<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > First Post - List of all Debts (67k)
 

First Post - List of all Debts (67k)

May 22nd, 2014 at 04:57 am

Hi guys. This is my plan to pay off all my debt and to create a savings for me and my family. I have 2 young boys, 3 and 1, and a fiance. We are both in our mid twenties and we have put ourselves in quite some debt. We just bought a house and currently have a lot of monthly expenses. I will use this blog as a motivation to get out of debt, and to also create a savings for us. Here is a list of all our debts:

Debt:
Kays CC ---------392
WF CC-----------595
Lowes CC---------710
Walmart CC-------947
GE Capital CC-----1152
Cap 1 CC---------1298
Collection--------1320
Student Loan #1---2213
Court Fees--------2492
Care CC----------3495
Car 1------------9672
Car 2------------21605
Student Loan #2---21500

Total:------------67,391


Savings:
401k--------4,500
EF-----------0

Total:--------4,500

I will post my monthly income/expenses and any money that went to debt and will keep track month to month. For now I will pay off debt and will try to sell stuff to get more money into an Emergency Fund. Thank you to all who is looking and coming onboard!

15 Responses to “First Post - List of all Debts (67k)”

  1. Kiki Says:

    In order to help you can you post the most complete budget you have? How much in groceries, utility payments, mortgage, spending, everything you've spent, as an average for the past 6 months?

    Include the one time expenses that may be yearly payments (magazines, any subscriptions, etc).

    Also, incomes for both you and your fiancÚ?

  2. scottish girl Says:

    Welcome to SA Smile

  3. Bob B. Says:

    I've had a lot of debt in the past, too. It would help if you listed minimum payments, and interest rates on each debt as well. Welcome to the SA Blogs!

  4. creditcardfree Says:

    Welcome! We sure look forward to seeing you succeed with paying your debt.

  5. Eagle Says:

    A lot of the information Hehateme000 provided can be found here on the thread started by the OP.

    Debts and interest rates as of 5/13/2014
    -------
    Kays: 392 - 24.99%
    WF CC: 580 - 17.49%
    Cap 1 CC: 1270 - 11.9%
    Car 1: 21604 - 10.99%
    Car 2: 9672 - 9.49%
    Fiances SL: 2213 - 6.55%
    SL 1: 8500 - 6.8%
    SL 2: 3300 - 5.6%
    SL 3: 5300 - 3.8%
    SL 4: 4300 - 3.4%
    Fiances Invisalign: 3495 - 0%
    Court Fees: 2472 - 0%
    Collection: 1320 - 0%

  6. Eagle Says:

    From the first post:

    Kays CC ---------392 - 24.99%
    WF CC-----------595 - 17.49%
    Lowes CC---------710 - 0% (Expires in August)
    Walmart CC-------947 - 0% (Expires in August)
    GE Capital CC-----1152 - 0% (Expires in August)
    Cap 1 CC---------1298 - 11.9%
    Collection--------1320 - 0%
    Student Loan #1---2213 (What happened to the $21,400 SL 1, 2, 3, and 4 you listed May 13, 2014 in the thread? See below)
    Court Fees--------2492 - 0%
    Care CC----------3495 - 0%
    Car 1------------9672 - 9.49%
    Car 2------------21605 - 10.99%
    Student Loan #2---21500 - 6.55%

    Not accounted for:
    SL 1: 8500 - 6.8%
    SL 2: 3300 - 5.6%
    SL 3: 5300 - 3.8%
    SL 4: 4300 - 3.4%

    Might want to re-check the figures Hehateme000?

  7. Petunia 100 Says:

    Welcome to the blogs, Hehateme. Best of luck to you with your goals. Smile

  8. Looking Forward Says:

    Welcome! I am excited to see your progress! Smile

  9. PatientSaver Says:

    Where did all the court fees come from?

  10. hehateme000 Says:

    Thanks for all the support guys!

    Eagle, the student loan #2 is accounting for all of that. So the 21,500 is broken down into all 4 of those because they are different interest rates and some are subsidized/unsubsidized. Student Loan #1 is my fiances small loan, student loan #2 are all my student loans so far.

    Court fees are actually restitution I owe in another county from when I was 18 :/ They are ok with 20 a month though and there is no interest so they are a low priority for me for now.

  11. hehateme000 Says:

    Just wanted to update you guys on my student loan. The one that I said was 21,500 is actually almost 22,000. Most of it is unsubsidized which means the government is paying interest while Im still in school, but for $8,500 of it the interest is on me even though I am in school. It is at 6.55% so I calculated it and it is roughly 50/month that I am being charged. Plus it capitalizes and adds onto my principal which makes it worse. So I need to budget to pay at least 50/month just to keep the principal from rising.

    What would my best bet be as far as which debt to pay off first?

    Is there any benefit to getting another unsubsidized school loan to pay down debt? It would basically almost be like a 0% balance transfer CC......

  12. Broken Arrow Says:

    Welcome and don't worry. It's not the end of the world so long as you get on top of it now. Good luck!

  13. PatientSaver Says:

    I'm sure you'll find advocates who are in favor of shifting debt onto lower interest cards, which i guess is ok, but the primary focus should be on paying off the debt, period. I'd start with the highest interest rate debt and go from there. I see you have some small balances, so getting rid of some of those fairly quickly can only help further motivate you to keep going.

    Do you have to have 2 cars? Not only is the 2nd car an extra payment, but it's costing you double the insurance, maintenance and registration fees as well.

  14. creditcardfree Says:

    Maybe in your next post you could show us your income and expenses. Those 0% cards expiring in August should be a priority as well as those smaller debts at super high interest rates. I might even wait to pay the $50 on student loan interest to make those other debts go away FAST. Student loan interest is deductible.

    How is your credit? If it is decent, there is a Chase Slate card for 0%, NO transfer fee. The rate is good for 15 months. Some of your debt could be transferred to them.

  15. hehateme000 Says:

    credit is ok, i got denied for the slate card though. I think my credit went way down because some of my cards are 90%+ on the ratio.

    I posted another post with some more updates on my debt situation. We would like to pay off the 2nd car as fast as possible

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 9.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]