2010 Debt Payoff

I'm using this blog to track our debt payoff in 2010. We hope to pay off credit card debt, a truck loan and 2 student loans.

Credit Card - we currently have $1,500 at 0% interest that we need to get paid off by summer 2011 before the interest rate goes up. We plan on paying $100 a month and and extra $300 at some point to get the balance paid off at the end of the year. We do not carry a balance on any of our other credit cards and make sure they are paid off each month.

Truck Loan - we have a $9,173.06 loan on a truck we don't even own anymore. The interest rate is 5% and the monthly payment is $478.98. We do have a car that has no loan on it so we like to think that this loan applies to that even though it is more then what the car is worth. This loan is through a family member who doesn't need the money and is happy to loan it to us so although we would like to get rid of it we don't know yet if we want to pay this off right away. If something drastic were to happen we could get away with not making this payment for a while if needed. We also have approximately $30,000 on a loan for our primary vehicle at an interest rate of 0.9%. Because this interest rate is so low we don't plan on paying this off early.

Student Loans - my husband has $39,330.25 in student loans. Student Loan #1 is at $23,709.21 with an interest rate of 4.875%. We currently pay $125 a month on this loan. Student Loan #2 is at $15,621.04 with interest rates ranging from 2.5% to 3.9%.

All of the above debt totals to just over 50k! Our plan is to make Student Loan #1 our main priority and then revaluate after that is payed off. We hope to be able to pay a minimum of $700 a month extra to this loan. I'll updating as we progress and show how our family saves as much money as possible.