Home > Coming Clean To You All

Coming Clean To You All

September 23rd, 2010 at 11:04 pm

Over the last 2 years or so, I've mentioned some backsliding with debt. I am not going to make excuses. But I am going say that I have not added to the debt in months and I am working to pay it off.

I've personally faced the reality of my debt, but I haven't really shared it. I'm going to be brave and do it now. UGH. I hope for constructive criticism and not flaming and I know my SavingAdvice family will come though Smile

And I would note that over the last 4 years, I've paid off over $20,000 in student loans & school expenses, paid cash for the down payment on the house, bought a new a/c unit & hot water heater for the house & paid for several car repairs for my old car.

Mortgage: $157,224.83
2nd mortgage (part of a county incentive program) $4502.14 at 0% APR
Car Loan: $13,301.14 0% APR
Fed Student Loan: $3689.59 5% APR
CC#1 A: $627.77 $12% APR *this is the new debt
CC#2 D: $5654.70 0% APR *this is the new debt

I hate those #s and I plan on paying it down as quickly as possible.

CC#1 started at $751.20 at the beginning of September. I would also point out that my budget is very tight, even with the roommate, so I need to get creative about paying down the debt!

10 Responses to “Coming Clean To You All”

  1. creditcardfree Says:

    I think you are doing great. And it is okay. It happens. Best thing to do is tell us all about how you are going to pay it off. We'll celebrate with you, too!!

  2. Little L Says:

    Oh I'm right there with you on the credit card debt. We have about $7,000 for the first time ever in our lives. I hope to have it paid off in the next 12 months on a very tight budget.

    We can do it. Good luck!

  3. ThriftoRama Says:

    Well, with that intro I thought it was going to be catastrophic, but these are all numbers that you can really chip away at and make headway if you put your mind to it. It's totally doable, so don't get frustrated. Just forge ahead.

  4. baselle Says:

    Don't you feel a bit better now that your secret's out?

    Paying 20K in 5 years is a great start. Think of it as the warmup for the marathon that you're about to run.

  5. CB in the City Says:

    Your debt is not that bad. At my highest point I owed $24K in credit card debt. I am completely debt free now, and I have ALWAYS been on a tight budget. You can totally do it.

  6. Ima saver Says:

    Your debt is not bad at all. I just wonder why the interest on your car loan is so high??

  7. momcents Says:

    I think the interest on the car loan is 0.

  8. HouseHopeful Says:

    Thanks everyone! The #s aren't terrible, but they did head in the wrong direction.

    Ima - Momcents is right... the apr is 0%, there was a spacing issue there I guess Smile

  9. Ima saver Says:

    That is good to hear!! 0% is very good!!

  10. Jerry Says:

    Falling down is not the final determinant of your success or failure, it is whether or not you get back up and lead yourself back into the financial race... which you are doing! I think you are making excellent progress, and it shows that you know what to do. That alone offers some of the best insurance that you can achieve your goals. Good luck to you!

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
Will not be published.

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]