Re-evaluating Debt Situation (Long)

Avatar for mymartes
iVillage Member
Registered: 03-26-2003
Re-evaluating Debt Situation (Long)
11
Fri, 01-14-2005 - 5:49pm

I took some time today to re-eval our debt situation. The credit card with 0% interest will expire next month. Obviously, it hasn't been paid in full. Therefore, I had to do some transferring.

As previously mentioned in another post, I have been ordering stuff on-line for the kids. I have never done that. I have been feeling down and stressed lately. The car we rented in Puerto Rico was charged to my husband's credit card. It's over $600. We rented a full size sedan because a mini van would have cost us over $1,000 to rent for two weeks. My husband purchased some shoes before going on vacation. He charged it on the credit card. The airline tickets were charged on the credit card. I haven't paid that yet.

As of 1/1/05, we had $42,904 in total debt. Our miniman payment due for the month is $788.00 The bills have arrived for this month. I will only be able to snowflake $50.00 this month. That really sucks. I feel that the year is starting badly.

We have over $10K in savings. However, I can't touch that money until we close on our mortgage and construction loan. It's driving me crazy. I know, we will have money left. I intend to take what's left and pay it toward the credit cards. The credit card debt was easier to manage when everything was on one credit card.

Anyway, our debt information looks like this.

AMERICAN EXPRESS balance is $711.03 (Last month, we spent $581.43 in Costco for groceries. That won't happen again). The remaining balance of $129.60, is stuff I bought on-line for the kids. This bill should arrive around the 20th. I intend to pay it in full.

BANK ONE (AMA) balance is $1,144.00 <9.42% interest> (My husband's shoes, his christmas present, stuff needed for vacation, kids needed booster seats). I intend to pay this off in two payments.

CHASE balance is $2,400.00 <3.99% interest for the life of the balance>

TIMESHARE balance is $4,700.00 <13% interest>

CITIBANK balance is $7,000 <0% interest until next month>

My STUDENT LOAN balance is $7,998.00 <3.12% interest>

BANK ONE (BEST FRIENDS) balance is $9,160.00 <2.99% interest for the life of the balance>

My husband's STUDENT LOAN balance is $10,310.00 <8.25% interest>

This brings our total debt balance to $42,712.00. I am not including American Express.

Last year, I snowflaked over $14,000.00 I deprived myself of so much. I want so badly to at least payoff the credit cards before we move into our new home.

During this repayment, I have been funding our freedom account. I am glad to post that recently, the bill for our timeshare maintenance/tax fees arrived. I paid it in full before it was due (from our freedom account).

Thanks for reading all this. I feel a little better posting this.

P.S. I get so angry at him. When he purchased the shoes, I just wanted to tell him "NO... It's all your fault we have this credit card debt. You're not allowed to buy anything for yourself." However, i know he really needed shoes. All of his, were in very bad shape. They weren't even worth donating or giving them to anyone.

MYM

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Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Wed, 01-19-2005 - 7:50am

Hello Mymartes - I'm so glad that you're feeling better.

All my best,
Danni

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