I'll begin my first blog post by summarizing a recent post I made in the forums.
Debt is Nov. 2010
Mort. 1 - $106,600 $988/mo. 6.25%
Mort. 2 - $70,000 0/mo. 0.00%
CC 1 - $9,376 195/mo. 12.90%
CC 2 - $3,530 $150/mo. 16.99%
CC 3 - $4,330 $140/mo. 5.25%
CC 4 - $1,090 $310/mo. 5.78%
CC 5 - $4,255 $225/mo. 5.32%
Current Debt
Mort. 1 - $105,500 $738/mo. 6.25%
Mort. 2 - $70,000 0/mo. 0.00%
CC 1 - $8,934 $183/mo. 12.90%
CC 2 - $2,848 $68.50/mo. 16.99%
CC 3 - $3,862 $140/mo. 5.25%
CC 4 - Paid in Full
CC 5 - $3,336 $195/mo. 5.32%
Van Loan - $7,894 $210/mo. 4.02%
Debt to Asset Ratio - 77.6% (or I owe creditors more than 3/4ths of the value of my total assets)
Non-Mortgage Debt Payment to After Tax Income Ratio - 18.1% (or nearly 1 out of 5 of my after tax income dollars go toward paying off credit cards and a vehicle)
Total Debt Payment to After Tax Income Ratio - 33.5% (or just a smidge more than 1 out of 3 of my after tax income dollars go toward paying off all debt)
The house that mortgage #1 is held against is for sale. We no longer live in it. It is rented out for $725/mo. It is more than 200 miles away from where we live now.
The house that mortgage #2 is held against is where we live. It is my family's original farmstead. We borrowed money from a couple of family members, and we'll need to repay it after house #1 sells.
And then there's the credit card debt. Nearly $19,0000 worth. We're working away at knocking that out. And the van loan.
Well, this is a start. Nothing in the way of new info that I haven't already included in the forums up to now, but if I keep up with this blog, I'll try to not only keep track of where I'm going, but how we got here in the first place.
My first Blog Post!
April 18th, 2011 at 02:40 pm
April 18th, 2011 at 03:18 pm 1303136293
Welcome! Knowing where your starting (rather than having your head in the sand about what you owe) is far better than denying it. Good luck! I look forward to following your journey out of debt.
April 18th, 2011 at 04:24 pm 1303140267
April 18th, 2011 at 04:24 pm 1303140291
April 18th, 2011 at 04:27 pm 1303140452
April 18th, 2011 at 05:17 pm 1303143426
April 18th, 2011 at 06:18 pm 1303147114
April 18th, 2011 at 08:52 pm 1303156341
April 19th, 2011 at 02:00 am 1303174818