This might hurt....Let's....
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This might hurt....Let's....
| Fri, 01-01-2010 - 8:54am |
Let's put it all out there.
What is your debt total as of now? If you'd like - share how far you've come and what your totals were to start.
Otherwise, facing up to our debt is often the first step. Let's lay it all on the line and see if we can start the new year right !

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Ok, here it goes...
Mortgage $416K
401k LOAN (2nd mortgage) $30K
CC Debt $5713
However, with the refinance we had to pay a bunch of stuff that will be refunded next week which totals $5946, so that will wipe out the CC debt.
Also, I just put $2K into our savings account yesterday (you all inspired me to make a transfer). And we don't have to pay a mortgage payment until Feb 1st. So, I am hoping to put another $3K into savings in January and pay property taxes that are not due until April 10th. I'm hoping we wont have too much to pay on April 15th for income taxes.
Getting past April 15th will be tricky, but I think if we're careful we will be ok.
We also have a backup savings MMA which we don't touch.
I'd like to resolve to add more money to that in 2010. We have 3 kids who we would like to send to college in the future and need a plan to pay for that.
Kathryn
$7000 cc debt+new washer/dryer debt( we pay about $700 a month on this)
$20000 line of credit( we pay $300 every 2 weeks)
$50000 morgage
this year I hope to stop the cedit cards all together and bring the line of credit down to $15,000 .
My total is:
Ok, our numbers are not a suprise, but they going down.
I have no mortgage, DH carries that:
- CC and other debts $56k
- Student Loan $11k
no car loans or anything else.
DH has $235k mortgage, $15k CC, $16k business loan and
I don't have my spreadsheets with me right this moment, but the approximates are:
Mortgage: $105,000 (28 years left)
My Student Loan: $19,500
Car Loan: $14,000
My credit card: $4200
DH's credit card: $5000
Medical bills: $750
I have already done estimates for taxes and we'll end up with a refund of around $5000, so $1000 will be set aside to moving the kids to a different daycare and the rest will go to pay off my credit card. Once that's done, we'll pay off the medical bills and the goal is to have DH's cc paid by September.
Nothing is shocking for me. It's all on my tickers, LOL. I don't often mention my mortgage, so here that is:
Our mortage: owe 188k (value 260k)
"2nd home": owe 39k (value 200k)
We got serious on Jan 1, 2009. In one year we went from $92,134 to (currently) $66,059. Over 20k of our progress was from FLAKING! *Cheers and applause for snowflakes!*
No credit card debt. All installment and personal loans, and it's going AWAY!
FLINGING DEBT:
In answer to question #1:
I saw this post and I soooooooo didn't want to answer it! I really really really don't want to take a look at where I stand. Yes, I'm almost done with my credit card debt, but I have other debt!!!
Condo Association: $677.71 - They continue to charge me $25 dollars a month in late fees and I really want this to be my #1 priority in the next few months. I want it GONE!
Gap Credit Card: $57.34 - I've been paying them the minimum for the last few months because of Christmas and my car registration/inspections. They charge me a dollar something each month in finance charges which isn't so bad!
Macys - $351.13 - This card was used for Christmas and the many many birthdays I went to in November and December. They will also give me 10% back in Februrary which I'm going to use to help me buy sheets. I haven't spent a penny in interest. I pay them the full amount each month. This month it will be a little harder to accomplish that so I learned a little lesson.
Hospital - I have accumulated a few medical bills since the last time I went over my debt, about $150 dollars so far, but I have more coming! My middle child is going in for surgery this week and I'm expecting the costs to be under $1000 dollars out of my pocket. I need to call and figure this out more precisely. I have all the codes.
My new car - This is the big one...We leased this car...and that is hard for me to admit because I didn't feel comfortable with the word lease. I found out a lot about it though and we basically found it impossible to buy something new/used with our credit. The bank didn't want to loan money to us on an older car and the newer cars were too ridiculous to finance! Our credit union wouldn't even give us $5000! The financing went through on another vehicle, but it was 15% interest for 6 years! WHAT! And then my mechanic found out it had been in an accident that wasn't documented. So we started looking into the leasing process. We got into a lease for 3 years and at the end of the 3 years they will finance the car to us for $12,000. I have it set up that in 3 years I will have a little over $6,000 dollars saved in my car fund. Our credit will be much better in 3 years and we will be able to finance 6K or maybe even pay it off. Who knows! I'm working on it!
My mortgage: $145,162.19 I don't even think about this one. It's not going to get thought of until all my other debt is done. But I have realized that by paying this late quite a few times last year, my principle has not gone down at all!!!! This has to be paid on time! My interest rate is at 6.125 but it would be impossible for me to refinance because I have no equity as the housing prices have sunk so low!!! I could probably sell this condo for what I owe and that's stretching it!
And the most important to me: My parents: 10,000 each. I have it worked out on my new 2010 budget that I will have $3,492 in an acct just for them (and that doesn't include my EF or savings account either). So I am working hard on getting the money to pay them back.
Total, Complete, Debt! Approximately $173K
Without my mortgage: 28K
On a positive note: I have gotten all of my bills back to being paid on time. My mortgage is paid on the 16th and it's supposed to be paid on the 1st, but it's not considered late. My credit card debt is pretty much done and that's down from 16K. I feel more prepared now to deal with my other debt and to also start accumulating some savings so I never get in this position again.
Well, even though I've had the numbers and totals all in front of me for the past six months, it still makes me want to vomit. :-P It's actually higher than I had originally posted here earlier this year, as some additional debts surfaced after some digging and comparing to our credit reports. UGH.
The good news is, if we maintain our current level of debt payments, we'll be able to pay it all off in about 5-6 years. If we flake like there's no tomorrow, maybe even sooner.
Anyway...our total debt, not including the mortgage, is...$106,445.18. That's after already paying $521.62 this year. Our snowball plan is in place, which has us scheduled to completely pay off close to $25K in debts by April 2011 (this only includes debts paid in full, not ongoing payments toward future payoffs). That's about 23% of our debt paid off in 16 months.
Here's the breakdown of that $25K:
Capital One (credit card) - $166.96 (PAYOFF Feb '10)
Bank of America (loan) - $1,192.70 (PAYOFF Mar '10)
Citifinancial (loan) - $3,754.78 (PAYOFF Sep '10)
Car - $5,951.06 (PAYOFF Feb '11)
Chase (credit card) - $378.32 (PAYOFF Feb '11)
Home Depot (credit card) - $3,842.54 (PAYOFF April '11)
Target (credit card) - $8,400.43 (PAYOFF April '11)
Doctor bill - $943.70 (PAYOFF April '11)
It's a LOT of debt, I know, and I feel disgusted every time I think about it. But I am feeling so much better about our plan and have a lot of hope that we will be able to tackle this!
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