Friday, January 8, 2010

The U-G-L-Y truth: Our Debt Total

Well, we've done it- we added up our debt totals, and well, it's U-G-L-Y.  Thank God we only have to do this once!  If I could insert a big thumbs down right here, I would.  I'm linking the total to a Google Doc and you can view that here.

Well, our estimated payoff is around six years using the debt snowball method of payment.  You can check the particulars of the debt snowball here.  We anticipate that the payoff will take much less time, being that we are throwing any extra money we earn at it.  That's not well represented in the spreadsheet.

Looking at the total is a bit daunting, but really, it's also refreshing.  I can say that now because I've let it sink in a few days.  It means we're actually doing more than just making minimum payments and giving our money away to our creditors in the interest we're paying them.  What's important to note is that we're concentrating our efforts rather than spreading out our payments on the debt.  That's what allows us to tackle it quicker while providing for a big family with one and one-fourth income.

So here we go-it's going to be a long haul, but I'm done with credit and borrowing!  No turning back now.

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