UPDATE: Bye bye summer and 62.5% debt

The summer months have come and gone and so is more than half of our initial debt. What a wild ride the first half of this year has been. So many changes; some good and some not so good. Generally though things are looking up in our homestead.

We managed to clear house by giving away many things to our kids who needed them in their homes and what they could not use we started to list for sale on yard sale groups, kijiji and had a few of our own yard sales too. The income we generated from the sales we immediately applied to our credit card debt. It’s amazing how quickly a few extra dollars adds up. Paying down the debt too, dropped our monthly interest since credit card interest is always calculated on a daily basis. So the sooner you apply money towards it, the less interest it will accrue.

Course as you know by now, my dad passed away and that made it a difficult time. We also had some unexpected expenditures that went along side all of this. However we tried to make the best of it and the most awesome part was our opportunity to spend time at a friend’s house who built on 330 acres and is completely off the grid !!

Amazing place and the house built all from timbers gathered on their land. Believe me when I say they are not lacking anything. They have power, water, food, even wifi !!

Spending time not only visiting but also speaking about their journeys in life and travels to places such as Mexico, Peru, Thailand and they even went to Mount Everest was such an eye opening experience for us. We talked about our future plans with them and had such great feedback that we felt completely revived and renewed in our energies.

Anyway I’m getting a little off topic here as the main reason I am writing this post now is to bring you up to date on our credit card debt. Final numbers for the end of August 2016 are as follows:

We started 2016 with $8000 in credit card debt. After a bit of house cleaning, organizing and keeping only what is useful to us we managed to use the sales income, some rental income and extra money to bring the credit card debt down to $3000 in total remaining. So YES that’s right, 62.5% of our credit card debt is gone!! Bye, bye. We paid off five thousand dollars in eight months time. Not too shabby.

And here is one more thing I managed to do that will make it a little easier. When we paid off our credit card debt on the one card completely the company immediately offered us an interest rate of 3.99% until 2017 if we would transfer another credit card balance. So I took advantage of this. I transferred $2500 from one card to this one offering the low rate of 3.99% interest. At this time I’ve had one statement from this transfer and it had accumulated only $4 interest during that month!! Woohoo. That’s a lot better. Now as we pay off the remaining $3000 we will only be accumulating a small fraction of interest which we would normally would have been charged.

We’ve also made some life changing plans and I’ll be sure to update you shortly on our thoughts and ideas. We have set a longer 5 year plan and a shorter 2 year plan. Can’t wait to share them with you … but for now I’ve got to run. Family is heading over and there is still much to be done.

SUMMER IS GONE … how much have you managed to save and pay off? How’s it going? If you are still stuck and not taking the first steps, get on it today. Baby steps do count. Have no idea where to begin and think you don’t make enough to pay off your debts?? Contact me and we can work together. I’ll show you how. Everyone can do this. You don’t need to be rich. You don’t need to forgo all your luxuries but you will need to make some changes and then some more. Many hugs to all of you still struggling with your daily debt; we know only to well the stress this causes.