Monday, November 13, 2006

Huge Debts Article

I read an AWESOME articlke today on MSN Money titled "Huge Debts Paid Off Fast" - It motivated me to kick some debt FAST!!

Check out the article here...
http://articles.moneycentral.msn.com/SavingandDebt/ManageDebt/HugeDebtsPaidOffFast.aspx?page=1

Wednesday, November 08, 2006

Reading & Learning

I have been reading blog after blog on finances, debt, credit, penny pinching, etc. I feel like I have learned so much and have taken pages of notes and tips. One thing I have learned the most is that my blog and the blogs I have read will help me understand why I am in the situation I am in and will help me to not get buried again with unfrugal spending habits.

I have spent too much, bought useless crap, overextended myself on our mortgage!

Friday, November 03, 2006

Here it is - The Grand Total - $22144.88

So, I have pretty much figured out where I stand in credit card debt. I have put plans on two of them and am working very hard on the Chase card with hopeful resolution by Monday.

Grand Total of Credit Card Debt is $22144.88

I never knew it was that high. I had a feeling, but I guess I never wanted to confront it... Until now.

I will update this blog as my numbers go down. I will track my budget daily and pout any extra to payments of this debt. I would love to be out of debt in 3 years or less. Tax returns, bonuses, raises, etc - has to go to credit card debt if at all possible.

I am 100% committed!! Wish me luck as we start the journey to debt free.

"Chase"ing Away Debt

OK, last big one is Chase.

Total Debt as of Today - $6748.37 - Interest Rate = 24.99%

Unreal.

I have a call scheduled for Monday to talk with them. I am going to make every attempt to lower that rate a bit and set up automatic payments.

I have been thinking a lot lately on how to pay some of this stuff off. I already have a part time job, little bonus will already be going there, ebaying some things and now I am getting back into Mystery Shopping. Guess where that money is going to go? LOL - Debt...

I got myself into this and will get myself out!

Thursday, November 02, 2006

Bank Of America - Effort Made and Succeeded

So, I tackled another debt today. I proactively called MBNA/Bank of America and asked if they could help me. I spoke to another one of the most friendly credit card reps again!! (My luck is changing...) She was compassionate and expressed sympathy for my situation we got ourselves into.

After only a few minutes, "Cassandra" and I came up with a plan...

Current Total Debt - $7933.75 - Interest rate = 24.99%

The Deal:

I offered to close my card totally. She put me on a 5 year fixed pay plan to get me out of this debt. She took my interest rate down to 2.25% and brought my minimum monthly payment down from $287.00 per month to $140.00 per month!!!!! She also took away all over the limit charges and late payments!!! She also promised nothing at all would go on my credit report (as long as I made the ontime minimum payments). No charges for paying off early either. After the debt is paid off - I can certainly open the card back up again... (I doubt I will have more than 1-2 credit cards at that point... I have learned!!)

Total Monthly Savings is $147 per month and thousands of dollars in interest over the life of this card.

I think I made the right choice. What do you all think? I am open to any advice!!

Thanks for reading!


DISCLAIMER: I am not a financial advisor. This blog is a way for me to hold myself accountable. While I share some of the methods I have used, I do not guarantee that it will work for anyone else and if you try them - it is at your own risk.