OK – so we are in the first month of working on our new debt and re-looking at our overall financial situation. Well, we started out with a bang. We knew we were getting into the ring with a formidable opponent that we had created. Our poor spending decisions, laziness, and vacations fed this beast. And he was looking to take out his pound of flesh with around an 8% interest rate. And really, in the world of credit cards, that definitely isn’t a usurious rate, but it’s still sucking money away from us.
So, while we’re putting our first opponent through boot camp, we were getting fat and living the high life.
We have an ace up our sleeve though. Well, maybe not an ace, but quite a bit of baby step #3 socked away in an online savings account. It took some encouragement from an online forum, but after looking at our debt situation and what we had in the bank we decided that we would go ahead and pay off the CC. So, all said and done, it wasn’t much of a fight. It did take quite a chunk out of what we had saved up though and that just hurts.
Even though the only current debt we have is the car, my security gland is kicking in. This single debt isn’t necessarily giving me a feeling of impending doom, it just seems large and we’ve already gone through this once before. (And yes, I know I’m not talking about the mortgage anywhere.) I just really wish we were smarter when we got out of debt the first time…
One Comment
Congrats! one more to go!