by Hope
(as of 10/14/17) | |||
|---|---|---|---|
| Car | $10,000 | 7.00% | $308 |
| Credit Card | $5,000 | 17.00% | $36 |
| Summer Camp (2018) | $3,375 | 0.00% | $500 |
| Student Loans | $34,349 | 2.88% | $307 |
| Computer Equipment | $2,738 | 22.90% | $84 |
| Taxes (State) | $6,000 | 0.00% | $100 |
| Self Lender | $1,013 | 10.57% | $97 |
| Collections 1 (Medical) | $618 | ||
| Collections 2 (Apartment) | $499 | ||
| Collections 3 (Ex-husband) | $6,954 | 6.25% | $246 |
| Amazon | $527 | 26.99% | $25 |
| Total | $71,073 | $1,703 |
Credit
Car – I recently wrote a post on this new debt. You can read it here. My goal is to pay this car off in just at two years, by paying $500 per month. My first payment of $400 will be paid this week.
Credit Card – For the last several months, I have been paying this card off every month and then charging everything I could to it…monthly bills, groceries, gas and so on. In doing that, I have paid less than $10 in finance charges. The problem is that I can’t get it to a $0 balance. And this bothers me. I am literally paying it and then using it. I don’t think this is wise and I want to get it to a $0 balance. The nice thing is that I do earn points with every dollar spent that I can convert to cash.
Amazon – this is a line of credit with Amazon that I typically pay off every month. I use it frequently for household items, etc. But now I am at the point that I would like pay it down to $0 and keep it there rather than rolling it every month.
Computer Equipment – I know this was a dumb decision, but it’s one I cannot regret. All three of the kids have new laptops. With me being gone some much, a lot of their schooling is online. It makes it easier for me to track their time, help them remotely and they have Skype classes specifically with a Spanish tutor. And, of course, the majority of Sea Cadet’s 11 college hours are online. This is my personal number one priority to pay off.
Chosen Debt
Summer Camp – I mentioned this in my recent budget update, technically I could stop paying this at any time or wait until next summer and pay it in one lump sum. But paying every month, with a pay off in April makes me more comfortable and assures that my kids have a plan for next summer without me scrambling. The total amount covers 6 weeks of camp next summer.
Self Lender – this is also a “chosen” debt. It’s actually a CD that I will gain access to next September when paid in full. They report to the credit agencies which was my motivation for opening the account. I need massive repairs to my credit and this is essentially forcing me to save (thinking Christmas next year.) Have you heard of it? Thoughts?
Collections
Collections 1 – I will argue to the day I die that I do not owe this debt. This is medical debt from the twins which the state is supposed to pay in full via the provided medical insurance. A couple of years back, the state inadvertently cancelled the twins insurance, and while they turned it back on the next business day, this fill fell through the loop. I have called medicaid, the state, the twins caseworker, and so no to no avail. In order to get it off my credit I may have to pay it, but I definition do not owe it!
Collections 2 – Evidently our apartment charged me for damages to the apartment we moved out of a year ago this past April. I NEVER received any notice of that, it just showed up on my credit report. Two things regarding this…they kept my entire deposit. No problem, we had animals, I respect that. But two, our apartment was as spotless as an apartment can be after people live in it for almost two years. The carpet was clean, the apartment was clean, we hadn’t hung stuff on the walls so there was no wall damage. But as it has been so long and I have no “proof” I am probably going to have to pay this one too.
Collections 3 – Another unknown debt that appeared on my credit report, again from my marriage. It has to do with a line of credit on our old house, which he bought me out of 8 or so years ago. I am working on fighting this one too, but for now, I have made payment arrangements with them and they have removed it as a derogatory statement on my credit report.
Taxes – This is a placeholder debt. With all our moving around, mail is just starting to catch up with me. This state tax debt is from the year my ex and I divorced. While I have filed every year, he may not have. I have arranged a payment plan of $100 per month while I track down tax filings, etc. to defend my “lack of liability” for this debt. We will see how it goes.
With all this on out on the table now, what do you recommend as my plan of action? What should my priority be?
