by Hope
I’m afraid this is not the post I had planned, between being super busy (more on that next week) and suddenly coming down with a head cold, I just haven’t had time to get everything together. So I will do a brief update now and then more thorough one as soon as I can breathe again.
To make it easy, here’s my original debt load that was posted on my first post: Hump Day is Hope Day.
| Creditors | Amt Owed | Total Interest | Pymts Left | Payoff Date | Interest Rate |
| Retail Card #1 | 413.00 | – | 1 | Apr-14 | 0% |
| Property Tax | 700.00 | – | 2 | May-14 | 0% |
| Loan from Dad | 3,830.00 | – | 6 | Sep-14 | 0% |
| Credit Card | 4,974.00 | 440.68 | 10 | Jan-15 | 13.9% |
| Retail Card #2 | 2,264.80 | 499.76 | 12 | Mar-15 | 25.99% |
| Car Payment | 31,138.00 | 2,800.77 | 25 | Apr-16 | 6.79% |
| Line of Credit | 1,049.00 | 58.25 | 6 | Sep-14 | 15.95% |
| Student Loan | 31,687.00 | 2,622.91 | 42 | Sep-17 | 2.88% |
As of April, Retail Card #1 is at a $0 balance – woohoo!
Nothing else special got done, but stay tuned to see what happens this month. (I will get more details up as soon as I can.)
Again, sorry for lack of details, but pounding headache and lack of breathing have gotten in the way of anything not vital right now (but I did make it through my shift at my new job this morning, giving myself points for fortitude on that one.
Hope is a creative, solutions-focused business manager helping clients grow their business and work more efficiently by leveraging expertise in project management, digital marketing, & tech solutions. She’s recently become an empty nester as her 5 foster/adoptive kids have spread their wings. She lives with her 3 dogs in a small town in NE Georgia and prefers the mountains to the beaches any day. She struggles with the travel bug and is doing her best to help each of her kids as their finish schooling and become independent (but it’s hard!) She has run her own consulting company for almost twenty years! Hope began sharing her journey with the BAD community in the Spring of 2015 and feels like she has finally in a place to really focus on making wise financial decisions.
That 26% rate makes me itch all over. I know it’s important to you to pay back your father. I mean i KNOW that. But my math side is like, no no no, unless dad is starving, pay down that horrific 26% first!
or at least do a balance transfer! That is terrible – I’m guessing it’s a retail card.
Hi emmi and debtor,
I am planning to try and get a consolidation loan from my local credit union when I return from our travels, am doing my best to put myself in a good situation for that attempt as I’m with you on those interest rates!
Hope – doing the math, it look like you are paying your dad about $640.00 a month…is that correct? If so, I would suggest you talk to him and see if you could just forgo those payments for four months and knock out that high interest credit card in short order. Then you would be able to pay him back while not accumulating a massive amount of interest charges each month. Just reassure him you are not “not wanting to pay him” but trying to get your financial house in order and those few months (or maybe even less if you can throw everything at that debt) would give you a HUGE boost in your quest. Good luck!!!
It’s not really my dad demanding the quick pay off, it’s more my subconscious. I HATE being in debt to him with all that I already owe him for getting me into our home. I will definitely consider this as I get prepared for June after our travels these next couple of weeks.
Thank you for your suggestion!