Author: Cheryl
•8:29 PM

I didn't even know what to call this post, as I have so much going on in my head right now.

I had been so torn since hearing Suzie Orman's recent advice that if you don't have a sufficient emergency fund that you should work on that first before paying down credit card debt. I knew she was right considering the current conditions. But it just saddened me to put my debt marathon on hold for a while after doing so well on it in these last few months. It has taken me a few days to swallow my pride and go along with the advice.

So I came home from work with a new yet slightly sad attitude of lets work more on the emergency fund first and then back to the debit snowball. My husband agreed.

Then I opened the mail...............

I'm gonna try to keep this post PG rated. But if this South Jersey girl could curse freely right now, your ears would be ablaze. What I feared would happen did. Bank of America, card #7 and the biggest balance and last of my debt snowball is raising my APR by 8%.


I had worried this would happen. That is my biggest balance and is going to make my monthly payment bigger. I had heard the horror stories, kept my fingers crossed. But our luck finally ran out. I so would love to cancel the card, but I only have two cards and don't want to completely kill my credit score. I've even thought about getting a side job to pay this down. But then most people can't find one job let alone, me thinking I can have two.

So, how do I feel.....

I am angry at myself for ever have accumulated credit card debt. What an idiot.

I am starting to regret that I didn't pay BOA of first and instead went for the smaller balanced cards.

I am angry at BOA for knocking people down further when they are just trying to get up.

I am annoyed that I have stop my debt snowball to build my emergency fund faster, although I know its the right move.

I am tired, feeling very defeated and my head still hurts.

I need a few days to regroup, pick my self up, dust myself off and get back on the horse again.
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On April 7, 2009 at 5:42 AM , Cin said...

Believe me, I feel your pain! I have seen this happen to me with other cards. I really thought that the debt payment was and should be the first plan of action. Sleep on it a bit more and you will see that we all need cash reserves. Cash is what is going to get us through now.

Every day I wait to hear if DH has a job tomorrow. Every day I put more cash in the bank I feel a bit better.

Keep paying the smaller ones off and once done put that amount onto the bigger ones and it will get done. least there will be cash in the bank.

BOA may just decide at anytime to close the account. As will any other card. Then you'd have no credit and no cash if you just pay down debt right now.....

On April 7, 2009 at 3:58 PM , Money Funk said...

I knew there was a reason I didn't like BofA. :(