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 […]

We have finally funded our emergency fund %100.  With the economy still sluggish we have adopted the “cash is king” philosophy and have fully funded our emergency fund.  I have a 90 day payout in my current employment contract so we are fully funded for 6 months.  It wasn’t easy but my wife’s job and […]

This Christmas season has been much more enjoyable than last year.  A year ago we were without work and had no money left in our emergency fund, this year we BOTH have great jobs and we are quickly repaying debt and rebuilding our emergency fund.  I know it sounds very basic, but the emergency fund […]

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 […]

Its been almost a year since I made the LAST payment on my car and it feels great.  I doubt I will ever own a new car in my life again unless I can pay cash for it.  I simply have no interest in having a car payment again, EVER.  I may continue to buy […]