Confessions of a Laid-off Lawyer

Just Your Average Joe Blogging Away His Debt—In One Year or Less

Eleventh Day of Accounting

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Total Black: $844.57

Here’s the Breakdown:

Primary Checking: $323.89
Secondary Checking: $115.85
Savings: $9.46
PayPal Account (Personal): $395.37
PayPal Account (Blog): $0.00
Amazon Payments Account: $0.005
Mutual Funds Account: $0.00

FICO Score 502

Total Red: $240,126.52

Here’s the breakdown:

Credit Card Debt:

Master Card: $4,505.33     [down $1,125.21 from August 2009]
Visa: $7,649.67     [down $213.00 from August 2009]
Visa: $4,912.54     [down $154.42 from August 2009]
American Express: $2,325.36     [down $42.04 from August 2009]
Raymour & Flanagan Credit Line: $6,340.68     [up $692.93 from August 2009]
Saks Fifth Avenue Credit Card: $412.23     [not listed in August 2009]

Student Loan Debt:

Federal Stafford Loans: $94,504.20     [no change from August 2009]
Private Student Loans: $31,664.44     [down $2,504.06 from August 2009]

Back Taxes:

IRS (2007): $1,438.11     [down $792.49 from August 2009]
IRS (2008): $28,275.80     [up $797.07 from August 2009]
IRS (2009): $2,840.00     [not listed in August 2009]

NY State (2008): $0.00    [down $2,846.59 from August 2009]
NY State (2009): $2,785.00     [not listed in August 2009]

Other Loans:

My mother: $49,473.16     [up $9,473.16 from August 2009]
My sister: $3,000.00     [not listed in August 2009]

This month—for the first time—I decided to compare the changes in the numbers from August 2009 when I first posted my stats, back in Day of Accounting.  Looking at everything laid out like this really brings the reality home. 

I’ve made a bit of progress, most notably in student loans.  Just over a $2,500 drop.  That’s sizable.  But some of that progress is eroded by the increase in taxes.  But other accomplishments clearly aren’t reflected in raw numbers.  For example, I paid off the AmEx card once already.  But it’s back up partly because of a $500 payment to the IRS in March, mentioned back in Dream Big, Dear Gemini, and costs incurred in traveling to, and staying in, Orlando for the business trip referenced back in A Whole New World in February.  The board approved a reimbursement policy for directors but added a caveat that we couldn’t seek reimbursement for travel to that meeting.

Clearly the amount owed to my mother has increased.  And much of what’s listed in bold comes from money borrowed from her, particularly the decline in 2008 taxes.

Seeing these numbers, so close to my “end” date of 8/9/10—it brings it all more painfully into view.  But that’s good actually.  And now I wish I had tracked the difference each month since August.  That might have helped make my efforts more manageable.  Looking at one large number—and in red—is a bit difficult to comprehend.  But seeing the clear differences between and within accounts does help.  And spurs me to want to redouble my efforts to bring a few of these accounts down.

Written by Laid-off Lawyer

June 10, 2010 at 22:51

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