The Reckoning: My Financial Situation Now

As I discussed to some extent in my April 15th post, my financial situation has deteriorated a lot in the past couple months. Although I've tried to keep the numbers in front of me so that I can't hide from them, I confess that I've had a hard time blogging about them. For the past two months I've failed to set monthly goals and do an end-of-month accounting as I usually do. But it's time to get the ugliness out on the table. It's certainly not going to get any prettier any time soon.

So here is how it all stands. First, let me say that with one major exception (my federal 2008 taxes), I'm current on all my bills. That's the one, albeit limited, bright spot.

Now here are the debts, as of today:

• Credit card #1: $9635 (at 2.99%)
• Credit card #2: $14,656.65 (at most at 6.99%, but $2500 at 7.90%)
• Credit card #3: $616.29 (8.9%; I usually pay off this card in full each month, but can only pay the minimum this month)
• Store card: $643.34 (this has been at 0%, but that ends in June--I have to pay off this balance in full by 6/15 or the rate goes through the roof)
• IRS: $6679 (penalties and interest TBD)

Total Debt: $32,230.28

That's right. I'm very nearly back up to the full debt total I started with two years ago. Two years of progress paying down debt wiped out.

Now, here are my savings:

• BofA efund: $34.46
• ING efund: $5.37
• ING taxes fund: $5.20
• ING vacation fund: $5.74
• ING home improvement fund: $5.09

Total Savings: $55.86

Yep. Savings pretty much gone.

On top of all of this, work is spotty at best. I've had no work since last Monday and I have nothing scheduled so far for the next 3-4 weeks. That's a killer.

I've got barely enough money to get me through the rest of May and enough in Accounts Payable to get me through June (assuming everybody pays up on time). It would help a lot if one of the focus groups I applied for came through, but that's always kind of a longshot. I'm doing everything I can think of to make extra money on the side and I am job-hunting as well. I've got a lead on some new work that I would really love and it pays OK too, but realistically it's not going to start for at least a few months.

If I want to stay current on everything, I'm not sure that I will have much choice other than to take out a cash advance on one of my credit cards. Just the thought of it makes me sick. Hopefully, I won't have to make that decision for another month and perhaps something will come through before then.