Ok so tonight I sat down and really figured up our income and our debt. I've done this before but I felt I needed to do it again so that I had it fresh in my mind because ya know sometimes you just kinda forget the little things.
Here I am thinking it's really bad and I'm not going to say it's not bad but it's not as bad as I really thought it was PLUS I think I've figured out what's really wrong with this picture ...
Ok so our total income (not counting any Overtime that Chris works and basing my income kind of low since I'm self employed) is right around $45,000. 00 Our total debt, NOT counting the house it right around $25,600.00. Add the house onto that which is right around $72,000.00 and you're looking at $97,600.00. Now it looks bad again LOL but with Dave Ramsey's teachings you strive to become debt free on everything BUT the house in "Baby Step 2" then you work on paying off the mortgage at a later time in his program.
So looking at this big picture here, we're really not too bad off with only $25,600.00 in debt we should be able to get out of debt in NO TIME.However, here's what's wrong with this picture....
THIS HOUSE IS KILLING US. Our payments that we have aren't too far off on the scale. Dave Ramsey says no more than 25% of your income on your housing. We are around 28% BUT with our other debt we have a debt ratio of 44%. This is due to STUPID TAX as Dave Ramsey calls it.
We have a personal loan that we owe around $2100.00 on and I have a student loan that I owe around $4,000.00 on and then we have our daily living expenses on top of that and they are kind of high. Of course one thing I've realized is I NEED TO BE MORE WEIRD> I LOVE having my cell phone and they are convenient but do I NEED it?
Ok so we have the house listed for sale and have had for 2 months and have not had 1 single showing on it. I'm going to keep praying though that we can sell it although it's not really the major thing holding us back I still feel we would be better off getting out from underneath it and renting while we get out of debt then going back to buying a bigger better house that isn't a curse but a blessing to us!!
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Hi everybody, Since the cost for studying in an american college or university is so high and getting a loan for that is so high too....many american students started to study, on the other side of the border, in Canada where the cost of studying is generally 10 000$ which is much less than the majority of the american colleges and universities. Lower you debt potentiel as much as possible. For example in Montreal, there is a american student community. Imagine ! Thanks.
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