State of The Debt, A New Beginning

by Sean

Yes, that's an axe
Creative Commons License photo credit: danesparza

As I mentioned in my last post, we accomplished something that I consider absolutely huge — we no longer have any credit card debt. And I’d like to extend my thanks to Chase for being the pricks they are for motivating us to pull as much out of budget in order to kill them off as quickly as we did!

In other financial news, the side business that is becoming my main focus continues yielding gangbuster results. I assumed that after the holidays, things would rapidly slow down on that front. But it looks like January has ever so slightly passed up the incredible December. That said, next month is unlikely to see the same debt killing as this one, as I really need to set aside a pretty healthy chunk for quarterly taxes. I set aside none this month to ensure that we could kill Chase, so I’ve got a little catching up to do.

Anyway, on to some numbers… let me just say right now, 2009 is going to be awesome! ;)

  Dec 31’08 Jan 31’09 Change
EVERYTHING We Owe
Credit Card Debts
Chase $16,200.00 $0.00 ($16,200.00)
Other Debts
Home Mortgage 38,265.60 38,215.28 (50.32)
Low Energy Loan 13,799.58 13,670.00 (129.58)
Line of Credit 13,159.82 12,941.28 (218.54)
Medical Debt 3,065.31 2,565.31 (500.00)
TOTAL Liabilities $84,490.31 $67,391.87 ($17,098.44)
  • Alex Morgan

    Was your chase card a regular chase card or was it for another company, like disney or some other? I have not received a notice for a charge. Mine is an Amazon Chase. I have almost $20K on that card and it would kill me if they raised the % from 2 to 5. I am trying to pay it off as fast as possible, but it will still take me over 3 years to knock it out!

    Could you please email me and let me know? Thanks, Alex Morgan

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    Congratulations! My credit debt is stifling, I can’t imagine the relief I would feel if I got rid of my WaMau balance.

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    You did it keep it up.Thanks for Sharing!

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    This is the need of the hour blog.. Guiding us how not to deal with Credit card debts-is as good as showing us the tips to generate some income.

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    Dave Ramsey would be happy with your plascetomy.

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  • http://www.mailing-lists-direct.com/ Business Mailing List

    That is amazing that you were able to reduce your debt that fast. I wish I could do that. I only have student loans right now but I realize I never want to be in debt. Congrats on your awesoem hard work and keep it up!

  • http://best-etf-funds-list.blogspot.com/2008/12/gold-etf.html Gold etf

    Great job. It has to be hard when credit card does that. Funny how they looked for people to lend to all the time now they do not want to lend money. Alot of companies are rasing rates they know they can get away with it and do not care. I wish new laws took effect so any balance you pay is for highest not lowest.

    Gold etf´s last post:Gold double long etf.

  • http://www.ocflink.com tracy@invoice factoring

    Congratulations! I have been free from credit card debt for about 5 years now and it is a nice feeling. Other than a less $1,000 medical bill all of my loans are for things that are making me money or building equity. So I cannot complain.
    It is a great feeling huh?!?!

    tracy´s last post:Comparing Invoice Factoring to Bank Loans

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  • http://www.avanta.co.uk/UK/meeting-rooms Paul@Meeting rooms

    Congratulations! If nothing else we have seen from the statistics that people are more in debt now than ever before. The economic climate does mean we should be very careful with how we spend on our plastics (credit cards).Thanks

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  • http://www.hsbc.co.uk/1/2/personal/current-accounts Jay@Current account

    Congratulations! Now we are in recession, I guess more people are suffering due to huge credit card debts. it’s advisable to get a savings account to start putting a penny a day for the rest of your life. good idea huh? Thanks for sharing!

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    Blog is informative and impressive same time. Always, it’s creating problem for a credit card holder when he gets credit card debt in his account there create some transaction problem.

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    I guess that we just have to be careful in using our credit cards or you’ll end up having a nightmare of debts in your dreams. One may wish that its just a dream but when you woke up, you just have to face that it is indeed a reality. Still there are benefits in using credit cards, thinking of having one in the future.

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