt will make being out of debt and having a bit more money more meaningful to me. I know I won't take that for granted. Anyway, welcome to YNAB, the forum, and the opportunity to make every day the #BestDayEver!

      (PS: I live by the Wisdom of the Wonder Hound, things I learned in the year that I had my foster pup, Addie. Learning these things made my life so much better when it came to being disabled and in debt. Life can be good despite your circumstances.)

      Like 4
      • Rottie Lvr
      • Rottie_lvr
      • 9 mths ago
      • Reported - view

      MXMOM Thank you. Yes, i'm a big time dog lover - any animal, actually

      Like
  • and i'm stumped already. i have no idea how to fill out the spreadsheet

    Like
    • Hi Rottie Lvr !

      Welcome aboard! :)

      I took a look and I think you got it! The only other thing to add is any payments made in January, if you've made any. 

      Depression and anxiety can be terrible obstacles, but we'll be rooting for you and I hope you'll check in here anytime you need someone to listen!

      Like 1
      • Rottie Lvr
      • Rottie_lvr
      • 9 mths ago
      • Reported - view

      Faness Thanks! I'm hoping accountability will help

      Like
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      Rottie Lvr We had some spreadsheet issues yesterday, and I had to move your line to ID 245. You'll be there permanently now!

      Like
  • OK, I'm new to this thread and to YNAB altogether. So here goes. 

    Just as a precursor...  There was a natural disaster in our city in 2016 that flooded our home and most of our  belongings, as well as our rental home, and both of our paid-off vehicles that caused most of our debt.

    1. List the amount of total debt that you owe. 
    $561,198.92... 2 mortgages, 2 disaster loans, multiple student loans, 2 auto loans, 1 HELOC, 1 credit card, 1 debt consolidation loan

    2. Post in this thread the total amount of debt you would like to pay off during the 2020 calendar year. (This part is required.) 

    $54,000.00, This includes a $41,200 grant that finally came in this month which we applied for in August of 2016. The grant was automatically applied to one of the disaster loans.

    I'd like to get the credit card paid off by the end of the year.

    Like 3
    • Coral Mixer I forgot to say that I claimed line 375 on the spreadsheet.  Also, should I leave off the grant $ and just include the credit card in my payoff target?

      Like
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 9 mths ago
      • 2
      • Reported - view

      Coral Mixer 

      Up to you how you define your debt and what you include in the grand total.  Personally, I'd include it for the oomph factor and psychological win.

      Like 2
      • Coral Mixer
      • Coral_Mixer.7
      • 9 mths ago
      • 1
      • Reported - view

      HappyDance Thanks. It has been one of the many gloomy clouds hanging over our heads since 2016 and even though we didn't "work" for this money, we really had to fight long hard for it. While we are extremely grateful for it, it doesn't come close to the amount needed to cover the total amount of debt from the flood.

      Like 1
      • MXMOM
      • MXMOM
      • 9 mths ago
      • Reported - view

      Coral Mixer if I were you I would leave the 2 mortgages off there for now. I’m sure they are making that number super large.  A lot of people like following Dave Ramsey’s approach of baby steps to make the process feel less overwhelming. Let me know if you need/want more info about that. 

      Like
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • 1
      • Reported - view

      Coral Mixer I had to move you to line 246 from some spreadsheet issues yesterday!

      Like 1
    • MXMOM thanks for the idea. I think I’ll leave it because it really is part of the total debt. Our home mortgage is actually only about $265,000 of that. The second mortgage is a rental home so I think even Dave would include that.  We were on baby step 2 before the flood and were actually making some headway. It’s been a huge setback for us. 

      Like
      • Coral Mixer
      • Coral_Mixer.7
      • 9 mths ago
      • 1
      • Reported - view

      Well, after doing my first full month of budgeting and looking ahead at next months projected bills and expenses, I've decided to drop out of the debt smackdown. It doesn't look like I'll be able to make any more than the minimum payments on my debt this year. In about 3 more years, I should be able to re-join. Good luck to you all.

      Like 1
    • Coral Mixer honestly, even with just making the minimums that is something to celebrate, so feel free to stay here and celebrate all the small wins!!

      Like 2
    • Coral Mixer Even minimum payments are payments! We'd love for you to track those balances with us, even if your goal isn't as high as you had originally planned! :)

      Also, I'm sorry you've gone through so much dealing with the aftermath of the flood. If you don't have another outlet, or if you're looking for one to track your experiences (where we can still cheer you on), you can start a journal here! 

