In January of this year, a couple months after I found out that I would be a father, my wife and I decided that we must do something about our debt. Our debt as of January 1, 2009 (not including student loans), was as follows:
1. CitiCards (Amex)- $7,735.65
2. BofA CC- $2,999.29
3. BofA LC- $35,660.80
4. CitiCards (Student Visa)- $2,362 (Settled in January for 35% of balance owed!)
5. USAA- $12,075
6. WAMU- $894.53
7. Capitol One- $1,663.79 (Settled in August for 40% of balance owed!)
8. Chase Cards- $1,374.46 (Settled in March for 50% of balance owed!)
9. Credit Union- $1,586.30
10. Victoria's Secret- $242.45
11. Car 1- $8,681.98
12. Car 2- $14,777.05
13. Harley- $10,516.02
Total Debt- $100,569.32
Our plan is simple:
Step 1: Do whatever we can to eliminate all of this debt within two years!
Step 2: Eliminate our Student loan debt-- Over 270k, in the following 5 years.
Progress Summary
Total Beginning Debt: $291,838.55
Beginning Credit Card Debt: $110,323.18
Dad's Beginning Student Loan Debt: $181,515.87
Amount Paid or Settled so far on Credit Cards: $27,480.83
Amount Paid on Dad's Student Loans: $1,263.3
Time Left in Plan to pay off Credit Cards: 9 months
Time Left in Plan to pay off Dad's Student Loans: 59 months
Credit Card Debt Left to Pay: $82,842.35
Dad Student Loan Debt Left to Pay: $180,252.07
Total Debt Left to Pay off: $263,094.42
Beginning Credit Card Debt: $110,323.18
Dad's Beginning Student Loan Debt: $181,515.87
Amount Paid or Settled so far on Credit Cards: $27,480.83
Amount Paid on Dad's Student Loans: $1,263.3
Time Left in Plan to pay off Credit Cards: 9 months
Time Left in Plan to pay off Dad's Student Loans: 59 months
Credit Card Debt Left to Pay: $82,842.35
Dad Student Loan Debt Left to Pay: $180,252.07
Total Debt Left to Pay off: $263,094.42
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