As you may remember from my original debt pay off table, after I paid off Retail Card #1 and my Property Tax bill, I was going to focus on repaying my dad.
Here’s the original table posted on March 26th, 2014
|Creditors||Amt Owed||Total Interest||Pymts Left||Payoff Date||Interest Rate|
|Retail Card #1||413.00||–||1||Apr-14||0%|
|Loan from Dad||3,830.00||–||6||Sep-14||0%|
|Retail Card #2||2,264.80||499.76||12||Mar-15||25.99%|
|Line of Credit||1,248.00||58.25||6||Sep-14||15.95%|
So I was successful at paying off Retail Card #1 in April and the Property Tax bill is on the chopping block for this month (stay tuned to next week’s debt update post to see what happens with that,) but I’ve really been taking to heart your comments on my next move…paying my dad back. I am unimaginably grateful for his assistance in getting into my home and having a stable place for my kids, and then add to that his help last fall when I floundered a bit after losing a large client (which led to this debt.) UNIMAGINABLY GRATEFUL! That must be put out there first and foremost.
But I am also really starting to look at the long haul here. The pressure is on to get the house in my name. My dad is not getting any younger or healthier and with four siblings, things could get pretty messed up if I don’t get that done. Unfortunately, I am nowhere near where I need to be to do that. With my marriage failure, my finances got turned upside down, I haven’t made the smartest decisions with the money I do have, and I am really evaluating what I want my life and my kids lives to look like for the next 3 years (twins go to college) and 8 years (younger two will be off to college.) In addition, I have to keep in mind my desire to foster/adopt other children as the need arises. So there’s a lot going on in my head these days.
With that being said, I KNOW the debt to my dad will get paid with the house situation, it’s all tied in together. And in paying off the other debt more quickly, I will be in a better place financially to deal with the house. So…I’ve decided to remove the Personal Loan from this debt payoff journey at this time, focus my highest interest debt next. From what I’ve read in the comments, this is the consensus of this knowledgeable community…so the next target with be Retail Card #2.
Agree, disagree, have some advice for me…I would LOVE to hear it!
I used college as a milestone, I am fully aware that they might not go to college, but I am anticipating they will have a life change around that time that will hopefully take some financial pressure off me…at least that’s the goal: college, trade school, job…I’m open and supportive, just used college as the mile marker indicating they are done with high school/homeschool.