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I have been dreading this post...the dreaded adding up of your worst mistake = the total debt owed. This is how much we owe to date:
-WaMu - $7,445.10 - 10.99% for 6 months. 1st on the chopping block.
-Amex # 2 - $2,218.80 @ 29%
-Amex # 1 - $7,638.61 @ 29%
-Discover # 2 - $3,714.79 @ 9.99 %
-Citicard # 2 - $5,601.78 @ 0 % for 12 months
-Discover # 1 - $8,726.78 @ 9.99% for 12 months
-Citicard # 1 - $13,910 @ 8.024%
Total: 48,255.86
Sigh...I knew the number was crazy but all added up it's staggering. Excuse me while I go throw up.
4 comments:
At least you know the score now so things can only get better. How are you planning on attacking these?
Roll as many balance as possible onto the 0% cards & then pay of highest to lowest, or by interest rate?
I felt the same way when I added up all of our debt (credit cards, student loans and a car loan) and came up over $40,000 in the red. I knew we were in deep...but not THAT deep. it's an eye opener, that's for sure.
Why you doing your Wamu card first? What about those 29% Amex cards? I can imagine the interest on those isn't pretty. Like Debt Dieter said...maybe you can roll some of the balances on the 0% cards? Free up some of your interest charges?
debt dieter: I'm not sure in what order we are going to pay things off. I haven't been in contact with Amex yet. However, as soon as I talk to them and see what they offer me, I'll be able to get a sold game plan going. For right now, my logic is to pay off WaMu ASAP because they are raising
our rates in 6 months. I know for sure we can pay off at least $5,0000 between bonuses and tax refunds in the next 2 months.
The number may be scary to you, but now you have a number and can work to reduce it!
good luck
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