War on Debt

Since being laid off in 2008, we haven’t been in much of a position to pay more than the minimum on our credit cards.  While on paper it seemed like there should have been enough money to cover our basic living expenses every month, there were many times we needed credit cards to put food on the table and gas in the car.  And unplanned expenses?  Pull out the Discover.  It makes me sick every time I balance the accounts to know that we are digging ourselves deeper and deeper into the debt hole.  So this is the year that it’s going to stop.  According to my rough preliminary calculations, we should be bringing in approximately $1000 more per month.  I figured with that kind of extra income, we could get the plastic paid off in a year, no problem.  Until I realized that we are carrying $11,745 in credit card debt.  And once you add in interest rates ranging from 8.24% to 23.99%, it’s actually more like $12,305 (should we pay them off in one year).  And $12,305/12 months = $1025/month.  So that doesn’t really leave much for anything else…  But I’m not giving up yet…  So, while I’m scared that I am biting off more than I can chew, the possibility of living credit card free is definitely worth it. 

This is our journey.

January:  One Step Forward, Two Steps Back

February:  Comments, Questions, Concerns, Dreams for the future…?

March:  Stop the Bleeding

April:  Winning!

May:  Salvage

June:  Derailed

July:  Recovering

August:  A Cash Experiment

September:  Celebrating

October:  Reevaluating

November:  Financial ADD

December:  Game Face

January:  Spoiler Alert