While my situation is dire, it's not desperate, yet. I still have all my credit cards open. If I can thread the needle, I can foresee being able to pay them all off. Today, I paid one of them off. Now, it'll be the one I use, and I'll be paying it off every month.
There's one other that could, feasibly, be paid off in the next few weeks. After that, things get problematic and harder. In the past, I handled those types of debts by applying the occassional windfalls that came through my business. That could happen, too. It just hasn't happened in a while.
In the mean time, I'll keep making payments for as long as I possibly can. Every month is progress, if only just a little. I've got a ton of debt, both personal and business, but a lot of the business debt is term loans. In fact, in 2013, I will have a lot less debt to deal with.
The trick will be hanging on for that long. I am going back to school in the Fall, and when I finish in 2014, I'll have all my term-loans paid off. That includes both my personal and busines loans. As of today's balances, that's about $120,000 worth of debt.
If I can get past that, retiring the credit card debt may be uncomfortable, but it'll be eminently do-able.
No comments:
Post a Comment