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Hope – Debt Update – April, 2016

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Yikes!  Ya’ll are right, I have not done a debt update in quite a while.  So I’ll make this short and sweet. The last update I found when I looked was this one from  August, 2015 Debt Update which was a couple of months before my whole world/plan blew up with the loss of my largest on-going client.

Here are my new debt numbers:

Debt NameCurrent BalanceInterest RateMin. Mo. PymtOriginal BalanceStatus
Student Loan$33,3452.875%$99$31,687IBRP effective Aug, 2015
Yukon$9820% (6 months)$104$3568Ex pays $246 mo. towards this debt
Orthodontist$????0%$230?$10,800Working on plan April, 2016
Begins Sept, 2015
Checking Account$00%--$741Paid Off - Jan 2015!
CC Intro Rate - Retail #2$03.99%--$3500Paid Off - May, 2015
Personal Loan - Car$012%--$5000Paid Off - July, 2015
Credit Card - Consumer$013.90%--$4,974Paid Off - June, 2015
Credit Card - Retail$025.99%--$2,265Refinanced - Dec, 2015
Car Loan - Accord$00%--$1,900Paid Off - Dec, 2015
Car Loan - NV$06.79%--$31,138Sold - Dec, 2015
Line of Credit$015.95%--$1,248Paid Off
Credit Card - Retail #1$00%--$413Paid Off
Property Tax$00%--$700Paid Off
TOTALS$????$433?$97,934

Just a couple of notes:

Student Loans – Needless to say, the income based repayment plan, while I am SO grateful for it, does not even cover the interest, thus the increase balance since last fall.  So this definitely needs to be on my radar as I get back on my feet.

Ex Husband’s Car Loan – You can see from the balance that both of us have been making payments on this one.  He is super motivated to get it paid off so he can get the title and do whatever.  I am super motivated to get it off my shoulders.  Hoping this one will be gone in the next month or so.  It’s still my number one goal.

Orthodontics – I have just finished negotiating with them after months of trying.  And we have reached an agreement.   So I will update the total now owed with the next update since I’m still waiting on the documentation, etc.

If you have been following the last couple of weeks, you will remember my choice to delay paying my last month’s rent in my apartment to cover the needed expenses for the month we moved.  I have not included that rent payment in my debt because it will be paid in full within the week.

So that is where I stand right now…


9 Comments

  • Reply Stephanie |

    Your debt situation is really not too bad. Student loans, yes that’s a lot of money, but at less than 3% interest that is not the hugest deal in the world. Your first priority should be (and probably is) increasing your income. With some effort, I think you will probably figure something out and be able to start making progress.

    • Reply Hope |

      Yes, I am definitely focused on increasing my steady income, saving for whatever comes next and continuing to pay off debts.

  • Reply Katie |

    What happened with the refinanced retail credit card? Where did that balance go? Also, I thought that your ex was making all the payments for the Yukon, it’s his car but in your name, correct? All in all, I think this looks pretty darn good. Especially considering the setbacks you had over the past several months.

    • Reply Hope |

      Good catch, I think I must have the dates wrong…Retail CC was refinanced into Retail #2. So the Retail refinance must have been Dec, 2014 with payoff of Retail #2 in June, 2015. I just copied the old table and frankly the details are a but fuzzy, but that’s what I recall.

      Yes, his car is financed and titled in my name. Only the divorce papers spell out that it is technically his financial liability. We are both anxious to close this final financial tie, other than our kiddos, of course.

  • Reply Jen From Boston |

    Did the student loan balance increase because you switched to income based repayment? Or did you consolidate some loans?

    It’s nice to see that a lot of items have already been paid off! I agree with Stephanie that the first priority is increasing your income. For right now, if I were in your shoes I’d pay the minimums on the debt and figure out what the minimum cost is for food, housing, etc. for your family. Using that number I’d then find job(s) that meet at least that amount, ideally more. In the meantime I’d save money for the eventual upfront housing costs such as moving and first/last/security or down payment. There are also possible fees to set up utilities, too 😛

    • Reply Hope |

      I think it’s because of the IBR. I have not done anything else.

      Definitely working on increasing my steady income and saving 30% of anything that comes in, even before paying bills.

  • Reply Kili |

    Thanks for the numbers update.
    That definitely helps getting a clearer picture.
    Good luck increasing your income and decreasing those numbers.

  • Reply Kate |

    Look at all the debt you’ve eliminated! And although you may be behind on some bills you haven’t turned to credit cards to get through. Keep up the good work.

  • Reply Den |

    Great Hope! I’m so excited for you to get rid of that car debt:)

    Sounds like you going to have a great summer!

So, what do you think ?