... with myself. We have waaayyyyy too much debt. The cause... overspending of course. But there is one extenuating circumstance that attributes to a large chunk of it. I was self employed for almost 5 years and making very low income during the whole time. Now I am employed and making a decent salary as is my husband. But we still don't seem to be getting anywhere.
We have a 9 year old daughter who is active in a number of sports/activities. Kids are expensive!
I'm admittedly also a spender on silly things that I need to curb. We have lots of room for improvement.
Here are the numbers:
HELOC - $260k
LOC - $55k
CC #1 - $1,200
I recently applied for and obtained the increase to my LOC to pay off all CCs but $1,200 of the one listed above. This will give us a lower interest rate but overall monthly payments won't change a huge amount at this point. We are set up for auto minimum payments on the LOC so it will go down over time. But the intent is to throw more $$ against it every month. It should also simplify things for us - we were balancing too many card payments, etc.
The HELOC is where we do everthing - all income goes in and all expenses come out. As a result, we are really only paying the interest on this and it doesn't go down. Again, focusing on this but it's at a lower rate than the LOC so want to focus more on paying that off.
That's my update for now. Hi to everyone.
First Entry - I've got to be honest...
May 15th, 2015 at 05:46 pm
May 15th, 2015 at 07:06 pm 1431716763
There can be an end to your debt but it takes persevere, sacrifice and falling off the wagon a few times. Good luck in your debt repayment journey. Again, Welcome!
May 15th, 2015 at 07:22 pm 1431717737
May 15th, 2015 at 08:33 pm 1431722028
Is the HELOC the only debt on your home? No traditional mortgage?
May 15th, 2015 at 08:36 pm 1431722169
May 15th, 2015 at 09:23 pm 1431725030
May 15th, 2015 at 10:11 pm 1431727877
May 16th, 2015 at 12:07 am 1431734835
May 16th, 2015 at 12:42 am 1431736944
May 19th, 2015 at 01:06 pm 1432040800
Yes, that is correct. The HELOC is in place of a traditional mortgage - which is a curse and a blessing.