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As of 9/1/09....

September 10th, 2009 at 05:10 pm

Heres' where we stand. Although horrible to look at, I know getting out of this debt is do-able, although it won't be quick. I equate it to losing weight. If you only have to lose 10 pounds, it'll happen quickly. If you have to lose 100, well, that will take longer.

Savings: $184.35

Debts:
JC Penney: $913.60
Chase: $4,764.91
Discover: $11,871.42
AT&T: $13,705.87
Capital One: $11,027.24
Citibank: $24,547.54

Payments this month have been applied, and more money has been added to savings already this month. Following the baby steps, I need to build my baby EF first. I would prefer it to be over $1,000, but once I hit $1,000 in savings I will reassess.

Where did all this debt come from? We certainly don't live lavishly. Much of it was to bail out our business last fall due to the lagging economy (small family owned businesses weren't included in the gov't bailout, so we had to do it ourselves to stay afloat and meet our payroll obligations). DH had to cut some of his salary early in 2008, and I was paying credit cards with credit cards for a while...amazingly I am current on all my bills, but I'm afraid that could quickly come to a screeching halt if I don't really buckle down.

Add to that $10,000 owed to the IRS in monthly installments, and 3 more payments on a car loan. It's been rough, to say the least. But I will remain optimistic and move forward.

5 Responses to “As of 9/1/09....”

  1. creditcardfree Says:

    Only step now is to move forward. If you don't add more debt you can do this!!

  2. ceejay74 Says:

    Sounds a lot like me when I first came on here. I think you've got a realistic view of the process; it's not going to go fast, but every dollar you pay off improves your life and your prospects for the future.

  3. homebody Says:

    Just get that E-fund in place and then start your snowball! One day at a time.

  4. cptacek Says:

    You only have 3 more payments on the car! That is good news. That should make your payments a little easier to swallow.

  5. Jerry Says:

    I recommend snowballing the debt and you will able to see it lead to progress very soon. Yes, it may take time, but as long as you stay determined you will have some insurance that you can dig out of this debt. Good luck!
    Jerry

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