I'm sure everyone has heard the phase, "Mind the pennies and the dollars will follow," or some sort of variant of this. Well I am starting to think this is true.
Since our financial life has started to click (by this I mean, we are not racking up new credit card debt, we are staying within budget, and we are actually making extra payments), money has been coming in hand over fist!!!
Sure, most of it is money that we kind of knew maybe coming, but it has been a rare day in the last couple of weeks that a trip to the mailbox has not produced at least one cheque. Furthermore, the hubby has been making some side cash. I actually went to the bank 3 times in one day to deposit money as it just kept coming.
Granted it is only small amounts at a time, but it's really been helping out. I just hope it keeps up.
Saturday, June 13, 2009
Monday, June 1, 2009
Update June 1...
As you can see on the side, my debt is finally going in the right direction. I previously mentioned that two cards (C& D) would be increasing, as they did, but everything else seems to be moving in the right direction.
One little issue, I think they recorded my mortgage wrong. From my calculations they credited the principal with the interest amount, and the principal amount as interest. Should I tell them or just enjoy it?
One little issue, I think they recorded my mortgage wrong. From my calculations they credited the principal with the interest amount, and the principal amount as interest. Should I tell them or just enjoy it?
The Credit Gods Giveth, The Credit Gods Taketh Away...
AHHHHHHHH!!! So I was checking my credit card account online (Credit Card C), and I noticed that my available credit was only about $2,000. This was a shock as this card has a credit limit of over $20,000. HMMMMM...
So I went to the statement section and noted that my credit limit was now listed as $5,000. I started to panic thinking I did something stupid, as we were considering reducing this limit anyway and I was looking at the reduce your credit limit online screen and thought I may have hit something by accident. But I thought, we were never planning to go less than $10,000, so what was going on. To the phones...
I called the credit card company and she told me that the company reviews credit limits on a regular basis to assess our qualifications for credit. At this time, it is felt that we only qualify for a $5,000 limit. She said that it did not appear to have anything to do with our usage of the card, but we should order our credit reports to figure out what could have gone awry. I have done so and should receive them next week.
So I am sure you are thinking, what the big deal if our balance was less than the limit, and we were going to reduce it anyway. This should help with the debt thing, right? Yes, you are correct, but it doesn't feel good. When we got our consolidation loan, it was on condition that they take away our credit line. That was okay. No big deal. Now one of our credit cards has dropped our limit over $15,000. This is panic time! In the last month we have lost over $20,000 in our available credit, and not by choice. The panic is, since we are still working on the debt, if something were to happen will we have no recourse? Also, for Credit Card A what happens if they drop the limit here? We will most definitely have some or all of our balance called. Where are we going to get that overnight?
This debt has to go!
So I went to the statement section and noted that my credit limit was now listed as $5,000. I started to panic thinking I did something stupid, as we were considering reducing this limit anyway and I was looking at the reduce your credit limit online screen and thought I may have hit something by accident. But I thought, we were never planning to go less than $10,000, so what was going on. To the phones...
I called the credit card company and she told me that the company reviews credit limits on a regular basis to assess our qualifications for credit. At this time, it is felt that we only qualify for a $5,000 limit. She said that it did not appear to have anything to do with our usage of the card, but we should order our credit reports to figure out what could have gone awry. I have done so and should receive them next week.
So I am sure you are thinking, what the big deal if our balance was less than the limit, and we were going to reduce it anyway. This should help with the debt thing, right? Yes, you are correct, but it doesn't feel good. When we got our consolidation loan, it was on condition that they take away our credit line. That was okay. No big deal. Now one of our credit cards has dropped our limit over $15,000. This is panic time! In the last month we have lost over $20,000 in our available credit, and not by choice. The panic is, since we are still working on the debt, if something were to happen will we have no recourse? Also, for Credit Card A what happens if they drop the limit here? We will most definitely have some or all of our balance called. Where are we going to get that overnight?
This debt has to go!
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