19 Mar

A Change of Plans: Three Four Debts I Should Have Told You About

Posted by the Dad in Climbing Out.

It’s not the end of the world, but not being able to pay off that next card is a disappointment

I am a father of twins, what do you expect? I am going to forget things and they are going to slip through the cracks. This I can promise.

Last week I told you about getting taxtion and how we were going to wipe out the first three cards in our list of debts.

This past weekend as we sat and did the budget The Wife handed me three bills I had forgotten about. Two medical bills from last Summer and an in-home food delivery bill.

Their totals are $522, $627 and $934. Arg! Deep breaths.

Update: it turns out there is a FOURTH debt I forgot! A 401k loan for $4,400.

Our current state of debt, taking into account the Dad’s recent raise, looks like this:

Description
Net income:
Mortgage:
CC1:
Debt 1:
Debt 2:
Debt 3:
CC2:
401:
CC3:
CC4:
CC5:
CC6:
Total

($265,000)
$335
$522
$627
$934
$3,043
$4,400
$4,998
$6,902
$10,952
$18,344 		Monthly
+6,000
2,180
15
due
due
187
75
168
200
271
220
660
  $51,057  

The tax returns just arrived and checks haven’t been cut yet so we can adjust the plan. Instead of paying off the three smallest cards we will have sent payoffs on the five smallest debts and $1,100 on the next smallest.

It’s not the end of the world, but not being able to pay off that next card is a disappointment. The snowball rolls on and, at the very least, this adds $187 to our payment ability.

More soon,
the Dad

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4 Responses to this post.

  1. suzann's Gravatar

    Posted by suzann on 07/25/09 at 4:43 pm

    Curious? in home food delivery??

  2. the Dad's Gravatar

    Posted by the Dad on 07/25/09 at 6:29 pm

    Hi Suzann. Yes, like Schwans or Celebrity Foods. You place an order for, say, six months worth of meals and most people finance it. >groan< :)

  3. Climbing Out » Blog Archive » Borrowing Money from Family – How to Save Money at the Cost of a Relationship's Gravatar

    Posted by Climbing Out » Blog Archive » Borrowing Money from Family – How to Save Money at the Cost of a Relationship on 07/21/10 at 1:33 pm

    [...] not sure I ever mentioned interest rates when I first tallied up our debts for you, but they are high. The cards run from 14% – 32%. I suppose I should write “ran” as all [...]

  4. Mysti's Gravatar

    Posted by Mysti on 07/28/10 at 2:15 pm

    We have twins too, ;)

    Gotta love those bills that just slip your mind…..

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