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Updated Debt

March 26th, 2013 at 03:23 pm

Yes, I've been absent and I've been bad so I've been honing my avoidance skills. Let's see the damage:

Student Loan #1 - $3,025.06
Student Loan #2 - $33,388.18
Credit Card #1 - $9,530.29
Credit Card #2 - $3,165.68
IRS Bill - $4,618.65
State Tax Bill - $86.70
Total (3/26/13) - $53,814.56

Emergency Savings is a laughable $200.

I'm going to have to shape up.

3 Responses to “Updated Debt”

  1. creditcardfree Says:

    Welcome back! You have less debt than you did in November, per your side bar. Count that as progress and keep moving forward.

  2. snafu Says:

    OK, you've acknowledged slipping off your plan but here you are and we're ready to support you and cheer on every bit of progress. How do you plan to handle IRS & State tax bill? Will yo call and make specific arrangements so that you're not tagged with penalties and even more problems?

    Are there any expenses you are willing to reduce/relinquish short term to add to cash flow and move forward? Have you called CCs to request lowering interest rates? It takes several layers to get to decision maker

  3. Bob B. Says:

    You've eliminated $1,984 of debt in 4 months. That's an average of $496 per month. What I did when I was up to my eyeballs in debt (right now, I'm just up to my chin in debt) was aim to pay off more in principal than I did the previous month, even if it was just by a few dollars.

    What happened with me is that I increased that goal each month - Say I paid off $800 of debt in month one, and in month two, I paid off $810 of debt. Month three, I wouldn't be happy unless I paid off $825 of debt.

    There may (hopefully) be certain months when you get a small windfall of money, and you pay off $1,200 in debt, and you know you can't pay $1,201 the next month. Or there will be another month when you have unavoidable expenses, and you only pay off $475 in debt. So, you just jump back a couple of months and shoot for for $830 the next month.

    That's what seemed to work for me.

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