Th above image is a screen-shot view of the program as it appeared on my desktop. As you see from that image, I have 3 debts entered into the program. Two (2) of which are mine and the third is the debt that belongs to Pat (as we head down the aisle in less then 16 weeks).
I made some assumptions, to my debt elimination progress, while punching in the my numbers to the software. As you see the final results are well after, my plans to be finished with these debts. However, there are some facts, not yet figured in. For example, the refund from the IRS that will be applied to that debt. Largely, because I haven't received my letter from them, telling me what my new balance is.
which I plan to pay a minimum of $300/month. Which obviously is not fast enough to have it paid off by August. However, there are additional payments planned, that are one time payments and such that are not figured in.
as I stated above, the federal refund I have coming has not been figured into reducing this debt. As soon, as I get the new balance, this debt will be significantly lower, at which time, I hope to start sending them some monthly payments to eliminating this debt. Hopefully will before the December 2010, estimate that the software figured up.
This is a debt that Pat has been paying on for a while, that stems from her previous marriage. It really should be him paying this off, but because of the situation, it has fallen to her. As such, it will be me that helps her clean this mess up. It would be nice to have this debt paid off this year as well (instead Sept. 2011).
The nice thing about this software, you can see how various methods would affect your debt. The above image shows the process according to the Transforming Debt Into Wealth Course. Other methods are:
As you can see, all the methods, in my circumstances are the same, with the exception of smallest payments first. In a week or so, once the IRS updates me on my balance, I will be able to adjust the debt and see just how quickly, it will actually be paid off. For that debt I assumed 6% interest, although that rate fluctuates all the time.
--- go ahead share your thoughts with me now, my ears are open. I'm always eager to hear what you think.
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