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The beginning numbers ...and the big ugly truth!

March 13th, 2013 at 02:53 am

10/31/2012
GE Credit--------------- 4,573.50 19.99%
Tire Store---------------- 914.30 0.00%
R Cap One--------------- 4,931.30 17.90%
BOA--------------------- 7,482.13 9.90%
Citi-------------------- 9,212.79 9.90%
Student Loan------------ 6,563.10 8.50%
Home Loan-------------- 19,479.61 7.50%
Rental/Farm Loan------- 80,970.00 6.50%
Jeep------------------- 15,601.85 4.50%
K Cap One--------------- 8,004.00 3.25%
2009 Hospital Bill--------- 31.75 0.00%
MIL Nursing Home---------- 473.40 0.00%
2012 Hospital Bill-------- 688.95 0.00%
Building Supply----------- 474.68 0.00%
Unsec Bank Loan 1--------- 516.75 10.00%
Unsec Bank Loan 2------- 1,213.10 10.00%
Anesthesiologist Bill ---- 708.50 0.00%
Truck------------------- 1,836.44 7.25%
Tractor-Monthly Pmt---- 17,368.80 0.00%
Loan from Work------------ 842.31 0.00%
Farm Supply------------- 7,162.44 8.50%
10 Acre Farm Loan------- 9,349.68 8.75%
72 Acre Farm Loan----- 219,202.44 7.00%
Tractor Annual Pmt------ 5,880.00 8.00%
Property Taxes---------- 2,898.98 10.00%

TOTAL:----------------$426,380.80

Not quite sure what happened...I had much more written and clicked to publish, but it didn't publish and it didn't save it either...but it's too late to try to rewrite it tonight, so I will come back and try again tomorrow. Good night all!

Posted in Debt | 5 Comments »

5 Responses to “The beginning numbers ...and the big ugly truth!”

  1. Bob B. Says:
    March 13th, 2013 at 06:47 am 1363157238
    1363157238

    Please list interest rates

  2. Tightwad Kitty Says:
    March 13th, 2013 at 09:11 am 1363165869
    1363165869

    I would be looking at paying some of the smaller loans and bills off first.
    The plan would be to Snowball your way out of debt.
    Look it up.
    here is summery of snowballing
    Some people go for the highest interest first and others go for the lowest bill first. You pay the mimimun on all other bills and pay the one bill at time with as much possible off it until it PAID IN FULL. Then start on the next bill until you are left with only your large ones to pay. Try not to take out any more loans or this will not work.

  3. Jane Says:
    March 13th, 2013 at 11:20 am 1363173604
    1363173604

    Hi Karen,
    Usually I think it makes more sense to pay higher interest rates off first, but just keeping track of this many different accounts must be overwhelming. Agree with Kitty, would pay off some of the smaller ones as soon as possible to clean up your balance sheet (like that $31 charge) and then concentrate on the higher interest rates.

    A couple questions- does farming bring in enough income yearly to at least cover the farm loan payments?
    Some of your cards are at 20% interest- have you tried calling to negotiate a better rate? 20% is designed to keep you in the hole.

  4. ktrix66 Says:
    March 13th, 2013 at 12:38 pm 1363178331
    1363178331

    Farming does at least cover the farm loans...would be very nice to be rid of the loans, but that big one is going to be around a long time. The 20% GE Credit was one of those same as cash loans in the beginning and of course...we didn't get it paid before the time ran out. I have considered negotiating a better deal but the sad truth is that our credit has taken a huge hit because of our debt to income ratio and late payments. The sad, ugly truth is that it is what it is and we have a huge hole to climb out of. Once we get these small annoyances out of the way, and the property taxes, we will go to an avalanche style rather than a snowball style payoff...

  5. Looking Forward Says:
    March 14th, 2013 at 02:29 am 1363228166
    1363228166

    Copy every post just before you hit the POST button. Then when the system acts up all you do is paste into a new entry. Smile

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