Get Back On That Wagon, Now!

Posted on March 7, 2013 by Mary Hunt in Dear Mary 2 Comments

Dear Mary,

I’ve read your books and am a member of DebtProofLiving.com. My husband and I were excited to start our Rapid Debt-Repayment Plan, and did well the first month. Now we have fallen off the wagon and are behind on payments again. We haven’t used our credit cards, but we feel discouraged. Now what? Teresa, California

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Dear Teresa,

Want to know how many times I fell off and had to get back up on that wagon? Too many times to count. I don’t recommend it because each time you fall off you only delay the process.

You’re being too soft on yourselves. You need to get tough. That starts with getting downright angry! Get mad at the decisions that brought you to this place in your life and mad for believing that credit cards would make your life easier. Get angry that you have all this debt to repay! Then, give yourselves a swift kick in the rear, grit your collective teeth and direct that anger at your outstanding debt. It’s making your lives miserable and it has to go!

I’m so glad you’re part of our DPL family, and that you’ve read my books. I tell you with gratitude and amazement that a membership to DebtProofLiving.com has helped untold thousands of people to get out of debt and onto a path of living below their means. I know it can do the same for you. Just keep going and don’t ever give up!

Dear Mary,

I recently graduated from college and I need to buy a car. I don’t have the money to pay cash so I have decided to buy a used car by taking a loan from my credit union. I would get a better deal if I buy directly from an owner rather than a used car dealership. However, personal standard loans have higher interest rates than auto loans. Which option is better economically? Kevin, Pennsylvania

Dear Kevin,

You are on the right track in getting the financing through your credit union. The credit union should not differentiate between a car purchased from a private owner or a used car dealer. Go to the credit union before you start shopping. Find out the terms of the loan they will give you including the monthly payments. Once you are pre-qualified, you can start shopping with confidence.

In most cases, once you have signed the loan documents, the credit union will cut you a check that will be as good as cash. You can shop private offers as well as used car dealers. As far as the seller is concerned, you are a cash buyer. Once you find the car that is right for you, you will have to bring the car’s title and registration to the credit union. It will be transferred to the credit union’s name as owner. When you pay the loan in full, the title will be transferred back to you as owner.

Question: Have you ever fallen off the debt-repayment wagon? If so, what are your words of advice for Teresa? Share them here. 

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Posted on March 7, 2013 by Mary Hunt in Dear Mary 2 Comments
  • Elle

    One thing I’d suggest is figuring out what your triggers are for falling off the wagon and finding a way to deal with them. For example, my husband LOVES eating out, and it was ALL TOO EASY for me to go along with it after a long day because it meant no shopping, no prep work, no dirty dishes, etc. So I had to start making it easier to get a healthy, delicious meal on the table for less than the cost of eating out, and it couldn’t consume an enormous amount of my time or energy. One thing that helped tremendously was having a set menu for the week containing healthier versions of dishes my family would still enjoy. For example, every Monday was Italian (pasta and salad or something like chicken cacciatore), every Tuesday was some type of Mexican food, Wednesdays included fish, Thursday was casserole day, and Friday was junk food fun day such as burgers or hot dogs. At least one day per week was ‘surprise day’. All the leftovers I hadn’t been able to incorporate into another meal were lined up on the counter and my kids could make their own plate out of the available choices. It was funny to see them reading the menu and anticipating their favorite meal of the week. I also tried to get as much prep work as possible done beforehand (chopping veggies, etc.) The last thing was making a compromise with my husband; if he still wanted to go out to eat, it had to be at a place where we could get a discount. His favorite steak house, for example, has a buy-one-get-one-free deal every couple of months. So he still got to eat out, but it didn’t have to be a budget breaker.

  • Elena

    When I felt down the wagon I feel like the AA. One day at a time. Find out what is your waker point to fall from the wagon. For me is stress. I amnot a shopper, but I give in presents, so sometimes presents can be a bit more than I can afford. Think on the 12 steps of the AA. One day at a time. The best