Credit Card Debt Report June 2009 Plus Income And Expenses

Hello-

Time for another credit card debt report.  Time just flies by so fast.  And the credit card balances go down so slowly.  I can see why the promises of bankruptcy and debt settlement are so appealing.  They promise to have you debt free in months and not years like it takes when you pay it off on your own.

I’ve looked into debt settlement but not bankruptcy.  I would not qualify for debt settlement because I can keep up with my credit card payments for now anyways.

My income went up almost $900 from last month which was a nice welcome surprise.  It’s nice to get a bunch of $200+ checks from so many companies each month.  Now if only I could get them up to $300 and $400 a month from each company, that would double my income and I could pay off my debts faster.

Freelance/web development income for May 2009 was $5700. Up $878 from April.

Expenses were $5195.  April expenses were $5585 so we did better here this month but we are still in the red from the month before when we spent more than we made.  Hard to get out of debt when that happens.

It’s not easy knowing that your income and expenses can fluctuate each month because you work for yourself but I would not have it any other way.  I do not like having a boss at all. I like having the freedom of being able to see all my kids games without missing one due to work.

Now let’s see what my credit card debt looks like this month.

USAA $1,776.12
AT&T Universal Card $8,223.18
Discover Card $8,883.78
Bank Of America $15,275.45
Chase $13,219.96

Chase sent me a nice letter saying I could skip a payment this month if I wanted to.  How nice and thoughtful of them.  Yes, we’ll still charge you about $150 a month in finance charges on your $13k balance but sure go ahead and skip a payment.  We’re here to help you!

Baloney!

So I sent them a nice payment of $300.

So total credit card debt for June 2009 is $47378.49

Total credit card debt as of June 3rd, 2009: $47378.49

Total credit card debt as of May 1st, 2009: $47925.74

Total credit card debt as of April 4th, 2009: $48064.93

Difference of $547.25

Total credit card debt started with: $62124 Feb 2008

Total credit card debt paid off: $14745.51

And now let’s take  a look at my other debts.

$7712 IRS Tax Debt, paid off $1000.  IRS approved my payment plan and it starts June 28th. $250 a month until it’s paid off.

$7713.58 Auto Loan – Original balance $11,000. Made 2 payments so far, 46 to go…I hate car payments.

And then the student loans whatever they are.  Around $38,000.

So may be close to owing under a hundred grand now…better than owing over a hundred grand…

That’s all for today.

Have a great day!

-Adam

The Credit Blogger