Tuesday, 1 April 2008

The Ugly Truth - Day 214

The Ugly Truth

  • Personal Loan: -$23,560
  • Credit Card 1: -$7,421
  • Credit Card 2: -$7,842
  • Credit Card 3: -$6,311
  • Credit Card 4: -$11,310
  • Credit Card 5: (paid in full)
  • Credit Card 6: -$4,068
  • Credit Card 7: (paid in full)
  • Emergency Fund: +$1,006
  • Car Fund (Maintenance & Registration): +$300

Total: -$59,206
Debt reduced from last month: +$798
Debt reduced from Sep 2007: -$2,434

March was a bit of an up and down month. No big cheques to speed things along unfortunately, but downward progress is still being made. At least I'm now back under $60,000 which I'm really happy about.

Now to get my debts back under my starting debt figure of $56,772. I expect to have it back to that amount no later than June 2008.

I've got my Emergency Fund back up to $1,000 after using it for car repairs earlier this year, which is great news. I'm going to continue building it to $2,000 as I feel more comfortable with that amount set aside.

I've even got another $300 set aside for registration and my pink slip that are coming up in May.

I've increased my pre-tax personal superannuation (retirement) contributions to 3% and increased the ongoing monthly payment on my loan to $700, as it’s now the highest interest debt I have, and the interest rate increased yet again last week, unbelievable!

Roll on payday.

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  1. There is no speed process to clearing debts unless you win the lottery, however you are getting there. Good Luck

  2. Oh you're well on your way! Two credit cards paid in full already! I'm green!!

  3. @jake, I'm doing what I can with what I've got, and trying to have some form of life in the meantime too! :-)

    @ugly debty, thanks, I'm chipping away at it slowly but surely. I'm almost back at my starting point again after all the expenses that got racked up late last year.

  4. Great JOB!

    You will be getting a GOVT Economic Stimulus right?

    Are you on the Dave Ramsey plan? Or one you created yourself?

  5. That is admirable! +$798 paid to your loans = great

  6. Thanks for your comment Dakota, I live in Australia so won't be getting any money from the US government - shame that! :-)

    Thanks Fabulously Broke too! I'm slowly getting the hang of this. I'd had some pretty big hurdles to jump not long after starting this journey, but I'm back on track again now.

  7. Those hurdles will only strengthen your conviction! You have made some fantastic progress & whether you are using the Ramsey method or not, your successes will only spur you on even more - little by little. They also encourage all of us too, so thanks :)

  8. @getting debt free - Thanks so much! I really appreciate the support as sometimes it feels I'll be at this forever!