Chipping Away - Busting Debt in Boston

A personal finance weblog about my own journey to eliminating my debts and building net worth. Hopefully this will serve as a place for me to share and discuss my strategies and ideas, as well as keeping me on track and focused.

6/30/2006

First Post.- A Short Intro

So here I am, starting my very own personal finance blog. After browsing several others for the past few weeks, i have to say that many of you have inspired me to share my own journey in a similar fashion. Essentially, the short version of the story is that I'm 26 years old, have a well paying job, and a whole bunch of debt. Over the past six months or so I've been getting more and more serious about attacking my debt issue (which isn't nearly as bad as I'm probably making sound right now) and getting myself on a plan to be debt free in a reasonable amount of time, and now I'm finally really starting to do it.

I have debt in three places: student loans, a car loan, and credit card debt. The first two I don't mind in principle because they don't really stem from living outside my means and/or being sloppy with my money. The credit card debt, however, is essentially from exactly that. The amount of debt is roughtly $19,000 in student loans, $3,600 that I still owe on my car, and somewhere around $7,000 on the credit card. A ballpark total of nearly thirty thousand dollars of debt. Ick.

One last thing is that right now I have nearly no savings to speak of, no retirement savings, etc etc etc... I'm living paycheck to paycheck, and I'm sick of it. It's time to break the cycle and start charting my progress to a debt free life of building net worth in the black, rather than the red.


1 Comments:

  • At 7/04/2006 11:25 AM, Anonymous Anonymous said…

    Good for you for taking control!
    I read a bunch of these blogs as well, and committed 2006 to getting my financial house in order. This is something we must do! WIshing you much success! I'll check back and see how you're doing!
    P

     

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