Accumulated Interest
Today is a bit of a pinnacle day as I have just paid off my Discover card. The credit card with 27% interest I've ignored and fretted over for years. Granted, it was not the credit card with the largest balance. But, the interest was so ridiculous paying it off seemed impossible.
I wish I could say I did it alone and of my own conviction. But, my mother who is intent on me eliminating my debt and buying a house has thrown money at me several times the past 7 months that made a huge difference in making this happen. Combined with the fact I was able to transfer about $2500 of the balance to a no-interest for 15 months credit card.
I'm not much for math but this all adds up to hundreds, if not a few thousand dollars in interest saved that I could have conceivable spent decades paying down.
Things are not over yet, of course. After I pay off the remaining balance of the no interest card, which will likely take me into next Spring, I still have $21,000 on my Visa to pay off. The interest is not insane on that card, but even doing my best it will take me another two or three years to pay off. That too is also barring any emergencies.
In my efforts to get this task completed finally I have dumped as much as possible every month (save October) toward paying the first card down. This has meant by the last week of the month I have literally tens of dollars left in my checking account. I barely made it through this past weekend waiting for my check on Monday to replenish me. Kind of sad that life is all about waiting for, receiving and spending money in an endless cycle.
I'll be getting an Xmas bonus of a grand or so. And then a tax return next year which may equal a grand if I am lucky. I doubt I will be responsible with that extra money. Even now the extra cash I have that should be going towards something useful I spend on monthly binges of online shopping. Filling the void of my life with responsibly priced things. Making it feel like, even though I am broke, I can still get a couple things every month to show that I am not completely imprisoned by debt reduction.
I will say, it only seems like yesterday that I wanted to begin this process. I have a piece of paper in my desk that reminds me it was April when I started this venture. Nine months seems like a long time, but I didn't predict that I'd have the first card paid off this soon. I thought at the time I would still be paying off the medical credit card I had with all my dental work at this point and time.
It would be lunacy to believe I could have the remaining 22,000 or so paid off in the next twelve months. I would need a hell of a large raise and other fortunes to align for that to happen. And I won't be getting a large raise anytime soon. I'm sure my Boss will give me another 1 or 2 percent and make it seem like he's opened Solomon's treasury to me. The days of my getting 8-12 percent raises are long gone.
I'm sure I could help myself along by ridding myself of my $170 a month cable bill, or god forbid moving to a place that charges less rent or get a higher paying job. All fantasy of course. For now I will just count on the status quo not shifting and remain on auto-pilot. Things are still bleak, but slightly less bleak at least for the next few minutes this morning.
I wish I could say I did it alone and of my own conviction. But, my mother who is intent on me eliminating my debt and buying a house has thrown money at me several times the past 7 months that made a huge difference in making this happen. Combined with the fact I was able to transfer about $2500 of the balance to a no-interest for 15 months credit card.
I'm not much for math but this all adds up to hundreds, if not a few thousand dollars in interest saved that I could have conceivable spent decades paying down.
Things are not over yet, of course. After I pay off the remaining balance of the no interest card, which will likely take me into next Spring, I still have $21,000 on my Visa to pay off. The interest is not insane on that card, but even doing my best it will take me another two or three years to pay off. That too is also barring any emergencies.
In my efforts to get this task completed finally I have dumped as much as possible every month (save October) toward paying the first card down. This has meant by the last week of the month I have literally tens of dollars left in my checking account. I barely made it through this past weekend waiting for my check on Monday to replenish me. Kind of sad that life is all about waiting for, receiving and spending money in an endless cycle.
I'll be getting an Xmas bonus of a grand or so. And then a tax return next year which may equal a grand if I am lucky. I doubt I will be responsible with that extra money. Even now the extra cash I have that should be going towards something useful I spend on monthly binges of online shopping. Filling the void of my life with responsibly priced things. Making it feel like, even though I am broke, I can still get a couple things every month to show that I am not completely imprisoned by debt reduction.
I will say, it only seems like yesterday that I wanted to begin this process. I have a piece of paper in my desk that reminds me it was April when I started this venture. Nine months seems like a long time, but I didn't predict that I'd have the first card paid off this soon. I thought at the time I would still be paying off the medical credit card I had with all my dental work at this point and time.
It would be lunacy to believe I could have the remaining 22,000 or so paid off in the next twelve months. I would need a hell of a large raise and other fortunes to align for that to happen. And I won't be getting a large raise anytime soon. I'm sure my Boss will give me another 1 or 2 percent and make it seem like he's opened Solomon's treasury to me. The days of my getting 8-12 percent raises are long gone.
I'm sure I could help myself along by ridding myself of my $170 a month cable bill, or god forbid moving to a place that charges less rent or get a higher paying job. All fantasy of course. For now I will just count on the status quo not shifting and remain on auto-pilot. Things are still bleak, but slightly less bleak at least for the next few minutes this morning.