There are humans behind this money thing too

Have to remember there are humans behind this money thing too.

We have $50K in student loans (10 individual loans) and they just take our payment and apply it how they want to (Sallie Mae). Looking at a $50K debt go down penny by penny is not stimulating. I decided to pretend that I am paying the lowest first and wrote it up on the refrigerator that way. I won’t even look at the real balances until I think I’ve paid about all of it off. Now, I am looking at the lowest loan ($700) and strategized ways to knock it out of the ballpark today!!!!! $700 is attainable, no matter the interest, $50K is not.

We all got into this mess because we wanted things TODAY, not over time…. Therefore, being the critters that we are, we want to see results TODAY, don’t we? Lowest balance first is the closest we can come to that.

Well I just paid off the $290 and I paid the minimums on the rest, so now my priorities look like this:

  1. $1760 ($2000 limit) 22.5 apr $47 payment per month
  2. $5806 ($6000 limit) 22.5 apr $146 payment per month
  3. $5090 ($8400 limit) 6.99 apr $94 payment per month
  4. $4775 ($5500 limit) 0% apr til August $72 payment per month

I’m not sure what happened to #2 but the balance went up, I’ll have to check with the company. I’ll probably put some of the bonus towards #2 because its less than $200 from being maxxed out. The rest will go towards paying off #1. The way it looks not #1 could be paid off by February.

Thanks for all th input and advice, I know I’ll get there eventually!

UPDATE:

Last night I paid $460 to card #1, and $500 to card #2. So my chart
should look like this:

  1. $1300 ($2000 limit) 22.5 apr $47 payment per month
  2. $5306 ($6000 limit) 22.5 apr $146 payment per month
  3. $5090 ($8400 limit) 6.99 apr $94 payment per month
  4. $4775 ($5500 limit) 0% apr til August $72 payment per month

I am leaning towards paying down the balances to a certain point (50% maybe)so that I can consolidate to a lower interest. I know transferring balances doesnt solve the problem if I just use the old cards again. I still have a couple hundred to put towards one of these, probably #1 as I want to have that one paid off by February. Thanks for all the encouragement and ideas!

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