Home > Breaking $10.000

Breaking $10.000

January 17th, 2024 at 09:25 pm

I’m starting to get “debt-pay-off-fatigue”. (I don’t know if it’s a real thing, but it sure feels like it!) We have been slogging away for 20 months and it’s still not gone! (We know it’s our own fault and that we did it to ourselves. We take full responsibility but are just sick of it!) We have paid off 57% of our total debt and are hoping to pay it off this year, but we are tired.

When we first got deep into credit card debt, we worked hard at payoff. We got “down” to around $19,000 - 20,000 very quickly. And then we hovered around there for months… like 10 months! For one reason or another, we weren’t making much progress. Some months we only paid off $100 and some months we put $200 back on. It was infuriating! Then, we finally broke that threshold, and we were so happy. Progress was fast and furious for several months… and now it’s almost non-existent.

Christmas and the holiday season are always expensive, but they massively slowed down our progress! Our last three credit card statements have shown almost no progress.

Right now, I’m really feeling debt-fatigue. We are so close to breaking the $10,000 threshold, but we still feel so far away! Even though we “only” have $10,700 in credit card debt, I don’t think we will be able to break $10,000 by our next statement. Due to some upcoming expenses, we only assigned $774 to go towards our debt, but then we need to add interest.

We hovered at the $19,000-20.000 threshold for months and now I feel like we are doing the same thing at $10,000. We just can’t break it.

I know we will… I know we are close… I know we will get out of debt. I’m just having a pity party today.

5 Responses to “Breaking $10.000”

  1. LivingAlmostLarge Says:

    It's like weight loss. Hit plateau and you have to keep plugging away to break that plateau sometimes by doing something different.

  2. mumof2 Says:

    I think you need to know what is putting where you can't pay off as you know christmas is something that comes up every year so figure out an amount and put it away every month so when christmas comes around the money is there

    what are the up coming expenses and are they needed? I really think you need to write out a budget and add everything into it so you know what you can pay and when on the debt...just why you haven't added these upcoming expenses into your budget if you knew they were coming up??
    like others have said can you cut back on things? I think if you have a budget written up it would really help out and get you back on track...also track all your small expenses as I find that adds up really quick without us realising it...sure did for us when we did it...good luck you will get there...

  3. LivingAlmostLarge Says:

    Sink funds = monthly savings for annual expenses. At least that's how I look at it. Like property taxes since we don't have it withheld. We have property taxes now of $1200 a month to make our annual taxes. Then sink funds another $1k a month for home, auto, life insurance, big ticket kids activies and spending overall.

  4. terri77 Says:

    Sometimes you need the pity party. You’re getting there. Keep going.

  5. rob62521 Says:

    Sometimes you just need to vent, but then look back and celebrate your success. I'm sure you didn't get into debt in a couple of months, so it will take a bit to get it paid off. But, you are making progress.

    Since it is January, may I make a the same vein as LivingAlmost Large and Mum of know you want to spend for Christmas, why not open a Christmas Club account and put money in it each month. Then resolve that is what you'll spend for Christmas. You may need to be creative, but if you use only what you saved, just additional credit expense!

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