Surveying the damage

Last night I went through every bill I had just to see if my previous post was accurate. It wasn't and that's both spectacular and horrifying. I'm stressed on a whole new level now but I guess moving to a new level is at least a good start.

Total Debt: $44,854.01. 

I think I can pay the one cent, no prob.

Credit card debt:   $5,306.34

1. Nordstrom Visa - $1,008.03
2. MBNA Mastercard - $1,958.3
3. Chase Visa - $2,340.01

Student loan debt:  $ 39,547.67

1. Journalism School - $4,280.17
   
2. Culinary School - $35, 267.50

My credit card balances were far lower than I thought (spectacular) but my student loan balances are through the roof (horrifying).

According to the great financial guru, Suze Orman, I should never do what I am about to do. But I'm going to do it anyway. I have a feeling I'm right on this one.

I'm cashing out an old IRA. It's a rollover from my days as a member of a highly regarded entertainment magazine and I realize that all I have left of that job are God-awful stocks and some major credit card balances.

I honestly can't tell you what I bought with all of those cards. I wasn't fashionable back then. My idea of a killer work outfit was a new sweatshirt. Musta been one helluva an expensive sweatshirt.

The credit cards are all now closed to me because I was paying minimum balances when I lost my job last July and I guess all three companies decided I didn't need credit anymore. That was nice of them. So it doesn't make any sense to me to lose more money on junk stocks when I can be free and clear of credit card debt instead.

As soon as I post this I will hit the transfer button on those funds and they should be in my account tomorrow morning. After all the penalties and taxes I end up with $5,531.52. Not nearly enough to retire but certainly enough to live.