February 13, 2010

Owning Your Mistakes

Filed under: budgets,crazy,debt,mess,money — by elysianconfusion @ 3:30 pm
Tags: , , ,

Now I’m going to do something I dread doing, even though no one actually reads this blog. I’m going to put out the numbers for the debt and the interest rates.

Ready? And yes, I know it’s awful.

Debt Amount Rate Month Paid Off
Visa $9,018.87 8.5% February 2011
Bank of America $9,474.75 9.9% November 2011
Upromise $16,672.85 11.15% September 2012
Citi $17,566.20 9.15% March 2013
Car #1 $9,538.98 4.7% June 2012
Car #2 $11,978.64 2.9% May 2013
Home Equity Variable $18,468.68 4.0% August 2013
Home Equity Fixed $63,920.19 6.5% February 2015
Student Loan $20,712.83 2.9% June 2015
Mortgage $194,710.36 3.5% November 2018

So, scary though that might be, here’s something scarier. If we had no snowball plan? Last debt paid off March 2034. And total interest without a snowball $153,130.50. OMG! With my current plan we pay almost $80,000 less in interest. That… that is just mindblowing. We may not pay it back in exactly the order listed…. We know paying the avalanche method would save us about 2k. But it would also take us a year and seven months to pay off the next bill. That’s not much progress (and talk about delayed gratification). And with this plan we’ll have paid our house off in 17 years (instead of 30) and we’ll be under 50 with no debt.

Also, for those thinking why the f*** do they have two car payments, believe me, we tried to figure out how to get rid of them. Basically we could sell our cars for a very slight profit (or possible loss) and then we’d have to go find and somehow pay for two replacement cars that were safe for the kids. If we find a time when we can just sell one or the other (or both) and get a reasonable replacement, we will do that.

Anyway, that’s where we’re at. However, I do think we’ll spend less time getting out of this hole than we took going in! And maybe we’ll get to shave some time off this plan if we get bonuses, dividends, and stop paying for childcare (eventually that *will* happen and that will add another $1,050 to our monthly snowball (currently at $659) and cut our debt much faster).



  1. […] don’t know that Toyota can regain my trust. I’m stuck with my cars for now, but believe me, when I get a choice again I’ll think long and hard about the car company. At […]

    Pingback by Toyota: I feel deceived! « ElysianConfusion — March 5, 2010 @ 11:51 am

  2. […] I’m going to do something (again) I dread doing, even though no one actually reads this blog. I’m going to put out the numbers for […]

    Pingback by Progress over Perfection « ElysianConfusion — March 14, 2012 @ 1:06 pm

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