Friday, June 27, 2008

My Current Financial Situation (debts)

I promised that I would do a post about what my current financial system is like. I just want to let everyone know that this blog is not the beginning of my journey, I still have a long way to go but in the past year in the half I paid off all my credit card debt and raised my credit score enough to be approved for a mortgage but alas there is much more work to be done. So here is the rundown


My debt consists of my car loan and student loan debt( soon to be added is the home mortgage).

Capital One Car Loan: $6,846.09

I bought my car in December of 2007. My goal is to have it paid off by March 31, 2009. That is my #1 priority for this year. My payment is $215.00 a month on a 48 month loan. Shoot... Thinking of all the interest Capital One could be getting out of me is giving me a headache. The car was my Christmas present to myself after my $800.00 chevy cavalier broke down on me after a car accident. I So lets do the math to see if its possible. I will make my regular payment of 215.00 in July and then from August to March is 8 months. I will have to make a payment of 855.76 each month to have it paid off by March. Is it possible? I think so! I just have do a S.M.A.R.T goal worksheet for this and make it automatic.

Student Loan Debt

Okay now fasten your seat belts!!! The majority of my debt is in student loans. The total I am about to give you is my current student loan debt and does not include any other debt that will be accrued in august when I go back to school to finish my Masters in Multicultural Education. I am quite sure I will have to add another $12,000 to this number if I can't pay my tuition in cash as I go.

Direct Stafford Unsubsudized $2500
Direct Stafford Subsudized $2750
Stafford Subsudized $2726
FFEL Consolidated $9286
FFEL Consolidated $12787
Total Student Loan Debt $30049

Young Black and Prosperous' Total Debt= $36,895.09

To me that's a lot of debt but the bulk of it is student loan debt. I need to figure out how much I need to pay to get this eliminated by June of 2011. It shouldn't really be hard, that's only $12000 a year.

All that adding and subtracting numbers made my head hurt... maybe that's another reason why I am English teacher!!! I will post about my assets later and then I will figure out my net worth.

until next time, think prosperous thoughts!!!


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