Alright everyone. It’s time to get real and put it all out there. I was scrolling Insta and saw this post about how secrecy breeds shame. I will find the instagrammer that I saw it on and link them in this post. It made me think about how for so long, I was ashamed of how much per month I am spending on debt for things I cannot even remember what I bought. I am no longer ashamed, but motivated to stop being a slave to the debt and lender! Like NGTW says, be a Debt Slayer. I have my wooden stake and my leather on!! (get it? like Buffy and Blade 😉 )
So here is the breakdown of my big bad number and how I plan to get out of debt!
Student Loan – $3,600
Medical Debt – $1,273.72
Credit Card – $6,500
Dental – $547
Total – $11,920.72
I believe it is just a new starting point. I have paid off 4 debts before getting serious, just by the nature of paying money here and there. I have devised my plan as a debt avalanche because my highest interest rate is my highest balance. It makes sense to me because I want to stop paying ~$150 in interest every month. I know I will not have the quick successes, but if I am going to tell my money where to go, I want to make the most out of every penny! (plus I checked both ways in the debt payoff app and it was less money spent over the course of my debt marathon if I did highest interest first 😉 )
Here is my plan in avalanche form :
|Item||Original balance||Current balance||Min payment||Current Payment|
|Victoria Secret||$ 145.65||$ –||$ –||$ –|
|UAMS||$ 203.84||$ –||$ –|
|Mercy||$ 243.77||$ 118.77||$ 25.00||$ 25.00|
|PCM||$ 407.70||$ –||$ –|
|Velocity||$ 308.00||$ –||$ –||$ –|
|OB/GYN||$ 291.42||$ 165.42||$ 25.00||$ 25.00|
|Mercy Doc||$ 537.00||$ 537.00||$ 25.00||$ 25.00|
|Dentist||$ 547.00||$ 547.00||$ 100.00||$ 100.00|
|ER Visit||$ 1,200.00||$ 452.53||$ 100.00||$ 100.00|
|Student Loan||$ 3,600.00||$ 3,600.00||$ –||$ –|
|Capital 1||$ 6,500.00||$ 6,500.00||$ 190.00||$ 425.00|
Consider me bought in and just past the starting line in my debt marathon.I was semi-serious the past two months, but recently I have seen so many success stories and I want that! I am happy for them and I want that freedom so badly! Over half of my pay outside of joint expenses goes to debt right now, I want that to go into investing in experiences and to see the world!
Let’s Do Work!
The Transplant Arkansan
P.S. It is so hot in Arkansas! I am still getting used to it.
( I need a side hustle that is friendly with working full-time and student full-time, if you have any ideas, comment below and hook a sista up! )