Hi guys...one of the topics I wanted to discuss up here was debt. My debt.....is contained but its not something I want to be burdened by any longer. I say about about 5-7 years ago...financially I was in good shape. My credit score was well into the 700s, I had little credit card debt...and my student loans equaled to about $5,000. So...an idea came to me....I should try and get my master's...and I was successful for about 5 months. Then bad luck started to creep in. My grades started to slip...I was in a car accident....and then my laptop was stolen....and I lost my job due to lay off. So of course to stay a float I started using my credit cards and my student loans started to kick in once I quit school. So that is where I stand right now. As it stands today, here is the layout of my debt:
Student Loans: 27,342.18
BOA Credit Card: 4,753.06
Discover Card: 3,180.65
Goodyear Credit Card:1,107.42
Medical Bill for Kaleb: 214.40
Medical Bill for Me: 204.36
I know this is sharing a tad bit more then what I probably need to, but I want to be transparent. I like reading blogs where I feel like the person is being real and I want to be real.
The immediate plan is to implement Dave Ramsey's Money Makeover/Financial Peace University principles. I'm well on my way to having $1,000 saved to start my emergency fund. The one thing I'm not too sure of is my budget. I have decided to track my expenses for the next 3 months to see how much I spend on certain areas monthly to budget the correct amount. Even though this may be backwards I have to do what works BEST for me. I have set a timeline for how I want to tackle this debt with each goal starting after the other is completed.
Goals:
Have medical bills and Goodyear paid off in 6 months.
Have Walmart and BOA credit cards paid off in 2 years.
Have student loans paid off in 7 years(I'm hoping this will be sooner.)
I think I can do this...If I can stick to the plan. What have you guys done to stay on task? Have you eliminated your debt?
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