Showing posts with label Debt Free. Show all posts
Showing posts with label Debt Free. Show all posts

Sunday, February 14, 2010

Getting out of debt

After being inspired for quite some time by other personal finance bloggers, I started a blog to keep me accountable for my own disastrous financial state, and to make some concrete goals.
I own my own home, with a relatively small mortgage balance, but we need a bigger home.
The numbers are as follows:
$23,500 on two credit cards with rates that just shot up to 19.99% and 22.99%.
$8290 car loan at 7%.
After that, there are student loans, but these three are what need to go, in that order.
To be consumer debt free in two years, I need a snowball of $1542. a month, which is what I am aiming for.
To be consumer debt free in one year, I need a snowball of $2837.
Debt Free Day (D-day) is 2/14/12.
Deep breath.