Hubby and I (and a lot of God’s provision!) have narrowed our debt down to three final accounts:
1. My Student Loans
2. My Car
3. His Dad’s Lowe’s Card
In November 2011, the loan on my car matures. I owe over $12,000. My car payment is NOT $1000/mth. Mathematically there is NO way this car will be paid off by November 2011. I called to see if there had been a mistake but there had not. The additional $3000 + is fees etc. associated with times they “assisted” us during his unemployment. (Thanks for nothing HSBC)
The Lowe’s card stands at $2400 (give or take a couple bucks). The payment is $86, I have paid $100 for years now. Every month another $56 gets added to the account. Finance charges they say. Seems that account has a 29% interest rate. (EVERY SINGLE THING on this card is currently installed somewhere on the house that will be foreclosed on soon)
My Student loans are over $20,000. We will tackle them in 2012.
After a couple heart to hearts, we have decided that for Christmas 2011 we will be free from the car and Lowe’s. That’s a $15,000 debt monster we intend to slay. I have NO idea where we will find $1250/month. That is $550 more than what we already dish out for these two bills. What I do know is that when it came down to getting Christmas presents I found money. When it came down to me wanting a new sewing machine I found money. When hubby wants to take us the water park for the day, I FIND MONEY.
I think part of it is the visual. I see the stuff we buy. I can’t SEE the debt go away- until now.
I’ve made myself a cute little debt monster. I’m putting him in the sidebar of my blog and I’m printing him out for the refrigerator. Isn’t he cute?
I will erase a little bit of him every month, to SHOW how much of a bite we’ve taken out of him. Each line represents $1000.
Should you decide you want to slay your own debt monster this year you can get your own little fridge decor here, in my zazzle store. Any proceeds go directly to taking a bite out of debt.
If you’d like a debt monster for your blog just ask 🙂