Snowball/credit card reduction challenge
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  1. #1
    Registered User MANDERS's Avatar
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    Talking Snowball/credit card reduction challenge

    How many of you are paying off credit card debt,car debt or any other type debt with your income tax return this year?Or paying it off in another way(saving up,tightening your belt on needless things etc)?I am and here is how I am using the snowball princible to get rid of more debt.I will list what we owe(or owed,some is paid off) how much we pay a mo,and intrest,and then how I am applying the snowball princible.

    HOME DEPOT-owed $700,paid $20 a mo. 23%
    VISA-owe $2500,pay $50 a mo. 0%
    STUDENT LOAN-owe$500,pay $50 a mo. 8%
    EQUITY LINE OF CREDIT-OWE$12000,pay,$200 a mo 8%
    CAR LOAN- owe $8500,pay $390 a mo. 9%
    MORTGAGE-owe $66000,pay $514 a mo. 6.3%

    TOTAL DEBT-90,200

    We paid off the HD 2 mo ago and have been putting the $20 from the HD to the VISA paying $70 a mo instead of $50.We got our taxes back($5000) and are paying off the VISA and student loan,we are also putting $1000 of it to the equity line(the rest is to fix my van where it was scratched to sell it)Untill we sell out van we are putting the $120 we would have spent on the visa,hd and student loan towards or equity line to pay $320 a mo on that.When we sell our van we will take the $390 a mo(and round it up to $400)and put that toward our equity line.So we will pay $720 a mo to the equity line by taking the $20 a mo from the hd,the $50 a mo each from the visa and student loan and the $400 from our van payment a mo and rolling it over to our equity line.So we will be paying an extra $520 a mo on our equity line.We hope to have it paid off by this time next year.So we will only have our house payment.

    We were going to double our house payment to have it paid off in 7 years but we really hate this house(not our first choice,kinda settled on it)so we are saving up to buy land and build our own.We will beable to do this once all debts are gone(not including the mortgage)

    Anyone care to join the road to being debt free
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  2. #2
    Registered User MANDERS's Avatar
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    Well we paid off the visa card and the student loan so this bring our total down to $86,500.I am not going to included the house since most people don't pay that off in less than 10yrs and well we are selling it anyways so total non house debt is.$20,500
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  3. #3

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    Cool Wow! Doesn't that feel great


    Amanda, that is wonderful I know when we paid off a couple of ours at the beginning of the month, it really felt great! Now we just have appr. $43,000 more to go But I know we will getting them paid off if we just stick to it.

    Barb
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