Thursday, May 22, 2008

Laying it all out: A Complete List of My Debt

I did this the other day on a piece of paper and I felt a lot better after seeing it all out there. It was like I didn't have to carry it around with me anymore because it was now on a piece of paper. I would suggest that anyone who feels like they are carrying around the burden of debt but who has never written it all down in one place should do this; you can not even begin to understand the bit of relief and control that comes with doing it.

Creditor
Beginning Balance
Limit
Interest %
Pay Off Date

Revolving Credit Card Debt

Shi*ti Card
$199.01
$500.00
24.29%
05/20/08

Rank of America
$2,697.97
$3,500.00
29.99%

Student Loans
Federal Subsidized
$4,519.00
N/A
6.620%
Federal Unsubsidized
$6,356.00
N/A
6.800%
Alpln Private
$9,124.52
N/A
7.950%
Alpln Private
$3,024.86
N/A
9.200%
Alpln Private
$13,024.11
N/A
9.200%
My Rich Uncle Undergraduate
$15,602.67
N/A
6.125%
Totals:
Revolving Credit Card Subtotal: $2,697.97
Student Loan Subtotal: $51,651.16
I am $54,349.13 in debt. All is not lost. I have a plan. I have a way out. I'm going to get there. I am going to be debt free.
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2 comments:

L. Marie Joseph said...

Just make it a plan to make more the $54K when you graduate,

You can pay off the Citi and BOA, by next year!


If you want to get real crazy, once you secure a high paying job, throw $1,000 a month at the student loan and pay it off within 5 years

June 5, 2008 at 9:33 AM
Brown Eyed Nerd said...

Hey Moneymonk! *waves*

The Citi Cards is already paid off and the BOA card will be payed off by September 1, 2008. I AM NOT PLAYING GAMES! LOL.

I have a two and a half year plan to have the student loans paid off. I have a job offer that pays pretty well, in a part of the country where I can get cheap rent. If I need to, I will have a part times sales job on the weekend, but mark my words...2.5 years and I WILL be student loan debt free.

June 7, 2008 at 12:18 PM

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