Shoeaholic No More

Wednesday

19

November 2014

14

COMMENTS

Updated Plan of Attack

Written by , Posted in Money & Finances

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8225606758_64a0609b70_zI’ve talked before about my debt attack plan and in which order I was planning on focusing on my debts and why. While much of what I talked about before still holds true, I have changed my mind about a few things as I’ve progressed throughout the year. As such, I thought I should take some time to update you all on my debt plan of attack, what’s changed, and why.

First, here is a table showing all my different debts, their current balances (10/31), interest rates, minimum payments, and goal payoff dates.

TitleTotal Balance
CC#1-
CC#2-
CC#3-
CC#9-
CC#4$442.69
CC#5$534.67
CC#6$545.61
CC#7$1,164.17
CC#8$1,506.53
CC#10$1,299.80
CC#11$1,952.03
Parents$3,190.00
Student Loan$6,841.57
Total$17,477.07

Now, several of my balances have gone down since my last update (which is the goal obviously), but a few of them have actually gone up too.

TitleTotal BalanceMinimum Pmt% InterestGoal Payoff Date
CC#1--0.009/2013
CC#2--26.9912/2013
CC#3--0.003/2014
CC#9--0.009/2014
CC#6$545.61$28.0026.993/2015
CC#8$1,506.53$39.0022.908/2015
CC#5$534.67$25.0022.992/2016
CC#4$442.69$25.0026.9911/2015
CC#7$1,164.17$41.0024.996/2016
CC#10$1,299.80$30.0015.2411/2016
CC#11$1,952.03$59.0024.903/2017
Parents$3,190.00$50.000.009/2017
Student Loan$6,841.57$93.076.5511/2017
Total$17,477.07$390.07--

Therefore, I’ve changed my plan for what order I’m going to pay on my debts. Rather than focusing on CC#4, I’m going to shift my snowball to CC#6 because it’s a store card and I can’t use it anywhere but that specific store, which I’m no longer visiting. Therefore  I think it will be easier to pay off since the temptation to use it isn’t there. Plus, it has a higher interest rate than CC#5. (Since these are based on 10/31 balances, you don’t see it yet but CC#4 had a large increase last month.)

After I get CC#6 paid off (hopefully ahead of schedule), I’m going to put my snowball toward CC#8 so I can hopefully pay off the entire balance before my 0% interest promotion ends on my computer purchase.

Other than that, not too many changes to my debt payoff plan. I’m still mostly focusing on my smallest balances first (other than the card with the computer) so I can have the satisfaction of small wins along the way.

Any thoughts on my new plan of attack?

Photo courtesy of: Chris Potter

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Kayla

Kayla is a mid-20s single girl living in the Midwest, USA. She is focused on paying off her consumer and student loans, while simplifying her life and closet. You can join her on her journey at ShoeaholicNoMore or follow her on Twitter.

14 Comments

    • Kayla @ Shoeaholicnomore
    • Kayla @ Shoeaholicnomore
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