Day 1 – And it begins…

Okay so it has finally caught up with me…

Years of credit cards, minimum payments, increasing interest rates, overdraft charges, I finally can’t keep up with it.  So I am taking charge and here is where I chronicle that journey!  July 15th is today and I got things to do! 

Today is the day I start my spending diary and not just think about doing it.  Today is the day I start figuring out how much I actually owe.  Today is the day I start getting back on track and back in control of my life!  Sorry Visa, Mastercard and AMEX I need my wallet back!

So what did I spend today….$7.05 eating lunch to-go at Soup Plantation, was it necessary?  NO!  Was it because I was lazy?  YES!  Time to break some lazy habits. 

I even called up one of my credit cards to see if “negotiation” would work.  We will see on Thursday when I call and check back.  The helpful “advisor” applied on my behalf to bring my interest rate down from 28.99% (OMG!) to 15.99% and my minimum paymnet from $427 to $296.  This was after we discussed my income, expenses and what I pay in bills right now.  Now I have to cancle the credit card (whew!) and it will take 5 years to pay off with those arrangements.  HOWEVER, I went to CNN’ s Money 101 web site (CNN’s helpful money management web site) and their debt calculator said at my current interest rate, heck even the lowered one it would be 24 years until I paid it off at that rate.  Holy cow!  That was the incentive I needed!  The credit card advisor also told me I had a recurring charge…my wine club shipment, well there is a luxury expenditure that is going away!  Cancled that today too!

I read a book when I was in my 20s that was called “Be Debt Free By 30″ by Jason Anthony and Karl Kluck, so I have to admit, I only got a little bit of it going and then reverted back to my bad credit management habits.  So I am crossing out that title and renaming it “Be Debt Free by 40″!  And giving myself 7 years to do it!  That’s a little depressing, seven years!…but more depressing, would be continuing to do what I am doing!

Here’s to day one! 

My To-Accomplish List!
1. Create list of credit card debt and interest rates
2. Create my budget of what must be paid each month
3. Bring lunch to work tomorrow

My Accomplished List
1. Called Credit Card Number 1 and applied for a payment plan
2. Cancled my luxury wine shipment
3. Started my spending diary
4. Started this blog!

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