New and want my debt down
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| Tue, 10-05-2004 - 11:58am |
My credit is clean, and my FICA score isn't terrible but I would like it to be higher. My car has no payment, but not too sure how much life it has left in it. I would like a new to me car, but until I can get the FICA score higher I will have a high interest rate. I need to get my credit card balances down, as they are pretty much maxed at the moment. This is what is affecting my credit. I would love not to have the medical bills, which are equivalent to a car payment at the moment - how annoying!
I have quite a few goals, but something keeps coming up to prevent me from paying down the cards. For example, I now need work done to the common shed I share with my neighbours. They keep going on about it, so I have a business contact going out today to give an estimate for the work. The 1st estimate I got was $450! I just don't have that amount lying around, and hope my contact can give a better price. I found my kitchen sink leaking yesterday, and have called the home warranty company. Luckily it's just a flat $50 including parts thanks to this warranty, but I do have to pay for the policy each year. Last year, it put a new heat pump in my condo saving me a lot of $$$$$$$. Now it's time to get my dog his flea stuff and heartworm, and when the bill comes to nearly $80, it's not exactly cheap. My cat ruined a very good futon I bought new last year, he peed on it a number of times and I had to throw it out. I need furniture for my condo and to paint it. Paint isn't cheap, neither is furniture. I also have zero time to work in my condo, and for my sanity will probably need someone to come in and paint it. It was painted top to bottom in a horrible apricot colour, everything and I unfortunately don't have the time or expertise to paint it well. My home is kind of upside down at the moment, because I did start some of the painting, but I have started to work longer hours, especially with networking in order to make contacts to make more sales. More sales = more commission = debt paid down.
I'm glad I've invested in the condo, it's already gone up $25,000 from what I paid for it last year, and is less than a mile from the beach and boardwalk. I have started a savings account not linked to a loan for emergencies. I also have a LOC, to cover bills when I'm waiting for my commission. I do get my reimbursements back in a week, but I must have $$$ upfront for all the lunches and networking activities I take part in and only claim monthly.
I need to feel that I am making progress with this debt, and have money saved for emergencies or unexpected expenses like the shed and sink. Thanks for letting me share and for finding a place I can vent when I'm feeling overwhelmed with the cost of living a pretty regular life.

It is was amazing to me last year when my now ex and I sold our house and paid of all our credit cards - how much of a difference that made in my credit score. It went from low 600's to low 700's! And the only change was not having maxed out cards. Now if only I could have kept my credit cards paid off. It was a tough year being on my own for the first time in, well, forever. But having a good income is always a plus. It sounds like you and I are similar places.
Perhaps once you start making a dent in your credit cards and they aren't all maxed out, you can get a home equity loan and pay the rest off. That way the interest is tax deductible. I think it's hard to get when you are in dire financial need, but if you can get on top of things, your credit score will improve and you might be able to turn things around to your advantage.
My car just hit 100,000 miles on Friday. I am hoping I can make it last another 100,000 miles. I don't have much of a choice, I have no room in my budget for a car payment at all.
Not much advice, but wanted to say hi and I'm in the same boat.
Hello rwblair and welcome to the DSG!
All my best,
Danni
cindylee
Thanks for all the positive feedback too Danni on how I am managing my expenditure. I've always kept an eye on my finances, but no matter how careful I try to be I do need to reign in some of my spending. I will check out the snowflake board also, and will be posting my progress and offering advice whenever I can.
Before I was taking about $40 out in cash each week for lunches and stuff, and sometimes it wouldn't even last the whole week. Since I've been bringing my lunch I only take out $20 per week and I usually do not spend it all.
I went over what I spent on groceries and eating out the last 8 months (I keep my checkbook in excel so it was easy to make a copy, sort and analyze). I was shocked. I was spending $200 more than I budgeted each month at the grocery store. I think $100 of it is because my budget was unreasonable, but I'm trying to buy carefully and cut $100 out of that expense, which I can then use elsewhere.
Hey - I used to eat out all the time too!
All my best,
Danni
Thanks for the crockpot suggestion. I should look into something like that and make my own veggie chilli instead of spending $4 a tub for it at the health food store. I really need to start making more food at home, I used to be good about it then I got lazy. I just love eating well even as a veggie! Will check that site out. Thanks again.