debt debs

Personal Debt Wrangler – Had my money head in the sand – but no more!

Lop Bunny

Debt Update – The Bears are Beating the Bunnies

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Is this how you feel while clawing your way up while paying off your debt?

*To view this video on YouTube Click here

Sometimes it does for me too.  When it does, what better time to do a recap and look back at your progress?

This gives me a lift.  Plus, I get to write snarky comments for each of my piles of debt which is funny in my head.   They have taken on animated caricatures as I wrestle with them month over month.  They cannot try and hide and multiply like a bevy of rabbits anymore.  Not that I don’t think these are adorable, but I know because my daughter has one, rabbits can do a lot of damage.

So ya, I’m da boss now, clawing like a bear.  Bunnies go forth and multiply somewhere else.  😀
Lop Bunny*Image courtesy of SOMMAI / FreeDigitalPhotos.net

The figures below cover about a seven week time period from March 13 – May 3.   I should try to do this monthly going forward for proper comparison.

May 3, 2014 March 13, 2014 Decrease Name Comment Snarky Comment
$13,702 $14,490 ($788)

Mortgage #1 named “Mini”

Plan is to get Mini paid off by Jun 2015 when she is up for renewal.  She’s at a sweet rate of 2.5%. Mini is sweet and gentle and the only part of our original mortgage, even though she did put on a little weight back there in the 90’s.  She’s my Mini Mouse and I don’t mind her at all.
$46,596 $46,880 ($284)

Mortgage #2 named “Small”

We renegotiated small last year for 4 years @ 2.89%.  He will be fully paid by Jul 2017, using snowball method with money not longer needed once Mini is paid and car is paid plus possibly some other funds redirected from Big, if needed, but I hope not. Small has a bit of an attitude.  Meh
$179,276 $185,013 ($5,737)

Mortgage #3 named “Big”

Big is our consumer debt that we rolled on our mortgage at D-Day.  Big is now at 13 years 2 months down from 15 years 7 months.  I’m doubling up the bi-weekly payments which is why such a dramatic decrease.  Big is @ 2.79% and up for renewal in 10 months. Big gets all the attention.  He dominates the room in a Michelin Man kinda way.  I still have a hard time fathoming him.  I keep taking air out of his body suit.  He doesn’t seem to notice.
$10,288 $11,000 ($712)

Car Loan

bought 2011 at 0% interest – will be gone July 2016 She doesn’t bother me too much, she’s my next favourite after Mini.
$10,346 $15,030 ($4,684)

Credit Cards

This includes a low rate balance transfer card which has $8K owing on it and needs to be fully paid by August, when the interest rate increases from 0.99% to whatever prevailing interest rates are.  Not gonna happen.  Otherwise we put all our expenses two credit cards that are paid off monthly and that we earn Cashback rewards on.  Normally we are paying about $2,500/month for expenses on these two cards. These are like friends you stay with when you go out of town or family members who host great meals.  Like you’re gonna pass up the opportunity for good food or free accommodations?  I mean, what are family and long lost friends for?
$260,208 $272,413 ($12,205K)

TOTALS

 4% decrease OK, I can see I’m seriously kicking some butt here. YAY!

THE TOTALS for the 7 weeks March 13 to May 3:

Mortgage and Monthly expense debt – $70,644 down $5,756 from $76,400, 8% decrease.  (This was larger than normal because we had some catching up to do on our low balance credit card.  The Irishman had a bit more income in April that I was able to partially catch it up.)

Car Loan – $10,466 down $712 from $11,000, 5% decrease.

Consumer Debt – $179,276 down $5,737 from $185,013, 3% decrease.

Our monthly expenses including Mortgage, Car Loan, utilities, groceries, business expenses (The Irishman is self employed) etc. is about 5K (excluding the Consumer Debt amount above).  Could we do better?  Probably.  Does it feel like we could?  Not much.

I laid out our initial debt load from March 2012 here and when I started this blog in March 2014 here if you want to look back at how bad it was.

I do feel better now.  Living on a tight budget needs to become a way of life as I approach the retirement home stretch. This is giving us practice.

What do you think of our debt repayment progress?

A Disease Called Debt

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Author: debt debs

I am a fifty-something wife, mother and new grandmother, who admits to having their “head in the sand” about their financial situation until amassing $247,500 worth of consumer debt for a total debt of $393,500. We've paid $121K in 2 years with four more years to go. Join my journey at debtdebs.com sharing ideas and motivation to all those coping with poor money management and bad debt decisions.

25 thoughts on “Debt Update – The Bears are Beating the Bunnies

  1. Congratulations on the progress to date. You are making a serious dent in your debt!

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  2. Hah, I used to call my debt Pete and he had a wicked personality. In my head, he looked like Jabba the Hut.

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    • ha ha thanks for sharing, Mel! I feel a little less nutz now! I can just see your Pete (Jabba the Hut) and my Big (Michelin Man) sitting at a bar saying “Remember the good ole days.. when we had Mel and Debs totally under our thumb?”

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  3. Shoot, 12k+ in seven weeks? You rock. Especially on that credit card and BIG!

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  4. You already know I’m your personal cheerleader. I’m over here doing backflips…..handstands…..splits….and waving my pom-poms. You go girl!

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    • Hee hee … so sweet! I needed that.

      I wanna reach others who are struggling with debt and especially long term horizons for eventual repayment to cheer them on too! Spread the word, GF!

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  5. Holy Cow, you’re killing it! 🙂 Keep at it – won’t it feel good when some of the different creditors are done? I cannot wait until I have one debt source to pay per month, and then eventually none.

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  6. $12K is huge! Congrats on making great progress so far! 🙂 PS, love the bunny pic, the black and white one looks a bit like my Snoopy.

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  7. Amazing progress! You’re totally kicking butt. Keep up the awesome work and I’m sure some of these will be gone in no time. This is a great way to view your progress and provide some motivation.

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    • Thanks EM! I think we’re doing okay even though we have a long way to go! My purpose in writing this blog is to show others that as bad as it is, it’s never too late! Also, so that l can keep my motivation up ~ 6 years from start to finish is a long time!

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  8. Great plan on getting those loans paid off. It is a great feeling once you do not have a mortgage. I have four buildings free and clear, maybe another one soon.

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  9. 12k in 2 months is huge! You should definitely feel proud about that.

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    • Thanks, Raquel, for reminding me that it is huge. I don’t know why I don’t focus on that which is positive; instead I focus on my debt repayment date which feels too long and so feels more negative. I guess that’s what debt fatigue is. From now on I will focus on the amount it goes down each month, instead of the end date. Thanks for helping me to see a better way!

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  10. Great job so far debs! You are doing awesome 🙂 Glad you finally feel like you can see progress happening.

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    • One foot in front of the other is how I’m approaching it. I know sometimes time flies. I wouldn’t mind if this debt repayment time flew by, as long as everything else slowed down. Ha ha 😉

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  11. That was a cute video! I feel like that when I decide to revisit my finances.

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