Debt Update!

It’s time for a debt update. I’ll not so great at updating the sidebar (I’m apparently not as computer literate as I thought) but I’m working changing it.

We didn’t get as far ahead as expected (sounds like a broken record!) but we had to pay $1,400 in tuition this semester. I’m CRINGING at the thought of books.

So where do we stand?

Credit Card: $3,674.06
Student Loan: $9,884.81
Auto Loan: $12,233.12

Total Original Debt: $38,495.86
Total Paid since Oct. 2008: $12,703.87
Total Remaining: $25,791.99

We’re supposed to get some scholarship money for school but because of the California budget crisis, we aren’t holding our breath. If it does come through, we’ll immediately apply it toward our credit card.

We’re finally over the 10K hurdle… now I’m ready to hit 15K!

Posted by Beks on July 21, 2009 at 5:00 AM in Debt Updates | 14 Comments »
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Abby responded:
Posted: July 21st, 2009 at 4:03 pm
Make sure you check out Amazon for used books. I’m guessing you don’t actually need brand new books, and Amazon is usually a lot cheaper. Just make sure you order them early enough so that you have them when classes start!
Jiggypete responded:
Posted: July 21st, 2009 at 10:01 pm
Quick question that may have been addressed…why not sell the car and purchase something less expensive and reduce your overall debt?
John responded:
Posted: July 22nd, 2009 at 12:31 am
GO!GO!Go! I know it’s like you’ll never get there, but you will. There were so many times when I thought I was going to make a break through and something would come up. One day you will reach your goal and it will be the best feeling.
Nicole responded:
Posted: July 22nd, 2009 at 1:05 am
Go Beks! Go Beks!
Jen responded:
Posted: July 22nd, 2009 at 9:42 am
Jiggypete – Cars depreciate greatly the minute you drive them off the lot. They wouldn’t be able to sell the car for the amount they owe. If they sold, they’d have to either transfer the remaining loan balance to a new loan on the newly bought car, or payoff the loan. Cars don’t appreciate. Everyone with a car loan is upside down on the car loan.
Abigail's Mommy responded:
Posted: July 22nd, 2009 at 10:15 am
Unless you buy the car under the book value.
mikey responded:
Posted: July 22nd, 2009 at 10:29 am
WOOTWOOT! You go, Girl! (And Boy!)
Jiggypete responded:
Posted: July 22nd, 2009 at 11:44 am
@Jen, yes, but there would be less debt. Cars are cheap now. If you sell the car and can get near the pay off, buy a cheap car, and move on from there, it will get them closer to the end goal of freedom. When doing this you are looking for the best $2000 car you can find.
Jen responded:
Posted: July 22nd, 2009 at 12:17 pm
I agree – loose the expensive car. My old, $2000 Civic is perhaps the best $2000 I ever spent.
The Gooroo @ Finance Advisory Stop responded:
Posted: July 22nd, 2009 at 2:39 pm
You will make it, don’t worry. Like others said, make sure to look for used textbooks. Brand new ones are ridiculously priced.

Selling your car may also be a good idea — going for something a little cheaper.

Keep up the good work, you can do it!
mimi responded:
Posted: July 22nd, 2009 at 7:09 pm
Your car is an awfully big anchor and a big part of your debt. Why not take Dave Ramsey’s advice and sell it? Then you can buy a “beater” for $1000 (or $2000), cover any difference in what you owe on the car, and end up with a lot less debt.
John responded:
Posted: July 23rd, 2009 at 1:09 am
Has trading in your car ever crossed your mind? Since you are getting a lot of suggestions to do so. It can be a hard thing trading in your car for a possible less reliable one. Of course it’s not going to work if you are upside down. Even though it is a big part of your debt are the payments high? Either way I think you will do just fine.
debtor responded:
Posted: July 23rd, 2009 at 2:30 pm
question, I seem to be forgetting something but are you back in school? I guess that adds another dimension of pressure to debt reduction.

I got sidetracked. The reason I wanted to commenting was to say that your credit card debt will be gone soon! If you get a big tax refund, it should all be done by april 2010! Can’t wait!
Beks responded:
Posted: July 23rd, 2009 at 8:13 pm
Debtor – No, I have my BA in Communications but I do occassionally take night classes for fun. I’m saving the money right now but I’ll probably return to community college next semester.

And, we MAY have our credit card paid off next month. Shhh! Don’t tell anyone! ; )