Wednesday, 4 February 2009

The Ugly Truth – Day 523

Debts

  • Personal Loan: -$15,000
  • Credit Card 1: -$6000
  • Credit Card 2: -$7100
  • Credit Card 3: (transferred to Card 4)
  • Credit Card 4: -$15,888
  • Credit Card 5: (paid in full)
  • Credit Card 6: (paid in full)
  • Credit Card 7: (paid in full)
  • Credit Card 8: -$4,435

Savings

  • Emergency Fund: +$2,000
  • Car Fund (Maintenance & Registration): +$0
  • Short Term Goal Fund: +$0
  • Home Deposit Fund ($60,000 Goal): +$0
  • UK Tour Fund ($5,000 Goal): +$0

Total: -$48,423
Debt reduced from last Dec 2008: +$3010
Debt reduced from Sep 2007: +$8,349

I've cracked the $50,000 barrier at last - hurrah! I’m also on track for reducing my debt by at least $12,000 in 2009.

I've sacrificed my short term goal fund as part of this result though, the bed can wait a couple of months, but I really want to make a dent on that personal loan this year. Same for the home deposit fund, I do want to start building that from this month month though as the interest rates are just so low now.

I’m also going to roll Card 2 onto Card 3 this month, the interest rates are pretty much the same, so for simplicity and one less payment each month (even though it will be larger of course) it’s worth it.

I've been throwing everything I have at my personal loan at the moment as it’s got the highest interest rate, but I’m also considering a switch to paying a percentage of each debt each month, I can currently afford 4% of the current balances, and still save money for my other goals.

Decisions decisions…

Roll on payday.

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9 comments:

  1. Congrats on passing the $50K mark!

    I finally sat down and had a hard look at my debts on 1 January 2009 - over $25K (all credit cards!) It certainly was the ugly truth! Have just started a blog - partly to make myself more accountable and keep myself on track.

    ReplyDelete
  2. Good luck! I will definetly keep eye on your list during 2009 :)

    ReplyDelete
  3. Less than £50k is great, it's milestones like this that keep us going x

    ReplyDelete
  4. Awesome! Keep it up, you give the rest of us hope :)

    ReplyDelete
  5. Hi Debt Dieter!

    Great work on passing $50k too!

    I am interested to discuss sponsoring your blog, would you be keen to chat? Pls email me.

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    Dave
    david@nuffnang.com

    ReplyDelete
  6. Hello Debt Dieter Author,

    As a fellow money (miser) saver I have followed your blog for a little while now.

    So I have a little offer for you.

    The company I work for would ;like to pay you to put a text link to a credit card site on your blog. I have not seen any other deals already. But would love to make you an offer anyhow, I’m sure we can come up with some good terms?!

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    Bad with my money, great with other peoples!
    Negotiator
    (I am based in London, England so excuse the weird times you get this email!)
    Giant Investments
    E: alex.preece@giant.org.uk
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    ReplyDelete
  7. congrats on narrowing the debt gap... it can be really hard when you have to forgo other purchases to do it, because then we're always in danger of rocking the boat too far in the other direction (like a see-saw). For me the key is to find moderation, paying off debt while still doing everything else.

    ReplyDelete
  8. Frank DeMantis2/8/09 13:20

    I through some very bad advice have found myself $100K in debt, this is driving me nuts and cuasing a lot of stresss in my relationship.

    I found this blog and the links on the blog roll inspiring, please keep up the good work :)

    I think I am going to start by doing an intrest free debt transfer to get on top of the credit card. I found this really good fincail comparison site that has helped me heaps:

    www.mozo.com.au/credit-cards

    Then I need to find savings on telecom, food, whatever :? Who knows maybe I will win the loto :)

    ReplyDelete
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