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How much debt do you have?

Posted by on May. 16, 2013 at 10:26 AM
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Other than our house this is all of our debt. Its not something we are proud of, but we are slowly working out getting out of it. Part of the reason it is so high is because DH lost his very good paying job right after we bought our house. With the exception of a seasonal part time job, he was out of work for over a year. Ever since he has not been making anywhere close to what he did before.

Car 1- about $9,000

Car 2- $301. Making last payment today. YAY!!!!

School loan #1- about $15-20,000

School loan #2- about $8,000

Visa- About $5,000

Best Buy credit card- about $2,500

Couple hundred in medical

DH gets a large settlement check at the end of the year which will mostly be put towards this stuff. By the end of this year we will have gotten rid of all the credit card debt, medical bills and put a good chunk towards car1. That does not include our monthly payments until then, so it may be more.

Some of it though I am still really upset about because I feel like it wasn't 100% our fault.

If we paid off the best buy card within 3yrs, it would be no interest. We were on track with that until they raised our min payments by $70 without telling us, we didn't find out until months later. No letter, email, phone call. Then added a huge late fee for each month we didn't pay the full amount plus the interest. We tried to fight it but they sent us to collections.

For school loan 2, DH decided he wanted to go back to school. FIL's fiancé (together 7-8yrs) said she would pay. DH asked her over and over if she was sure. She insisted. The loan was in DH's name, but she made the payment arrangements with the school. After he finished he found out she had only made 1 payment and he was being sent to collections. She said she wasn't going to pay. She said we should have not gone to Disneyland and paid it instead. Well we would have if we had known you weren't going to like you promised.

Do you have a lot of debt? How are you doing on getting it down?

by on May. 16, 2013 at 10:26 AM
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