So Many Shoes, So Little Money – Blog

Barbie

January 23rd, 2009

Barbie thought she had it all. Ken had come to senses, left Midge, and wouldn’t stop calling. She had a lovely town home, a corvette, her pilot’s license, a fabulous body and a wardrobe which put the Bratz to shame.

Unfortunately, much of this had been purchased with debt. Her mortgage, car lease, student loans and credit card bills were killing her. Then the bottom fell out of the stock market. It was time to get things under control. Marrying Ken was not the answer – they had been on and off again for years and who knew if she could trust him. She was loaded with debt. Where to start?

First, she needed to get those credit cards under control by not using them anymore. No more shopping, gym memberships or expensive dinners out. (Besides, people had been complaining she looked too thin for years.)

Once she stopped spending more, it was time to pay down her credit cards. She called the credit card company to set up a payment plan and to reduce her interest rates. If they didn’t go for it, she decided she would call a reputable credit counselor for assistance.

Then she looked for ways to consolidate her loans. For example, she grouped her student loans into a student consolidation loan allowing her to combine her multiple loans and pay a fixed interest rate to just one company. She also combined her credit card balances onto one single card (with a lower rate than her current card).

She also reviewed her budget and determined ways to increase her income. She had many skills and talents: over the years she had taught, practiced medicine, served in the military, hell she had even been President of the United States.

Once she had her plan she felt better. She picked up the phone and called G.I. Joe and the girls. Rather than a night on the town, why didn’t they all come over for pot-luck and movie?

Filed under: Debt

Tags: Budgeting, Credit card debt, spending