Debt Delirium

Do you ever get that little feeling that nags at your mind, as if you know you should be concerned about something, but you can’t really remember what it is?

Uhh, yeah. I did that for WAY TOO LONG regarding our spending habits, and now we’re paying for it–so, so, so literally.

So, yes. That’s my confession. We have more debt than I am even remotely comfortable with. And more disclosure: it’s of the student loan, car loan, credit card, and even borrowing from our small, beautiful child’s hefty bank account (gasp) to make a decent down payment on our car.

Our repayment plan is going to go full-throttle in February, but so far there are two things that we have done to get the ball rolling:

  1. Balance transfer
  2. Debt snowball calculator

I’ve transferred the bulk of our credit card debt to a new credit card (for free! Thanks, Chase Slate) that has a 0% interest rate for 15 months. 15 months is plenty of time to get that sucker paid off.

Secondly, I used this calculator to plug in all of our debts in highest interest order, along with how much money we’re able to throw at debt each month. It magically generates this amazing spreadsheet that details how much you should pay on each debt and when. You continue making the minimum payments on all debts while you concentrate on making big payments on the one with the highest interest rate. When you’ve paid off the first one, the money that you were using is then snowballed into whatever amount you were paying on the second highest one until that one is paid off. So on, and so forth.

Another thing we are going to attempt to do for the next six months is move to a cash only system. BIGGER GASP. I have always regarded this as the most primitive thing a person can do, BUT I’LL BE DAMNED IF I DON’T NEED TO TAKE EXTREME MEASURES RIGHT NOW. Shoot.

So anyway, here goes. Maybe one day I’ll be transparent enough to post actual amounts that we owe, but for now, just know that it’s a number that is simply just too high.

Also pray that my husband forgives me for not letting him eat out multiple times a week.

I’ll be updating in this category monthly! Stay tuned!


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