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Updated Debt Totals and Plan

August 11, 2014


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6842254162_5b823b79e3_oI’ve had several comments from readers lately asking about my debt plan of attack. Well, before I share that with you, I’d like to give you my updated debt totals. I don’t usually post updated debt totals, in fact the only totals on my blog are from January 1st. The only things I keep up to date on a regular basis regarding my debt balances are the side bars showing my debt progress. So, just to help you out (so you don’t have to do math with the numbers on my side bar) here are my current (7/31) debts:

TitleTotal Balance
CC#1-
CC#2-
CC#3-
CC#4$315.75
CC#5$577.09
CC#6$594.45
CC#7$1,046.82
CC#8$1,201.95
CC#9$297.72
CC#10$1,340.17
CC#11$1,940.53
Parents$3,340.00
Student Loan$7,006.01
Total$17,660.49

As you can see, the first table is just a list of the debts in order of when I first tabulated my total debt. They are in no particular order. This second table is re-arranged to show you my plan of attack!

TitleTotal BalanceMinimum Pmt% InterestGoal Payoff Date
CC#1--0.009/2013
CC#2--26.9912/2013
CC#3--0.003/2014
CC#9$297.72$148.840.009/2014
CC#4$315.75$25.0026.9911/2014
CC#6$594.45$30.0026.991/2015
CC#5$577.09$25.0022.993/2015
CC#7$1,046.82$37.0024.997/2015
CC#8$1,201.95$36.0022.902/2016
CC#10$1,340.17$30.0015.244/2016
CC#11$1,940.53$58.0024.9011/2016
Parents$3,340.00$50.000.005/2017
Student Loan$7,006.01$93.076.558/2017
Total$17,660.49$532.91--

My debt plan is sort of a combination of snowball and avalanche. If the balances are pretty close to the same, I’m using avalanche, otherwise the majority of the time I’m focusing on my debts with the smallest balances.

Also, my minimum payments are a little misleading. My parents aren’t actually charing me a “minimum payment” every month, but I do plan to pay them at least $50/month. Also the minimum payment on my furniture loan (CC#9) is actually around $66, but I have to pay off $148.84/month to get it paid off before the 0% interest promo expires.

I can’t wait to see the first two on this list (CC#9 and CC#4) disappear in the next couple of months. I know that will really help motivate me and get the snowball rollin’!

How are you attacking your debts?

Photo courtesy of: eric731

 

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25 responses to “Updated Debt Totals and Plan

  1. I have fewer cards with lower interest rates, but much higher balances. Because the balances are high, I’m trying to make small dents in all of them, with a focus on paying off the card with the highest interest rate (and lowest balance) first.

    I think you’re doing great!!

  2. I respect your ability and motivation! I started with 6 debt places to pay, and it was overwhelming for me. It still is, but I’m getting stronger and have less breakdowns where I just want to give up. I’m impressed by your dedication and success! Thank you for sharing.

    I think I follow something similar, including putting my parents ahead of my lowest rate student loan. The emotional cost of that debt (and the current 9 year plan to pay it off – too long!) makes it a (second-last) priority. The student loan can take a bit longer.

    You’re doing so well!

    1. Thanks Leigh! I’m trying not to make my parents feel like they are last priority. I sure don’t want to end up with a strained/damaged relationship because of them lending me money…

  3. You have a plan in place and that’s a key point to becoming debt free. I wish you all the best and you may be debt free sooner than April 2016! If you see that your parents are started to be concerned when they will be paid up then just move them up to the front of the line. Saving some money on interest is not worth it to have a strained relationship with people you love.

  4. Looks like you had a solid plan in place and soon will be free of couple of your CC’s debt, which will feel magnificent! Paying off cards is definitely a huge milestone and you should feel proud of what you have accomplished in a short time period.

    1. Thanks Shannon! I’ll be even more excited about my progress when I make the last payments on 2 of them in the next couple months 🙂

  5. I think that sounds like a great plan, and you’re well on your way to getting a few of them out of the way! I’m sure you’ll be on an even better roll come October =). As for me, I have 2 student loans – one is significantly smaller than the other, with a slightly higher interest rate, so I’ve been focusing on paying that one off. The balance is less than $2k now, so I’m getting antsy!

      1. Depending on how this month goes with the car and the cats, I’d like to at least throw $1k at it. Then depending on how freelancing goes, I’d love to finish the rest of it off by January! My other loan is a little less than $10k, so it gets boring again =).

  6. I’m focusing on my private student loan first because it has the highest interest rate. After that I will pay the other loans down from smallest to largest balance. You seem to be making good progress!

    1. Thanks Tre! I hope you get your biggest interest rate loan paid down quickly. Paying interest sucks!

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