“Debt Updates” Archive

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The Exact Numbers…

I’ve been asked to reveal the sources of our debt. I’m working to update the sidebar but in the mean time here are the numbers:

Credit Card: $4,437.12
Student Loan: $9,935.46
Auto Loan: $12,738.30

Total Original Debt: $38,495.86
Total Paid: $11,384.98
Total Remaining: $27,100.88

Posted by Beks on June 11, 2009 at 5:00 AM in Debt Updates | 11 Comments »
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Debt Update

I’ll try to do a debt update around the first of each month. Here is my debt update for June:

Starting Debt: $38, 495.86
New Debt Number: $27,814.62

Total Paid Since October 2008: $10,681.24

Woo Hoo! We’re over $10K

We were hoping to get ahead of schedule and have our credit card debt paid by July but it’s looking like August or September (still ahead, just not as much as we wanted to be) thanks to the California DMV fees and the higher taxes.

Posted by Beks on June 4, 2009 at 5:00 AM in Debt Updates | 11 Comments »
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Catching up on my financial journey…

I started blogging about my debt journey in November. I was recently laid off from a job I loved, was swimming in debt, and felt completely overwhelmed. I had no doubt I would lose my home, my credit, and my good name.

But I guess that’s part of a journey. It can’t be all fun right?

I worked a tough job for a ‘big box store’ to pay the bills while applying for any decent job available. I finally landed a great job in December.

I’ve struggled with unexpected expenses – like a monthly $150 property tax hike and a 1% sales tax hike…

I’ve made lifestyle changes – the biggest one is my use of public transportation…

I’ve struggled with monotony…

And I paid off my car.

Here is where I am on my debt journey. Somehow, we’ve squeezed $10,000 toward our debt – $30,000 to go. Sure I’d like it to be more, but $10,000 isn’t a bad number.

I can’t wait to finish this journey and finally become…

DEBT FREE!!

Posted by Beks on May 4, 2009 at 5:00 AM in About Me, Debt Updates, General Debt, Home Ownership, Keeping Motivated, Life Experiences, Reducing Debt | 6 Comments »
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It’s Official! We Are Credit Card Debt Free!

I initiated the big debt payoff click yesterday for an online payment to our credit card. I anxiously logged in this morning and saw the glorious $0.00 balance due. It didn’t hit me yesterday, but it has definitely hit me today after seeing that balance. I’ve been known to sometimes forget to hit the last confirm payment button, so I had to make sure before announcing on here.

WE ARE CREDIT CARD DEBT FREE!!!

After 38 months of pinching pennies, increasing our income and riding on the roller coaster of debt reduction – we have finally come to the end of the credit card ride. We are no longer a slave to them. We are free now…and it feels…wonderful.

I feel like I can stand up straight since our credit card debt isn’t pushing us down. A huge weight has been lifted. At the same time, there is a feeling of “What’s next?” We’ve been at this for over three years. You really do get used to a routine and now things will be shaken up. It will definitely be a period of adjustment. With change comes some fear but a lot of excitement!

You may be wondering what we did with regards to our savings. Due to a payment that is taking longer than expected to get to us, we ended up pulling $1,499 from our savings account to make our debt payoff a reality. We should have the money by the end of the month but I didn’t want to cut things too close – I wanted to be debt free by our goal date of May of 2009. As soon as that payment comes in we are going to put it straight towards our savings.

We first thought we would do something grand when we paid off our credit card debt, like splurge on a family vacation (we have yet to go on a vacation with the three of us). After thinking about it, we are going to hold off on that and simply have a pizza party to celebrate. We need to get more money in our savings before we do anything big. Perhaps next year will be the year for our vacation. We’ll see how things go.

I’d like to thank everyone for reading. You have helped to keep us accountable for our financial decisions and without your support I’m not sure if we would have kept going at reducing our debt like we did. You have been here for the rough and sometimes very sad times and helped to keep my head above water during those times. I’ve said it many times before, but words cannot begin to express my gratitude. If I was writing this on paper…you would see little tear drop outlines all over it. I was okay with writing this post up until I thought about all of you and then the waterfall started. Thank you all so very much. You have helped us to make it to this special day.

