Let me introduce myself. My name is Sandy and I’m a 30 year old female. I live and work in New York and I’m in some serious debt. So 2009 rolled around and I decided that it’s time to take a real look at what I’m doing to get out of debt. I work a full time job and get home after 7pm most weekdays so getting a second job has been hard. What I’ve decided to do instead is focus on how I’m spending the money I’m making and how I can reduce what I spend without wanting to jump off the nearest bridge.
As of January 1, 2009 I owe various creditors something like $105,665.31. I don’t own a house so I can’t even make the excuse that it’s a mortgage. It’s some serious unsecured debt. So let me list out my debt to begin with. You have to know where you’re starting to know where to go right?
Student Loan #1 -$2,741.65 @4.5%
Credit Card #1 -$742.52 @13.99%
Credit Card #2 -$6,513.00 @0%
HELOC -$48,036.63 @3.875%
Student Loan #2 -$39,663.11 @3.3-7.5% (it’s a bunch of Grad School and Undergrad loans together)
Personal Loan -$1,751.80 @8.2%
Car Note -$6,216.60 @4.5%
I said that I don’t own a house but you’ll see that I have a HELOC (home equity line of credit). Long story short my parents were nice enough to fund a business for me that went bust in the great Recession in which we are currently living. I took the responsibility for the loan and I’m paying it back. Hey, I have to be responsible right?
I take home about $1,100 in pay every two weeks. I actually make a decent salary but living in NY with no house, no kids or serious deductions means I an paying taxes out of my ass. But, that’s something we all have to live with right? So here we go! Let’s see how much I can get rid of in 365 days and how I can help you guys as well.
Oh and I curse so if you’re easily offended this may not be the blog for you to follow. It’s the New Yawka in me.