• Like a bad penny, debt always turns up…

    unless we change how we interact with money, of course!

    The Bad Penny is dedicated to two pursuits: getting out of debt and staying out of debt! It recognizes that frugality and caring for our planet go hand in hand, and that our unsatiated need for stuff is hurting us in so many ways.

    Easier said than done!

    Disclaimer

    I am not a finance professional. I write about the world as I know it, and my advice may not be the best course of action for you! Please seek qualified advice for your particular situation.

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January Progress Post (5 days late!)

Let’s see how we did in January:

Personal Credit Cards:

Citibank: Was: $1787.71
Now: $1212.73

We paid off $615.00 on this card this month – $165 of that was snowflaking, mostly from selling our product on Ebay. We also charged $40.02 on the card – all but $6.99 were interest charges.  $6.79 of that were for February’s interest charges, so that number has been inflated a tad.

Business Credit Cards:

Suntrust:
Transferred to our Business Citibank for a better interest rate and a much better bank.

Chase: Was: $6236.37
Now: $6138.80 (I paid $125, finance charges of $27.43 )

Citibank: Was: $4927.42
Now: $10,130.14 (This reflects the old Suntrust balance.  I was able to transfer my balance and go from a 14.29% interest rate to a 4.99% interest rate.  I made a payment of $100 to this card, and finance charges were $27.47 – reflecting the old balance.)

Total Credit Card Debt:
Original Debt:                 $18, 954.86
Last Month:                     $18,326.75
Current:                            $17,481.67
Monthly Difference:   $845.08
Total Paid Off:               $1473.19

Accessible Savings Account:
Current: $212.46

(We also have a saving account at our bank in North Carolina that has about $3000 in it.  That’s our current emergency fund – it came from a Certificate of Deposit that finally came due.)

I’m pleased!  This certainly offsets the heartache of the upside-down house loan!  I feel like we’ve been making progress, and it helps that we’ve been able to put extra towards our debt from liquidating our products on Ebay.  We’ve had to pay a lot of the fees and put money in our Stamps.com account for shipping, but we won’t have as many of those costs in the future.  I have another $120 in the process of transferring to our bank account to be put toward the personal Citibank, and another $80 already accumulated in our Paypal!

So all in all, I finally feel like we’re making progress on our credit card debt, if nothing else!  It feels wonderful!

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