The DIRTY numbers…
Now that you’re all getting to know me a bit, it’s time to get to the nitty gritty of why I’m here…
I’m in debt.
Specifically, I’m $37,952.88 in debt.
And that’s not including my home loan… or my second mortgage.
And the cherry on top? Our home value has dropped $92,000 since we bought it and since we financed it using 100% financing… that would make us… $92,000 upside-down because we ‘wisely’ thought an interest only loan was a good idea.
Yeah. My husband and I were ‘those’ people. The mortgage mess people. BUT, we aren’t defaulting on our loan and we’ve paid every payment in full and on time. We got ourselves into this mess and we don’t expect the banks – or the government for that matter – to dig us out.
I’m not quite ready to climb our Mt. Kilimanjaro of a home loan yet so for this blog, I’m focusing on that $37,952.88.
At minimum, I’m shooting to be free of this burden by September 2012 but if I can land another good job, I hope to clear this by April of 2010.
This is going to be a wild ride……
Posted: November 17th, 2008 under Debt Reduction.
Comments: 5
Comments
Comment from Mike
Time: November 17, 2008, 6:27 am
And no savings?
Comment from Koppur
Time: November 17, 2008, 8:36 am
Is that 38K all CC debt, or is some student loans, car, etc?
Comment from Ryan McLean
Time: November 17, 2008, 6:48 pm
I am currently $20,000 in debt and I plan to dig my way out of it by Jan 01 2010. I like your goals and I like that you are honest.
Comment from Daniel Massicotte
Time: November 17, 2008, 9:04 pm
So, $37,952.88 / 2 (you and your husband) = $18,976.44 each, since we’re talking two people here.
Even people who can pay for their house in cash usually take out a mortgage since it gives them better current cash flow. A second mortgage, well that might be a little different.
As for the $37K…my best advice would be to set up an automatic withdrawal from my checking account. I’m doing $80/month, but my total debt is much less.
Good luck working it all out…I hope that’s not all CC.
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