Posted by: Brookhaven | June 24, 2008

Been there…Done that..Still paying for the T-shirt!

July 1st 2008 will mark the 2nd or 3rd time I have attempted to dig myself out of debt and live within my means. Maybe it’s the more like the 4th or 5th time. But this time is going to be different. This time I am going to chronical my success, or failure, on this blog.

My previous failures have consisted of feeling stressed and helpless about my situation which caused me to obtain large amounts of cash, from bonuses or stock proceeds, to pay off all the credit cards and then going right back to my old ways as soon as the pressue was gone.  Wash, rinse, repeat. You get the idea.

Last time I paid off the credit cards I even managed to close several of them so I wouldn’t be tempted to use them, which was difficult due to credit card companies purposefully making it difficult. Then something magical happened. The credit limits on the cards I kept open doubled or tripled. Thanks Mr. Predatory Lender!

The stark reality: Total debt (not including the mortgage) $116,597.01!

The Breakdown:
Line of Credit: $239
Discover: $3,562.74
Mastercard: $1,358.65
Visa: $5,044.86
Auto Loan: $25,390.74
Auto Loan 2: $10,435.96
Student Loan: $31,736.95
2nd Mortage: $38,828.11 (I include this because this is about 50% old credit card debt)

Quite a mountian to climb and the stupid thing is that I have had most of this paid off several times over.

 Stay tuned for The Plan


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