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.
As of 9/1/09....
September 11th, 2009 at 12:10 am
September 11th, 2009 at 12:15 am 1252628115
September 11th, 2009 at 12:34 am 1252629262
September 11th, 2009 at 02:23 am 1252635833
September 11th, 2009 at 04:41 am 1252644100
September 11th, 2009 at 06:43 pm 1252694583
Jerry