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So Upset with Myself...

February 20th, 2013 at 04:57 am

I can't believe it...!

I made a few calls last night because I wanted to get some information about some of my debt. I wanted to know why my student loans were still more than 6% because they're currently deferred due to my military deployment (but I'm also in school as well).

They stated that I needed to submit paperwork specific to that in order to get the rate down... whatever.. at least they'll back-date it to when I joined the military full-time....

I also called the timeshare people. I wanted to know the balance and interest rate. I found out that I have to pay maintenance fees yearly which is currently $312.50. That comes out to about $24/month which I can budget for next year. It's due July 1st so it'll get paid. Good thing I have the funds for that!

But this is what I'm really upset about...

I knew that it was gonna be about $7,000 and I figured that the interest would be about 12%. Bad but I could deal with that..

The balance of the mortgage is $7,235.38 so I wasn't too far off. No big deal b/c I'm thinking I can pay that off with monthly minimums, which are $132.80, in about 10 years maximum because I'm going to pay this off last. I'm going to try to get rid of it.

But the interest rate is 17%! I can't believe it! That's horrendous! I can't believe that I signed on for that... Now that I know what the interest rate is I'm at a crossroads to either pay it off NOW or what...

I have five things that I consider consumer debt right now. My ex's Sallie Mae and Wells Fargo student loans, the car loan, the timeshare and my last credit card. After that it's just student loans.

I can have those five things paid off by August 2017 if I snowball them. But If I don't pay off the timeshare then I won't be rid of it til about 2020...

If I end up keeping it, I DO have access to the facility year round because it's a year round resort...

So now the question is AFTER I pay it off do I keep it or get rid of it because it still has maintenance fees. If I don't get a renter for that week that I have (I can't remember at this time which week it is but I believe it's in October) then there isn't a way to even recoup those fees.

To keep or not to keep? That is the question. I no longer believe there is a question of paying it off anymore. But at least I'll no longer be beholden to the monthly payment...

3 Responses to “So Upset with Myself...”

  1. JulieA Says:

    Timeshares are tough. The first question is CAN you get rid of it? Is it sellable?

    Beyond that, there is just no quick and easy answer. You just have to get rabid on the debt and start finding "extra" money left and right to throw at all this. I see you have a fairly low balance high interest credit card to so I'd recommend starting with trying to eliminate that to get the snowball rolling.

    Finding out that digging your way out of debt is going to take years is pretty normal. If you really want to do it however, most people find that if they get really intense, they cut that time way down below their first estimated date of completion.

  2. Mayara Says:

    Don't be upset, everything will be good at the end

  3. Sian Says:

    @juliea:

    i'm gonna pay off the credit card when i get home with my savings so that will be eliminated immediately...

    @mayara:

    that's what i keep telling myself. it's time to start believing it though lol

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