Shashabell's Personal debt cutter thread

[shashabell]

My short term goal is go get my credit card to below 50% off the available limit to increase my credit report score.
My long term goal is to pay off credit cards completely.


How much debt do you need to reduce?
$14,010.00


How did you get in debt?
Making minimum payments only


You've accrued debt. What are the main factors that keep you from reducing it now?
Loved spending money without worrying about a budget - pretty much spending my income on whatever after min. payments were made, unmotivated until recently when I discovered my fico score dropped.


Have you created a budget?
Not yet, but I am trying to set one up. I know I want to put $500.00 away every month for an emergency fund or add it to my downpayment for a house fund.


List your top 5 budget busters?
Fast food, gas, insurances, cable, expensive dog food, sporatic medical bills


What is your plan to get out of debt?
As stated above, my short term goal is to get cc balances below 50% immediately, and then pay off cc's and then double or triple up on car payments.


List your debt with balance, monthly payment, and interest rates.
Car : Beginning balance $10,340.00 @7.50 % *$286.00/mo. (Balance as of 5/17 - $9,902.29)]
Credit Card #1 : Beginning balance $1887.00 - Limit $1905.00 *$67.00/mo. (Balance as of 5/17 - $950.76)
Credit Card #2 : Beginning balance $1078.00 - Limit $1,100.00 *$30.00/mo. (Balance as of 5/17 - $515.77)
Credit Card #3 : Beginning balance $484.00 - Limit $700.00 *$25.00/mo. (Balance as of 5/17 - $192.82)
Credit Card #4 : Beginning balance $121.00 - Limit $1,000.00 *$25.00/mo. (Balance as of 5/17 - $434.23)
Collection Agency : Beginning balance $164.00 (As of 5/17 Balance ZERO - need to get reimbursed after insurance pays.)


How much will you try to reduce your debt by this year?
+ $4,000.00


What kind of support do you need from fellow Debt Cutters to help keep you on track?
Motivate me to stop buying unnecessary small items that add up.
Help me to figure out how to get creditors to delete a couple small medical debts off credit report.


Let us know how we can help cheer you on and motivate you!

[shashabell]

My goal is to pay off credit cards #2, 3, & 4 next month.
Someone tell me if I'm trying to tackle this too quickly.

[amylynne01]

Absolutely not! That's the point - get rid of debt as fast as you can so you can do what you want with your money, like buying a house. If you pay off your ccs next month, you can put every extra penny towards your car and then towards your emergency and house funds. You can do it!

[shashabell]

Absolutely not! That's the point - get rid of debt as fast as you can so you can do what you want with your money, like buying a house. If you pay off your ccs next month, you can put every extra penny towards your car and then towards your emergency and house funds. You can do it!

Thanks for the support. Yeah, I had it backwards before. I was doing what I wanted with my money other than paying off things. I thought as long as I was making the minimum and it was on time that all would be good. I need to get these debts out of here. Getting my credit report was a wake up call. I had plumetted because of the high balances. Yikes. I consider myself lucky that my limits are not higher than they are or I'd be in big trouble.

[motherofmolly]

shashabell as long as you can manage it comfortably and are not robbing peter to pay paul, go for it!! sounds like you are doing a fantastic job so far!

[shashabell]

shashabell as long as you can manage it comfortably and are not robbing peter to pay paul, go for it!! sounds like you are doing a fantastic job so far!

I'm not going to be robbing peter to pay paul, but I'm not going to be able to live the same lifestyle I was before - running out getting fast food for lunch and dinner many times per week, buying $9.00 packs of beef jerky to eat while we go on a little car ride, silly stuff like that, etc. that should only be a treat once in a while. The only thing that will be hurting for a couple of months may be putting away money to save.

[Spanelli8706]

Good luck! It will be awesome for you to pay off the credit cards next month!!!

[Dengineer]

Great progress!!!

[motherofmolly]

I'm not going to be robbing peter to pay paul, but I'm not going to be able to live the same lifestyle I was before - running out getting fast food for lunch and dinner many times per week, buying $9.00 packs of beef jerky to eat while we go on a little car ride, silly stuff like that, etc. that should only be a treat once in a while. The only thing that will be hurting for a couple of months may be putting away money to save.

you can do it donna. not only will you save money by not eating out, you will feel better by not eating all that. remember take aram out for a treat but take a restaurant coupon with you.

i finally got dh to start eating at home for his work lunch. he has the ability to come home to eat and now he does. saves a ton of money every week.

[shashabell]

Major set back. Just had a tooth break off to the gum line and the temporary root canal packing came out. I have a huge gapping hole in my tooth which I'm sure is going to cost me a pretty penny to take care of.
Credit card #4 is a dental coverage credit card and it might have to be used now. :(
I'm never going to get ahead.