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Personal Debt Wrangler – Had my money head in the sand – but no more!

Where we are at now at the start of this blog … 2 years after D-day!

11 Comments

rough seas-personal-debtOK so I started this blog with my first posts explaining why I’m here and where we started from 2 years ago.

Now time to give you the current status.  In the early months I cried buckets of tears and lots of expletives were delivered.  Eventually I started putting one foot in front of the other and started to plan and deploy, plan some more and execute some more.

The Irishman pretty much left me to it, rather sheepishly.  I think he was burnt out on it all anyways so he tried to focus on making income and offering some suggestions on things we could cancel and save on.  It really is a process.  There’s stuff in the early days that I couldn’t even fathom doing without.  Now I’m a lot more brazen, in most areas… though I still have a few sacred cows that I’ll save for a later post (I’ll likely need support in order to ditch the bitches!)

Fast forward from March 2012 to March 2014 and this is where we are:

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March 2014 March 2012 Decrease Name Comment Snarky Comment
$14,490 $26,400 ($11K) Mortgage #1 named “Mini” Mini didn’t get paid off because we extended amortization period so we could pay higher interest debt first (truck) Poor Mini, she didn’t deserve this
$46,880 $71,700 ($25K) Mortgage #2 named “Small” Small amortization was also lengthened to get rid of truck debt first Small has middle child syndrome
$185,013 $235,600 ($50K) Mortgage #3 named “Big” Big started at 30 years amortization but with bi-weekly it was about 26 years.  Currently he’s at just under 16 years. Big is starting to grow on me… now that doesn’t even make sense
$0 $11,900 ($12K) Unsecured LoC This was the first debt we paid off … I think interest rate had jumped to over 7% due to a late payment.  gah!
$0 $0   - Secured LoC To lower our LoC interest rate, we moved it to Secured, even though we have never used the Secured. … and hope and pray we never will
$0 $27,700 ($28K) Truck Loan bought 2009 – was at 4.9% so we restructured so we could pay this off earlier Gone baby gone! {Singing} it was the summer of 2013
$11,000 $20,200 ($9K) Car Loan bought 2011 – at 0% so not paying this off early My zoom zoom
$15,030 $0 $15K Credit Cards Trying to lower interest costs by taking out Balance Transfers on low rate credit card and prepaying mortgage.  Need to ensure I get the cc paid before rate increases though. Pretty creative idea dontcha think?
$272,410 $394,500 ($121K) TOTALS  31% decrease not too shabby, ay?

THE TOTALS:

$76,400 versus $98,100 Total Mortgage (I include $15K credit card in here as it is being used as a strategy to pay down the mortgage) – 22% decrease or $21,700 overall.

$11,000 versus $47,900 Total Vehicle Loans – 77% decrease or $36,900.  Woot!

$185,013 versus $247,500 Total Consumer Debt – 25% decrease or $62,487.

What kind of report card do you give us?

   

Author: debster

I am a fifty-something wife, mother and new grandmother, who admits to having their “head in the sand” about their financial situation until amassing $247,500 worth of consumer debt for a total debt of $393,500. We've paid $121K in 2 years with four more years to go. Join my journey at debtdebs.com sharing ideas and motivation to all those coping with poor money management and bad debt decisions.

11 thoughts on “Where we are at now at the start of this blog … 2 years after D-day!

  1. Fantastic progress in 2 years. I would be interested to hear why, when and how you received your financial wake up call. (Assuming you had one to start moving in a new direction.) Great job. ~May~

  2. Thank you, May! Happy to see you here!!

    I got my financial wake-up call in Mar 2012. I can’t remember exactly what caused it probably because it was such a horrible time in my life, that I think I’ve suppressed a lot of memories. Likely I went to withdraw money out of the bank and there was none there. Once I started digging the reality of the situation hit me square in the face. You see, I ignored the finances and left everything to my husband. I found it too stressful and so I left it to him, which was dumb. I was the primary breadwinner and I figured I work bloody hard so felt it was okay to leave the responsibility to him. Problem was, I also felt entitled to a certain amount of spending that in reality we could not afford. He would hint at it, but was so wanting to give me what I wanted, he did not communicate in a manner that I was responsive to. I had alerts before that I should not have ignored as well.

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  4. That’s some nice progress! Keep it up. :)

  5. It looks to me like you are making some serious progress! Best of luck!

    • Thanks so much! Yes, it’s alot of changes, but it works. I’m working on what I need to do next, maybe to take it to the next level.

      Gotta watch the debt fatigue, but I honestly don’t feel that hard done by anymore. I think I used to feel that more in the first year. I just have a hard time keeping my eyes on the prize which is estimated to be about 4-5 years out. Oh, and sometimes I still beat myself up about it.

  6. Thank you Maria! I have followed your blog and will check it out soon. For now my eyes are getting weary so I will soon go to bed.

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  9. I give you an A+. Well done! We started debt-reduction the same year. It was June 2012 for us, and we’ve reduced by about a third too. You’re on the right track! Keep it up!
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