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Cutting down debt and O Canada!

January 18th, 2009 at 08:47 pm

Well in the last 10 days we've managed to do some serious horror movie type slashing on some of our debt. Thanks to some bonus money and cutting back on plans to go from PA to AZ in March for my birthday we've made quite a little dent in Card 2 on the debt reduction planner.

As for why O Canada...I have been watching this show called "Til Debt Do Us Part" which is shown on the Canadian network Slice and it basically has these couples who are desperately buried in debt (a lot of consumer debt...but then a lot of total debt as well) and this woman comes and basically gives them a massive wakeup call and a plan they can move forward with to reign in their spending and excess. It's actually not that bad (and not dry at all...the challenges are not just based around $ but based on communication and working together in your relationship to get to the best result.) If they do all the challenges Gail sets forth for them they get $5000 to put towards their debt load. First step is always taking the credit cards AND debit cards away (and doing some Dave Ramsey Plasectomy-esque things to rid these people of their cc's) and then bringing back the debit cards back every week so they can refill the budget jars (glass jars with a category for each thing they would spend on discretionary wise...like food, clothing, transportation, etc.) If it's ever on here in the US I'd highly recommend it to people (though some of what she teaches is Canadian based most of the principles would work here for us.)

Just thought I'd share...now maybe if the Eagles could get their act together and win this game...! Here's the debt update:

Debt Tracker (01/18/09)
Card 1: $40840.04 (8.99)
Card 2: $10571.23 (7.99)
Total: $51411.27

5 Responses to “Cutting down debt and O Canada!”

  1. Plan2retire@55 Says:

    This is one of my favourite shows. Gail always cuts up their credit cards and gives them three glass jars for the month's spending cash. These people are in such a financial mess that it always amazes me that they end up changing their lifestyles. I would love to some follow-up two years later to see how many couples are still together and have kept up Gail's advice.

  2. Plan2retire@55 Says:

    Sorry this is my first comment on someone's blog so I may have messed it up.

  3. mooshocker Says:

    Sorry about the Iggles. God bless.

  4. Petunia Says:

    Wow, just checked your previous entry and you made a huge dent in card 2. Great work!

  5. I-78 Commute Says:

    Thanks guys! Yep to date we've knocked out nearly $60,000 Petunia so we've been doing everything we can to really get it down. I can't wait to be out of debt...the sooner the better!

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