Just after making our budget, I got my tax return and decided to pay off my car payment to free up my payment to use on other balances (per the snowball). Here were my new balances based on the April 2007 statements.
1) Kohl's Card - $150.69 - 21.9% - $10 min payment
2) Nelnet (Jen's Student Loan) - $284.63 - 5.14% - $50 min payment
3) HH Gregg (Refrigerator) - $601.37 - 0% (if paid before June) - $18 min payment
4) Nelnet (Eric's Student Loan) - $2,460.07 - 5.14% - $51,92 min payment
5) Toyota Financial (Jen's Car) - PAID OFF
6) Bank of America (Credit Card) - $9,667.68 - 22.24% - $285 min payment
7) Firstmerit Bank (Eric's Car) - $14,488.46 - 6.5% - $399.96 min payment
8) National City (Home Equity) - $24,118.37 - 8.75% - $173.83 (interest only payment)
9) Bank of America (Credit Card) - $24,305.81 - 19.24% - $640 min payment
TOTAL DEBT = $76,077.08 TOTAL PAYMENTS = $1,628.71 TOTAL REDUCTION = $7,587.69
In February 2007, I discovered Dave Ramsey and have since then been working hard to eliminate our massive debt. Thankfully, we've always been able to pay our bills and have excellent credit, but just too much of it! We're working to pay off all of our debt, so we can enjoy the freedom to do what we really want. Including being debt free by the time I quit my job to go to medical school (in which I will incur more debt before paying it off again!) This is personal, so please don't judge!
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Blog Archive
Payoff Dates
- 2/23/07 - Toyota Car Payment
- 4/13/07 - HH Gregg (Refrigerator)
- 4/22/07 - Nelnet (Jen's Student Loan)
- 4/23/07 - Kohl's
- 10/18/07 - Nelnet (Eric's Student Loan)
- 6/22/08 - Rite Rug (Carpet)
Debt Reduction Highlights
- April 2007 - Down $5,000
- July 2007 - Down $10,000
- November 2007 - Down $15,000
- June 2008 - Down $20,000
Finance Sites
CashCrate Earnings
- As of 8/20/08 - $25.38
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