I am $30,332 in debt.
Almost 14K of that is the new car I had to have a year ago. I can pay it off in a little over a year, right? Well, that didn't happen. Now, I have paid off about 1/3 of the loan while the rest compounds on me at 6.99%
The rest is credit card debt. It is all at 0% at the moment, but that runs out in the spring, from February to May. It is EIGHT credit cards in total, all with balances at the moment.
Card 1: 30
Card 2: 1500
Card 3: 300
Card 4: 500
Card 5: 2500
Card 6: 5200
Card 7: 2600
Card 8: 3900
There is one silver lining in this. I shifted a great deal of student loan debt into these debts. I have paid off about 80K in student loans. But what made me think that putting 16K on credit cards would be better than 16K of student loans? I guess I was seduced by the 0%, and it was nice for a while. I just hope I can pay off these cards before they kick in their terrifying interest rates.
Really, the problem is my out of control spending, which I will detail next.
Monday, December 24, 2007
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2 comments:
I can't help but to comment again, and say congrats on paying off 80k in student loans that is great. Keep up the good work. I know you will get a handle on those credit cards asap, that introductory 0% is great but once time elapses the new rate will bring nothing but drama.
Peace
how did you move your student loans to credit cardS? my loans can only be paid with a bank account... actually i just thought about it, you probably used one of those balance transfer offers that can be made to cash
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