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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Oh Dear, Oh Dear, Oh Dear..........I'm getting nauseous! GULP!
Personal Debt $0 (WAIT... I also have to break this down like Marie so it not as good as it sounds except I have really good credit, even though i have paid off $30,000 in the past year and half of my personal line of credit, it is now gone!!)
My business Debt: Land and title $7,723.(ticker)
Credit line (today is 19,000, in the next couple of weeks it will be close to 40,000) It fluctuates daily and the land and title draws from this credit line which is why I really want the land and title gone. Then the CL will inch down on its own. Oh plus a whole lot bills but I am still making money(deposits) and nothing is behind at all(it is a business and believe me, things are better than last year when my Land and building was $23,723 at this time last year. I am making progress and will be in the black in the next two to 3 years I hope!!(I do have more equity than I owe and pay myself a decent salary)
BF's debt: $21,000 student loans. This was $38,000 last year and we hope to make it to $12,500 by Christmas 2010. (This is the last thing holding us from saving for our new house. We live in his parents old farm house for which we pay nothing, no mortgage. He also owns a motor cycle, a bob cat and a truck for which we pay nothing.
BF and I together: Oh this is the kicker my friends!
Car: $22,620(we have 30 payments left and it is 0%)We will have this to 13, 620 by next Christmas.
Land mortgage: We bought land a year ago which our yard is on(we do rent it out get cash for it so it is an investment but still have a mortgage we pay monthly and twice a year, it is a two part mortgage) we owe far less on it than what it is worth but the balance will not go down for years I am sure due to interest. I don't think about this one too much. Once we build our house we will make extra payments so the the balance will go down(we will save up a big down payment for the house) the land is around $311,000 mortgage. Once it is paid off (in 24 years) we will still be getting rent and use it as part of our retirement funds.
I am not going to add that up. Not even maybe. At least we don't have credit card debt, good credit, good jobs, and potential for salary increases. BF is an engineer and I can see that being more lucrative in the future as he just started.
If we had to sell it all tomorrow we would come out in the black. We have big debt but will have big assets when we are done. I will sell my store at some point and throw all the equity into our new house and land to knock it down significantly.
I am also saving for part of my kid's education. I hope to be done that in the next 2-3 years.
Things will look much better in 5 years when we will be done accruing new debt(because of our plans to build)
I know this is all complicated(believe me, my head spins some days) but it is what we want!
That was really hard!
Okay, here we go:
CC's: $1,000 (the appliance loan, 0% until November)
Car payment: 16k (Brand spanking new car payment that starts next week!!! I got 0% financing over 60 months)
Student loans: 30k (egads, thats nasty . . . and thats with the 10k I just put on it from the truck sale!)
Mortgage: 246k (down from 260k in less then 2.5 years!)
So the plan. Pay off appliances, build efund and then start enjoying life a little more!!!
Bex -
"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."
Bex -
Welcome back Bex - we missed you.
I owe $1575 on my car lease. I will continue to make the regular monthly payments $315 from now until May. In May I will purchase my car, and therefore I will have no consumer debt.
My DH is making car payments. Honestly, I am not positive how much he owes at this time. He is really not receptive to paying it off early. He was very on board to get the credit cards paid off and he is on board with not incurring further debt. But, he does not feel that there is anything wrong with having a car payment. I see it a bit different than him, but it's not worth the argument.
Our mortgage is 112, 341 and will be paid off in 8 yrs, 9 months if we continue with the same payments. However, we would like to decrease the amount of time that it takes to get it paid. Only time will tell if we will be successful.
I am very afraid that we will not be able to maintain our credit card free status. I am finding that it takes just as much discipline to not use the credit cards as it did to get them paid off. Plus, we need to beef up our savings. One thing at a time though.
Wow terrific and interesting post...thats for sure....
DEBT:
Mortgage 87,300 (1.25% mortgage rate) House appraised at 265,000
Consumer debt over 7 CC
Well...here goes:
Car loan: $4670
My student loans: #1 - $2315, #2 - $8495, #3 - $7290, #4 - $9880......TOTAL: $27,980!
DH's student loans: #1 - $6680, #2 - $9165......TOTAL: $15,845
Student loans between the two of us -
Kate
Jennifer
Jennifer
Here it goes....
Mortgage: 160k (185k value)
5th Wheel trailer: 33k
My car: 17k
Hubby's truck: 8k
Hubby's ATV: 9k
un-secured debt (CC's, signature loans, etc.) : 25k
I'm not too worked up about the secured debt but I will be extremely happy to see all of the un-secured stuff go away!!!!!
Oh and we are just getting started on this journey so the only headway we have made is figuring out where we are, making a budget and going to cash envelopes with our monthly paychecks tomorrow :-)
Proud mom to
Kalvin (Aug '96) and Kolton (Feb '05)
Karen's Fitness Blog
Proud mom to
Kalvin (Aug '96) and Kolto
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