Hope’s Debt Update – August, 2019

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While I did pay off my credit card this month…yeah!!! I did take on the responsibility for a car loan. A car that my daughter and I will share. A car that is in fantastic shape, has years and years of warranties and roadside assistance and one that will take care of all our needs for the foreseeable future.

Without further ado…here are my new debt numbers.

Creditor Balance

(as of 10/14/17)

Interest Min. Payment
Student Loans $34,378 2.88% $306
Honda HRV $21,200 3% $0
Credit Card $0 17.00% $0
Total $55,578 $306

While the required minimum payment for the car is $0 until June per the agreement with my uncle. My goal is to have the car paid off in 3 years so I plan to start payments this month.

I think the BAD community misinterpreted my reveal of the car. I am in no way shackling my daughter with this loan. But yes, I do expect her to contribute. There is nothing wrong with that. I do not feel like I need to defend that. Many of her friends are expected to buy their own cars. Some of them help pay house bills. After the volleyball season, she will look for a job. And she will work part time.

My new budget will be published later this week. I guess what I have to decide now is how to prioritize my two debts.

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