Tuesday, October 27, 2015

Updates on Debt

I've recently, as of today, updated our networth debt numbers.  One of our goals for 2015 was to get our total debt load under $500,000 and I'm pleased to report that our debt is now at $489,000.  Since, January 2007, our debt load has gone from $735,054 down to $489,000.  That means, on average we have killed about $30,000 in debt per year since 2007.

On our primary home, purchased in 2004, we have paid off $105,546 in principal.  Since we refinanced our mortgage a couple years ago to 2.75% our payments have accelerated.  We also refinanced from a 25 year loan to a 15 year loan and cut off 7 years from our overall term.  On our three investment property mortgages, as of next month, all three mortgages should be below $100,000.

As for our other debt, I've struggled with credit card debt, pay it down, run it up, pay it down, etc.  I really need to kill it once and for all as its now been hanging around since the baby arrived.  We also have a new debt that is not yet listed, 0% financing on floor tile that we bought for one of our investment properties.  That debt is a couple of thousand dollars.

As for Mr. Sam's new truck, we continue to pay down his truck debt (we paid for his new truck half in cash and half in 0% financing) at $500 a month, so that debt will be gone in seven months.  I really need to be saving for a nused car for me, as my car has been acting up.  Recently it was out of commission for a few weeks with an electrical problem but the fix ended up only costing $250.  There are several other more expensive things wrong with the car, but the dealer says none are pressing to fix as of now.  The dealer gave me a print out of things to fix that would likely cost $4000 which is more than the car is worth.  It was kinda funny as I had started to research my next car.  Since Baby Sam arrived I, of course, want a family car.  But, I'm better off trying to make my car last another year or so as I've only got $400 saved in my nused car fund.

1 comment:

Karoline Peak said...

I am struggling with credit card debt. I have maxed 3 cards out. I have been slowly trying to pay them off but I feel like I can not even make a dent in it before the charges come up. I am about 10 percent done paying it off after 3 months so I think I will just be careful.

Karoline Peak @ Ruffi Law