May & June Debt Update

This update is overdue.  I’m just throwing together the months to make it easier for myself.  As I expected, very little progress.  The damage to the rental house drained us quite a bit.  I’m currently appealing my homeowner’s insurance company regarding compensation.  I hope to get that handled this month.

At the end of April I posted our updated debt and savings amounts:

  • Starting Debt: $76,877.93
  • Starting Savings: $16,643.14*

*I’m only accounting for our regular liquid savings account.  Not the apps, investments, or Digit.

I laid out all of our current credit card debts in this post here.  That post also briefly mentions our mortgage on a rental property that is just under $60k.

  • Starting Credit Cards: $11,186.44
  • Starting Mortgage: $60,185.80

New Numbers

As of July 5th, our debt and savings are currently:

  • Current Debt: $76,733.22 
  • Current Savings: $16,210.85

May/June breakdown…

  • Credit Cards: $8,262.33
  • Mortgage: $58,722.55
  • Auto Loan: $9,748.34

Zero progress.  Hell, the opposite of progress.  Credit card debt grew, liquid savings went down.  I had to spent $2,000 out of pocket for the water heater flood at the rental.  $1000 cash, $1000 on credit card.

  • Debt decreased by $144.71 (including mortgage)
  • Savings decreased by $291.28 (including investments)

Overall…

I mean…it is what it is.  Shit happens and you just have to roll with the punches, right?  The rental house was the reason for our two month failure streak.  Unfortunately insurance has been less helpful, our adjuster is a liar, and until I can get that situated, I won’t be compensated for the damages and repairs I’ve had to pay for up front.

Nothing to do but move forward.  I’ve applied for another job, I’m actively listing items for sale online and offline.  Anything to get a little extra money coming in right now.  We’re also juggling all of DS2’s medical appointments and subsequent bills.  Unless we manage to unload the rental house this year, I doubt we’ll reach our credit card payoff goal for 2017.  It sucks, but I’ve already accepted it.  In fact, I have a feeling we’ll be going further into debt if we can’t get some help with the upcoming medical costs.

All the numbers on my debt progress page have been updated.  Looking forward to some better results for July…!!!

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6 Responses to May & June Debt Update

  1. Rhitter says:

    New reader here – and I can relate to increased credit card debt. A lot of my blog buddies gave me some great advice. Just shake it off. Shred the cards. It is a process. And not an easy one. We’ve got your back!

    Like

    • Thanks Rhitter! Most of our credit card debt is medical, so I’m afraid to cut them up entirely, because my youngest has a lot of medical needs. But once we’re on our feet, good riddance credit cards!!!

      Like

  2. Sue says:

    All you can do is keep chugging along and eventually the tides will change!!!

    Like

  3. Tis a journey. There are bound to be some lows with those highs. You will pull through this (and hopefully find a better insurance company).
    I do hope help does come with the medical bills/costs. Our US healthcare just hurts as it can easily wipe out a fortune in a matter of minutes. Shameful it happens.

    Like

  4. kim says:

    Hey it happens, and it is so frustrating. I feel for you. Hub’s and I are afraid to go any where as many times when we return from vacation we have a home disaster.

    Like

  5. Pingback: July Debt Update | Intrepid Debt Blog

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