Free Republic
Browse · Search
General/Chat
Topics · Post Article

Skip to comments.

New Rage: Loan-Payoff Parties
Yahoo! ^ | December 26, 2012 | Kelly Greene | The Wall Street Journal

Posted on 12/27/2012 11:14:55 AM PST by Altariel

When Cherie and Brian Lowe of suburban Indianapolis threw a party last spring, 150 well-wishers came bearing casseroles.

This was no birthday or anniversary bash. Mr. Lowe, a lawyer, and Ms. Lowe, a stay-at-home mom, both 36 years old, were celebrating an accomplishment: paying off $127,482.30 in debt, mainly student loans.

Partygoers came from as far as 200 miles away. Some had never met the Lowes but followed their quest through a blog called Queen of Free. Guests won prizes such as personal-finance books, museum passes and homemade cleaning supplies. One friend sang "Sallie Mae Is Not My Lender" to the tune of Michael Jackson's "Billie Jean."

Americans are struggling with student loans like never before. Outstanding student-loan debt hit a record-high $956 billion in the third quarter, and 11% of student-loan balances were at least 90 days behind on payments, according to the Federal Reserve Bank of New York.

Some borrowers are fighting back, using a combination of extreme frugality and extra part-time jobs. And a few who win the battle by retiring their bills early are marking the triumph in style.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Miscellaneous
KEYWORDS: daveramsey; debt; debtfree; money

1 posted on 12/27/2012 11:15:06 AM PST by Altariel
[ Post Reply | Private Reply | View Replies]

To: CSM

Of interest to the Dave Ramsey PING list.


2 posted on 12/27/2012 11:16:00 AM PST by Altariel ("Curse your sudden but inevitable betrayal!")
[ Post Reply | Private Reply | To 1 | View Replies]

To: Altariel

(I don’t mean to veer off - but a correction)
Dear Kelly - in the Midwest ‘casseroles’ are the serving dishes.
‘Hot dishes’ are the food.


3 posted on 12/27/2012 11:42:55 AM PST by dk88 (Outlaw)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Altariel
"Mr. Lowe, a lawyer, and Ms. Mrs. Lowe, a stay-at-home mom..."

Get it right, you ignorant leftwads.

4 posted on 12/27/2012 11:44:13 AM PST by Windflier (To anger a conservative, tell him a lie. To anger a liberal, tell him the truth.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Altariel

In the past, I busted my @$$ to get to the point of being debt free. And when you are debt free, no one can pull you with the short hairs or put you in the position of either not playing the game and losing what you worked for since you cannot pay your debt -or- playing the game in order to get money to pay your debt.

In my class I teach at the university, I show students a spreadsheet program to see how debt is paid off (interest up front) and give them the tools to be financially well off when they start dealing with banks. I had a 15 year mortgage on one house I owned and within the first few years, I paid extra money towards the principle and ended up paying it off in 7 years.

The best position to be in when you are debt free is that it is easy to tell your boss to **** off if they want to push you into doing something illegal or unethical.

This is something our Federal Gov’t can do, live within their means instead of running up more and more debt.


5 posted on 12/27/2012 11:45:45 AM PST by CORedneck
[ Post Reply | Private Reply | To 1 | View Replies]

To: Altariel

Didn’t ‘we’ used to call these Mortgage Burnings?

Why does it seem people think they invented the wheel when something has been going on for years?

Rush used to tell the story of someone bemoaning the fact that “W” won the Election.

“I can’t really believe it as not one person I know voted for him”.

That is kind of making oneself the ‘center of the universe’ doesn’t it?


6 posted on 12/27/2012 11:50:55 AM PST by xrmusn (6/98 "It is virtually impossible to clean the pond as long as the pigs are still crapping in it")
[ Post Reply | Private Reply | To 1 | View Replies]

To: Altariel

Kinda like the “Burn the Mortgage” parties I remember.


7 posted on 12/27/2012 11:52:52 AM PST by Roccus
[ Post Reply | Private Reply | To 1 | View Replies]

To: dk88; Altariel
Dear Kelly - in the Midwest ‘casseroles’ are the serving dishes. ‘Hot dishes’ are the food.

The Midwest is a big place. Hot Dish is used in Minnesota and western Wisconsin. However, in northwest Illinois casserole is used to describe the contents.

My Canadian wife insists that a lasagna is a casserole, becuase of its composition. I insist that it is not, because my mom cooked it in a metal pan, not a casserole dish, and because NO ONE back east EVER though of a lovely lasagna as being in the same class as a pedestrian casserole.
8 posted on 12/27/2012 12:10:33 PM PST by Dr. Sivana ("C'est la vie" say the old folks, it goes to show you never can tell. -- Chuck Berry)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Dr. Sivana

Good points - thanks


9 posted on 12/27/2012 12:22:30 PM PST by dk88 (Outlaw)
[ Post Reply | Private Reply | To 8 | View Replies]

To: xrmusn

“Didn’t ‘we’ used to call these Mortgage Burnings?”

Well, ifn you read the story it wasn’t about burning a mortgage - it was student debt.


