g My QX= $295
g Target= $1496
g Discover=$2686
g Wamu= $4437
g Mig QX= $5370
g Honda= $5152
Bad news: Total Debt= $19436 (this doesn't include student loans)
Good news: I just finished paying off my Sam's Card yesterday whoo hoo!!
More good news: More than likely my student loans will be waived since I will be working in a low income school this August.
I'm determined to do whatever it takes to get out of debt. I have to! I plan on getting a house pretty soon (a year or 2) and I don't want to drown myself in more debt. As soon as my credit score goes up to 700, I will start looking into buying my first home. As of today my credit score stands at 653 which is way better than I thought it was! Well, wish me luck through my endeavors and good luck to you too.
PS. Hooray for my first post! :)
5 comments:
The home purchase intrigues me....how much do you have saved as a down payment/closing costs? Do you think it would be less expensive to purchase later? Is there a teacher program that helps teacher's buy property locally? How long do you plan on staying in the area?
I'm not quite sure about the mysurvey sweepstakes rewards. I just go to Rewards (on the top panel), then select reward (on the left side of the screen) and then choose cash (in the center). 1,000 points=$10 check. Checks are a little slow to come, but it's worth it!
I, too, am curious about the goal of purchasing a home. Why are you determined to buy within a year or two? How would mortgage payments compare with what you'd pay in rent on a comparable place? Are you reasonably certain you'll stay in the area long enough to make buying a home a sound decision? What's your plan for saving for a downpayment? Will you try to do so while paying of your consumer debt or tackle the debt aggressively first and save afterward? How big an emergency fund do you plan to keep around for inevitable repairs once you own a home?
I wish you luck and look forward to learning more about your plans.
I am a new teacher and I brought a home straight out of graduate school (24 yrs). I brought in an improving neighborhood using a teacher program by the city and also a down payment program by the Board of Education. Basically the teacher program got me a reduced purchased price for my neighborhood (they pay to reduce the loan amount) and the program by the Board of Education paid the down payment. I know you are wondering what I had to give, well I have to teach in the City for at least 3 years otherwise I will have to repay them all the money. This is not a big issue for me since, my teaching residency program contract is 3 years, and you need 3 years in order to into the principal program. But I agree with everyone else, make sure that you want to stay in the area and look into city , state, and board of education programs..... good luck...
Oh, my mortgage payment is less than a $100 more than rent comps in the area.
To answer everyone's questions:
-Honestly as of today I have $0 saved for the downpayment of a house...Maybe I should reevaluate my goal and make it more realistic :(
-There are programs that help teachers find homes, and since my husband is a veteran, Im hoping we get double the assistance.
- I would like to stay in the area I am in for quite some time (maybe 5 years+), but Im not sure. Either way, I could always keep the house as property and just rent it out.
-I want to move out ASAP, because I am tired of living at home and I dont want to waste money renting out an apartment when I could be using that money to make monthly payments towards a house.
-plan for saving for a downpayment: My goal is to save at least $50K. If my husband and I are both working, this can be done in 2 years.
-I want to pay off the debt before anything else, but I still want to save whatever I can if possible.
Can't wait to follow you on your journey :)
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