Current Budget
The last post gave the bad news on debt. This post shows an even more troubling picture. Because of the nearly $50000 in credit card debt, our budget is in the severe red. Current minimum payments in the cards total $1200, this is nearly the total of the $1450 that were are in the red. Too bad we can’t wave a wand and get rid of the problem. Below is a simple breakdown of our budget.
As you can tell, that credit card debt is feeding itself. We are in a bad cycle right now. Without this debt, we would be close to breaking even. This is with one spouse working part time. By reducing the monthly debt payment and pinching here and there with the monthly expenses, we should be able to reduce the red number greatly.
Filed under: Finance and Investing
