My dirty little secret. A crippling credit card debt (and I know it’s not as bad as some!) and the remnants of a car loan – a hasty decision made when I knew better.
I am generally an anti-debt philosopher, though you wouldn’t know it from the start of this conversation. I drove a beat up old car that was getting to be embarrassing, and I had made significant extra payments on my mortgage and maintained a credit card limit of $1000, which I didn’t fret about, as I could pay it out at any stage.
Then things changed. I’ve wondered how to broach this, how to admit guilt without blaming myself, how to acknowledge where I was at fault without admitting all that is wrong with me. The fact was, that I had previously lived within my means, and for various reasons, I started to try to keep up with the Jones’.
I started to get embarrassed about my beat up old car, so launched into debt on a whim one day for a new car. Hey, I didn’t have much debt, I could afford it, right? Then one day over commiserations with a girlfriend, I booked tickets for TWO trips. I had never taken a holiday with my children, and it was stupid having the money sit in the bank and not use it, right? And then, well, Miss M had left home, and life was difficult. I made a lot of little, bad decisions, and spent some money bailing her out of hers. But hey, that’s what mothers do, right?
And all of this led me to where I am today. In credit card debt that I’m really struggling to move, and flailing towards the finish line on the car loan that I knew better on. Son C and I have been very seriously considering buying a second house in a gorgeous little suburb, but that ambition is very much beyond our reach while I’m still in debt.
I won’t sit here and state goals. I’ve done that. For whatever reason, it hasn’t worked this year. I don’t want to keep reporting in my failures each time. I’m happy to share this information with you, and I’ll be happy to share my success with you. I have a plan in mind that this should all be paid out in around two months, which includes using my tax return. I won’t promise it, I don’t know what life is going to throw at me, but I paid $1,400 off the credit card last month, and hope for a similar amount at the end of June.
For the month of May, I can report the following:
Borrowed on credit card: 449.99
(this went on to the credit card at the end of the month. No point having savings if you’re holding credit card debt)
Repaid Debt: 1432.12
And that is how the finances go at Brish’s household. We are only a two-person family, and we are not enjoying this stage of our debt diet, but we are doing well. :-)
How’s your debt going?