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Month two ended...how I did...

June 4th, 2012 at 06:16 pm

So...started this blog 2 months ago...so here is the number check in...

Debt decreased...$2.53 this month...yes...not the best month...but since my goal was to just not add to the debt this month...I feel pretty good...this was a pricey month with 2 trips, hotels, extra gas, new tires etc...so it was hard, and I had to up a payment $25 just to get to the small decrease...but it is worth it to me to do it...

So all in all since I joined April 2nd...my debt has decreased $979.31 and I am proud of that...I am hoping to have a much better decrease this coming month, as it should be a more normal month!

One of my credit cards was compromised this week...so they had to cancel it and issue a new one...such a hassle! More incentive to not have these things hanging over my head...though I do use a couple cards with rewards for monthly expenses that are paid off each month...so I can't see ever not using a credit card...

I also think I have made some decisions...I transferred a balance this past month...from the card that had the highest balance and interest rate...I moved it to my lowest rate card...of course I now have 0% interest rate offers on both those cards...so as much as it stinks...I plan to transfer back the entire balance...0% until Aug 2013...and then transfer the other 3 cards carrying a balance to the other card so that all my balances are sitting at 0% interest...yes, I will eat the transfer fee...but that is ONCE...and then all my payments will be decreasing the principal...so my husband and I have discussed it and it seems the best option right now...

So I feel good having started to tackle this monkey I have carried for a long time...

Here is to another good month!

5 Responses to “Month two ended...how I did...”

  1. snafu Says:

    Now that you've made the decision to pay the fee and transfer CC balances to 0% cards, you need a concrete plan to clear those balances before they revert to their normal rates like 'X' balance divided by 14 without adding any more debt for each.

    It will require some sacrifices for both you and DH to accomplish that goal. What categories are you willing to eliminate? what will be reduced? Are you willing to forgo travel? vacation? meals out except for special celebrations? gifts? new clothes? entertainment? How much are you willing to simplify Thanksgiving Christmas, New Year celebrations?

  2. librarylady Says:

    Hey, every little bit helps. I think that's fantastic that you lowered your debt even a little. At least you didn't just give up.
    good job!

  3. wowitsawonderfullife Says:

    Great work for your first 2 months!

  4. scrappytappy Says:

    Not adding to the debt is an awesome first step! Great job on that front!!

    I highly encourage you to transfer balances if it makes financial sense. I paid one time fees to 3 ccs to transfer balances but it saved me about $500 a month in interest. The math worked out in my favor but ONLY if I paid the balances before the high interest hit. So far, it's been pretty easy for me to make those deadlines but be sure to consider that when transferring debt.

    What are your plans for the next month? Do you have a number you're working toward? Any other goals aside from the balance transfers?

  5. Jerry Says:

    There is no reason to apologize for small progress, because it leads you in the right direction! That is the only insurance for achieving those financial goals, is to keep consistent progress. You can grow the amount with time and effort. Nice going!
    Jerry

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