by Hope
Yikes! Ya’ll are right, I have not done a debt update in quite a while. So I’ll make this short and sweet. The last update I found when I looked was this one from August, 2015 Debt Update which was a couple of months before my whole world/plan blew up with the loss of my largest on-going client.
Here are my new debt numbers:
| Debt Name | Current Balance | Interest Rate | Min. Mo. Pymt | Original Balance | Status |
|---|---|---|---|---|---|
| Student Loan | $33,345 | 2.875% | $99 | $31,687 | IBRP effective Aug, 2015 |
| Yukon | $982 | 0% (6 months) | $104 | $3568 | Ex pays $246 mo. towards this debt |
| Orthodontist | $???? | 0% | $230? | $10,800 | Working on plan April, 2016 Begins Sept, 2015 |
| Checking Account | $0 | 0% | -- | $741 | Paid Off - Jan 2015! |
| CC Intro Rate - Retail #2 | $0 | 3.99% | -- | $3500 | Paid Off - May, 2015 |
| Personal Loan - Car | $0 | 12% | -- | $5000 | Paid Off - July, 2015 |
| Credit Card - Consumer | $0 | 13.90% | -- | $4,974 | Paid Off - June, 2015 |
| Credit Card - Retail | $0 | 25.99% | -- | $2,265 | Refinanced - Dec, 2015 |
| Car Loan - Accord | $0 | 0% | -- | $1,900 | Paid Off - Dec, 2015 |
| Car Loan - NV | $0 | 6.79% | -- | $31,138 | Sold - Dec, 2015 |
| Line of Credit | $0 | 15.95% | -- | $1,248 | Paid Off |
| Credit Card - Retail #1 | $0 | 0% | -- | $413 | Paid Off |
| Property Tax | $0 | 0% | -- | $700 | Paid Off |
| TOTALS | $???? | $433? | $97,934 |
Just a couple of notes:
Student Loans – Needless to say, the income based repayment plan, while I am SO grateful for it, does not even cover the interest, thus the increase balance since last fall. So this definitely needs to be on my radar as I get back on my feet.
Ex Husband’s Car Loan – You can see from the balance that both of us have been making payments on this one. He is super motivated to get it paid off so he can get the title and do whatever. I am super motivated to get it off my shoulders. Hoping this one will be gone in the next month or so. It’s still my number one goal.
Orthodontics – I have just finished negotiating with them after months of trying. And we have reached an agreement. So I will update the total now owed with the next update since I’m still waiting on the documentation, etc.
If you have been following the last couple of weeks, you will remember my choice to delay paying my last month’s rent in my apartment to cover the needed expenses for the month we moved. I have not included that rent payment in my debt because it will be paid in full within the week.
So that is where I stand right now…
Hope is a resourceful and solutions-driven business manager who has spent nearly two decades helping clients streamline their operations and grow their businesses through project management, digital marketing, and tech expertise. Recently transitioning from her role as a single mom of five foster/adoptive children to an empty nester, Hope is navigating the emotional and practical challenges of redefining her life while maintaining her determination to regain financial control and eliminate debt.
Living in a cozy small town in northeast Georgia with her three dogs, Hope cherishes the serenity of the mountains over the bustle of the beach. Though her kids are now finding their footing in the world—pursuing education, careers, and independence—she remains deeply committed to supporting them in this next chapter, even as she faces the bittersweet tug of letting go.
Since joining the Blogging Away Debt community in 2015, Hope has candidly shared her journey of financial ups and downs. Now, with a renewed focus and a clear path ahead, she’s ready to tackle her finances with the same passion and perseverance that she’s brought to her life and career. Through her writing, she continues to inspire others to confront their own financial challenges and strive for a brighter future.
Your debt situation is really not too bad. Student loans, yes that’s a lot of money, but at less than 3% interest that is not the hugest deal in the world. Your first priority should be (and probably is) increasing your income. With some effort, I think you will probably figure something out and be able to start making progress.
Yes, I am definitely focused on increasing my steady income, saving for whatever comes next and continuing to pay off debts.
What happened with the refinanced retail credit card? Where did that balance go? Also, I thought that your ex was making all the payments for the Yukon, it’s his car but in your name, correct? All in all, I think this looks pretty darn good. Especially considering the setbacks you had over the past several months.
Good catch, I think I must have the dates wrong…Retail CC was refinanced into Retail #2. So the Retail refinance must have been Dec, 2014 with payoff of Retail #2 in June, 2015. I just copied the old table and frankly the details are a but fuzzy, but that’s what I recall.
Yes, his car is financed and titled in my name. Only the divorce papers spell out that it is technically his financial liability. We are both anxious to close this final financial tie, other than our kiddos, of course.
Did the student loan balance increase because you switched to income based repayment? Or did you consolidate some loans?
It’s nice to see that a lot of items have already been paid off! I agree with Stephanie that the first priority is increasing your income. For right now, if I were in your shoes I’d pay the minimums on the debt and figure out what the minimum cost is for food, housing, etc. for your family. Using that number I’d then find job(s) that meet at least that amount, ideally more. In the meantime I’d save money for the eventual upfront housing costs such as moving and first/last/security or down payment. There are also possible fees to set up utilities, too 😛
I think it’s because of the IBR. I have not done anything else.
Definitely working on increasing my steady income and saving 30% of anything that comes in, even before paying bills.
Thanks for the numbers update.
That definitely helps getting a clearer picture.
Good luck increasing your income and decreasing those numbers.
Look at all the debt you’ve eliminated! And although you may be behind on some bills you haven’t turned to credit cards to get through. Keep up the good work.
Great Hope! I’m so excited for you to get rid of that car debt:)
Sounds like you going to have a great summer!