It’s been a quiet week here on the blog, but a busy week at home. There have been dentist appointments, business meetings, kids birthday parties, and medical emergencies. It’s also been busy on the financial front. I have no intention of going into the whole economic mess that is gripping the country. My economic mess is more than enough to occupy my mind. The problems in the U.S. economy are frustrating, disappointing, more than a little frightening, and entirely beyond my ability to control. My own finances, however, are at least more within my control (sort of).
After several months of having to float bills from month to month; living on hot dogs, ramen, and canned soup; leaving some bills entirely unpaid for more than 30 days at a time; and pleading with creditors to help me out so that I CAN pay them, I am finally having some success. I have worked out payment plans with three of my four credit cards. What’s more, the card that has the highest balance, highest interest rate, and highest minimum payments has agreed to significantly lower my interest rate, dropped a couple of late fees, and locked me in at this reduced rate for 12 months. This in itself is a huge relief of my financial burden. The other two cards agreed to similar plans, though one is for just four months. I also made payment arrangements on my student loan, and – thanks to a re-evaluation of taxes – my mortgage payment has gone down by $95 per month! WooHoo! And the moochers have not skipped out on a payment in over a month!
With all of this, plus the steps I have taken to reduce monthly expenses (for example, cable), I am finally – knock on wood! – seeing a glimmer of light at the end of the tunnel. I can actually visualize being in a much more solid financial place by this time next year. Granted, I won’t be completely debt-free (I mean, I did just buy a house a year ago), but with the payoff of the credit cards, plus one personal loan, that will free up a large amount of cash each month. That’s cash I can use to pay the car off completely. Then, it’s just the house and monthly expenses. Granted, a lot can happen between now and then, but this is the most optimistic I have felt about my financial future in a long, long time.
To keep myself motivated, and to make sure I am keeping up with tracking expenses and progress toward getting out of debt, I have decided to post my information on the blog, so look for that soon. I cannot wait to be rid of my credit card, small loan, and student loan debt. If just knowing that debt elimination is within the realm of possibility feels this liberating, I can wait for the euphoria that will come when it’s all behind me.
