by Amy C
(*Update* I just updated this post with a few more exact balances and interest rates)
First off, I want to thank everyone for the warm welcomes that they have given me! I really do appreciate having someone in my corner cheering me on!
It’s time for the nitty gritty details of our debt and I can honestly say that I am embarrassed about admitting how much debt we have, however, I am even more embarrassed to admit that I had NO idea how much we had until I started adding this up! In fact, I still don’t have an exact amount because I am waiting for a few statements to come in. I am going to include a rough estimate until I get final numbers, just so that we can have an idea of where I am at. I will then update the info!
CC#1 $43.30 (this will be payed off on Friday!)
CC#2 (7.24% interest) $ 2,999.84
CC#3 (27% interest ouch!) $4,833.17
Auto loan (6.99% interest) $5,695.29
Appliance loan (0% until Oct 2017) $2,072.79
Student loans-Amy (5.8% average interest) $34,392.19
Student loans-Hubby (5.7% average Interest) $18,060.61
Student loans-Amy (3.25% Interest) $1,800.00 (estimate)
Student Loans-Hubby (4.725% average Interest) $3,111.46
$73,008.65
Wow. That is a lot of debt. I really had no idea that we were carrying such a high debt load. This doesn’t even include the mortgage! I can’t describe the emotions that I am feeling right now as I look at that number. Overwhelmed, shamed, sadness, frustration…they are all emotions that are fluttering about.
Here are the details on what each debt is about:
CC#1: This is a credit card that I have been working on paying off for the last couple months. I thought about leaving it off the list since it will be paid off on Friday and the balance is so small, but I decided that total honesty was required. If I start fudging numbers..it would be easier to continue doing so, which contributed to me getting here in the first place!
CC#2: This is a credit card through our credit union. I have no idea what we used it for.
CC#3: This is a credit card that we got because “the rewards are so great”…and they would have been if we had used the card responsibly! We used this card for some home improvements and fertility treatments. We have already paid off a ton of this debt.
Auto Loan: This is for an older Prius that the hubby uses to commute.
Appliance Loan: This is the debt that I want to tackle first. Simply because it annoys me! We bought a used fridge a year ago trying to save money….but when it suddenly died we decided to finance a new one so we didn’t end up going through the same hassle.
Student loans: The first two loans with the large balance are federal loans from both hubby and I, while the second two with small balances are state level loans for the both of us. The student loans are lower on my priority list to pay off because we are on income based repayments and have been for a several years. However, we are also paying the most interest on them because the balances are so high, so perhaps I should reconsider that. What do you think?
When you started working on your debt did you know how bad it was, or were you surprised like me?
