For a long time, I have been promising to give you guys a very detailed look at our debt. Well, I have finally put together a post showing you every penny that we owe. In a few days, we will show you our plan for paying off this debt with the least amount of interest paid out.
Here Is A List Of All Our Debt:
Sallie Mae 1 – $30,099.89 (4.125%)
Sallie Mae 2 – $15,193.11 (4.25%)
Sallie Mae 3 – $2339.79 (5.25%)
University Loan – $1,458.94 (5.0%)
Total Student Loans – $49,091.73
The first Sallie Mae loan belongs to me, and the rest belong to my wife. For the full story behind these numbers, be sure to read about how we got into student loan debt:[See how Khaleef got into student loan debt, and how Sherrian racked up her student loans!]
Initially, we owed almost $65,000 on these loans, so I’m glad to see them go down. In the next post, we will go into detail on exactly when/how we plan to pay off this massive amount.
Credit Card 1 – $2,063.56 (14.24%)
Credit Card 2 – $2,004.66 (10.74%)
Credit Card 3 – $2,922.19 (6.24%)
Credit Card 4 – $955.74 (14.99%)
Credit Card 5 – $829.04 (15.24%)
Credit Card 6 – $5,058.10 (9.24%)
Credit Card 7 – $5,261.17 (9.24%)
Credit Card 8 – $126.22 (18.24%)
Credit Card 9 – $562.69 (0%)
Credit Card 10 – $9,433.54 (20.24%)
Credit Card 11 – $6,617.21 (11.24%)
Credit Card 12 – $975 (0%)
Total Credit Card Debt – $36,809.12
Wow…that’s a lot of accounts! Some of these are really old accounts that we had separately before we got married, and some of them came from one night where we applied for a number of cards that all had 0% balance transfer offers (long story). We wrote about how we got into credit card debt, so you can read all the details if you’d like. 🙂
Personal Loan 1 – $4,500
Personal Loan 2 – $2,600
Total Personal Loans – $7,100
Early on in our marriage we had to borrow money from two family members in order to handle emergencies that came up (which is why we are trying to build an emergency fund now). They never even bring it up to us, but we want to honor all of our debts, so these stay on the list!
We have already paid some of the first one listed, and we plan to pay these off sooner rather than later.
Our Total Debt
Grand Total – $93,000.85
Old Total – $105,000 😯
So adding up the totals from each category, we are left with owing $93k! As you can see, we have managed to knock about $12,000 off of our original total of $105k. We are happy that we made some progress, but averaging $6,000 a year really isn’t going to cut it for us!
As I stated above, we will show you our exact plan for paying off this debt over the next few days!
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