      Like
  • This year I want to focus on paying down credit cards, they sky-rocketed after paying for a wedding and a trip!  

    looking to pay off 10,617.52 of the $23,220 that i owe.  This is a two-year strategy to pay this off using a 'snowball strategy'. 

    Like 2
  • I'm excited to be joining! My 2020 goal is to get out of debt, and it's totally doable--I've never had a HUGE amount of debt, but I've paid minimum amounts for years and years and the debt (of course) never went away in any real sense. I joined YNAB in July of 2019 and to say it's been life-changing is an understatement. 

    In the spirit of measuring  2020 progress, here's what I came into January with:

    CC1: $2,507.38 the albatross--I haven't spent on this card in YEARS.
    CC2: $527.48
    Student Loan $618.88

    Total: $3,653.74

    I'm using the snowball method to tackle these (and paid off two other credit cards in 2019 following this method). So I'm taking what I was paying on those other two credit cards and applying it to CC2 for now. Then when that's paid off--in May--I'll add that to my student loan, which will take a couple of months probably to be paid off (hallelujah--I graduated in 2006!) and then aaaaaaaallllll of my debt payment money will go toward CC1 and I'll be able to pay that off in full by the end of the year. 

    So in January, it's looked like this:

    CC1: paid $198.31/$2,507.38 = $2,360.40 (+$51.33 interest)
    CC2: paid $111.84/$527.48 = $423.02 (+ $7.38 interest)
    Student Loan: paid $75/$618.88 = $545.22 (+ $1.34 interest)

    Total paid: $385.15
    Total debt remaining: $3,328.64

    Off to claim my spot in the Google sheet. Can't wait to see how we all do!
     

    Like 5
    • Charlotte Congrats to your progress so far and good luck with your progress to come! I'm looking forward to your debt free post towards the end of the year! :)

      Like
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      Charlotte We had some spreadsheet trouble yesterday and I had to move your line to ID 247! Let me know if you have any issues!

      Like
  • I have $18,634 of debt.

    Like 2
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      River La Belle Welcome! You can find your info on line 248 for updating this year!

      Like
  • Hello!  I'm having my usual January panic about money, so it's time to make a plan, and I figured this might help me get some momentum going.  

    Total debt (including mortgage):  $335,778

    Non-mortgage debt (student loan, 401K loan, car loan, credit cards):  70,777

    Background:  a combination of unlucky circumstances out of our control, some poor choices, and a few risky decisions got us here.  If I can get everything but the mortgage paid off, we'll be in a much better position.  

    Relationship drama:  I'm the primary breadwinner in my family, and am also in charge of the budget.  My husband doesn't like to talk about money because he feels bad for not bringing in more, and he knows I'm stuck in a job I don't love because I can't afford to take a pay cut.  Therefore, as in many families, money conversations can be a source of stress.  Also, our home is a fixer-upper and needs a lot of work.  We're doing a good bit of it ourselves, but every time my husband says "we should really pay someone to do xyz on the house" I immediately get tense because it's either coming out of savings or going on a card.  I've explained to him we need to get out of non-mortgage debt ASAP so we'll be in a more comfortable place and can afford to pay workmen, but then he gets stressed about the house "deteriorating around us".  Sigh.

    2020 goals:  My goals for 2020 are to pay off my 401K loan of $3039 and my student loan of $3486 as well as a Care Credit card (used only for cat-care emergencies, and has 0% interest for a set promotional period - I had JUST paid it off this month when our boy kitty blocked and had to go to the ER for $2411).  I want to pay down my car loan by $2500.  I also want to keep whittling away at my credit cards, and only use them for emergencies.  I know in some ways it would make more sense to pay off the cards first BUT I tried that last year and ended up maxing one of them again.  So I want first to pay off things that are stable and can't be re-charged.  

    Lest you think I'm a total moron, I've actually made some progress since I first started trying to tackle the debt in June 2018.  Since then, I've paid off $24,174 total, but I know I can do better if I put my mind to it.  

    Like 2
      • Cyan Koala
      • Cyan_Koala.5
      • 9 mths ago
      • 2
      • Reported - view

      My overall goal is to pay down $30K of this mountain of debt.

