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My Current "Consumer" Debt

February 20th, 2013 at 12:53 am

I have what I consider consumer and student loan debt. My student loan debt is A LOT but I more than likely won't be able to pay it off for a while. Unfortunately I didn't take the Military loan re-payment offer so I'm stuck with it... UGH!!

So currently this is my consumer debt as of 19 Feb:

Emblem credit card - $1,647.60 - 18.99% - $36.23/mo
Car Loan - $9,036.84 - 11.5% - $213.55 (bi-weekly)
Timeshare - $7,235.38 - 17% - $132.80/mo
Wells Fargo student loan - $5,922.01 - 6% - $110.00/mo
Sallie Mae - $9,657.02 - 6% - $0 (til Nov 2013) then $190.01

This amount adds up to $492.58/mo until Nov 2013 then it's $682.59/mo when I start paying on the Sallie Mae loan.

I have a total of about $705/mo to put towards my debt repayment plan. According to an app that I have, it'll take until Sept 2017 for me to pay it off. That's 55 months which is about five (5) months shy of five (5) years.

So my goal would be to pay it off earlier. So I'll try for Sept 2016. Which for me is VERY likely because I actually stop paying alimony by Apr 2016. So that would be an extra $600/mo going directly into my debt re-payment plan.

But since I can't add future payments to the app, I can only go on what it shows me.

2 Responses to “My Current "Consumer" Debt”

  1. creditcardfree Says:

    Can you refinance any of that debt for a lower rate? That would speed up your progress.

  2. Sian Says:

    the credit card is gettin a lump sum payment (plus i'll submit paperwork that i'm in the military so the interest rate will be 6%)

    for the car loan, i'm gonna try to refinance that once i hit 1 year of payments in order to try for a lower rate.

    as for the timeshare people i will also try to submit paperwork stating that i'm in the military so that it can be lowered. i'm hopin that it'll work. i'm just not sure if it will... if it does, that'll help out IMMENSELY!! other than that i can only pay it off as quickly as possible....

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