Sunday, March 4, 2007

Debt Roundup #1

When I looked up my credit card and car loan debt a few days ago and discovered that it was under $50,000 for 2 people I thought it wasn't too bad. Then I looked up the student loan info. Two undergrad degrees + one MBA = hella debt. So, it's worse than I thought, but not impossible. It just might take a bit longer than I'd hoped.

Current total debt:
  • Car loan = $12,897.43
  • Credit cards = $30,466.74
  • Student loans = $154,346.77
  • Total debt = $197,710.94

Actually, I know that there are some recent hospital bills, of which I will have to pay 20%, so this total is almost accurate. I suspect I'll get those bills in the mail by the end of the month and be able to update accordingly.

According to my calculations, I am currently paying out about $1865/month in minimum payments. Ouch. That needs to stop. My highest interest rate is a Chase card that just got raised to 29.99%, current balance is $2973.

In other news, I submitted an idea for a t-shirt I had to and if they pick it up and sell at least 10 shirts I get $200, which would pay off my lowest balance credit card ($154.64).

Plan of attack - pay off the lowest balance first to free up an extra $15/month to apply towards the highest interest rate debt. Then focus on getting it paid off.

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