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New Debt Reduction Tracker

June 9th, 2008 at 12:29 pm

OK well the debt reduction tracker balance is as high as ever but with a positive outlook I know we can knock this out as fast as possible. We're currently sitting on three credit cards and one mortgage so here is the beginning of the fight:

Debt tracker 06/09/08
Card 1: $44214.30 (8.99%)
Card 2: $30795.25 (9.99%)
Card 3: $20705.37 (11.24%)

That's it. Yeah I know that's a TON of cc debt but this is what we're facing. The minimum payment on card 1 is $700 and the minimums on cards 2 and 3 are usually 2 percent of the balance (after the finance charge hits...thanks AMEX.) We're doing everything we can to throw as much extra $ as possible at Card 3 so we can get it down that much faster and then we'll attack Card 2 and then finally Card 1. I don't expect to see another charge on these cards until the balances are zero other than finance charges so this should be the worst of it.

Payday is Wednesday and currently the only one of the above three with a payment due in June is Card 1 and I will be paying them the $700 that day. Thankfully all accounts are current (no late payments!)

We also have a single mortgage at $404174.16 at 5.875 but it will be awhile before we pay that thing off. House was appraised in March for $470,000.00 so we have some equity but we have a long ways to go. This is going to be a long haul!

Posted in Watch our debt go to zero! | 4 Comments »

4 Responses to “New Debt Reduction Tracker”

  1. littlemama Says:
    June 9th, 2008 at 01:12 pm 1213017141
    1213017141

    Glad to have you back!!!

  2. I-78 Commute Says:
    June 9th, 2008 at 04:21 pm 1213028512
    1213028512

    Thanks mama! Good to be back. I missed blogging with the bunch.

  3. Ron Says:
    June 9th, 2008 at 05:24 pm 1213032281
    1213032281

    You have accumulated $70,739.92 in additional debt on your credit card in one year. That is unbelievable. What did you pay for? I hope it was worth it! Good luck with paying those things down.

  4. I-78 Commute Says:
    June 9th, 2008 at 05:44 pm 1213033496
    1213033496

    Hi Ron! Oh it's so NOT worth it! The kicker is I can tell you where every penny went and that there was zero accountability. That'd actually make a good post though! The first card is actually a conso loan that Bank of America transferred to a credit card (but were nice enough to lock the rate for the life of the balance...hey thanks B of A. Ugh!) The other two are just flat out charged up. We actually had as of the end of April $110,000 in total balances but were able to come up with about $20,000 in income in May to hammer out a good $15,000 of the debt ($5,000 on living expenses/$15,000 on debt.) That's not going to happen every month but we were lucky it happened this month. A lot more to come...stay tuned.

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