How Much More To Go?
I was asked this question today in Sunday Morning Bible Study. I estimated about $ 5,000 not including the credit cards and student loans- aka the interest debts. The interest is the reason why I count them separately because it messes with my brain and I seldom get it right.
First a bit of a rant:
In thinking about my ‘get out of debt’ project- when I got home from church, I decided to check my excel files. While I’ve been working with The Money Makeover, I’ve not been following it 100%. Some debt collectors have just not been willing to work with me, however, most of them have. Of the ones who have opted to not cooperate, they’re akin to bullies.
Yes, I accumulated / caused the debt. Items had become debts because I did not have the means to pay for them in full- up front. A few dollars here and a few over there adds up. All I ask is that the collectors work with me on payments. As I mentioned, some of them will and some of them won’t. They want their money yesterday before everyone else- and to hell with my juggling my budget or getting to eat. They practice bullying tactics and as a result, I move them to the bottom of the list. Whereas, the more cooperative a collector is the more I’m willing to work with them- give them a higher priority.
I’ve been bullied for more years than I care to count and in more ways than I care to discuss AND I AM DONE! I will no longer be bullied, no matter who you think you are.
The people whom I owe money to will get it as I can give it without sacrificing my regular bills or my food.
With that out of the way- here’s my standing in a nutshell.
I started my ‘get out of debt’ project in 2007; when I decided I wanted to buy a home. Since then, God willing and by His grace, I’ve managed to pay off over $ 25,600 (not including interest debts). I have managed to pay over $ 2,000 each years, in some years (due to bullying tactics) I paid more. So far, this year, I have paid over $ 2,800 and there are still 2 months to go. There was some bullying but not as much as previous years.
As things stand right now, I have passed the half-way mark on the combined total of my debts. After December’s payments I estimate that I will have just under $ 5,000 remaining on my non-interest debts.
Of the interest debts, I’m counting the number of payments remaining.
The Visa will be paid off in 6 months
The MasterCard will be paid off in 11 months
And the rest of the cards will be paid in full – through Care One Credit in 27 months.
Then- the only interest debts I will have are my student loans.
This experience has taught me a valuable lesson which I pass along to you.
If you have an income of less than $ 20,000 a year and have student loans to pay- you have NO business having credit cards. Life will be a lot easier without them.