Credit Card Debt

So, as I explained earlier, my credit card debt ballooned to ~21,000 during the three years of practically no income I experienced while in college.

I don't want to be preachy and tell all college students to avoid ever touching credit cards because it annoys me. Just because I was irresponsible and succumbed to temptation from time to time doesn't mean someone else will be.

I wasn't particularly indulgent. I ate out a few times. I spent a month one summer without a job at my parents house, rent-free but I still needed to buy gas/food/an occasional movie ticket, etc..

I lived well for 3 years and now, precisely because of the debt, I think I'm a better man. The past year has been spent very frugally. The me of two years ago would have gotten at least a one bedroom apartment with a view, instead I have a studio that looks out onto an alley. My indulgences are now few and I think I'm set for a lifetime of being a bit of a tight-wad.

I called a credit counseling non-profit agency about nine months ago. I was losing control of my money and just starting to get late on payments. Credit Solutions has so far been quite professional. I called them in July or August of last year and told them about my situation. They offered to reduce my debt for a set fee. The total came to just under $12,000 (57% of what I originally owed), payable in $250/month for four years. I jumped at the offer, perhaps a bit too quickly. I should have shopped around a bit more, but I think I lucked out with a bargain. As of next month (since I've already paid for April) I'll have a remaining balance owed to them of $9,750. It's nice to see the money I owe out to people finally going down. Of course, at this rate, it's going to take a little more than 3 years to finish paying it off. Hopefully within a year I'll be able to find a better paying job and be able to double my payments.

In the meantime I've got $8,276 in student loans collecting ~5.2% interest. I'm not making payments on these since I'm currently still enrolled in school and working towards my B.A. in English. I've decided not to take out any more student loans and instead pay cash to finish school. As it stands, due to the wealth of my parents and me still being under the age of 23, the only types of school loans I would be able to get would be private and given my credit right now I don't quite know what my options are. But mostly, I just don't want any more debt, period.

Payday!

Income
Payday: $511.10
Trust: $200
State Income Tax Return: $215
Entrepreneureal Income: $198.64
Ebay Income: $487.89

Expenses
Rent: $375
Debt(April): $250
Phone: $25.38
Internet: $62.63
Power Adapter: $18.65
Pants+Shorts:$37

Total
Income [$1,611.63] - Expenses [$768.66] = Net $842.97

______________________________________________________

Fixed Expenses (Monthly)
Rent: $375
Phone: $15
Internet: $60
Webhosting: $25
Netflix: $50
CC Debt: $250
Total: $775

Average Income (Monthly)
PayDays: $1,075
Trust: $400
Total: $1,475

Average Monthly Disposable Income
Average Income [$1,475] - Fixed Expenses [$775] = $700

Shrinking List of
Things To Buy:
Urban Survival Kit: $150
Sound-proof Booth: $500
Golf Bag: $100
Golf Membership: $350
Helmet Visor: $30
Office Chair: $100
Stereo: $90
Concealed Weapons Permit: $200
PVR: $450
Camera Tripod: $20
Total: $1,995
$1,995/Average Monthly Disposable Income [$700] = 2.85 Months

Payday!

I'm attending a political conference in Washington DC in April. Since I work at a hotel I'm getting a free room. Busfare and the increase in airfare required to be able to stay three more nights in New York City in addition to the three in DC was only about an additional $100 for two people with the free hotel rooms. I couldn't pass that deal up. I have vacation days at work to burn anyway.

Income
Payday: $528.59
Trust: $200

Expenses
DC/NYC Airfare $490
DC to NYC Busfare $64
PDA $80
Netflix $50
Webhost $25

Total
Income [$728.59] - Expenses [$709] = Net $19.59

______________________________________________________

Fixed Expenses (Monthly)
Rent: $375
Phone: $15
Internet: $60
Webhosting: $25
Netflix: $50
CC Debt: $250
Total: $775

Average Income (Monthly)
PayDays: $1,075
Trust: $400
Total: $1,475

Average Monthly Disposable Income
Average Income [$1,475] - Fixed Expenses [$775] = $700

Shrinking List of
Things To Buy:
Urban Survival Kit: $150
Sound-proof Booth: $500
Golf Bag: $100
Golf Membership: $350
Helmet Visor: $30
Office Chair: $100
Stereo: $90
Ottoman: $100
Concealed Weapons Permit: $200
PVR: $450
Camera Tripod: $45
Total: $2,115
$2,115/Average Monthly Disposable Income [$700] = 3.02 Months