September 1, 2010

September Debt Evaluation

  • Bonton Department Store Card
    • 37.04
  • Kohls Department Store Card
    • 75.54
  • Chase Mastercard
    • 1645.59
  • Consumer Loan (Just opened, opened for home improvement)
    • 6200.00
  • Navy Federal Visa
    • 6777.88
TOTAL   $14,736.05

By the end of the month two of these will be paid off.  The debt is not getting the full on attack treatment until we bulk up the savings account to $1000.  Hopefully that will happen by the end of October. The plan is to do an evaluation at the beginning of every month, that way if there is left over money from the previous month, it can go to any of the debt.
I was torn on which way to chip away at the debt. Whether to attack by lowest amount or highest percentage rate is something one has to chose for themselves.  I really think the psychology of getting rid of the lowest amount is going to be helpful for us and it actually works out to be almost the same.