      Like 2
    • Cyan Koala That's a good chunk of progress you've made so far! I hope you see that as a true accomplishment and can be gentler on yourself going forward - you've already proven you can do this! :)

      Does your husband budget with you? Here's a quick link to our Join Forces Guide, which has a lot of tips on budgeting with a partner. I've found that even if a partner doesn't want to be involved in-depth, having the budget at hand (on their phone) gives them a chance to see things without handling them, if that makes sense. 

      Like 1
      • Cyan Koala
      • Cyan_Koala.5
      • 9 mths ago
      • 2
      • Reported - view

      Faness We used to have regular budget meetings (monthly) but somehow fell out of the habit.  They were supposed to be mostly informative, and also for the purpose of letting each other know if we had an unusual expenditure coming up.  I think we need to start those again because he honestly has no idea how bad our financial situation is - because he doesn't really WANT to know.  I'll check out the Join Forces guide for sure.  Thanks!

      Like 2
      • MXMOM
      • MXMOM
      • 9 mths ago
      • 1
      • Reported - view

      Cyan Koala we would never think you’re a moron!

      Like 1
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • 1
      • Reported - view

      Cyan Koala We had some spreadsheet trouble yesterday when you joined and I had to move your line to 249! Let me know if you have any questions.

      Like 1
      • SapphireSweetie
      • Changing my financial future!
      • Sapphiresweetie
      • 5 mths ago
      • 1
      • Reported - view

      Cyan Koala wow! I felt like I was reading my own story here! I feel you on all sorts of levels in regards to the relationship with your  husband in regards to money and being the bread winner in a job you don’t like so much.  Even your total debt amount is super close to mine! Praying for you girl! It’s a hard road but being consistent will get us to where we need to be!

      Like 1
  • I've claimed line 384. Total debt I'm concerned about: $69,152. 

    A daughter's wedding, funding my business, private school for my two youngest, new living room and kitchen set, and just other stupid spending caused our CC debt to go sky high.  Plus, just a lot of kids and the everyday expenses -- clothing, one activity for each such as music lessons, milk (teenage boys drink a LOT of milk!), etc. 

    2020 Payoff goal: $20,000.  My freelancing business is picking up, and we'll have extra money from that.

    Biggest challenge: Not eating out.

    I hate cooking. I have four teenage boys in the house, one teenage girl (and her very hungry boyfriend), and a six-year-old, and they all have different tastes, so cooking is frustrating for me. With a work-from-home job and a busy household, I don't have time to cook unless I plan way ahead. But then I forget to plan. And my grocery bill is like another mortgage payment. 

    Like 4
    • Liz Smith I'm aiming for $20k too (all towards student loans 😥). Eating out is a huge rabbit hole, so I've started the year with a No Junk January (going Really well) and set a spending goal to help stop me from going over a certain amount.

      Wishing you luck - both with the business and your payoffs! :)

      Like
      • MXMOM
      • MXMOM
      • 9 mths ago
      • Reported - view

      Purple Mama I hear you on the milk and also not wanting to cook. Costco is awesome. Milk is cheaper and yes you can go in just to buy milk. And the prepared food section (just shove it In the oven) is pretty good and has good variety. 

      Like
    • MXMOM Thanks! I have a BJs membership and have been utilizing it more. Definitely easy! 

      Like
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • 1
      • Reported - view

      Purple Mama We had to move you to line 251 after some spreadsheet trouble yesterday! We should be set for moving forward, though! 

      Like 1
    • Purple Mama Update. I'm going to add in ALL the debt so I can watch it being paid off. Just paying my mortgage and car payments each year is an accomplishment, right? We went insane this last year and bought two brand new cars too. I don't know what we were thinking, but I was getting tired of repairs, so I figured brand new would be better. Now I have two hefty car payments on top of private school tuition. 

      • Mortgage: $252,731
      • CC debt: $69,152
      • car loans: $83,733

      Total debt: $405,656

      I'm not going to panic about this. It's a new year, and not only would I like to pay off a huge chunk, I want to get to the point where I'm funding two months ahead. We'll see how it goes! 

      Like 2
  • Credit Card Debt-$3188.76 CAD... and I don't want to dip into my savings to pay it off (starts even worse habits of using savings to just pay anything off) and I want to get rid of it within 3 weeks without spending any more on it.

