Recently I shared with you the synchronicity I've been having lately around AA and recovery narratives, and asked the question "What does it all mean?" I didn't really think I would find an answer, I was ready to just let it go, but I believe that I have.
Last week when making my monthly payment to my credit cards, I discovered that due to a recent late payment, my interest rate has skyrocketed and my minimum payment is now more than I can comfortably afford. I decided to finally look into home equity loans, something I've been meaning to do for some time. You see, I have some serious credit card debt. I make a lot of excuses about my years as a struggling artist in NYC, but the basic truth is, I was living beyond my means for years. And if I'm honest with myself, I've continued to rack up more debt in the last several months.
I went to the library to see if I could find any information about shopping for a home equity loan. What I found were some good books on debt reduction, including one called How to Get Out of Debt, Stay Out of Debt, and Live Prosperously, which is based on the principles and techniques of Debtors Anonymous.
I may have been vaguely aware that such an organization existed, but I never gave it much thought before. Reading this book, I couldn't help but recognize that I have a problem. I am a compulsive debtor. Starting now, I'm turning this around. I began yesterday, by not incurring any new debt. I haven't debted today, either.
You know what they say in AA, right? One day at a time.
Another powerful statement I found in this book: The cavalry is coming. I am the cavalry.
Good luck! Having grown up in a household where we lived largely beyond our means, I am trying to get out of my credit card debt and stay out, as well. I know how hard it can be, but your approach is excellent.
Posted by: sarah b. | February 22, 2006 at 05:47 PM
Sadly, you are so not alone in this. Society encourages us to live beyond our means and makes it so easy to do so. Oprah had a great show last week about this topic, and I was shocked to see how far people can get out of hand, and how close we are to just that. We too are working to no debt and it takes some real commitment. I'll back you up, girl! The mother of one of the families on Oprah is a *crafter*. Lots. They just HAD to show her purchasing yarn. Good yarn, in a nice yarn store. Until then, I really didn't relate too much to the others . It is time to start knitting from the stash. And saving up for the Socks That Rock club. Maybe I have something I can sell.....
Posted by: Teresa C | February 22, 2006 at 07:34 PM
Huh. I was having the same conversation with myself this morning - about budgets and saving and being the adult in charge of my own future, about being my own calvalry, basically.
Synchronicity indeed.
Posted by: Juno | February 23, 2006 at 11:07 AM
Publish and sell your gorgeous patterns, reduce debt ;-)
It's so hard. There's always another gorgeous yarn out there that I don't have yet.
Posted by: Lisak | February 23, 2006 at 03:31 PM
Alison, you can do it! One suggestion I always liked was "freeze your credit card in a block of ice" - while it's thawing, you can rethink your impulse purchases. :) My husband also like the book "Your Money or Your Life" by Joe Dominguez and Vicki Robin - he got it from our local library. Good luck!
Posted by: Donna | February 23, 2006 at 04:43 PM
I hear ya girl. Wifey and I took out a debt consolidation loan from the MIT Credit Union 12 months ago (almost to the day), and we'll be paying it off for 4 more years! Now that we've been paying for 12 months, I've been getting the offers in the mail again. Its SO hard to resist and I'm struggling with it over here too. Right there with ya...
Posted by: The Feminist Mafia | February 23, 2006 at 04:46 PM
Yay, girl! you have the right idea. And it IS a day at a time. I'm looking into setting up an ebay store to generate some income and de-stash, de-clutter. am with you in spirit.
Posted by: caroline | February 24, 2006 at 10:30 AM
Alison, congratulations for taking the first step.. i know how hard it can be.. i actually haven't had any credit cards or anything similar since 1991.. so i'm only living on what i get in hand.. it is so hard.. cuase i too watched the oprah show last week and i'm already at the bare bones.. all the stuff that they were spending money on boggled my senses.. especially groceries... over $1,000 per months.. for a family of only 4... i think kori and i only spend about $250 including lunches and dinners.. for the entire month.. and it isn't really that much cause clothes are included in that amount cause of my costco clothing addiction.. hee..hee.. i love their jeans and sweaters.. anywho.. lots of luck.. one day at a time :-).. hugs karola
Posted by: Karola | February 27, 2006 at 09:43 AM
I'm glad I stumbled across your blog today from Julia's. I am a compulsive Debtor. And I never even knew such a thing existed. But that's me. I just knew I was a financial wreck. And now I have to pull it together.
Posted by: Cheryl | March 13, 2006 at 12:10 PM