State of the Debt, September ‘07
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“Communism doesn’t work because people like to own stuff.”
– Frank Zappa
| July 31′07 | August 31′07 | Change | |
| EVERYTHING We Owe | |||
| Credit Card Debts | |||
| Chase | $21,909.45 | $21,561.53 | ($347.92) |
| Other Debts | |||
| Home Mortgage | 39,111.29 | 39,057.58 | (53.71) |
| Low Energy Loan | 15,884.15 | 15,765.62 | (118.53) |
| Line of Credit | 28,092.72 | 27,261.30 | (831.42) |
| TOTAL Liabilities | $104,997.61 | $103,646.03 | ($1,351.58) |
$1,350 and change is another decent bump down on the ol’ debt meter. Yet the hole remains ridiculously deep to me. I know there are plenty out there that are perfectly comfortable with much greater total debt, simply because it’s primarily on their home. But it annoys me to no end to see how we’re paying well over half a thousand a month, solely on interest. Interest. In other words, a wonderful little fee just for the honor of being in debt. I can think of an almost infinite number of things I’d rather do with $500+ than send it to the bank coffers.
Looking at the totals right now, I’m thinking it’s time to really get extremely aggressive about unloading our other property to get our total down. I’m really itching for some serious progress…
John Hunter said,
Wrote on September 2, 2007 @ 1:27 pm
Congratulations. What you are comfortable with is a very important factor in what is right for you. On the issue of good v bad debt, yes I would say that is probably the wrong way to look at it. But it does make sense, I believe, to look at the whole financial picture and some level of debt is acceptable in a healthy financial plan. And when looking to pay off debt there is a balance between what is sound financially and allowing current purchases. This is heavily influenced by personal preferences (how must risk one is willing to take, how much one dislikes debt…) within the bounds of something that is reasonable financially (there is a great deal of room for different tactics that are all reasonable).