• 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!


    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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February-March 2008 Progress Post

So I’ve decided that since we’re already halfway through March, this is going to reflect everything we’ve paid up until today. (And seriously, where does the time go?)

Personal Credit Cards:

Citibank: Was: $1212.73
Now: $114.17

This was all snowflaking from our business sales on ebay! Wow! That’s $1098.56! (And today I transferred that last $114 from my Paypal account. As soon as it is in our checking account I’ll pay this card off.)

Business Credit Cards:

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

Chase: Was: $6138.80
Now: $6040.50 (I paid $150, finance charges of $24.79 )

Citibank: Was: $10,556.49
Now: $10,617.85 (I made a payment of $330.00, finance charges of $50.44 – and the reason it went up so much is because we charged 340.92 to pay for shipping for the business)

Total Credit Card Debt:
Original Debt: $18, 954.86
Last Month: $17,481.67
Current: $16,772.52
Monthly Difference: $709.15
Total Paid Off: $2182.34

Accessible Savings Account:
Current: $7,396.96

The huge amount in our savings came from a refinancing – All but about two hundred of this is earmarked for our new septic system. We still need to come up with another $6000 or so to cover costs. We’ve been talking about, and I’m not sure what the plan is, except to save as much as possible. It’s likely we’ll have to finance it, because if we put this off anymore to get more money together, we will get in trouble with the county health department – they have a law here that all septic systems must pass a particular test or be replaced when the home changes owners, and our’s is old enough it’s almost guaranteed to fail.

So I may not be posting much, but I’m still getting rid of this debt!


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