Being honest about debt

Yesterday, we were doing training @ work. One part was about changing behaviour and seeing how ready you were to make the change. I'm pretty open about my debt and I spoke very honestly about being 30,000 in consumer debt ( 6,649 is Student loans). I think i shocked the S**T out of many people.

What do I have to show for it?

DD's trip takes 3200 for the Visa, and 700 for her new bed I bought her in the fall ( 3900 out of 11,200 on the VISA). The rest is/was just stuff like groceries and car repairs, books etc.

LOC # 2 - 9850 - 1300 of that was for the property survery the rest just bills and stuff! ( I did that in less than 1 year)

MC- is paid off....

LOC # 1 is 1675 - it supposed to be for RRSP's I had paid it off last year and within weeks it was maxed out again. The limit is 2,000 for this.

SL is now 6649.72 this one was for my BA, but i look @ it and think without it I wouldn't be where I am right now so I don't mind getting it paid off.

Mom -1500 plus 200 interest.

I spoke candidly about not handling credit well, but have a defined 3 year plan to have everything paid off within 3 years. Will it be hard? You bet, but with my eye on the final prize it will be so worth it.

My biggest obstacle was not saving anything. Now I actually have 3 saving accounts, 1 for Christmas, 1 for short term/long term goals and my TSFA is my real emergency one.

By working on my budget, working a PT job and having a plan is making life so much easier. My DD has learned a ton from my mistakes and I hope that she does things better than i did.


Money Minder said…
Your co-workers may be, as you say, shocked but I guarantee that you spoke to someone in that room who is dealing with a personal debt problem and made them feel less alone, more hopeful and maybe even helped them look at their own issues with money and credit. Good for you! Honesty rawks!
Money Funk said…
And as you get it paid off... you feel the burden lift slowly off. It is a wonderful feeling. Unfortunately, this last month we put the restraints slightly back on and I feel it. But, its a journey to learn and not an easy one to make 3 other people in your family follow you! lol!

I think it is great that you have a plan. 3 years will fly by in no time and you will be a much better person for it. :)
Canadian Saver said…
I could never have shared that with my co-workers. I never even told my family about the thousands of CC debt (they knew about the student loan though).

I admire your courage!! And you probably inspired others to do something about their own debt..

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