January 24, 2007
Revisiting 10%
Nearing the end of credit card debt, I need to revisit my 10% debt snowball plan of attack to see where I'm at in order to get where I want to be. My end goal is to be 100% debt free by October 3, 2007. Though for my sanity's sake, I must plan it out one debt at a time, I am going to make it happen people!
I'll use this post to conservatively crunch the numbers.
When I restarted this journey, the minimum payments on all my debt were as follows:
Target: $20
Orchard: $28
Capital 1 Visa:$25
Capital 1 Gold: $97
W&F Student Loan: $100
Toyota Car Loan: $263.
Direct Student Loan: $133
Sallie Mae Student Loan: $318
The 10% Snowball is: $236
I'm going to go ahead today and claim I the Capital 1 Gold is paid in full. Let the choir say, Amen.
The minimums from the all paid off credit cards will now get added to the 10% snowball for a new minimum payment of: $406 ($20 + $28 + $25 + $97 = $170) $170 + $236
Which'll rollover to pay off the Toyota Car Loan first. $263/mo is a huge chunk to add to the revised minimum when I move to pay off the W&F Student Loan vs. adding $100/mo added to the car, if I pay off that loan first.
W/$5000 left on the car and my new minimum of $406, it'll take me 12 months to pay it in full, not quite 10/3/2007 huh...lol...but stick w/me for a bit I said I'm being conservative...
Then when the car is paid off, the newer minimum payment, $669 ($170 [from credit cards] + $263 [from car] + $236 [10%]), will roll over to the W&F debt, which by that time should have a balance of $3526 (now @ $4726 - $1200 [$100x12 months]) and will then take me 5 months ($3526/$669) to pay that off.
Leaving me w/my final two student loans. Alas, that's all I can crunch for now, I can't crunch no mo'.
Apologies to Popeye ;)
Over the weekend will be the great update of my Credit Card Repayment, Debt Chart & Net Worth. I also have a new category I'm going to add to the mix.
9:46 AM in Daily Jabber
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