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Current Numbers

April 24, 2008

We currently owe something around $55k.  I categorize this into plastic debt (3 credit cards), vehicle debt (2 financed vehicles), family debt (to Dad, $5k), student loans (around $9k), and old debts (around $5k in collections).  We also owe $567 on a Bowflex that we got a few months ago, but we will pay that off in full in May.  I will get totally overwhelmed if I worry about all of that at once, so first I am focusing on the plastic debt.  Specifically,    

                                  Chase Visa            $4,386      0%

                                  BoA Visa               $4,396      14.24%

                                  AAA Visa              $8,394      14.24%

Total Plastic Debt: $17,176

My goal is to have all plastic debt gone by June 2009.  I know it may seem wrong, but we are starting with the Chase Visa.  It has a 0% introductory rate until January of next year, but we have heard many horror stories about “back interest” charging from the beginning of the introductory period.  My goal is to pay off the Chase Visa by September 2008.

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2 comments

  1. how long will it take you to finish off your debt snow ball?


  2. The last time I calculated, it looked like it will take 2 years, but I am interviewing for a second job this Wednesday, and that extra income could shave off some serious time. Also Just Him has been discussing a possible promotion which would also add a bit more to the snowball.



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