Thursday, October 29, 2009

Federal Student Loans...

I downloaded the federal forbearance form yesterday to find out that my lender only allows you to forbear for 3 years. Guess what??? I am already in year 3. So…I haven’t figured out my exact plan of action. About ½ will go into repayment in January 2009 and the remaining ½ will go into repayment in June 2009. Total monthly student loan payments will be approximately $1,300 per month.

$1,300 is a small fortune for a single woman making $72k per year with a monthly mortgage payment that is also approximately $1,300.

Whatever my budget will be…it will be tight. Very, very tight.

Returns & Debt Payments...

I returned $422 worth of new merchandise to stores last night. The amounts were credited to my credit cards reducing the overall balance.

I got paid today. I scheduled the following payments for November:

$233 reduced CC#1 by $200
$530 reduced CC#2 by $530 (no interest for 6 months)
$300 approx. in returns reduced CC#3 by $300
$158 to pay off CC#4
$641 reduced SL Debt by $250

Overall Debt Reduction (thus far) for November: $1,560 (including returns)

Monday, October 26, 2009


I called to cancel my efax service but instead accepted a permanently reduced rate to $12.95 from $19.95. I can still cancel if necessary.

I also called to cancel my World Vision Donation which really hurt my heart. I will sponsor another child as soon as possible.

November Plan...

I get paid once a month. Here is the plan for November. I get paid on Thursday.

Reduce CC #1 by $200.
Reduce CC #2 by $550.
Return approx. $300 in merchandise and pay the min on CC #3.
Return approx. $200 in merchandise and pay off CC #4.
Make $640 private student loan payment.
Submit application to defer federal loans for one year.
Temporarily cancel charitable contributions and efax service - $50/month.
Bring lunch at least 2 times per week.

Sunday, October 25, 2009

Time to Get Serious...

I am officially back and will be coming here more often to really give you the deal on my finances and my plan to get out of debt and save. I am really serious about getting this debt monkey off my back so stay tuned and see it happen.

Here is my current breakdown. I don’t need any criticism on the current state of affairs but feel free to criticize me on any of my future choices and to cheer on my successes. Thanks a lot. =)

*** Rounded Figures

Emergency Savings – $2,000
Credit Card #1 – $10,900 (Promotion APR of 3.99% fixed through 12/2010)
Credit Card $2 – $3,200 (Furniture Account – 6 months deferred to 3/2010)
Credit Card #3 – $1,900 (Revolving Account – Variable 7.99% rate)
Credit Card #4 – $300 (Revolving Account – Variable 17.99% rate)
Student Loan Debt – $232,000
Mortgage Debt – $122,300

Tuesday, October 06, 2009

First Student Loan Payment

I made my first student loan payment yesterday to the tune of $641.00. It’s definitely time to get focused and get out of debt. I have a solid plan so now it’s just time to execute.