Updated Debt Scales with New Auto Debt
With our new Mini Cooper purchase last week, I had a tough time figuring out where to put the debt without screwing up our existing debt scales. The debt is going to be short-lived and includes an auto loan and a 0% credit card balance.
Here’s what I decided to do:
- I relabeled the “Credit Card Debt” scale to “Original Credit Card Debt”. I wanted to keep the fact that we no longer have that original debt.
- I added two scales: one for the Mini auto loan and one for the Mini CC balance
- I added the $19,285 into the current total balance, but left the original starting balance of $112,890 alone
Total Debt Start: $112,890
Original Credit Card Debt Start: $20,000
IT’S ALL GONE!
Mini Cooper Debt Start: $19,285
Mini Credit Card
Student Loan(s) Debt Start: $39,858
Auto Loan Debt Start: $53,032
We should see that Mini debt gone by January/February, with the bulk of it gone by next month when we pay off the $13,285 auto loan with our savings.