    Like 2
    • Spring Green Tugboat Oh and I'm on line 385 too...!

      Like
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • 1
      • Reported - view

      Spring Green Tugboat We had some spreadsheet issues yesterday and I had to move you to line 251! Let me know if you have any questions about that!

      Like 1
    • Spring Green Tugboat Just an update, I got a $450 refund so what my debt is now is only $2759.36! :)

      Like 1
  • All,

    I need suggestions/thoughts.

    I received an email from my BOA card this weekend informing me that they closed my account. I immediately called to find out what was going on because I didn't want to wait for the letter. 

    The woman I spoke to told me it was for a) non use; b) a delinquent account; and c) high balances. 

    A and C are true. B is where I'm pissed off. 

    Backstory:

    ALL of my accounts are on auto-pay so that I never miss anything and at the very least, the minimum is paid. In December I called my Barclays card because I noticed there was a late fee on my account. Long story short... they never withdrew the December 7th payment even though I have email confirmation dated 11/18/2019 that I was enrolled in auto pay. So I requested the late fee be returned, which they did, and expressed that this had better not affect my credit report, which I was told it would not.

    Obviously that's not the case because BOA closed my account, and another card lowered my limit.

    My question is: Is there anything I can do??  The BOA card had a zero balance, and I don't need the card, but  the Barclays issue is obviously negatively affecting my credit. 

    Like
    • Hi just_zoshin !

      Sorry this happened - it doesn't seem fair that the payment fell through on their end and you have to pay for it. For Barclays, how late was the payment? Late payments usually aren't reported to the credit bureaus until after the 30 day period. If it wasn't 30 days, it shouldn't show on your credit report at all. If it was more than 30 days, and is listed on your credit report, you can dispute it. 

      It may be worth calling your bank to see if there's anything they recommend or offer to help with. 

      Like
    • Faness It was 6 days. 

      Like
    • just_zoshin Have you requested your free credit reports for the year yet? You can get a copy from each bureau for free once a year. That late payment shouldn't be listed there since it was paid so quickly after the due date.

      Like
  • I just completed my first year using YNAB. It has been great. I paid off all my credit card debt. That feels so great. But...I had to replace my 25 year old car (I do keep them a LONG time).  I did take the advice to buy a good used car. I’m pretty sure this one will last 25 years too.   I invested in a hybrid (already spending half what I used to at the gas station).  My goal is to pay off the car loan  in about a third of the time. My car loan is $20,000. My goal is to pay down an additional $6,000 per year on the car (approximately $500 per month)

    Like 5
    • Aquamarine Zebra Congrats on getting debt free! 

      Like 1
    • Aquamarine Zebra 25 years is quite an accomplishment! I now feel slightly embarrassed for considering a newer car when my current one is only 11 years old. 😅

      Congratulations on paying off all your previous debt! I'm sure that new car loan won't last long! :)

      Like
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      Aquamarine Zebra We had to move your line to ID 253 for this year's smackdown! 

      Like
  • Joining for the first time! My goal is to pay off current car loan, remaining personal loan from recent school, and remainder of student loan from ancient school. Gotta replace the old car this year so want to be in a good spot to get a new loan. About 24k this year. Here we go!

    Like 4
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      Green Trombone We had to move some folks around on the spreadsheet, so you'll find your info on line ID 254! 

      Like
    • Veronica thanks!

      Like
  • Glad to be joining. I think this will be the accountability I need to pay off some of my debt.

    I have (YIKES):

    Am Ex - $13,000

    Car loan - $32,000

    Student loan 1 - $29,000

    Student loan 2 (my husband's) - $89,000

    Mortgage - $215,000

    My goal is to pay off the $13,000 Am Ex debt this year. 

    Like 4
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      Alice Blue Wildcat We had some spreadsheet issues yesterday and had to wiggle some folks around. You'll find your info on line ID 255!

      Like
  • I have CC debt of $20,749. I'd like to pay off $10,000 of that this year! fingers crossed, sleeves pushed up! :) 

    Like 3
    • Green Mixer You can do it!

      Like 1
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      Green Mixer You'll find your info on line 256 this year! Welcome to the challenge!

      Like
  • Oy. Not a joiner, but becoming a believer.  $30K this year or bust!  Debt from my daughter's school,and from a program I took to get a credential that should give me a good chunk of extra income over the next couple of years.  But want to trim my living expenses and frittering in order to get debt free faster!

