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My first Blog Post!

April 18th, 2011 at 02:40 pm

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.

8 Responses to “My first Blog Post!”

  1. laura Says:
    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.

  2. ceejay74 Says:
    1303140267

    Welcome! I find different value in the forums and the blogs; some tend more toward one or the other, while others seem to divide their time equally between them. I'm definitely more heavily involved on the blogging side, and I've found it invaluable in my ongoing quest to become debt-free and build savings. I hope you get a lot out of it too!

  3. Joan.of.the.Arch Says:
    1303140291

    I welcome you, too.

  4. creditcardfree Says:
    1303140452

    Welcome to the blog side, Bob. I have found blogging about our financial goals and progess is very motivating! Good luck.

  5. Ima saver Says:
    1303143426

    Welcome, Bob, glad you have joined us.

  6. scottish girl Says:
    1303147114

    Welcome Bob Smile

  7. LuckyRobin Says:
    1303156341

    Welcome. I've found the blogs to be a wonderful tool for daily accountability and tracking the debt as it lessens each month.

  8. mjrube94 Says:
    1303174818

    Hi Bob! Welcome to the blogs, and good luck!

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