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Personal Finances / Credit Cards and Consumer Debt
|Subject: Debt Paydown Plan Help||Date: 9/15/2010 9:55 AM|
|Author: IslandFoolin||Number: 299135 of 311081|
Good morning all,
I've managed to rack up a small amount of debt since quitting my full time job and going freelance. Up until this point I had it managed fairly well, with low interest rates and 0% APR balance transfers on various cards. However, due to those unforeseen events you're always being warned about I have fallen behind on my own payment schedules and now those 0% APRs are about to expire. Below are my current debts, the corresponding dates highlight when the 0% APRs expire.
For what it's worth, some of this debt (about $7,000) was incurred for equipment that I use to run my photography business. However, it was incurred on personal credit card accounts and before the creation of the sole proprietorship which has since become an LLC.
I have no guaranteed weekly income (again, freelance) but by month's end will have $8,500 in liquid assets to go towards both living expenses and debt repayments.
My thinking is to pay down the highest balance on the current interest bearing account first. After that....? New 0% APR balance transfer offers :( ?
$8,334 @ 13.24%
$1,664 @ 0% until 10/17/2010
$398 @ 18.99%
$2,288 @ 0% until 3/7/2011
$3,906 @ 0% until 12/28/2010
$2,168 @ 6.99% on auto pay @$223/month
Living expenses generally run about $1,200/month.
If you've read this far, I thank you. I have few people with whom I can discuss this and frankly it has started to cause undue levels of stress. Any insight, opinions, ideas, would be warmly received.
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