I’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:
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!
|Title||Total Balance||Minimum Pmt||% Interest||Goal Payoff Date|
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