10 posted on 12/27/2012 12:44:13 PM PST by raybbr (People who still support Obama are either a Marxist or a moron.)
[ Post Reply | Private Reply | To 6 | View Replies]

To: Altariel

Good on ‘em! Me and Mrs. VPINTHEAK are working hard and getting out from the slavery of debt!


11 posted on 12/27/2012 1:26:44 PM PST by vpintheak (Occupy your Brain!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: raybbr

Well, ifn you read the story it wasn’t about burning a mortgage - it was student debt.
= = = = = = = = = = = = = = = =
Mortgage, credit card, student, vet bill, doesn’t matter, ‘they’ are acting like they just invented something new.

Few years back used to be a guy on radio (don’t think it was Dave Ramsay - might have been) that dedicated an hour or so of his show to have a CUT UP YOUR CREDIT CARD day - After it was paid off.

My point was ‘every time’ these 30 somethings do something ‘they’ think is new it gets treated like it was.


12 posted on 12/27/2012 2:05:51 PM PST by xrmusn (6/98 "It is virtually impossible to clean the pond as long as the pigs are still crapping in it")
[ Post Reply | Private Reply | To 10 | View Replies]

To: raybbr

Well, ifn you read the story it wasn’t about burning a mortgage - it was student debt.
= = = = = = = = = = = = = = = =
Mortgage, credit card, student, vet bill, doesn’t matter, ‘they’ are acting like they just invented something new.

Few years back used to be a guy on radio (don’t think it was Dave Ramsay - might have been) that dedicated an hour or so of his show to have a CUT UP YOUR CREDIT CARD day - After it was paid off.

My point was ‘every time’ these 30 somethings do something ‘they’ think is new it gets treated like it was.


13 posted on 12/27/2012 2:05:51 PM PST by xrmusn (6/98 "It is virtually impossible to clean the pond as long as the pigs are still crapping in it")
[ Post Reply | Private Reply | To 10 | View Replies]

To: Altariel

Good article, thanks for the ping. Sadly I only have my phone right now and can’t switch sessions to get my ping list. It is on my profile if you are up for sending it out.


14 posted on 12/27/2012 2:08:35 PM PST by CSM (Keeper of the Dave Ramsey Ping list. FReepmail me if you want your beeber stuned.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Roccus

Both parties celebrate steps in the right direction-—getting out of debt and truly *owning* what you have.

If only Congress would follow suit.


15 posted on 12/27/2012 2:15:12 PM PST by Altariel ("Curse your sudden but inevitable betrayal!")
[ Post Reply | Private Reply | To 7 | View Replies]

To: Hoosier Catholic Momma; CottonBall; TenthAmendmentChampion; Chickensoup; JDoutrider; ...

“Debt is dumb, cash is king, and the Dave Ramsey PING list has taken the place of the BMW as the new status symbol of choice.”

(I’m pretty sure that’s what Dave would say, if he were a Freeper.)

If you are a Freeper, Mr. Ramsey, join in!


16 posted on 12/27/2012 2:33:56 PM PST by Altariel ("Curse your sudden but inevitable betrayal!")
[ Post Reply | Private Reply | To 14 | View Replies]

To: CORedneck
And when you are debt free, no one can pull you with the short hairs or put you in the position of either not playing the game and losing what you worked for since you cannot pay your debt -or- playing the game in order to get money to pay your debt.

Now if we could just get property taxes converted to sales tax, we could truely be free of the threat of the gubmnt taking our homes,

17 posted on 12/27/2012 2:34:46 PM PST by NYTexan
[ Post Reply | Private Reply | To 5 | View Replies]

To: Hoosier Catholic Momma; CottonBall; TenthAmendmentChampion; Chickensoup; JDoutrider; ...

“Debt is dumb, cash is king, and the Dave Ramsey PING list has taken the place of the BMW as the new status symbol of choice.”

(I’m pretty sure that’s what Dave would say, if he were a Freeper.)

If you are a Freeper, Mr. Ramsey, join in!


18 posted on 12/27/2012 2:34:46 PM PST by Altariel ("Curse your sudden but inevitable betrayal!")
[ Post Reply | Private Reply | To 14 | View Replies]

To: Altariel

That’s more than my house. I graduated college without a student loan. First house mortgage was paid off in less than 5 years. Second house mortgage was also paid off in less than 5 years. Don’t owe anyone now. I must be doing something wrong.


19 posted on 12/27/2012 2:59:06 PM PST by bgill (We've passed the point of no return. Welcome to Al Amerika.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Dr. Sivana

In Michigan we called the food a casserole too. You make a casserole.


20 posted on 12/27/2012 4:42:36 PM PST by A_perfect_lady
[ Post Reply | Private Reply | To 8 | View Replies]

To: A_perfect_lady; Dr. Sivana

Wisconsin, too. We make casseroles in the casserole dish.


21 posted on 12/27/2012 7:02:00 PM PST by knittnmom (Save the earth! It's the only planet with chocolate!)
[ Post Reply | Private Reply | To 20 | View Replies]

To: Altariel
She's on tv now and then here in town and gives a lot of common sense tips on saving money on shopping for necessities. The kind of thing that the EBT crowd never learned in school.


