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Personal Finances / Credit Cards and Consumer Debt
|Subject: Newbie monthly update - HEL||Date: 8/1/2002 1:47 PM|
|Author: jacqueg||Number: 135329 of 310986|
My brand new $40,000 HEL at 7.5% covers -
mortgage debt - $28,000
cc debt - $6,000
car purchase, cash to fix car purchased if necessary - $4,000
property tax due at end of year, since it's no longer included in mortgage payment - $1,000
minor spending spree - $500
First payment of $475 on HEL due Sept 5.
Monthly take home runs $1,700.
Plan is to stash $200-$300/month in savings account. I know this is doable, because I have been spending $700-$800 on mortgage plus cc debt. This way I get to earn a little interest instead of paying a lot of it.
Coincidentally with paying off the mortgage at 10.75% and the high-interest cc's, one at 27% and one at 25% (yikes), I got a CapOne at 14.9%, so I'm covered there if I absolutely need it, but I haven't been using my cc's except for occasional online/catalog purchases immediately paid off for the last 18 months, and I DON'T PLAN TO START USING CC FOR ANYTHING ELSE EVER AGAIN. (The $6,000 is down from $9,000 two years ago.)
I have become addicted to this board in two short weeks, I am in awe of your honesty with each other on a very sensitive subject, the advice and perspective is priceless, and I am also in awe of the determination so many of you show.
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