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Update, 8/14/06

August 14th, 2006 at 05:08 pm

Tally Update (What I Owe to Who)

$50 to sister
$400 to Dad
$2,000 to Mom
$6,679.20 to credit cards

Total: $9,129.20

Posted in | 4 Comments »

4 Responses to “Update, 8/14/06”

  1. Dido Says:
    August 14th, 2006 at 05:20 pm 1155576052
    1155576052

    Welcome to the site! YOu can do this! Congrats on being able to make an extra payment out of your last paycheck. Do you have a plan for (a) your regular expenses and (b) your debt repayment?

    When do your relatives expect payment? Do they expect interest? In general, if your relatives are flexible, I'd make repaying the credit card a bit more of a priorite since you're probably paying them higher interest. Unless you're on a real deadline constraint with the relatives, instead of, say, paying $100 to your Dad, you might pay him $25 and the credit cards $75 to cut down on your interest.

  2. koppur Says:
    August 14th, 2006 at 07:06 pm 1155582416
    1155582416

    Hi Dido. Thanks for the advice! Luckily I am in a credit counseling program so there is no interest on my credit cards. I have an automatic payment of $200 every month to them for 36 months and then I am debt free w/my credit cards. However, if I can contribute more than $200 a month, I get out of debt quicker. The family is pretty good about money...no one is asking for interest or anything. Sister even forgot I owed her the $100! =)

  3. Eve15 Says:
    August 16th, 2006 at 09:52 pm 1155765139
    1155765139

    That much debt isn't too bad. At least your family debt won't affect your credit score. You can pay that off in a year. good luck.

  4. jewelsmom Says:
    August 18th, 2006 at 10:56 pm 1155941800
    1155941800

    I highly recommend sending a little less to the family for now and start a small emergency fund. It's those unexpected bills (car needs repaired, frig needs replaced, cat needs the vet) that can get you in trouble and cause you to have to borrow more. (No pizza for Monday Night Football doesn't qualify).

    I try to put one hour's worth of gross pay into an interest-bearing savings account (INGdirect) each week and use it for unexpected emergencies. Helps me sleep better two knowing I have a safety net.

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