The last time I shared an update on our credit card debt was in October when we had $10873 in credit card debt.
Here are our current credit card balances:
- AMEX $4572 (was $1809)
- Chase $8280 (was $8714)
- Wells Fargo Line of Credit $1063 (was $350)
$13915.00 is the grand total.
Once again, our debt has increased. By $3042.00.
And like the last time, I know why… of course I know why, I’d better know why!!
- my used car needed a new engine and I wrote about that back in November
- my husband’s two business vehicles are still out of commission so we have had to invest some repair money into our old Ford truck
- my husband’s business did not make enough to meet his company overhead in January so we had to pay $235 out of our personal money (he had a job near the end of January which covered February’s overhead so I’m thankful for that)
I have to admit that the amount that our credit card debt went up is not actually as bad as I thought it would be. I hate that it has gone up, yes, but I had been avoiding looking at the numbers for a couple of months because I thought it had increased by at least $5000.
Even though I had to buy a new engine for my car, I am still glad we made this choice instead of buying a brand new car. Two of my friends in the last month bought brand new cars and I guess I could understand their reasoning a little bit better having gone through the experience I did with my car. But on the other hand, I still don’t think I will ever buy a brand new car because I know good used cars can be found… wait, what am I saying?! One of my friends’ car was 6 years old with about 50,000 miles and my other friend’s car was 7 years old with 73,000 miles. Those two vehicles in my opinion would be considered good used cars, especially since the kept up with routine maintenance through the dealer. But it’s not my business what other people do with their money, I can only try to manage my own.
I have been driving my car, and it is better on gas mileage than the big van I was driving. It’s not as much as I had hoped. Fueleconomy.gov says I should get 26mpg highway, and my commute is pretty much all highway driving. I’m only getting 20-21 miles to the gallon, and it’s costing me about $18 each day to go in to work. Of course the cost of gas has risen and we’re now paying $3.55/gallon. I’m still driving the company van in one day each week and that costs around $25. My gas costs have dropped by about $14 each week. It is great to see the tank filled for $45 rather than $95.
I feel confident that this year is going to be a good one for us and I am looking forward to seeing our debt go down.
What about you? Are you struggling to get out of debt? How is your journey going?