We finally cut up our Citi Forward card, it took over a year but I finally said enough is enough. If you look back through the archives, I got this card late last year to earn some rewards. I thought I could control the balance and spend wisely but today the balance is well over $5000. I'm ashamed to even talk about it on our debt blog.
Here is what the cards look like now:
I hate debt, it controls our lives. I don't understand how we can make over $100,000 a year and yet, we still have to charge every purchase and live paycheck to paycheck.
Maybe I need to read Dave Ramsey's Total Money Make Over again.
Have a good weekend!
HS
11 comments:
Congratulations...you are taking the first step toward becoming debt free.
We don't make 100k, and we are in 71k of debt (student loan, CC, and car...medical will be paid this month). But we have committed to getting out of debt in 36 months.
Sounds like you and your wife have some long conversations ahead.
This is how it all started...
http://www.ourdebtblog.com/2009/03/citi-forward-card.html
HS
I make about $20,000 a year including child support and have only two debts, my mortgage ($120,000 and I owe my dad $1,500 which I actually have.)
Of course it is all God.
Mary hunt has some great debt stuff too.
But it so easy to spend on credit, because you don't actually feel as if you are spendingmoney. Try living on all cash!
You can read TMMO every day & its not going to make a difference unless you're willing/able to stop charging.
We tried the same thing-"Oh, we'll pay it off every month." We've only started getting ahead since we stopped digging a deeper hole-no more charging things up. Hope you can make it work.
Good for you --- that is a huge step!!!
Me again. :)
You sound a LOT like my ex-husband but I'll still be nice LOL.
Cut them all and don't go back. When the offers come in, don't even open them. Rip them into a million pieces over your trash can.
And then, slash your spending. That is the HARDEST thing to do especially because you probably feel since you make so much money you should have and do x things but it's a trap and you'll never get out otherwise. Pretend your discretionary spending (the money after your bills are paid) got slashed to half and take it from there.
I'm actually almost done with a month-long spending diet. It's opened my eyes in a huge way. I'd recommend it for someone like you.
Mutant,
I've tried, there's just no way to stop spending, there's always something, even if I stay home and do nothing, something comes up. This week the wife went to the doc and the bill was 100! stuff just comes out of nowhere!!
HS
You don't have to STOP spending you just need to slash your spending so it's less than you earn.
How do you guys track your spending? I went through, and still go through to a smaller extent, a lot of what you do. If you want to have a conversation with me about it, trade ideas and tips, and so on email me: msmutantsupermodel@gmail.com
I think I need a mutant supermodel in my house lol
LOL! The inbox is as close as I can get ;)
way to go! Have you and the wifey been to Dave Ramsey's Financial Peace University? This may be a good thing to give you momentum.
Good luck!
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