Friday, July 18, 2008

A Plan for the Debt


Now that the business is paid off (yay!) and we have some truly DINK-worthy income, it's time to make some priorities. Current debts:

Car #1: 4,934 (7% -ouch!)
Car #2: 26,576 (4%)
Total: 31,510

So, the plan.

Step 1: Pay off car #1 (hopefully later this month)
Step 2: Save 5K for the wedding
Step 3: Split any extra money between wedding savings and Car #2

This should give me about 10K in wedding savings in the next couple months and also significantly reduce our debt load. I really need more than 15K for the wedding big-ticket items, so I guess I'll reevaluate soon. Later in the year, I might put Car #2's loan on hold, well minimum payments, as I pile up some cash.

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