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Debt

July 18th, 2011 at 10:45 pm

I figured I'd start this blog by giving you a detailed breakdown of my debt.

As of today, I owe the following:

Mortgages $314,027.88
Student Loans $21,089.17
Best Buy $700.84 (0% until August 2012)
HHGregg $325.00 (0% until Dec 2011)
Car Loan $11,964.03

Total Debt: $348,107.92

Mortgages. The mortgages are split between my primary home and a rental property. Unfortunately, I am upside down on both of them. I estimate the value of the two properties to be $245,000 which means I am upside down by roughly $69,000.

Student Loans. The student loans are fixed at 5.5%. I've been out of college for over 12 years. I should have had this loan paid off by now but I kept putting the loan in forbearance. I'm currently paying an extra $50 a month to pay down the loan.

I plan to pay off HHGregg and Best Buy by the end of this year. My car loan was just taken out in April of this year. I estimate the car to be worth about $17,000.


Posted in Debt | 7 Comments »

7 Responses to “Debt”

  1. Thrifty Ray Says:
    July 19th, 2011 at 02:42 am 1311043321
    1311043321

    Good luck on your financial journey!! You will find lots of support here!

  2. gingerbell Says:
    July 19th, 2011 at 03:14 am 1311045289
    1311045289

    I have put off my loans for almost 20 years! I've kept going to school for the past 13 years, because I knew if I was in school I didn't need to repay. Right now, I don't have a degree, just a bunch of pre-reqs, and I'm learning how to get out of my financial mess. Hope to hear from you again!

  3. Jackson Says:
    July 19th, 2011 at 11:06 am 1311073606
    1311073606

    Thanks Ray and Ginger!!

  4. CB in the City Says:
    July 19th, 2011 at 12:40 pm 1311079244
    1311079244

    Good luck! I think you will find that all things are possible with the support of this group! Have you figured out your net worth? Sometimes that helps, when you see that you have assets as well as debt.

  5. Ima saver Says:
    July 19th, 2011 at 02:57 pm 1311087452
    1311087452

    Welcome, glad you have joined us!

  6. Jackson Says:
    July 19th, 2011 at 10:57 pm 1311116265
    1311116265

    @CB: My networth is currently negative due to the drop in my home values. I'll eventually post my assets too.

    @Ima: Thanks. I'm a big fan of your blog and I've been reading it for awhile. I'm in Georgia too!

  7. Jerry Says:
    July 22nd, 2011 at 09:06 pm 1311368760
    1311368760

    You're working the debts on down, and I'm sure that it will lead to your goals over time. I am still in school, as well, keeping my loan payments at bay for another couple of years. I'm hoping that there will be an employer who wants to pay off my student loans if I'm willing to sign a contract for a while. (That is a benefit like insurance or retirement in some packages, in some parts of the country!)
    Jerry

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