Student Line of Credit - $10,060.35
Bank Line of Credit - $0
Bank Visa 1 - $0
Bank Visa 2 - $0
Car Loan - $0
Misc. Other Debt - $3,225.51
Savings - $3,171,21
403(b) - $5,255.91
Yup. Ladies & Gentleman, I sold my car! Look at how beautiful that is.....got rid of $16,608.35 of debt in one shot! I sold the car for about $15,500.00 so I put in about $1,100.00 of my own cash.
Frankly, the car was a convenience. Though I live in an area that essentially "requires" one, I can feel free to buy one, cash, when I have the money for it. For now, that is not an essential part of getting this debt mess cleaned up asap!!!
Not only was the car sale a relief, but my budget reaped the benefits overall. My monthly transportation cost was drastically reduced, and my insurance bill was eliminated.
i) Get rid of the "Misc. Other Debt" item. I should be able to do this by combining $1,150 or so from my next paycheck with Savings-$1000, so that I still have an emergency fund.
ii) Find ways to increase my debt reduction speed!! I want OUT, ASAP!!
p.s. You may be wondering how my savings increased. I worked a very small extra part time summer job that allowed this to happen.