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!
First Post - List of all Debts (67k)
May 22nd, 2014 at 04:57 am
May 22nd, 2014 at 05:13 am 1400735634
Include the one time expenses that may be yearly payments (magazines, any subscriptions, etc).
Also, incomes for both you and your fiancé?
May 22nd, 2014 at 06:41 am 1400740873
May 22nd, 2014 at 07:12 am 1400742727
May 22nd, 2014 at 12:14 pm 1400760877
May 22nd, 2014 at 01:49 pm 1400766584
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%
May 22nd, 2014 at 02:03 pm 1400767392
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?
May 22nd, 2014 at 03:01 pm 1400770878
May 22nd, 2014 at 04:56 pm 1400777801
May 22nd, 2014 at 11:03 pm 1400799821
May 23rd, 2014 at 01:45 am 1400809521
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.
May 23rd, 2014 at 04:39 am 1400819994
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......
May 23rd, 2014 at 08:21 am 1400833278
May 23rd, 2014 at 10:31 am 1400841095
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.
May 23rd, 2014 at 12:11 pm 1400847107
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.
May 23rd, 2014 at 09:16 pm 1400879819
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