Wednesday, November 5, 2008

Paying off Debt with the Support of Family.

The Sisters, Mom and I have been busy sharing information and ideas on what can give us the edge in our goal of getting out of debt. I have encouraged them to start blogs of their own, but for one reason or another they haven't. Instead, we communicate this information mainly through e-mail, which works nicely but they have such great ideas, stories, and heart! So I recently invited them to guest blog here. We'll see how that goes.
I haven't really given much in the way of progress updates on our efforts in this household. I'm excited to say that things have gotten a lot less complicated since January.
We had 15 different debts when we started and now are down to 8. We opened one account since January because of it's interest rate. We had a whoops when we started paying the minimum balances because Citi Bank decided to change up the minimum balance for no reason and raised it by 5 bucks. Which is no big deal but I didn't catch it and we paid the same amount as we had the month before and they had us in their clever little trap. They raised our interest rate from the deal of 0% interest to 24.99% interest and our minimum payment went up a ton to boot. So we opened another account with lower interest and transferred about 75% of the balance that we could and paid them off the next month.
Recently we cut up the cards that had a zero balance on them. We closed the business accounts and paid off the business visa and loan. We sold the Toyota Truck. We are on our 2nd month using our Cotton Pockets Cash Budgeting System. It's going really great. So far to date we have paid our debt down $26,000 dollars. Of course some of that was already going to happen because we were paying bills we just weren't intensely paying bills and we sold some big stuff.
We still have a ways to go and have less to sell. It will be a bit harder and a bit easier going forward. We really are improving.
I love seeing the progress we have made and working together as a team. I also love having the support of family to motivate me and keep up the intensity.

1 comment:

Trish said...

I'm so excited to share in your excitement! LOL
It is such a rush to feel like you're in control of your money rather than being controlled and limited by your bills.
Imagine if the whole country got on board? Just imagine! It boggles the mind even imagining how different things would be for everyone.
Keep at it! You're doing great!

The big plunge...

Starting Weight 193.8
Week 1 194.2 - +.4
W- 2 190.2 - -4.0
W- 3 186.4 - -3.8
W- 4 186.2 - -0.2
W- 5 184.0 - -2.2
W- 6 184.5 - +0.5
W- 7 185.0 - -0.5
W- 8 183.2 - -1.8
W- 9 180.0 - -3.2
W- 10 183.2 - +3.2
W- 11 179.0 - -4.2
W- 12 177.1 - -1.9
W- 13 175.1 - -2.0
W- 14 171.6 - -3.5
W- 15 169.9 - -1.7
W- 16 168.4 - -1.5
W- 17 165.4 - -3.0
W- 18 161.9 - -3.5
W- 19 165.4 - +3.0
W- 20 163.0 - -2.4
W- 21 165.8 - +2.8
W- 22 162.0 - -3.8
W- 23 159.8 - +0.4
W- 24 158.0 - -2.7
W-k 25 156.4 - -1.6
W- 26 154.3 - -2.1
W- 27 153.9 - -0.4
W- 28 152.0 - -1.9
August 30, 2009
W- 29 149.9 - -2.1
W- 30 147.7 - -2.2
W- 31 147.1 - -0.6
W- 32 149.5 - +2.4
W- 33 151.3 - +1.8
W- 34 150.2 - -1.1
W- 35 150.8 - +0.6
W- 36 150.3 - -0.5
W- 37 149.1 - -1.2
W- 38 149.8 - +0.7
W- 39 150.1 +0.3
W- 40 156.3 +6.2
W- 41 153.3 -3.0
W- 42 152.6 -0.7
W- 43 152.6 -0.0
W- 44 150.7 -1.9
W- 45 152.4 +1.7
W- 46 153.0 +0.6
W- 47 152.3 +0.7
W- 48 150.1 -2.2

W- 49 147.5 -2.6
W- 50 146.3 -1.2
...
...
W- 53 151.0 +2.0
W- 54 149.3 -1.7
W- 55 144.9 -4.4
W- 56 144.1 -0.8
W- 57 140.0 lbs. Goal!!!!