Vanquishing My Debt

I'm 29 and trying to get a handle on my finances so that, one day, I can buy a home of my own. I've been reading personal finance blogs recently and decided to start one chronicling my own struggles and success (hopefully). I am lucky, considering the amounts of debt and tales of tragedy I've read about... but I am making some positive changes and moving in the right direction.

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Location: Los Angeles, CA

Monday, August 07, 2006

1 credit card down, 3 to go!

Note: This should have published August 2, but I found it backdated to June 23rd, for some reason. Blogger, what's up with you?

Last night I paid off my credit card with the smallest total. Yippee! Like I mentioned in a previous post, I'm applying the snowball effect to my credit cards. So now I'm concentrating on the next smallest balance card. I'm going to forgo using neat little graphs and charts (mostly because I don't yet know how to create them) to show where my debt comes from. Like I've said before, it's nothing awful, unlike some other blogs that I've read. I guess dropping out of college pays off sometimes - no student loans. :)

So here goes, my financial soul laid bare (as of August 1).

Credit Card #1 - Paid off last night! Huzzah!
Credit Card #2 - $507
Credit Card #3 - $2,060
Credit Card #4 - $3,156

Credit Card #4 is actually the card we used to start up R's small business. It is actually his obligation to pay this off, and he will probably take over the payments by the time I conquer the other 2 cards. If he doesn't, I'm prepared to tackle it myself.

I have not added my car to this list, because frankly, it's too discouraging. I am going to attack this list, then figure out the car situation. After tackling my debt, we'll begin tackling his in earnest... which is mostly delinquent student loans.

In light of some of the other blogs I've read talking about immense debt from college and medical emergencies and unemployment, I feel somewhat silly about posting my numbers. I feel like my frustration might be dismissed by some of you because it isn't *enough.* But I think frustration and worry counts no matter what the number behind it is. I am already feeling like a load is off my shoulders just from paying off one card last night!

Time to go shopping!

Just kidding! :)

2 Comments:

Anonymous Tricia said...

Congrats!! It keeps getting sweeter and sweeter as the balances go down ;)

Try not to feel silly posting your numbers. Just remember that everyone's financial situation is different. One person may live in a low cost of living area another may live in a high cost area, etc. The list can go on and on. That makes comparing virtually meaningless.

Just remember that those in debt share one common bond - DEBT. It doesn't matter how much. It is something holding us all back from realizing our full potential financially.

Keep paying those cards off...you are doing GREAT!!! :)

8:26 PM  
Blogger udandi said...

Congrats!

sometimes I get a little sick to my stomach reading about others' debt. I don't know how they manage, but it is a reminder to me to keep my finances real!

7:03 AM  

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