Monday, December 3, 2012

The Debt is Out of Control

November is finally over and I learned a lot about myself during that month. I want my blog to know that I cannot travel and be alone or single. I go crazy, I get bored, I want to go out, I want to make friends and at the end of the night my bar tab is over $100. This would be fine if it was one night but after a few weeks it was every night. Per Diems? I have no idea where most of that money went. I charged everything to my Citi Forward credit card. I made a lot of payments but the balance right now is well over $5,000 dollars:

This was not supposed to happen! I keep telling myself don't panic. I can probably blame the mattress purchase and the yearly HOA fees but I'm putting all that behind me, leaving it all in November 2012. I need a fresh start and the only way to make some progress is to go ahead and trade in my car and use that money to pay off the debt. Don't forget I also have a balance on the Citi Thank You card:


That's right, the credit card debt is well over $10,000! After I pay down most of this debt I plan to close the Citi Thank You card and put away the Citi Forward credit card. No more credit cards. Cash only... 

HS

14 comments:

  1. Whatever dude - you're just finding a way to justify getting a new car. That's no way to get out of CC debt - trust me. Been there. Done that. Still in debt. If you haven't been able to change your habits yet, what in the world makes you think that getting a car and using the trade in money will make any kind of difference. You're trading debt for debt. Did you ever tell your wife how much debt you guys have? Did you ever create a budget? Trust me - I struggle every day with not getting out of debt. I've added stupid debt and justified it for various reasons. We have to be better stewars of what God has given to us and stop abusing it.

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  2. If your car loan is at a better rate, and IF you truly STOP using the CC, this could be ok. But, do you have any sort of emergency fund, for the new mattress/medical bill/ooops I spent $100 at the bar situations?

    Because if you don't, you'll be right back in debt again.

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  3. Not sure if you got my comment...so just delete this if you already did.

    I know you mentioned that things were out of control while you were traveling (both for you, and for Mrs.) Care to share about the homefront? Did Mrs. also charge up a storm while you were gone?

    It is ok and natural that if you are on extended travel that you want to have some friends and go out. But you don't know how to go out once in a while! I am sure there are things you can do other than go to a bar and drink and eat. In NYC, I am sure there were tons of things you could have done.

    Get a pizza and a 6 pack and stay in!

    On a different note....did you get the Synagis shots for baby?

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  4. I said it and I'm serious.... no more credit cards.. cash only.

    HS

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  5. Mysti,

    Are those the RSV shots? No we did not get them but the baby did get the flu shot and is up to date on all her other shots.

    HS

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  6. Did you grow up poor? The way you try to use money to make people like your be impressed by you sounds like someone who grew up poor and the butt of richer kids' jokes.

    Not that it's an excuse. I grew up very poor and that inspired me to make better financial choices so I wouldn't stay poor. But, I feel like you need to find out at the core of you WHY spending money to entertain or impress is so important to you. Fix (or control) that and you will probably be on the path to financial freedom.

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  7. No I can't say I grew up poor...Been looking for that WHY for years LOL

    HS

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  8. Yes....RSV shots. I have to say....preemies, particularly ones who had breathing issues are particularly susceptible to RSV. My son got it at 3 yrs old and spent a week in the hospital on oxygen. And got it again at 5 yrs old. We were way past the preemie RSV shots by then, and it still hit him HARD.

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  9. Mysti,

    We asked the pedi and she said each shot is $1,000 and insurance has to approve them, you can't just pay out of pocket if you want them. So they have to get approval and if it's denied by insurance there's nothing we / they can do.

    The Pedi however feels that she doesn't need them but I will ask again now that you said they can get sick when they're older.

    Thanks for the heads up..

    HS

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  10. Don't you feel bad, saying you have no idea why you spent all this money on booze and then telling us that you can't swing a few grand for a shot that could help your child stay healthy? I can't stop reading your blog because you just keep getting less and less reasonable. How are you so out of touch, man? I feel like you're a Casey Serin gag and I'm a sucker for even caring.

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  11. I have the same problem... I keep bringing my debt down to $0 with emergency savings to boot. But something always happens and I end up using the emergency savings and then, racking even more debt.

    It's about to be my third try at being debt free again. At this point, i'm ashamed to even keep blogging about it at my own blog.

    At least, your debt is small enough that you can definitely break it down fast with your much higher salary than mine!

    You can do it! Do not stop blogging! There are worse off people out there like me who are also on this journey!

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  12. Ms Sarah Jessica Farber, you can purchase those shots... only the insurance can approve them. Pedi has to go through them and they determine if they are needed or not, not much we can do. I've spent 1000's over the last couple of years for this baby LOL I'd do anything for her..

    HS

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  13. Booze and eating out + diaper bag + car trade in money = your daughter's shots and a nice beginning for her college fund. I am already worried for your daughter. You seem to put frivolous crap before her. She will pick up on this when she gets older.

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