Debt starting point
June 21st, 2007 at 10:27 pmI got my family on the straight and narrow sometime in mid-March. Didn't have time to estimate my debt then, just needed us to cut some spending and come up with a workable paycheck-to-paycheck budget, fast. But in mid-May I finally sat down and counted up our* debt. Not pretty, but best to know.
Debt as of 5/24/07:
Credit card:
RL: 2,766 (pays off $25/mo)
CO: 19,218 (pays off $420/mo)
AE: 18,819 (pays off $340/mo)
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Total credit card debt: 40,803
SM: 16,129 (deferred; AS in school)
FM: 3,489 (pays off $55/mo)
DL: 12,500 (deferred; AS in school)
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Total student loan debt: 32,118
Home loans:
CM: 184,559 (pays off $280/mo)
BM: 10,288 (no $ to principal)
Dad: 7,000 (not paying regularly)
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Total home debt: 201,847
Total debt: $274,768
*Disclaimer: This is just me and AS. Third person in our household, NT, just joined eight months ago from another country. I haven't yet asked him for his exact debt, but I do know it's part mortgage (don't know how much - $60K?) and part credit card (fairly substantial - $10K-$20K I'd guess, and he's got it on a 0% card). He's renting his foreign property and using the proceeds + tax refund to pay the mortgage and his minimum credit card bills. Sooo, eventually I'll need to wrap my head around his stuff, but at least he's building home equity, keeping on top of bills, paying off some debt and not paying any interest. It doesn't affect our lives directly, so I'm tuning it out for the time being. More on this at some point!