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Debt Update – From the Beginning until Now

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I began blogging here on March 26, 2014, you can read my very first post HERE. This table shows my debt as it stood that day…

Creditors Amt Owed Total Interest Pymts Left Payoff Date Interest Rate
Retail Card #1 413.00 1 Apr-14 0%
Property Tax 700.00 2 May-14 0%
Loan from Dad 3,830.00 6 Sep-14 0%
Credit Card 4,974.00 440.68 10 Jan-15 13.9%
Retail Card #2 2,264.80 499.76 12 Mar-15 25.99%
Car Payment 31,138.00 2,800.77 25 Apr-16 6.79%
Line of Credit 1,248.00 58.25 6 Sep-14 15.95%
Student Loan 31,687.00 2,622.91 42 Sep-17 2.88%

And my debt total those long 5 years ago was $78,518

And as of today, my current debt load is $35,598.

For a total paid off: $42,920 in the last 5 years! (Not too shabby for a single mom of 4, with almost two years of unemployment in there.) And I’m not done yet!

Creditor
Balance

(as of 10/14/17)
Interest
Min. Payment
Student Loans$34,3232.88%$306
Credit Card$1,27517.00%$32
Total$35,598$338

My story has definitely not been a straight line. I have added too and removed debt several times along the way. But the good news, knock on wood, is that I am down to only two debts! And I am pretty close to being at a $0 balance with my credit card.

I will be working on a new budget for the fall this coming week. And will publish that when complete. Princess schooling has been paid for, and yes, I will share how that happened as well this week. I am still pondering the car situation. Sea Cadet is out of town this week with his car. He will return for his last two weeks at home before heading out and we will finalize the legalities of whatever is decided then. I will keep you posted.


I was Shocked at the Responses

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In my recent post regarding my decision not to buy a car, I was floored at the backlash and criticism. Not because it hurt my feelings, I’ve definitely gotten thicker skinned since writing here, but because I honestly hadn’t considered this a risk to Sea Cadet…didn’t even enter my mind.

He had offered to let me drive his car as long as I needed after he was gone for free. No rush to sell it, etc. I was the one who decided that me just driving it at no cost was not fair to him, so came up with the $100 plan. (KBB value is between $500-700.)

Decisions, decisions, decisions – but I will be patient and make the right one!

And as far as insurance goes, I put this in the comments of that post, but will address it here…both the twins and their cars are on my insurance. I never dropped insurance on myself, just on the totaled car, so I am fully covered when I drive their cars, as are their cars.

What to Do

But I did read your comments with an open mind…and am now I am wavering. Not in my decision to NOT buy a car, I am still committed to that. But in my thoughts are keeping his car longer than we need too.

Since you all have thoughts on this help me…here are the facts:

  • I am doing fine without a car. I have access to my grandmother’s most any time I want. And History Buff can pick up the slack (getting Princess places) when he is available.
  • I will need a car much more often from August until October because Princess will play volleyball; otherwise, very little need.
  • Sea Cadet is leaving at the end of this month. His car will be here, sitting, after August 2nd. (He and History Buff are driving up to VA after school is out and he will leave to CA from there. History Buff will bring his car back.)
  • I will be removing him as a driver on our insurance policy while he is gone. We have confirmed he will be covered by Americorps, so there will be no gap in coverage which we know we have to avoid.
  • I will be covering the insurance on his car until it is sold and am listed as a driver on his car on our policy.
  • The car is titled in his name. He has given me the title.
  • Our plan (discussed and decided on together) was originally that History Buff would sell his car, and then drive Sea Cadet’s car while he was gone. The reasoning behind this is that History Buff’s car is in much worse shape.
  • Sea Cadet rethought this original plan after observing how History Buff fails to take care of his own car. And decided that he would just like to sell it and save the money for when he returns toward another car.
  • When I totaled our car, Sea Cadet offered to just let me keep and drive his car as long as I needed to after he left. And then sell it.
  • (This is an assumption on my part.) I believe Sea Cadet is second guessing his decision to sell based on conversations I have had with him recently on how good of shape his car is in and how much life it has in it.
  • I believe I could move forward with selling Sea Cadet’s car in August. And make it through my busy driving months with my Grandmother’s car without issue. Thus relieving him of the liability of me driving a car titled in his name.
  • I really don’t want the expense of owning another car while I am paying for Sea Cadet’s car until it sells. (And I do not want to purchase his car, lots of reasons for this financial and otherwise.)

A couple more thoughts…

  • My #1 goal on the car front side is to purchase Princess a reliable car to drive with CASH come next summer when she gets her license. She will be driving to school her senior year. I truly do not mind not having a car at this point. (And can rent from a local Enterprise when needed.)
  • When my boyfriend moves here from Florida, we have already decided that we would consolidate down to one car…just a know plan in the back of my head as I consider car stuff. (No firm timeline on this, but earliest would be this fall but could easily be longer.)