Not Impressed with our Debt – Week 39 of 80 – April 2019 Results

April was catch up month for us so as expected the results are not spectacular.

We started off the month with $25,421 and as of today we are at $24,750. That’s down $671 which is the lowest I think I have had so far. But hey, it’s still forward progress right?!

I was only able to make a regular payment to the home equity this month so that debt went from $900 to $578. In the month of May baring anything unforeseen we should be doing our happy dance for paying it off! Fingers and toes crossed.

Even though April was less that productive in my mind I did realize something very exciting which will keep us motivated and moving forward in getting our debt gone for good.

I really started all of this paying off debt stuff in August of 2014. Our starting point was a whopping $143,775.35. Totally embarrassing right? Keep in mind that part of all of that is our mortgage but only about $50,000. That means over $90,000 was pure car, credit card, and home equity loans. Yikes right?

But here’s the cool thing, in less than 5 years, we have paid off an astonishing $71,300! Our total debt right now including house, car, credit cards, and loans is down to $72,475.

I couldn’t believe it when I tallied it. I have kept a white board since 2014, diligently marking down our progress every week and month for each debt when have. Cars have come and gone and credit cards have been paid off one by one.

My husband and I are pretty proud of what we have accomplished. It makes it worth the hard work we put into it. Hopefully some day we can pay for a vacation by swiping our debit card and not our credit card right?

We will see what May brings! See you next update. -MM

Not Impressed With Our Debt – Weeks 22 -23 -Rearranging

It’s been an interesting two weeks. I didn’t think I would get much extra debt paid off this month because I have Town/County taxes to pay, our planes tickets for our trip to Ireland to save for and now these medical bills which just got bigger today.

But get this… we had an unexpected surge of cash this week which lent me to paying our taxes in full (Thank you to Him!), that’s one off the list. We have saved about $500 for plane tickets so far and from the advice of our pastor I am going to apply for a grant through the hospital to help pay for the medical bills from that emergency room visit. We will see what happens.

Remember when I posted about reading all the mail you get? A few weeks ago I got another set of checks from our credit card company where I could use the checks to pay off anything I wanted and the interest rate would be just 2.99% for a full year.

I thought a lot about those checks and I even called the credit card company which was through our credit union and asked about the details. They were in fact valid checks and I could use them for anything.

So after really thinking about it, I decided to sit down with my favorite Credit Union rep yesterday and I asked her what she thought about paying off our Home Equity Line of Credit with one of the checks.

She said “well it would certainly save you a lot of money in interest.” The interest rate on the loan was 15% and the amount I owed was still the exact same amount ($5000) since I took it out 8 years ago. I took the line of credit out in 2010 to pay for the equipment to start my bakery and I still owed the same amount because I kept drawing from it.

Without even thinking about it anymore I told her to do it. I wrote the check and she gave me my receipt and I paid it off. In my mind it’s one more thing that’s done. Yes, it’s on a “credit card” but if you use them correctly they can actually set you free of debt. I have one year to pay it off before the interest rate goes up and believe me I intend to do just that.

Every day I work on our debt. Every day. You have to stay on top of things my friends. Keep working and using your magic to get out of debt. There will never be a dull moment!

See you next week! -MM