Some of you may remember my post: Dirty Financial Confessions where I revealed how I now have 2300.00 in credit card debt after the holidays and my most recent post-breakup move. Several of you have written to inquire how my credit card pay down was going, or encourage me to continue to share my financial realities and I wanted to tell you: so far so good!
After all was said and done it ended up being close to 2800.00. Oh.Shit.Yikes.
My credit card debt now sits at: 1950.00
I had 500.00 left in pay from working my second job in December, and then I put an additional 350.00 from my budget. I still don’t know how much side income I am going to generate from the blog this month, so the final payoff date is TBD. Obviously, the sooner the better, but I predict I should be able to by the end of March.
The moral of the story? Don’t make me say it again! DON’T USE CREDIT CARDS FOR CHRISTMAS…or..ever, really. Do as I say, not as I do! The credit card pay down is too, too tough.
In the guest post I published about Financial Recovery after the holidays the best tip the author provided was to stop all use of credit cards all together. I’ve been bad about this as well, but you’d be proud to know I finally went to Chase bank yesterday and had my debit card replaced. I’d been writing checks or putting items on the credit card and paying them out of the bank account, but at this point it is perilous to keep up that method, as it is nearly impossible for me to keep track of what is going in and what is going out. I also put all my other credit cards (except for my discover, which has 0% APR for 18 months) into the freezer.
Yes, the freezer. It’s the only way I can keep out of them, if that gives you some kind of clue as to my impetuous nature. I also have some news! I thought January would provide some much needed downtime for me to do site maintenance and finish my entry for the narrative non-fiction contest I am entering. Sadly, things at work and in my life are crazier (in a good way!) than ever, and so I need to adjust my posting schedule. I will now be posting on Tuesday/Thursday/Sunday instead of my regular Monday/Wednesday/Friday schtick until the end of March. If you are also interested in guest posting for me and lightening my content load, I’d be forever grateful and would love to have you post on the site. Just shoot me an email!
Hi, my name is Lauren but I'm known to those nearest and dearest as L. Bee. After twenty-five years on the planet I have worked in a lot of industries, moved to many different cities, and made almost every money mistake you can make.Join me on my journey as I navigate my twenties and try not to pick my "money tree" bare.
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Literally in the freezer? a la Shopaholic? That’s funny, but not.
Glad to hear that things are busy in a good way – and with the popularity of your site, I’m sure you’ll make enough income to pay down the credit cards soon!
Mrs. Pop @ Planting Our Pennies recently posted..How We Fought Our Real Estate Tax Appraisal And Won – Part 1
Thank you mrs. P-I hope so too.
Nice recovery! Glad to hear things are going well at work. Get that narrative non-fiction piece done! That’s the kind of stuff I always back-burner, and really shouldn’t.
AverageJoe recently posted..Hiring a Financial Advisor: Clues from the Receptionist
I am the type to back burner projects as well, and I’m really trying to finish this and get it off the ground. Changes will have to be made!
Lol frozen CC! I would give them to my mum, making it even harder to go beg to have them back.
Pauline recently posted..13 money resolutions for 2013: #8 be happy!
That is actually a fantastic idea. If my mom lived close by I’d probably give them to her…but then I’d never get them back!
Hi L Bee! After the holidays, I also decided to freeze my credit cards! They are sitting nicely chilled at the back of the freezer! Lol! Im a shopaholic (erm, a recovering one) so extreme measures had to be taken!
Good luck on paying it off by March!
Rachelle recently posted..#Tag: How Much Money Is Your Face Worth?
Good for you for taking steps to take care of the problem! I know people may laugh at putting them in the freezer, but it takes a self aware person to do something like that.
John S @ Frugal Rules recently posted..Reader Question: Should I Invest in Mutual Funds or ETFs?
Ugh, I have a bit of pesky credit card debt that’s been hanging on these last few months. I’m going your route and stopping the use of my credit card all together. Instead I’m working on building a cash buffer of about $500 in my chequing account (personal, not joint) and then I’ll start siphoning some off to pay my credit card down (while making minimum payments in the mean time of course). It’s so easy to get carried away with that kind of debt!
Jordann @ My Alternate Life recently posted..Thundershirt Review and Giveaway
You go girl! Pay yo shit off!
Greg@ClubThrifty recently posted..How to Save Money in College: The Benefit of Hindsight
Know what’s crazy? If you didn’t have that credit card debt, you probably could afford to not use a credit card! UGH! So annoying when I think about it like that. We have quite a bit more than you, but should be able to pay off fully with this year’s tax return. Then? I don’t think we’ll use credit cards ever again unless we can plan ahead of time to pay them off immediately. And I mean get home from the store and pay that bill immediately!
Michelle recently posted..Wishing For Walkability
Time to start saving for 2013 Christmas now! I start saving every January for the following years Christmas. I give myself a “rough” budget of what i’m going to spend, divide it up by about 48 weeks (4 weeks before xmas) and deposit however much $$ i’ll need to reach my goal into a separate savings account each week. This way you’re not paying for Christmas over January, February, etc…. because you have a bunch of cash on hand to pay for Christmas. Christmas on credit sucks.. i’ve been there, done that. Never again.
Carla recently posted..January Mid-Month Financial Goals Update…
I love your tip for breaking it up weekly, honestly something I hadn’t thought of. Also-if you had a bad week or something it wouldn’t derail a whole month of saving. Thanks Carla!
Good luck with the workload–happy to provide a guest post if it could be next week or later.
And you’ll nip that CC debt in no time–keep the great work!
The Happy Homeowner recently posted..Renovate and Organize Your Home Office on a Budget
Of course! Whenever you feel like posting let me know and we will get something scheduled!
Ha, nice job sticking them in the freezer. Hope you don’t have an ice cream addiction because then you will see the cards. Sorry to hear about the credit card increase, but good to hear about your pay down.
Debt Roundup recently posted..Two Common Debt Reduction Options
Congrats on paying down your credit cards. I’ve never put credit cards in the freezer so I may have to try that tactic!
Terah@The Credit Report Chick recently posted..How To Repair Your Credit (Part 4)
Putting in the freezer works great, but then you feel like an idiot if you ever want to thaw them out and people see them sitting in your fridge when they go to get water or something…
Glad you were able to pay off such a huge chunk. A lot of people think when you are done paying off your credit card you will never go back to debt again. It’s like being a recovering alcoholic who thinks they can just have one drink. It’s easy to fall down that slippery slope. I may have a guest post that would fit your blog. Let me get back to you!
Budget & the Beach recently posted..Choosing Happiness
Agreed. I hadn’t used them in so long I thought it would be ok until…it wasn’t. Anytime you want to post Tanya you are more than welcome!
Freezing credit cars always sounds funny to me, but I recognize that it works and it works well.
Congratulations on making a big dent to start in the credit card debt. It may not be easy or fun to pay off, but it sounds like you’re making progress. I hope you manage to clear it off faster than you think!
Alex recently posted..Money and Happiness: What is Personal Branding?
I keep one (1) credit card for unusual situations (debit card didn’t work while my bank was going thru an ‘upgrade’ in their system). All the others were paid off and shredded.
Rod J. Rogers (@FreeAgentRogers) recently posted..Guest Post: Using the cash envelope ‘system’ to get out of debt.
Great advice with the credit cards and Christmas. I’m sure you’ll get to zero before you know it and if keeping the cards in the freezer is what you fancy then keep em cold ! Cheers! Mr.CBB
Canadian Budget Binder recently posted..How I Support My Family On One Income