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The Dirty Debts

So this page lets you know how much I owe and to whom I owe it to…I HATE this page.

But what I do like to do is employ Dave Ramsey’s method of the Debt Snowball.  Pay the minimum on everything except the smallest debt and take any leftover money and throw it all at that debt.  Once that debt is knocked out, you keep paying the minimum on everything and move onto the next debt which means the amount you can throw is now bigger so although the debt is bigger than the first, you’re able to throw more money at it since the first debt is now gone, hence the whole snowball term.

So from smallest to largest, here we go:

Personal Loan-$0/$200.00
VISA- $0
Sallie Mae-$13,550.73/$13,550.73
Personal School Loan-$708.00/$708.00
Personal School Loan 2-$0/$1,200.00
Direct Loans-$0/$0

Starting Total: (-$8,942.94)
Current Total: (-$14,258.73)

Obviously I need to knock these down and out before I can reach $1,000,000 guilt free, but having it jotted down for more than just my eyes to see has lit a fire under me to destroy these debts.  The first few are easy and can be done within a few months, but the Direct Loans will grow seeing as how I’m not done with school yet and that I will be needing to take out more loans in the future.  They will grow, but taking out the lesser loans will allow me to have more money per month to spend on the other ones.  Such as, if I was able to pay off the VISA bill and Sallie Mae, the minimum payments for the both of those combined is $70 a month and to a college guy who works in the food industry and has a girlfriend wanting a rock on her finger, I can definitely find a better use for $70 every month.  And a side note for the Sallie Mae account…I can’t wait to kick that bitch to the curb! EDIT: As of Spring semester 2013, the government has scrapped the Direct Loans stuff and given it all over to Sallie Mae to deal with.  So even though I was THIS . close to kicking her out of my life for good, it has now grown to encompass ALL of my school debt. Yay! Not.

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