16
Feb
At this point in time I have three active credit cards as well as a consolidation loan. I also have an inactive credit card that I got two years ago because it offered a 0% balance transfer. Unfortunately they offered me such a low limit that it wasn’t worth initiating the card because by the time the extra annual fee was taken into account I wasn’t actually saving anything.
So without further ado here is my state of financial ruin.
Gold Card One $8,036 (limit $8,000)
Gold Card Two $15,065 (limit $15,000)
Plain Card $2,964 (limit $3,000)
Consolidation Loan $14,000 (approx*)
I’ve been in denial for some time now and while I was aware of the separate balances I haven’t added them all together until now.
The Grand Total is $40,065
* the consolidation loan sends me a statement every six months, from memory the balance was around this amount last time I got a statement.
April 18th, 2008 at 6:32 pm
Hey Ted,
Owning up to it is half the battle. Like you, I understood I had a fair bit of debt, but never added up all the individual amounts. Was pretty horrified when I finally did, and realised I was $32k in the hole. Almost a year later I’ve whittled that down to $6k, and on the year anniversary of me doing those sums, I’ll be debt free.
Good luck, Ted!