Our situation is pretty slick, because we can basically start at the beginning of the year, since we had finally moved into the new place, gotten the new jobs, and settled into what, for us, is just about normal life.
Our total debt load as of January 2011, came in at just a hair over $120,000. I'll write it out so it looks scarier: One Hundred Twenty THOUSAND Dollars.
It broke down like this:
Debt Title Amount
Owed Minimum Per
Month
Student Loan #2 $59,500.90 $275
Line of Credit $14,221.11 $278
Student Loan #3 $12,677.14 $50
Student Loan #1 $12,071.19 $78
Car Loan $9,977.27 $220
Credit Card #1 $7,662.57 $188
Credit Card #2 $2,415.78 $60
Student Loan #4 $1976.54 $50
Macy's Card $256.18 $26
Following the principles of the Debt Snowball, and beginning with the lowest total balance. With our tax refund at about 2600 buck, we paid off some car stuff and still had money left over for Student Loan #4. The following month, we had more car stuff, a trip, and were still able to get the Macy's card taken care of.
This is big! This is two expenses totaling 76 bucks each month that we've gotten rid of.
So now it (sort of) looks like this:
Debt Title Amount
Owed Minimum Per
Month
Student Loan #2 $59,500.90 $275
Line of Credit $14,221.11 $278
Student Loan #3 $12,677.14 $50
Student Loan #1 $12,071.19 $78
Car Loan $9,977.27 $220
Credit Card #1 $7,662.57 $188
Credit Card #2 $2,415.78 $60
With two-three months interest and payments accumulating, the total amount owed is a little different, but the minimums are the same.
It will take probably 3 months to pay off the next lowest debt, Credit Card #2. I'll give you an update when we've accomplished that.
Three months, by the way, to save up for an pay an amount that is a whopping 4% of the largest debt, to say nothing of what's between them. We have a long, long way to go, and I'm not getting any younger.
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