Well, here I am with a blog about my debt and the plan and tracking to eliminate it. Some would say that I don't have a lot of debt. I'm going to look at my credit report tonight after work so I can post exactly how much debt I'm in. My debt is la bit less than $10,000. Or at least I think it is.
Being in debt does not bother me as much as my credit score going down more than 100+ points. Losing my real income a few years absolutely devasted my credit. Over the past few years I have paid down over $10,000 leaving me with less than that in debt now.
My 'I Could Kick Myself' Financial Mistakes
When the economy began to fall and I was more financially and credit sound ,I made the mistake of paying off and closing a couple of my major credit and retail cards. Big Mistake. Instead I should have paid them down but kept them open.
Also, two years ago I purchased a used car and paid cash for it. Since I had lost so much in the past, I was afraid to get the car financed. for fear of losing my income once more. Sure, I'm driving a car that I have to pay little maintenance for, gas and insurance but what wonderful things financing the car would have done for my FICO. When I think of how many points my score would have come up just from the financing, I could kick myself !
As it turns out, I am looking at purchasing another car (used) in 2011. Though a little afraid, I will probably get financing for it. I have to work out the math in terms of how much car I want.