I finally put together all my current outstanding debt obligations.
While a significant portion of my debt has already been budgeted for, previously, I did not have a good handle on how much to pay on the credit cards or what to sock away to pay back my parents.
Taking the remaining portion of my monthly income, I have written in red the expected monthly payments, which still allows for a small portion to of my income to be saved for a rainy day.
Obviously, my credit card debt will not be paid in full by the the time their respective 0% offers expire, but I hope to roll the remaining debt to one more year of 0% interest, while also planning to plow a significant portion of my year end bonus into them.
Tuesday, September 9, 2008
Current Outstanding Debt
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6 comments:
It's good that you are paying more than the minimums when you can, that can really make a big difference in the long term.
When you lay it all out like that, it isn't that much. I owe about that much on a car loan. I thought you and your readers might want to hear about an online savings account, high yield at 3.5% interest, with ShoreBank, who has a backbone of social and environmental responsibility. I'm working with them, trying to get the word out - here's more: http://shorebankdirect.sbk.com/
When you lay it all out like that, it isn't that much. I owe about that much on a car loan. I thought you and your readers might want to hear about an online savings account, high yield at 3.5% interest, with ShoreBank, who has a backbone of social and environmental responsibility. I'm working with them, trying to get the word out - here's more: http://shorebankdirect.sbk.com/
Now that you have outlined your goal you will be able to attack it.Most people don't know what to do because they don't want to see how much they owe.For most people ignorance is bliss.
This is your initial monthly payment. For credit cards, if you checked the "use credit card minimum payments" box, your monthly payment is calculated as 2% of your current outstanding balance. With the "use credit card minimum payments" box checked, your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your current outstanding debt. We calculate your minimum monthly payment as 2% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.
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