Sunday, December 18, 2011

State of the debt

How I'm doing as of December 18th:

Total debt: $37,938
Bank of America $7,507
Amex Blue $1,028
Amex Gold $0
CareCredit $0
Chase PerfectCard $6,376
Chase Universal $5,334
Discover $4,196
Student loan debt $13,497

Total assets: $34,378
Savings (in various accounts) $1,281
Traditional IRA $23,089
Roth IRA $1,478
401k $4,304
SEP-IRA $4,226

Well, I'm pleased with how the debt has come down (it was $44,591 July 1st) so that's down more than a thousand a month. I repeatedly have this realization about how much freaking money I will actually have once I pay off my debt - so, so much of my paycheck goes to debt that it's going to be shocking to have actual money when I am finished paying it off. However, all my assets went down a lot, so that's not good. Not much you can do about that though!

I paid off the CareCredit card and the Amex Gold card, and also paid off the car repairs I put on Boyfriend's card. I also got some extra money and paid down the Amex some. I was hoping to get the Amex paid off entirely by the end of this year, but it doesn't look like that's likely to happen at this point.

I'm also pleased that I paid off the CareCredit card because I took a new job! It's great and I'm very happy that I did it, but it did mean taking a small pay cut of about $100 a paycheck. So it's nice to not have that extra payment to be made.


Pam said...

Sounds like you are coming along with your plans to become debt free. Keep up the hard work. Also, looking at your current situation, have you considered applying for a debt consolidation loan? You may be able to save a lot of money in interest charges and you could also potentially pay down your debt faster. Food for thought, anyway.

Kira said...

Yes Pam, all of my debt except the Discover is on a low interest fixed rate. The bigger issue is that most of us with a lot of debt can't get approved for another loan no matter what it's for. I even applied with Prosper, who offered me a loan at 18%. Most "debt consolidation" companies just keep your payments and squeeze your creditors until they'll take a partial payment, ruining your credit in the process.