UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
Author: Chmelkova2 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 311082  
Subject: Introduction - (long) Date: 2/5/2003 6:51 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Hi, everyone! I've been reading the posts on this board for several months now, lots of great information here! Anyway, I was going to have my 'day of reckoning' in May, after I finished school, but I found myself in a bit of a 'freak-out' yesterday so I thought I'd come out of the closet. :) Here's my story:

I was laid off in May of 2001, almost 2 years ago. My former company was going to cover tuition (they no longer do, but that's another story) so I decided to go back to school. I'll be finished with my 2nd bachelor's degree in Accounting in May 2003. Before the layoff, I had worked very hard at getting rid of my debt, and I was debt-free with the exception of a $65K mortgage as of November 2000. (yay!)

In going back to school the plan was: former employer to cover tuition, student loans to cover living. Work very little, and concentrate on school. Basically, I took on the debt with my eyes open, and by design. However, now that I'm into my last semester, like I said I'm starting to freak a bit! My current debt:

~$95,000 mortgage 7.125%, $760.00 payment (sold my house and bought a condo the very week I got laid off!
$4,300 Bank credit card 4.75% don't know the min payment since I just BT'd
$700 AT&T Universal 6.65% don't know the min because I transferred from this card
$21,000 student loan, in-school deferrment until May, start paying in December probably a payment of ~$250.00
Total debt: ~$121,000, non-mortgage debt $26,000

I've never had this much debt before, I don't have a job lined up after May, but I currently have two part-time jobs, and enough e-fund (student loan proceeds, mostly) to last until about July.

(Boy, this is long, sorry!) Anyway, like I said, this is by design, I knew it would be sort of like this, but now I'm staring it in the face, yikes! I just wanted to 'get it out there', and see what the comments were. :)

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next


TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.