TimM's Road To Financial Recovery

Pay Off Targets,

Pay off Chase credit card by December 5th.

Pay off TD Banknorth loan by January 1st.

Pay off MBNA card by July 1st, 2007

Have $2000 in savings by September 1st, 2007.

Current income is $567/week after taxes.

Bills (per month)

Rent: $550
Phone: $47
Med & Dental Ins.: $135
Car Ins.: $50
Loan Payments: $180
Sallie Mae : $250-$350 For 25 years!!(I'll find out the exact number when my consolidation goes through)
Nstar : $50 - $150 (dependent on use)

I'm one step ahead of most people. I've never really had a disposable income so I am very good at controlling my spending. I spend very little that I don't need to.

What I've been doing on payday is paying the bills I get from the previus week then dumping whatever is left from my checking account down to $100 toward a credit card.

Positive: Debt is paid off in fastest possible way.

Negative: No savings is built until debt is paid off. (EF or other)

Debt

MBNA credit card: $4545 @ 30.49%
Chase credit card: $1137 @ 29.99%
Citibank credit card: $0 @ 22.99%
TD Banknorth Loan : $1188 @ 13.49%

Student Loans: A gazillion dollars.
Not really. I'll have an actual number when my consolidation finally goes through. Somewhere around $55,000.

Savings

TD Banknorth Savings: $27
TD Banknorth Checking: $258


It's going to take a long time but this is where I start.