New Day

Yesterday was a turning point for my husband and I.  He just realized (even after months of telling and showing on paper) how much we were in debt.  $21,000.00 in credit cards alone. 

Here is a bit of background.

Two years ago we had no credit.  Not one card.  We paid everything in cash and if we didn’t have the money we simply did not buy it.  In those two years we have accumulated 11 credit cards.  Every one of them is almost or is maxed out. Our credit score dropped 100+ points putting us in a negative light with the banks.  We paid our bills on time, but that wasn’t the issue.

My husband wanted to purchase a two seater vehicle for just him and I to do a bit of traveling since our kids were at the age we could leave them alone for a night. He found one that he really wanted, took a purchase order from the dealership and off we went.  I explained to him that there was no way our credit union was going to finance the vehicle with our low scores right now.  That we needed to pay the credit cards off in order to have some breathing room.  My husband said well “lets just go to the bank and see what they say”.

The next morning I printed out all the credit card information from both our credit reports and off to the bank we went.

We really were not too surprised when they came back and told us no.  But, they did offer counseling solutions.  We politely took the brochure (did not want to be rude) and left.

On our way home my husband finally came to the resolution that we needed to get rid of this debt (which I already had known for months).

Stay tuned for tomorrow I will be working on something most of  you already are familiar with paying down debt with the Snowball system.