Another new month! 

We cashed an IRA to qualify for food assisstance, which we haven't gotten yet-NOT RECOMMENDED! But in our situation it made sense for both the short and long term.  

May

4 credit cards $31,069

June

2 credit cards $23,308

paid $7,761

Closed one credit card account, left the one with the $22,000 line open so it looks like we are using 50% of our credit rather than over 90%.   The cards are hidden. 

Home loans, same, haven't paid yet.

May/June  

3 home loans $248,921 

When we have more money we will have to try to catch up on retirement savings.  For now, our debt is lower, our payments are lower, we should qualify for over $500 a month in food assistance until we have a full time job.   I have to now pursue the food assistance, which will help keep the other bills paid. In is very nice, though, to be in less debt when we are thinking we might have to move, and qualify for another home loan.  I hope we can stay here, but we will see what is in the cards for us.

Looking forward to reading other people's progress, difficulties, and plans to keep chipping away the debt. 

 

Hi Tracy!  Wow, good for you!  Sounds like you made the best decision for your family re: the IRA.  We have considered using ours to pay our debt off as well and then aggressively filling the IRA back up . . . but so far, haven't done it.  Though in your situation, it seems like it was the best choice as you will now qualify for the needed assistance and have less liabilities each month.  A little breathing room!

Well for us, we are still plugging along.  Have 3 credit cards and a car loan and plan to pay $902 this month ($500 to cards and $402 car payment).  June is going to be a REALLY tight month for a lot of reasons so I don't think that we will have too much progress.  Looking forward to making more impact in July & August.  June just has too many challenges; if we get though it with just paying the $902 and not having to charge anything, I will be super happy!

Am working on my Visa card which is starting June with a balance of $4081.23.  Hope to break the $4K mark at least this month!!

Tracy,
Now that there are only two cards to manage instead of four - ... I am just curious... what is the APR?
Do you qualify for balance transfer promotions?  This would be a perfect time to take advantage of that if you haven't... even if it means ... opening a new account to do it.  With that approach, you could get your payment knocking down the balance rather than forking over money for the finance charge.
Just a thought....

 I went to our credit union last year and did a Beat my rate promo- so the rate on the card with $20K on it and a $20 K limit, the one we intend to use forever, is at a 6.9% rate.  The other card is a Capital One at 8%.  Nothing too bad, and give me the incentive to keep on paying down.  I don't think we would qualify for any lower rates, although we get the offers in the mail- about 15-17 a week- is because we don't have much income now.  I'd hate to lower my credit score with an inquiry as I'm sure we don't qualify.  

Some of the cards paid off were at 25% and 13%.   I'm grateful to my credit union, who bent the rules as we were overextended with credit.  I promised we would close a few cards, and we have.

 

$313.32 paid to the truck today. Only one more payment on it!!

I estimate we owe $1,363.32 in total debt. I am having tons of trouble with getting the cell phone company and the medical biller to send me statements that have accurate balances on them so I can pay them. I have never had so much trouble trying to give people money!

 

 

 

 

latenightleader:

Some of the cards paid off were at 25% and 13%.   I'm grateful to my credit union, who bent the rules as we were overextended with credit.  I promised we would close a few cards, and we have.

I understand, the reduced rates are good ones... I too was able to get some reduction from Credit Union along the way.
Some of our rates were at the default limit too.
Keep on, you are making progress!

latenightleader:

Some of the cards paid off were at 25% and 13%.   I'm grateful to my credit union, who bent the rules as we were overextended with credit.  I promised we would close a few cards, and we have.

I understand, the reduced rates are good ones... I too was able to get some reduction from Credit Union along the way.
Some of our rates were at the default limit too.
Keep on, you are making progress!

Brandy:

I am having tons of trouble with getting the cell phone company and the medical biller to send me statements that have accurate balances on them so I can pay them.

Can you access these accounts electronically?  When I got frustrated with the paper, I set up as much electronic access as I could for making inquiries on balances.  Probably you will have more luck with the cell account than the medical one though....  I don't even want to get started on that frustrating topic!

The cell phone company has removed the payment section from the online account. Instead I see a message inviting my husband to return as a customer.

There is no access online to the medical account.

 

Brandy, I always think you were overcharged for that 3-4 months from your old cell phone provider.  Is it possible they have decided to credit you part of the excessive fees?  They might have to try to get you back, you guys paid them lots of good money, for something that really costs them not so much to supply.