Friday, October 28, 2011

Punch Drunk Finances

I'm up!

I'm down!

Mostly, I am very, very confused.

My October update is good. I decreased my total indebtedness by $1,574.80. But since I had INCREASED my debt in September, the net decrease is not quite that high--$1141.80.

Still, I'm glad to be back on track and to have the debt once again heading downward.

It's been a roller coaster watching my retirement funds--up, down, up, down, down, down, and now in the last couple of days, on the way up again.

I moved a couple of credit card balances around when Chase Slate offered no-charge balance transfers, and a 3.99 interest rate for the next year and a quarter. I make sure that I never go over 50% of my credit limits on any one card. For reasons I don't quite understand (personally, I'd never lend to me!) most of my cards have limits of $15,000 or more. The good news is that now the card with the highest interest is only 8.95% and most of my debt is either still on the introductory zero-interest or 2.99% or 3.99%. More of my hard-earned money is going toward the debt, not the interest.

So much for October. November and December are always expensive months but I do have a Christmas fund, which, with any luck, will cover my holiday expenses and allow me to keep reducing my total debt.


Michelle P said...

$1141.80 is still really good!
This holiday season will be expensive, but luckily, I get paid 3 times in December and the BF gets paid 5 times in December.

Sharon said...

I'm a bit scared about November and December expenses...have to watch close, or I won't be able to save anything!

Great job on getting interest rates down. That's half the battle!

Anonymous said...

Yay for paying debt and not interest! Think how awesome it will be when all that debt is gone and the only interest in your life will be in your favor. Have a great November!

Hawaii Planner said...

Nice work reducing your debt! And, I feel you on the retirement numbers. The last few months have been quite the wild ride.

LC said...

You are really exercising discipline in trying, frightening times. A well-earned bravo!

Out My window said...

Amazing isn't it. When you are deeply in debt that they will raise your limit. i just don't get it. I would not loan money to me either. But i get three or four offers a day. One more card to go and it is 6.50% hopefully this month it will bite the dust!

Lisa said...

Love how you move your debt around for the lowest interest rate. And yes, the next few months could get a little pricey. Hoping my Christmas Fund is going to cover it all. :)

Sandy - yesiamcheap said...

Any decrease is a positive thing in my book, right? It's like losing weight. It's great if you don't gain, but even better if you lose a pound. Think positive!

debt solutions said...

holiday season is quite scary to us if we are dealing debt. better pay of and transact it before we drown.