Wheels in Motion

On the heels of paying off a $1,700.00 debt a few weeks ago I applied today to take out a loan from my 403(b) account to pay off yet another $1,700.00 credit card debt. I’ll be paying myself back at 9.5% interest but it sure beats the 20% I’m paying to the credit card. Plus the interest goes back to me and I should be able to pay it off pretty quickly.

The application will go out tomorrow and I should have the money in my account within 10 business days after that. This will result in me paying off over $3,400.00 in credit card debt in about a month.

I’m still a ways off but I can almost smell freedom!

I Did It!

After a few months of saving today I was able to pay off a $1,760.00 debt. I have to admit that it was hard to part with that much cash after working to hard to save it but it also feels great to have the first phase of my plan to get debt free accomplished.

Next up is a credit card that has about the same balance on it ($1,700.00). I’m working from my smallest debts up to my largest. My goal is to have this next one paid off by the end of the summer.

Back From Nowhere!

I had to take a break from blogging because things were really getting bogged down for me. I do have some exciting news to share though. This month I am going to pay off a $1,700.00 debt which will bring the amount of debt paid off since starting this blog to $2,700.00 and when you consider my normal monthly debt payments I could easily be at $3,000 in reduced debt by the end of the month.

The other thing I’ve done over my blogging break is invest in the stock market. I’ll admit that I have absolutely no clue what I’m doing yet but I’m learning. I set up an account with OptionsXpress and invested in the cheapest stock I could find (IDSM.OB).

I’m still figuring it all out so I have a very minimal investment right now. If I decide I like it and it works for me I’ll invest more and if I don’t like it or then I haven’t lost much. Right now I’m down about six cents per share.