I thought a lot about how open to be with these numbers. It’s a lot easier to admit you’re in debt without saying just how in debt you are. But, if I’m already being honest, then I might as well be completley honest. Here is the truth of my debt as it stands right now:
Credit Cards (In the order I will pay them off.)
- Bank of America Visa $2,425
- Wells Fargo Visa $7,266
- Capital One Visa $10,093
Student Loans
- I have students loans as well. I absolutely can’t talk about my debt situation without mentioning them, but right now I’m concentrated on getting my consumer debt paid off. The loans pay my tuition and the money I make pays for my living expenses (and debt payments). After I finish coursework, I will not longer be borrowing. I hope by that point to be able to pay all expenses (including school fees) out of pocket. That means that hopefully I will be able to work on paying off the worst of the student loans (the private ones) before I graduate and am responsible for monthly payments.
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You know, I saw your main blog and went straight to this one.
I’ll probably share my debt story too.
For now, I can tell you I completely understand. You grew up knowing better and then find yourself in a world of debt. I have one more in default credit card to pay off, and after that it is the regular credit cards that I owe.
I truly, deeply, sincerely wish you the best.
It’s one of the ugliest, stressful, agonizing journeys I’ve ever taken, but I’m coming out of it, and it’s a daily battle, but it will get better.
That’s a promise.
Out of curiosity, if I may ask, which credit card has the higher interest? Additionally, why are you not paying off the higher principal balance first? This way the compound interest won’t hurt you as much in the end.
I agree with Phampants. I recently paid off one credit card that had the highest interest out of all my other credit cards. Also if it’s an option you could transfer your balance to a low-interest credit card so you can pay them off faster. That’s what I did recently.
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