Thursday, March 4, 2010

As of 3/4/2010 Part 1

Ok I finally took the plunge and wrote down on the right side of my blog the amounts I owe as of today on each of my credit cards and the personal loan.
I'm shocked, and confused, and now embarrased but facing my problems.
First of all I know the balances I wrote now are right. I had all the documents to check them. So i'm surprised to see that Citibank and Promerica are so similar as to what they were in October 2008. So I went back to check my Promerica payment plan and it seems I was still having trouble disclosing all that I owed back then.
Now i'm better at it but probably still have to go. So to force myself. I'm going to write down what I had wrote down in 2008 and what my records say that I really owed in 2008.
This is what I had written
As of 10/05/2008
Credit Card One $6651
Credit Card Pro $6000
Credit Card Cr1 $9829
Credit Card Cr2 $1589
Credit Card HS $5485 ($300/mo)
Personal Loan $6458
This is more accurate of october 2008:
Credit Card One $6460 (about $200 less, maybe I was using the previous month's numbers)
Credit Card Pro $8890 ($2890 MORE than what I wrote before. I either just guess it or tried to fool myself and you).
Credit Card Cr1 $9829 (checks out, balance plus extrafinancing)
Credit Card Cr2 $1589 (checks out, just balance)
Credit Card HS $6930(About $1500 higher than post previously and I really don't know why I wrote that number before, it's just strange because it had no basis.)
Personal Loan $6777 (About $300 MORE, maybe I was using the previous month's numbers.
I've corrected the numbers on the right side of the blog, but I left the previous numbers here as a reminder of what I had wrote before. I was going to write about how I felt about each debt and how it had evolved but I had confirm the 2008 numbers first. I see that most of them were about right but the Promerica debt was much much higher and I really don't know why I wrote less. I either used bad numbers to start, bad math when converting to dollars or bad judgement in trying to look like I owed less than I did. Right now I can't remember now I felt back then about disclosing my finances.
I apologize if I have hidden some of the facts of my situation. I've corrected that and I hope from now on to give you the right numbers for all this.
This really hasn't been a good week for me financially yet this disclosure has helped. Thanks to all those who write in with their comments and their tough love for me. I really appreciate it.


Derrick Smith said...

Wow.. You weren't kidding.. You really do owe a lot. I'm only 9k in debt to creditors... 48k in debt in student loans. YAY!

rain said...

Yea! really huge..anywyz, its good to have those numbers written. let it be a constant reminder that you have to go least there was improvement...but you can work on decreasing those numbers some more...maybe wifey could help too. I am wondering, does she read your blog?

La Gringa said...

You've made some pretty good progress on two of them...and not so much on others. Didn't you also pay off a loan to your dad?

I was surprised that the highest balances were the ones you made the most progress on. Are those the ones with extrafinancing and/or lower rates?

So you've paid off about $11,000. An interesting exercise might be to total all of your payments in that 17 months and compare that total to the $11,000. This might also be something to go over with your wife.

I know that you know that paying minimum payments doesn't give you much progress on the balances, but maybe your wife doesn't get it. If she was to get a job, even if only for a couple of years, you could get most of those balances paid off. I just don't know how long you can go on working 12-15 hours a day.

I know you've tried to cut costs in several areas, but it's really going to take something big (like another paycheck) to make an impact. I know that you don't want to live this way for another 5-10 years! I hate to see you living with so much stress.