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And, we begin

December 5th, 2012 at 12:22 pm

I've realized a while ago now that I'm not in a good place financially, even though I have a stable career and make good money. There is too much debt, and almost no savings at all. I'm not getting any younger (as a matter of fact, today is my 39th birthday).

I've come to terms with the situation and am intent on fixing it.

I have a significant other who has no desire to or expertise in managing money. We both brought debt to the relationship. I have primary control over the finances. He is aware of the financial situation and trusts me to make the right decisions.

I've recently (JUST THIS WEEK!) paid off two of the highest interest credit cards! It felt so good! I've also just sold some stock and will pay off 2 more high interest cards within the next week. This is my debt picture, as of today:

Credit Cards:
1: $ 639 / 18.4%
2. $ 665 / 21.5%
3. $1012 / 22.9%
4. $2681 / 22.98%
5. $7026 / 19.24%

401(k) loan #1: $2400 / 4.24%
401(k) loan #2: $10,500 / 4.24%

Auto loan #1: $2700 / 6.5%
Auto loan #2: $18,000 / 4.1%

Student Loan: $51,000 / 4.625%
Parent Loan: $14,372 / 7.65%

Mortgage: $69,314 / 4.25%

10 Responses to “And, we begin”

  1. creditcardfree Says:

    Welcome to SA. And Happy Birthday!! Congratulations on paying off two credit cards. It is a great feeling to know that a debt is gone forever.

  2. North Georgia Gal Says:

    Welcome! I look forward to reading about your progress!

  3. NJDebbie Says:

    Welcome and I also look forward to your debt-kicking progress! You've come to the right place.

  4. twest Says:

    Happy Birthday! Great for you for realizing your mistakes and being determined to fix them. That is all anyone can do. Look forward to reading your blog.

  5. snafu Says:

    Hope this is the best birthday ever. Good on you for being aware of the need to get control of your money and manage it it in the best way possible. Paying off 2 CCs and kicking two more to the curb shortly is the best birthday present you can give yourself. Those interest rates are beyond reasonable - their gouging.

    If you're willing to outline your expenses in the SA Forum, those experienced folks will offer suggestions you may not yet thought about. What SA wants most is for you to be successful and meet your goals.

  6. wowitsawonderfullife Says:

    Welcome and congrats on the paying off of two cards. Hope you look into snowballing for your other credit card debts.

  7. Petunia 100 Says:

    Happy birthday!

    Welcome to SA.

    Since you have a stable career with a good salary, you will be able to make good progress towards eliminating debt and building wealth.

    If you don't already have a written budget, now is the time to start working on one. Monitoring spending is really key. For me, it is by far the hardest part.

    Best of luck to you with your goals. Smile

  8. Sian Says:

    Happy Bday!! and welcome! you're off to a great start!

    don't forget that you can call the credit card company and ask if u can get a lower rate. that way while paying it off u'll have less interest to pay for a while.

  9. LuckyRobin Says:

    Welcome. This is a really great community for getting and keeping your financial act together.

  10. Jerry Says:

    Congrats! The first half of the battle is to have a stable job with decent income... it can be done without those two elements, but it leads to a much longer and more difficult process. I wish you much success in knocking out that debt so that you have some insurance of being able to put that income into your goals.
    Jerry

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