Thursday, December 27, 2007

Our Embarrassingly Large Amount of Credit Card Debt

Originally posted Monday, November 13, 2006.

Inspired by Courtney.

Credit card debt $20,000.

Okay due to popular demand (ha) I’m taking off the house and car debt. We still want to get rid of the car debt but credit card debt was the start of this. I’m putting a link to this in my sidebar because I don’t know how to just put it in there. The point of this is to help motivate us into getting rid of it! Well we’re working on it before this, but this might be a good accountability tool.

Update May 2008: Somehow between the time I posted this and the time we actually started paying off our debt, our debt grew to $43k. Since then we have sold our rental house in Marble Falls and paid off half that so we are back down to our $20k debt. Not sure if that's an accomplishment or not, but it certainly has helped our bottom line: we are down from $3000/month over our heads to only $350/month over our heads (oh and both those totals do include the car debt so that is a $10k difference).

Update August 2010: We have been blessed beyond belief and our debt is gone. I cannot wait to start saving at some point in the future. In the meantime, we are hoping to just resist the temptation to use our credit cards, with some pretty darn big motivation not to.

4 Comments:

Anonymous said...

Progress!!! Yeah. - b

Lindsey said...

When I was working to get out of debt the Dave Ramsey show really helped. He has books, a website, podcast, etc. Google it! And...good luck!

maisquared said...

youu can do it.

i have 14k in student loans and 1.5k in credit card loans. i'm gonna be making a special section on advice debt/loan management because i have also reduced my debt dramatically from 10k in cc debt and 24k in student loans (well, it was over 40k but my parents helped)

go us! the end is near! (the end of debt that is)

pinksundrops said...

Thanks, Mai! I wish they were student loans. Those are starting to rack up, too.

Lindsey - We did do Dave Ramsey! That's how we got from $43k to $20k and now $16k. It's a slow process but it definitely helped us go from hopeless to perhaps a light at the end of the tunnel.

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