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Home > The scary list...laying it out there...

The scary list...laying it out there...

April 2nd, 2012 at 11:28 am

Ok...so it was hard for me to take the jump and decide to blog about this journey out of debt...it is even harder for me to lay it all out there in numbers...but like I said, my head is out of the sand, and so here it goes.

These are just my personal credit cards...yes I have a car loan, it is at zero percent interest, so I am not worried about it...I also have a mortgage...also not listing it either. And this is just MY stuff...my husband's cards are not included...sooner or later I will get there, but right now, just tackling the consumer debt I have amassed is a big step for me...

As time goes on, I am going to be tracking my expenses, and budgeting, which will end up making me and my husband have to share the totals of the debt, and make a plan that is best for us...but I am starting this now with what I do know.

Right now...here is where it stands....

Card #1 Bal = $13,996.00, 0% until 4/12, then 23.99%
Card #2 Bal = $7,251.71, 18.74% interest
Card #3 Bal = $3,587.86, 13.99% interest
Card #4 Bal = $2,859.09, 20.24% interest
Card #5 Bal = $2,654.15, 16.90% interest

Grand total "stuff" debt = $30,348.81...

Um, yea. that was depressing in more ways then I can think of.

First of all...hello? Interest rates...guess I am going to be making some phone calls to see if I can get any of these lowered! I have never missed a payment, never been late, never underpaid...I actually have really good credit...so there is no reason I should have these interest rates THAT high. Wonder if anyone has any luck when calling to ask for lowered interest rates?

And yes...the total is disheartening. Completely terrible. In the past I have seen this...buckled down got several thousand paid off...then something happens and I "treat" myself and then boom, back here again.

So by laying it all out here...I have done 2 things...faced the harsh facts that are my reality...and looked at this and I can say...I will not see this number again...it goes down from here.

Thanks for all the warm welcomes after my first blog entry...it made me feel ok about laying this out here...scared, but you cannot face what you do not acknowledge...so this was a key step in this journey.

10 Responses to “The scary list...laying it out there...”

  1. Petunia 100 Says:

    You're absolutely right, laying it out there is a very key step. And you have just taken it! Congrats. Smile
    Best of luck to you on your journey. Just keep putting one foot ahead of the other, and you will get where you want to go.

  2. ceejay74 Says:

    Good luck! If you have great credit, try applying for a low-fixed-rate credit card and ask for a credit limit big enough to transfer all balances over to it. Or, try an unsecured personal loan. When I had a bunch of debts with high interest rates, I got a personal loan from Capital One for 8.9% interest and paid off all the other debts. Just make sure you cancel the cards once you're done, so you're not tempted to charge them up again.

  3. ThriftoRama Says:

    This is great. Now that you've "revealed" all of this you can start working on your plan to pay it off. I managed to pay off $40,000 in student loans recently, so I know exactly how big that number can seem. I paid it off by making a little over the minimum every month, then I took on as many extra freelance jobs as I could every month, and put every dime of that toward the loan. It really sped up the process, and seeing the big chunks go away kept me motivated.

    As for the "Treat" yourself part. I used to enjoy shopping and get a thrill out of it, but I realized I had to switch gears and find something else to give me that sort of fulfillment and satisfaction. For me, now it's running and doing fitness programs at the gym. I figure that is much cheaper and more constructive!

  4. creditcardfree Says:

    Congratulations on putting your debt up there! Yep, I'd look into lower interest rates, too. And then decide which one you will tackle first.

  5. patientsaver Says:

    If you have good credit, there is no reason you should be paying rates that high. I'm sure they value your business...you've given them a lot. Smile That's an insane amount of interest. So much for credit card reform.

    That should be step #1, this week. Apply for a low rate card that allows you to do a balance transfer. Just be sure to read all the fine print so you know exactly what you're doing.

  6. Ima saver Says:

    Good for you, you hsave taken step one. Now, listen to all the good advice you are being given and start paying off those credit cards. No more charging.

  7. baselle Says:

    Thank you coming and writing this up. Listing out your debts and admitting it is one of the scariest things you can do. A lot of the solution is figuring out how to keep yourself going without cheering yourself up with spending. We are all here to cheer you on and we will not charge!

    Myself, since all your debt has a high interest rate, I'd really go and do the smallest debts first, close them and work your way up. The snowball, in other words. You will need the momentum to cheer you on.

  8. Looking Forward Says:

    In the past I could always get a lower intrest rate when I called. The last few times I tried (last year) they didn't have anything. You should still totally try, it doesn't take much effort on your part and you could save a TON. Smile

  9. laura Says:

    Welcome! The first step is facing the numbers, and you've done that. As someone who had dealt with fertility issues in the past (and currentlY), I can tell you that there is always hope. Adoption (international or domestic) is an option. DH and I are getting rid of the last $3,900 of consumer debt (we have $19K remaining on a student loan, and $263K on a mortgage). Once we do that, we're getting ready for international adoption. We plan on $30K for that, and we don't make that much money. Smile Plus we're adjusting for a life in service and that will be less money than he makes now. Good luck! I look forward to following your journey.

  10. scrappytappy Says:

    My advice is to get those interest rates lower first! Call the CC companies; you can google it and find language that will help you know what to say. I got all of my CC debt onto 0% or low (1.99%) interest rates. I calcualated how much I was saving per month in interest. It was close to $500. That's $500 you could be using to pay off the cards!

    Then pay the smallest card off first. Once you've done that you can take whatever money you were spending on that minimum payment and roll into another card. I used this method and paid off $13k since last summer.

    Once you decide that paying off the debt is most important to you, it becomes much easier. Sometimes when I want to splurge on something, I calculate how many "months" worth of minimum payments it is. For instance a $120 splurge is 2 months worth of minimum payments on one CC for me. If I think it's worth it, I can still buy the item. 99% of the time, it isn't worth it.

    Allow yourself some wiggle room. I allow myself $150 a month (or $5 a day) in throw away month. I can do whatever I want: go out to eat, buy a birthday present, get coffee, pay extra debt. Again, most times, I'd rather keep my $5 to get something I really want like a book or go to a movie than throw it away on coffee everyday.

    Good luck Smile

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