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| Wed, 10-20-2004 - 11:23am |
Hi Everyone! I've been lurking for the last week so I thought I should introduce myself. I've been dealing with credit card debt ever since I turned 18 and started signing up for all those magic cards. It's almost a decade later, and I've learned not to use my cards, but I'm still paying for all the mistakes I made in the past. I sat down and tallied everything up the other night. I don't have the grand total with me, but it's in the neighborhood of $10,700 (not counting our mortgage). It's all credit card debt. Luckily we have no car payments or student loans at this point. I have two balances at 0% right now. They should be paid off by June at the very latest. After that I'll have about $7000 (hopefully less) left that I should be able to get to 0%. We're expecting our first baby in January so I'm afraid we won't be able to be as aggressive with debt payment as I'd like to be, especially once daycare starts up. I've already started setting money aside for snowflaking so I'm looking forward to posting my first totals soon. I'm looking forward to getting to know everyone. This seems like a wonderful place for support and such a good way to keep on track.
Angie

That aside, you should be really proud of yourself for not having car payments. You are saving so much money right now- just imagine if you were paying on 1 or even 2 cars!! Student Loans are "good loans" but you don't have those either, so don't beat yourself up over $10K of cc. You said you're not using them and you have 0% rates- that's awesome!!! You are on the right track!! We have a great "snowflaking" section too!
DH and I had 10K in cc, plus an SUV loan, plus 2 student loans, 1 personal loan, and mortgage. In the last year- we've paid off the personal loan and $5k of the cc. I will have the rest of cc and my student loan paid off by Sept 2005. I do the 0% balance transfers like you and put any extra on debt (income tax, bonuses, etc...)When you have that 0% interest rate the balance drops very quikly! You can do it too! Just leave yourself enough for that sweet little baby coming!! Best of Luck and stay with us! Nicki
Angie - welcome to the DSG!
All my best,
Danni
Welcome Angie.
Sounds like you have things started in a great direction.
Becky
CL of 4th, 5th & 6th grade Scoliosis
Welcome to the board Angie!
Congratulations on being an expectant mum :)
It's good that you're aware of how much you owe and have a plan in place to deal with it. I believe another poster suggested the idea of figuring your expenses as if the baby was already born so it's not such a shock when it actually happens.
The money that you would allocate towards daycare and other baby related stuff could be sent as your snowflakes to your debt. Hopefully you'll have some emergency savings set aside so you don't have to charge your credit card.
Best wishes,
Kassandra
Kassandra
"It is said that life has its peaks and valleys. The challenge is to accept them equally and experience them