My Debt

So, here is the hardest part for me…telling the world (okay well at least whoever reads this, so “the world” is a bit of a stretch!) the actual numbers of my debt. It’s not something I ever like to discuss with anyone, period. But, as promised, I am going to “bare my soul” here for everyone to see. It’ll be therapeutic for me, and hopefully help someone else in the process. Without further ado, here are the numbers of my debt:

Mastercard #1 – $723.56

Mastercard#2 – $3693.92

Bed (bought because of back/neck issues & my old one was 17 years old!) – $1432.32

Car Loan – $6188.07

Mom – $6700.00

Grand Total – $18,737.87

So, there it is. Just under $20,000 of my debt to plug away at. My plan is to start with the least amounts owing and pay those off first. I’ve researched, and found this is the best way to go no matter what the interest rates are on everything you owe. Why, you ask? It makes a lot of sense actually. It’ll be quickest to pay off the least amount first, so once you have that paid off, you’ll be thinking to yourself “Wow, that feels good!”. Right? That will then motivate you to keep going and pay the next thing off, then the next, and so on. I believe they call this the “snowball effect”.

So, in saying all of that, I will be starting to tackle my debt on MasterCard #1 of $723.56.

To be continued…