Six Figure Debt

Sorry it has been so long since I’ve updated the web site, I’ve been working furiously on our debt plan and just haven’t had the time to sit down and update the numbers, but they are encouraging.  The emergency fund is fully funded, we are reloading our 401k and both of our jobs are going […]

Now that Mrs Bad Spender and I are employed and in the process of debt reduction we have put together a budget to accomplish our goals.  Our goals are to be debt free in 12 months, start contributing to our children’s college funds again, save for a vacation and to begin rebuilding our wealth.  This […]

I guess I should consider this good news, but it is odd how we got to this.
Today I received a call from Bank of America, remember, we just decided last month not to pay our credit card, instead we decided to save the money and attempt to settle our debt with the credit card companies.  […]

We are taking the advice of Dave Ramsey and we have stopped paying our credit card payments, except for American Express because they were willing to drop the interest rate on our credit card.
As I said in the previous post, none of the credit card were willing to provide and help with our current situation […]

Last week I ran into a woman who was using the “envelope” system to budget her money.  I asked her if she listened to Dave Ramsey and she laughed and said “yes, he’s saved our financial lives.”  We chatted for a while and she told me how she took Ramsey’s advice and called her credit […]

My situation is a little different because when I married and had kids I had a good job, a healthy 401k and equity in my house.  Through a series of poor decisions and  a major job loss I ended up with over $140k in secured and unsecured debt.  The normal signs of trouble weren’t there […]

I touched on this last week when I posted about Bank Of America lowering my credit lines even though I was not past due and wasn’t missing payments.

The New York Times confirmed the rumors that I’d heard concerning the reasons banks were cutting credit lines.  The article explains that many issues in your personal life […]

Yesterday I received a notice from Bank of America that two of my credit card limits had been lowered.  I have no problem with them lowering my limit, but I don’t understand why they decided to lower it.  I’ve made all my payments and haven’t used the card in months, I would have thought I […]

I caught ABC’s Nightline last night on reducing credit card debt.  The featured a woman in Detroit who was swimming in credit card debt.  It was a fascinating segment on how to call the credit card companies to get your APR reduced.  I was aware of this technique but wasn’t sure how easy it would […]

You will notice that all the debt bars on the right side of the blog have been updated.  I have put together a spread sheet of all our non-secured debt and you can see it in all its glory on the right side of the blog.   In the past I hadn’t included all the […]