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Personal Finances / Credit Cards and Consumer Debt


Subject:  Financial Update Date:  1/30/2006  5:25 AM
Author:  ApacheMech Number:  219677 of 312161

Greetings fellow Fools,
I have an update to the crisis I was in. I am still in debt far more than I would like to be, but I have eliminated almost all credit card debt. I only have one credit card now and it has a balance of $7500 at 6% interest. It is the next thing I am going to snowball. Now all I have to worry about is the debt consolidation loans I have gotten years ago that didn't help with squat. I have two of those and they have pretty high interest rates on them. I am going to try to take advantage of some 0% credit card offers and start the BT game with autopayments to add some security. One of the Debt Consolidation Loans is at 12% and the starting balance was $28,000. I have it down to less than $18,000 now and I have had it for a while. Well, I bought my first car on this loan 10 years ago and keep adding on to it to pay off my credit cards in college and when I got deployed to Korea. The other one is a HELOC that I put my vehicle loan on (stupid). It is at $42,000 and is a tax shelter thing, but I really need to pay it off. So that is all I have left...Three more things and then it is bye-bye debt (Well, non-mortgage debt anyway). I love the posts I read everyday. It keeps me motivated and focused here in Iraq.

SGT Sutton aka Apachemech
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