As things sink in a little bit more, I’ll share with everyone our plans for the future and also take a look back at our journey. I am excited to be starting the next (credit card debt free) chapter of our lives

Quick Edit – I almost forgot to update my NCN Network chart so I just went and did it

Posted by Tricia on April 24, 2009 at 9:06 AM in Debt Updates | 106 Comments »
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Dearest Chase Bank

I’d like to thank you for offering me a loan when I needed it — *cough* — I mean, when I WANTED it.

While our relationship has been great and I have appreciated your monthly letters of good tidings, I’m afraid I have to end things. You see, I recently met with my tax man and he told me we’re getting back a small chunk of cash which means… all the money I’ve been saving can finally be used to rid myself of you.

I know you have lots of friends like me and you probably won’t miss me but I’m sure you’ll miss the nearly two years of interest I would still owe you if we continued to be friends.

Please don’t take this personally, your service has been exceptional. We’ve actually got along quite well the past few years but it’s not you… it’s me.

I wish you the best in your future endeavors… none of which will involve me.

All my love, but none of my cash,

Rebekah

Posted by Beks on April 21, 2009 at 12:03 AM in Debt Updates, General Debt, Loans, Reducing Debt | 13 Comments »
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Credit Card Debt Update – $1,499

We managed to put a little bit more towards our debt today. That brings our credit card debt total to $1,499. We should be able to contribute $500 more before the end of the month so it looks like we will need to use $1,000 from our savings account to pay off the last of our credit card debt.

That’s not too bad. We should be able to get that amount replenished within a few months. With summer quickly approaching we can breathe a sigh of relief that we won’t have huge gas bills for a while and our electricity bill will decrease unless it’s an overly hot summer. We can also spend a little less on groceries since we’re planning on having a garden this year. Nice, fresh produce sounds so good right now!

The end of April sure is coming up quickly!

Posted by Tricia on April 16, 2009 at 11:25 PM in Debt Updates | 4 Comments »
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Beginning My Blogging Away Debt Journey

My name is Rebekah and I guess I should tell you a little about myself right? I am 27 years old and have been married to my fabulous husband for four years. We live in sunny San Diego California where we purchased our first home over a year ago – on an interest only loan. We lived in blissful ignorance of our snowballing debt problem until I wrote yet another check to a credit card and realized our payment wasn’t even making a dent in the fast accumulating balance. If we continued to spend, we would hit all our credit limits in less than 6 months. This terrified me… especially since it only took us four years to get here.

Before my husband and I married, his wise grandfather sat us down to share what he thought was the most important marital advice we would get, “Always live below your means and never, NEVER buy anything on credit. Save a little each month and pay cash for everything.” As young 20 something know-it-all’s, we married and immediately financed two cars, purchased a home even though he begged us to wait, and continued to use our credit cards. My biggest regret is the fact that I ignored the true wisdom of a man whose sole goal was to help me. I couldn’t be sorrier.

My husband and I started to attend a financial counseling course and felt that, for once, we may have a debt free future. Unfortunately, a week after starting the course, the company I worked for closed and our world took a tailspin. Suddenly those bills we could easily pay in the past looked unreasonably daunting. On top of everything, three large corporations in San Diego conducted major cuts and flooded the market with job seekers.

In searching with intense fervor for jobs in the past, a deep sense of defeat hung over my head and I couldn’t help but feel that I was a failure when I wasn’t able to land them. BUT, there is a light at the end of the tunnel! We buckled our budget, worked odd jobs and long hours, and we not only paid our car payments and credit cards…we paid our mortgage payment too! Even when I am without a job, somehow we’re surviving!

I know what it’s like to feel overwhelmed. I know what it’s like to cry every single day. I know what it’s like to cringe at the sound of a mail carrier bringing another load of bills. I know what it’s like to feel as though I will never break free from the heavy thumb of debt but…

I know I can do it.

Posted by Beks on April 15, 2009 at 12:19 AM in Debt Updates | 22 Comments »
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