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Debt Concerns

February 26th, 2006 at 08:45 pm

Here are my current debt concerns:

$7500 on a CC - this contains debt that would have been paid off until we were forced to move and decided to buy our condo. Part of it is the remainder of my car loan that I transferred to 0%. I do have the money to pay off this portion, but I don't want to move it from high interest savings if I can float longer. Currently floating at 0% until July.

$1200 on a CC - this contains car repairs and dental work. I have to prepay my dental work, then get reimbursed by insurance and my flexible spending account. I DO go to a dental school and pay 1/3 the cost (for better service in my opinion) of a conventional dentist. Currently floating at 0% until August.

$33000 in consolidated student loans - I am not sure when these will be paid off since I can't login to my account at the moment. These are not my only student loans! I currently pay over $600 per month in student loans ($300 for this one alone). This is my biggest budget killer! We make "decent" money, but I don't know anyone who pays this much each month on student loans.

$4800 student loan @ 10.5% - I currently pay $75.00 per month. This amount will increase each year and has an expected payoff of 9/1/12. I haven't quite figured out how to better deal with this loan yet.

Debts I feel I have under control:

$1335 for a loan my mom took out for my education. $100 per month w/interest currently at 5.1%. This will be paid off by Feb. 2007 - maybe sooner! My mother can't afford to pay this loan, so I'll pay it off.

$5900 for my husband's student loans I transferred to a 4.99% rate. I continue to pay $155 per month and will have this paid off 4 years and at least SEVEN THOUSAND dollars sooner than the original loan. Original loan was 14.25% variable!!


We do have a mortgage that I don't feel is a problem at the moment. We use a cash back credit card for all purchases and pay this in full each month.

My current priorities are the first two credit cards I mentioned, followed by getting rid of my mother's loan. I don't have a plan set in stone for either of these yet!

8 Responses to “Debt Concerns”

  1. Ima saver Says:
    1140987023

    Good luck!!

  2. baselle Says:
    1140995842

    $53,735 in non-mortgage debt? I'd be more than concerned. Second the good luck. What's your game plan?

  3. dmontngrey Says:
    1141008547

    I don't really have one at the moment, that's part of the problem. It's a shame I didn't have any guidance in my life when it came to college and loans, since that's the majority of the debt. It was always just "sign here". No one told me what I was signing and I didn't have the background knowledge to know any better. It was a surprise to me and all of my friends to find out what we were up against once college was over. Wasn't worth it in my opinion. I feel that there isn't ANYTHING I can do about the student loans.

  4. jodi_m Says:
    1141009995

    I agree with what you said about the student loans - I'm glad to have my education, but I would have been just as happy - and qualified - if I had spent at least a few years at a community college. I graduated second in my class and it was just expected that I go to a four year school. I never even considered anything different. And I was very money-savvy, but it was still a shock to see how $2k here and $5k there added up to over $15k when I had my diploma. Luckily, that was all I had to take out - best of luck to you on the road ahead!!

  5. Hello admin, nice site you have! Says:
    1145482552

    Hello admin, nice site you have!

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