22 posted on 12/27/2012 7:06:30 PM PST by nascarnation (Baraq's economic policy: trickle up poverty)
[ Post Reply | Private Reply | To 1 | View Replies]

To: knittnmom; A_perfect_lady; Dr. Sivana
Wisconsin, too. We make casseroles in the casserole dish.

Ditto, in my part of Illinois.

23 posted on 12/27/2012 11:44:33 PM PST by Graybeard58 ("Civil rights” leader and MSNB-Hee Haw host Al Sharpton - Larry Elder)
[ Post Reply | Private Reply | To 21 | View Replies]

To: Graybeard58; CSM; knittnmom

I just paid off my truck; mailed the check in this morning after saving up for a year to pay it off early. Saved over $3K in financing!

Where’s my d@mn casserole?

LOL!


24 posted on 12/28/2012 12:11:27 PM PST by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
[ Post Reply | Private Reply | To 23 | View Replies]

To: Altariel
“Debt is dumb, cash is king, and the Dave Ramsey PING list has taken the place of the BMW as the new status symbol of choice.”

That's Dave's main statement on every show and I say Amen and Amen!

We're ready to do the "I'm Debt Free" scream but can't get on the show. We paid off the debts other than the house in 2007, College debts for my kids the Spring of 2008, and the House September of 2008.

The Key to staying out of Debt is the Emergency Fund. If you don't have one, Murphy is ready and waiting. He still comes if you have one, but he tends to comes less often.

Working on Step 7.

SR

25 posted on 12/28/2012 12:42:51 PM PST by sr4402
[ Post Reply | Private Reply | To 18 | View Replies]

To: Diana in Wisconsin
I just paid off my truck; mailed the check in this morning after saving up for a year to pay it off early. Saved over $3K in financing!

Time to go new truck shopping yet?

26 posted on 12/28/2012 4:29:21 PM PST by Graybeard58 ("Civil rights” leader and MSNB-Hee Haw host Al Sharpton - Larry Elder)
[ Post Reply | Private Reply | To 24 | View Replies]

To: Graybeard58

Nope. I just bought the truck this time LAST year. 2008 Ford Escape with very low mileage. (I only have 42K on it as of now...) I love it! I had a decent down payment, but let them finance the rest because I needed to ‘get back in the game’ post-divorce, and they gave me 2.9% financing.

My FICO is top of the line...and my only debt now is my farm mortgage...ALSO due to the divorce because I bought him out; rewarding him for his bad behavior. But, it’ll pay off as I’m in one of those ‘golden’ areas where my farm has appreciated in value since I bought it in 1993, and my taxes aren’t out of line, either.

I WAS going to be debt free and retired by 55, but that’s not looking like a possibility now. However, I have a very good job and a good attitude which takes you places. ;)

But, who knows what is ‘round the next bend? I’m due for some Good Luck. :)

Anyhow, that’s my story and I’m stickin’ with it. :)


27 posted on 12/28/2012 7:42:03 PM PST by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
[ Post Reply | Private Reply | To 26 | View Replies]

To: Diana in Wisconsin

Great sunny attitude, does this old heart good to hear it.

Plus, at under 55, you’re still a kid.


28 posted on 12/28/2012 11:41:33 PM PST by Graybeard58 ("Civil rights” leader and MSNB-Hee Haw host Al Sharpton - Larry Elder)
[ Post Reply | Private Reply | To 27 | View Replies]

To: Diana in Wisconsin

Great job! I’ve just mailed a green bean casserole to you! Keep up the good work FRiend.


29 posted on 12/29/2012 3:04:09 AM PST by CSM (Keeper of the Dave Ramsey Ping list. FReepmail me if you want your beeber stuned.)
[ Post Reply | Private Reply | To 24 | View Replies]

To: Altariel

Thanks for sending this out to the DR pingees. I appreciate your help.


30 posted on 12/29/2012 3:05:52 AM PST by CSM (Keeper of the Dave Ramsey Ping list. FReepmail me if you want your beeber stuned.)
[ Post Reply | Private Reply | To 16 | View Replies]

To: Altariel

Imagine the parties when Obamaclaus signs an EO forgiving all student loans.


31 posted on 12/29/2012 3:09:51 AM PST by Fresh Wind (The last remnants of the Old Republic have been swept away.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Diana in Wisconsin

Casserole? Sure, but where’s my payoff party invitation? :-)


32 posted on 12/29/2012 6:04:26 AM PST by knittnmom (Save the earth! It's the only planet with chocolate!)
[ Post Reply | Private Reply | To 24 | View Replies]

To: knittnmom; CSM; Graybeard58

I’m throwing a BYOC Party! :)

Man, this feels so gooood!! Now to throw extra at the mortgage. And ammo. I need more ammo. ;)


33 posted on 12/29/2012 6:46:03 AM PST by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
[ Post Reply | Private Reply | To 32 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
General/Chat
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson