Saturday, April 10, 2010

I need a change. I feel trapped. I need to feel free again.

TD Student Line of Credit - $14,428.43
Current payment -$150 a month
Interest rate - 3.25% (roughly $44.03 a month)
Started at $15,000. $571.57 paid down since November
Will take around 8 years to pay off with current payments.

Mastercard - $10,056.06
Current payment - Whatever I can spare. Usually around $200 a month
Interest rate - 19% (Roughly $172.94 a month)
Will take around 8 years to pay off with current payments

OSAP - $6,378.08
Current payment - $88.15 a month
Interest rate - $4.75% ($25.73 a month)
Started at $6683.88. $305.80 paid down since November
Will take around 6 years to pay off with current payments

This means I'm paying $438.15 a month in debt repayment. With $242.70 a month in interest payments. I'm paying only $195.45 a month directly to my debt, the rest is interest payments. How can I get ahead with that?
I need to pay these down in order to feel in control. This means I need to up my payments. The more I pay down, the less my interest payments will be.

How can I do this? I'm living dollar to dollar now. Soon I'll be without a car and will have to pay for transportation. How can I do this?

I need a change. And fast.

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