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Debt Yo-Yo

August 14th, 2008 at 03:21 pm

It feels like whenever we get ahead a little bit on our debtload, we accumulate more. Thankfully, it is not usually quite as much as what was paid off, but it's still so frustrating! We have my husband's bonus coming up in September and I had hoped to have no overdraft or any new debts that would claim the bonus so it could all go to credit cards, but in August alone we have accumulated about $1500 in new debt. Although we expect the bonus to be quite a bit more than this, it's still incredibly frustrating.

Looking at what we owed in Dec. 2007 (in terms of credit cards only) we were at $33,472. In May 2008, we were at $28,757. Now in August we are at about $29,622! It just seems we always take two steps forward and one step back; I just wish we could keep going forward.

I guess I have to look at the bright side and see that we DO owe less than we did in December and just not think of all the money that we've paid, but has been canceled out due to new debt.

On a good note, we have had some good news on unexpected money coming our way. My husband has done some freelance work and has a check in the mail (not sure how much). I have a check coming from CafePress (about $40) AND we have a homeowner's insurance policy refund check ($492) coming in the mail. Here's to hoping no more debt will creep in so we can put all of this and the bonus to our current load. Oh, best news of all is my husband is getting a promotion...they will probably be negotiating the new salary tomorrow, wish us luck!

3 Responses to “Debt Yo-Yo”

  1. NJDebbie Says:

    Good Luck with your husband's promotion. : )

  2. sillyoleme Says:

    Good luck with the promotion, and don't get depressed over the debt cycle. Just think - if you hadn't started making an effort to pay it down... right now you would not only have $33,000... you would have more. Compare that to where you actually are now, and it doesn't look bad at all. Smile

  3. Personal Finance Student Says:

    Thanks NJDebbie and you're right, sillyoleme, our numbers now do look better than they did in December. I just need to stay optimistic and look at the bright side. Thanks for the reminder. Smile

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