[null, {"document_url": "http://bankruptcy2boom.blogspot.com/2009/02/debt-smackdown-update.html", "unformatted_src": "http://1.bp.blogspot.com/_XKSFiD9rbOU/SZcMhyvIZLI/AAAAAAAABD0/V705YB3hEM4/s400/Masked+Wrestler.jpg", "src": "http://1.bp.blogspot.com/_XKSFiD9rbOU/SZcMhyvIZLI/AAAAAAAABD0/V705YB3hEM4/s400/Masked+Wrestler.jpg", "formatted_filename": "Masked Wrestler"}, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null]


Debt Smackdown! Update Time for an update on our debt reduction progress. It's been a month since I heralded our goal to pay $20,815 in debt.

We're a little over 1/8th of the way to achieving our goal. Extrapolating our progress into future months would put us smack dab into *debt free status by mid-September, 2009. Ever the optimist, I'm predicting we'll beat that handily.

By publishing this information I'm finding I think about being debt-free more than ever. Socrates was on to something when he said:

The unexamined life is not worth living.

Consequently, I've come to the conclusion that blogging changes behaviors. In my case, I'm grateful because I very much like the new and improved, financially astute Boomer.

Here's the detail of our progress from the original January post:
1) $384 medical debt (orthodontist) Paid in full
2) $6,887 $4,676 credit card debt
3) $13,567 2nd mortgage on the SFR rental.

*debt free, that is, except for first mortgages
Photo by w00kie
Posted by Boomer Labels: debt free, debt payoff plan, debt reduction, debt smack down, debt smackdown, socrates


debthelp76 said...

ah you seems on right track

February 16, 2009 at 1:45 AM 
That's fantastic! However, instead of saying "debt free" I'd opt instead of saying "BAD debt free". That is, eliminating debt that isn't working for you. In some respects, even CC debt can be looked upon as GOOD debt even though most see it as BAD debt. For example, if you used a CC to help pay for a property and that property is paying you back (and then some).

February 17, 2009 at 10:21 AM Boomer said...

@debthelp76: Hey, thank you for the encouragement!

@Steve: You have a point, Steve. My phrasing speaks more to my somewhat defensive state of mind lately. We are determined to get these debts paid off and build a hefty emergency fund. Then we'll be in a much stronger position to make GOOD debt work for us.

February 17, 2009 at 11:18 AM The Passive Dad said...

Sounds like you're putting a huge dent in that debt. Congratulations and can't wait to follow your progress. Are you cutting back on personal expenditures or making more money to pay off your debt quicker?

February 17, 2009 at 1:22 PM 
@The Passive Dad: Thank you for your comment, PD. We've created a terrific budget, watch our expenditures like hawks and, when more $$ shows from my commissioned sales the extra goes on that debt faster than brownies on a dieter's thighs! Having extra $$ to throw at the debt is a bonus. Our budgeted income for the month is set at a comfortable baseline that I'm pretty sure I'll make every month

February 17, 2009 at 7:15 PM Get These Done in 2009

Debt Smackdown! Subscribe to Daily Updates 
Subscribe to Bankruptcy to Boom by Email Favorite Personal Finance Blogs Favorite Real Estate Blogs