get out of debt

Making some progress.

New debt status:

Student Loan 1 = $4,069.47
Car Loan = $6,180.27

TOTAL: $10,249.74

My last debt status: (1 month ago).
Visa —-—-—-—-—-——$0.00 Lmt.($7600)
OverDraft-—-—-—-—-—$0 Lmt.(3000)
MasterCard —-—-—-——$2,863 Lmt.($5600)
Line of Credit —-—-—-—$0.00 Amt.($10,000)
Student Loan 1-—-—-—-—$4,273.53 Amt.($9824.83)
Student Loan 2-—-—-——— $2,241.53 Amt.($3536)
Car Loan-—-—-—-—-— $6,673.87 Amt. ($16,000)

Total-—-—-—-—-—-—-$16,051.93 ($54,760.83)

It’s been 5 months since I’ve posted about my debt. I’ve made substantial progress (I think), and can actually see a light at the end of this horrible tunnel.

Here is one of my last updates:
Visa —-—-—-—-—-——$0.00 Lmt.($7600)
OverDraft-—-—-—-—-—$2855.72 Lmt.(3000)
MasterCard —-—-—-——$2200 Lmt.($5300)
Line of Credit —-—-—-—$7000.00 Amt.($10,000)
Student Loan 1-—-—-—-—$5395.99 Amt.($9824.83)
Student Loan 2-—-—-——— $2482.44 Amt.($3536)
Car Loan-—-—-—-—-— $9065.72 Amt. ($16,000)
Total-—-—-—-—-—-—-$28,999.87 ($54,760.83)
Total without Car Loan —-$19,934.15($38,760.83)

Here is my new update:

Visa —-—-—-—-—-——$0.00 Lmt.($7600)
OverDraft-—-—-—-—-—$0 Lmt.(3000)
MasterCard —-—-—-——$2,863 Lmt.($5600)
Line of Credit —-—-—-—$0.00 Amt.($10,000)
Student Loan 1-—-—-—-—$4,273.53 Amt.($9824.83)
Student Loan 2-—-—-——— $2,241.53 Amt.($3536)
Car Loan-—-—-—-—-— $6,673.87 Amt. ($16,000)

Total-—-—-—-—-—-—-$16,051.93 ($54,760.83)
Total without Car Loan —-$9,378.06($38,760.83)

I look at the car loan as a necessary monthly expense. I use my car to get me to jobs that I do outside of my full-time job. I’ve been lucky the last 5 months with getting a substantial amount of extra work on my own. This will also knock down more of my current debt by another $5000 by the end of September.
So I could take care of the Master Card, and Student Loan #2 after this payment.
My Mastercard fluctuates because I use it for weekly business purchases.

This is a line I wrote last September…“So starting today -SEPTEMBER 23, 2008, in one year, I will pay off $19,934.15…” (Total without car loan).

So that’s it for now. I think I can still reach my 1 year goal.

We’ll see.
Time will tell.
I’ll believe it when I see it.
Talk is cheap.
Action speaks louder than words.
How soon is NOW?

My co-worker and I were talking about debt today. I said, “Why don’t you cut up your VISA?” She said she couldn’t. So, I pulled out my VISA, and without hesitation, chopped it up.

This would be the third time I’ve cut up a card.
Here are the remains…
Feels good.

I’ll be paying another $600 on my VISA next week. This will bring it down to $1100. Should be another month and a half until it’s finally done.

As soon as I pay down the debts from one bank, (about $15,000) I could allow myself to quit my job, and either go out on my own, or work somewhere else.

I really hate where I work at the moment, but being in debt is really the only thing keeping me there.

How Soon is Now?

I took $2400 from my Line of Credit (10% interest) and payed of my Master Card (14.9% interest). MC will now start sending me those stupid cheques and deals in the mail. I’ve taken the card out of my wallet, and placed it into a drawer.

I know by transferring this payment, I’m not really achieving a lot, but I am saving 5% on interest, and also, I’ve now got a few debts bundled under one bank’s roof. – I guess in a way, simplifying things.

I’m going to try to pay a minimum of $1000 onto debt. This, plus extra income earned along the way should help me reach the $19,000 in 12 months goal.

Total-—-—-—-—-—-—-$28,999.87 ($54,760.83)
Total without Car Loan —-$19,934.15($38,760.83)

I’m giving myself a year to pay off the “Total without Car Loan” balance. I”m not counting the car, because I need it, many people have car payments, and if it comes down to it, I can sell it for the balance remaining . Care to make any wagers? I’m pretty sure I can do this. It’s a big challenge, and it makes me ill to think of the hole I’ve dug.

Oh well, I’ll give it a shot.

So starting today -SEPTEMBER 23, 2008, in one year, I will pay off $19,934.15

For the first time in a very long time, I have slightly more in my account than my paycheck – which I’ll get Monday. So technically, I’m not surviving cheque to cheque.

Should I just hang onto this cash,and pay a little onto my MCard? Or when I get paid, throw the whole chunk onto the card?

I’m afraid if I hang onto some of it, it will just get gradually spent.

It’s so tempting when you have some extra funds sitting there.
But I guess it’s this attitude that got me in trouble in the first place. Giving into temptation, and spending carelessly.

I just hate the thought of putting myself back to limited funds in my account, and starting again to build it up.

Here’s my update for Aug.29,2008

Visa $0.00 Lmt.($7600)
OverDraft $2717.90 Lmt.(3000)
MasterCard $2900 Lmt.($5300)
Line of Credit $7900.00 Lmt.($10,000)
Student Loan I $5495.99 Amnt.($9824.83)
Student Loan II $2500 Amnt.($3536)
Car Loan $9295.73 Amnt. ($16,000)

Total-$30,809.62 ($54,760.83)

I’ve had some biggish expenses. Couches, a new bed, some business equipment. The debt is fluctuating a bit, but I’m bringing in a bit more money at the moment, and hopefully it continues. The furniture buying is done for a while, so know I can dump any extra cash on the MAsterCard and LOC.
As for the Line of credit goal: see attached photo.

Sold 3 photographs Wednesday for a $1000. This will go straight onto the M.Card.

Yeah babies!

Here’s my update:
- Just paid $62 on my VISA & $143 onto Mastercard. Both now again ZERO balances.
- I was going to pay $255 onto my line of credit, but bumped it up to a payment of $355.

Here’s my list-action.

Total w/out Car Loan -$17,029.06 – - Amnt.($38,760.83)

I’ve posted a photo of my current list to pay off my Line of Credit. A few more 100’s crossed off the list.

(Meanwhile… back at the ranch…)

I made it to another payday. Almost broke, but I’ll be able to make some small dents in my debt/s.

A $289.00 car payment being taken out of my account, $200 on credit cards, and a couple hundred on my LOC.

Still waiting for a boost of cash to come my way…