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!

Hi all,

Well after a year of being missing in action I've decided to come back and hopefully get ourselves in order. We definately are in pretty deep again and we're sick and tired of it so we've committed ourselves to be a cash only family until we are out of debt. Hopefully we can restart and recharge and get ourselves going in the right direction. I'm going to update our status as we go and hopefully we can stay committed and finish strong.

Glad to be back posting again. This time I hope to keep updates a lot more fresh. I'm excited to be back. Yay!