    Like 3
    • Sea Green Display 

      Like
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      Sea Green Display $30k or bust! I like it! We moved you to line 257 for this year's challenge :)

      Like
  • but..just curious...why am I Sea Green Display with an alarm clock??  Oy.

    Like 1
    • Sea Green Display Just go into your profile and edit it. I was something weird too. 😂

      Like 1
    • Sea Green Display When you log in to the forum for the first time, our system will automatically assign you a name, avatar, and username as an alias. 

      Here's how to change your name and avatar, click your user icon in the upper right corner and select Edit Profile. The username can be changed under the Account tab on that same page.  :)

      Like
    • prairieorchid I like what you changed yours to! Your picture is both hilarious and adorable! 😆

      Like 1
    • Faness Hahah thank you! 😂 It's from a cartoon called Bee and Puppycat (that's Puppycat in the photo) and I highly recommend it.

      Like 1
    • prairieorchid Thank you! I'll take a look at it later (I believe it's on YouTube so yay for availability!). 

      Like
  • Line Claimed (381)   


     We just established a 3 year plan to pay down 2 credit cards, a personal line of credit, and 2 car loans. 
    With a total of $15,433.72 as the goal for 2020. 

    This will clear up 1.5 car loans, both credit cards.

    We're tackling highest interest first, which aligns with our lowest balances so hoping to ride that quick gratification motivation train right to the end. 

    The above is only principal (Not including the cars), we budget for our interest expenses and pay them every month, quite excited to start seeing those numbers dropping as well. 

    Like 3
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      jjones Welcome! We had to move your line to 258 for this year! Let me know if you have any questions.

      Like
  • claimed lined 393

     

    House down payment: 6300

    Car 1: 12,968.57

    Car 2: 19,822.31

    CC: 3,925.73

    Peloton: 2,285

    Total: 45,301.61

    Goal is to pay off $13,200 in total for 2020 or $1095 per month. Ideally the credit card would be paid off this year, but  we'll see how that goes. With new habits, we're more focused on being much more aware of what we're spending rather than trying to dump all the money towards the credit card.

    Like 2
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • 1
      • Reported - view

      lighthousen We had to move you to line 259 from some spreadsheet funny business yesterday! Side note: My Peloton is one of my very favorite purchases ever. Do you love it?

      Like 1
    • Veronica Thank you! I 100% do not regret that purchase, it is awesome! Would have loved to pay for it in cash, but it did remove a gym membership :)

      Like
    • lighthousen $1095.58 paid off in February. Making progress!

      Like 3
  • claimed line 378!

    $46,728 in CC, LOC, and personal loans. My bad money spending habits still haunting me from when I moved out at 17. Hoping after 10 years I can nip it in the butt and finally get rid of this burden that has been following me for far too long. I'm keeping my goal manageable at $1200 a month, with the hopes of adding more to it when I can. Debt free 2022 here I come.. lol

    Like 2
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      boprofosho We're going to move you to line 260 this year! Welcome to the challenges!

      Like
  • Hi friends! I'm coming in a bit late but better late than never? (Which is kind of the whole theme for my debt recovery...)

    Without getting into too many gory details, I have $47,287 in debt as of today. I would ideally love to pay off $13,000 of it this year (more, if possible, but I'm trying to start conservative so I don't get over-zealous and do what I've done in the past and get into MORE debt because I funnel all my money into my debt and leave myself no money for, like... food). Currently I'm using the system on Undebt.it to snowball my debts. I clear the debts off of my low-interest credit line first and then transfer as much high-interest debt as I can from my credit cards onto the credit line to hopefully save interest in the long run.

    January check-in: So far so good, I've paid a good chunk down even after having to pay off some lingering Christmas costs. I'll have paid about $1,400 by the end of the month. Still need to rein in my food spending which is always what trips me up.

    Can't wait to see how we all do this year! 🎉 And I'm at line 397 of the Google Sheet.

    Like 2
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      prairieorchid Welcome to the challenges! Food spending 100% is the category that trips me up too. I moved you to line 261 for this year's challenge!

      Like
    • Veronica Thank you! :)

      Like
Like118 Follow
  • 118 Likes
  • 1 hr agoLast active
  • 3376Replies
  • 11947Views
  • 394 Following