One small step for DebtPrincess, one giant leap for….well, no one. However, I feel just a tad less stress on my shoulders than I did yesterday. All this is thanks to some small steps that I took in the past 24hrs or so. Check out my update below.
I wanted to fill you in on a bit of my Debt Reduction Plan. I’m basically doing a pseudo- Dave Ramsey-esque debt reduction plan. I am hoping to pay a small amount on all my credit cards right now while focusing all my extra funds to the card with the smallest balance. However, I’m currently keeping a balance on one card. The limit is only $500 so I can’t do too much damage with it. I’m paying on it, always more than the minimum. My hope is that maybe it will be enough to keep my credit rating at a decent number. As I pay off the smallest balances, I will take the minimum payment from the next smallest and add it to what I was paying on the previous card and hopefully they will disappear within five years.
That is my goal….Five Years to debt Free!
At some point I will work on an emergency fund but I don’t see much need for one right now. I don’t have a car, medical expenses are covered and we have a roof over our heads thanks to my mom. But I plan to have an emergency fund after the “New to me” Car Fund has grown.
I’m working every angle I can right now to bring in as much income as I can. I’m looking in to some freelance writing opportunities, some websites that pay per hit on the articles you post, as well as doing some babysitting at my home a couple of days a week. I will post a running tally of where I’m bringing in extra funds and how much.
Debt Reduction Update: if you look to the right you will see that my numbers have changed. I was able to pay $100 on my smallest balance card. All that remains on it is about $75. I hope to have that paid off next month. The savings accounts have not had an increase as I have not been able to donate plasma in a week. My iron is being very stubborn and fluctuates a bit. I’ve been rejected for having too low of iron a total of 5 times now. It’s very frustrating.
Also, Today I was able to work out a deal with GE Money Bank for one of my credit cards. I paid them $75 today and every month from here on out I will pay them $35. They agreed to stop charging me late fees and over limit fees. And I agreed to the card being closed once I paid it off. At this rate it will take 40months to be at a zero balance but I hope to be done with it sooner. Phew, feels good to have that accomplished. I’m going to attempt to contact all my creditors and work out a deal similar to that IF they will take a small amount like $25.00 until I can add more onto it.
Thanks for reading and for all the feedback you have been giving me. You guys truly are helping me in this path. Please pass along this blog to anyone you think might be interested in it.
Happy Day!
DP
YES! Progress = one step closer to success! Once you see the light it feels a bit better, doesn't it?
restey11(Quote)
You can do this!
Anonymous(Quote)
Extremely proud of you, Jessica!! You can and will get this. Stay positive, keep using your good brains. You will meet your goals!
Anonymous(Quote)
Jessss!! This is so exciting to read. Man, I just caught up and now can't wait for your next post.
electric boogaloo(Quote)
Congrats on facing the creditors and negotiating with them! I hope you have as much success with all of them!
Elizabeth W(Quote)
Congrats on facing the creditors and negotiating with them! I hope you have as much success with all of them!
Elizabeth White(Quote)
Remember, you didn't get into debt in one day, you won't get out of it in one day. Baby steps darlin'.
Jen(Quote)