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» posted on Saturday, February 16th, 2008 at 8:40 am by Ted

 

Status Report

It’s time to put my cards on the table and tell everyone just how much of the deep stuff I’m in. I’ve just reviewed all online credit card statements and things aren’t pretty.

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.

 

filed under Status Report | 3 comments

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3 Responses to “Status Report”

  1. Ms Broke said:

    Apr 18, 08 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!

  2. venugopal said:

    Aug 22, 09 at 2:39 pm

    The credit card defaulters names should not be mentioned in the CIBIL, due to the following reasons :

    Rate of Interest is more i.e 3% approx.
    The penalties are huge.
    Credit Card (Bankers) are making the customers as defaulters, bad customers.
    Government should pay some attention on this issue and instruct the CIBIL to remove the Credit Card Defaulters Names from the CIBIL, as most of the cases (90% and above)above are happending due to overcharging / penalties. Rate of interest should not be more than 1.25%

  3. venugopal said:

    Aug 22, 09 at 3:02 pm

    As there are 90% of the names are in the Bad Customers List due to credit cards, whatever the reason may be, finally the Credit Card holders names are reflecting / affecting in the CIBIL as bad customers.

    Hence, the Credot Cards issues should not be taken in to consideration to measure the Customers as bad or good.

    Govt. should do something on this.

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