As you can see I updated my debt amounts the other day on my sidebar. I'd be interested to know the noise you all made when you actually read the total. Six digits worth of debt, makes my skin crawl.
You must keep in mind that some of this is from fees and such to get the equity loan, but my mistakes nonetheless.
A few little things to note:
Things are going to get worse!: Credit cards B-D have all had partial payments from the equity loan, so for 3/4 of the month they had a balance in the 10's of thousands at a disgusting rate over 19%. So therefore, the when the interest charge hits at the end of the month it will be big and ugly, coming close to doubling some of the balances. It's okay, I know this is coming.
Charging the Opportunity Cost: The equity portion is not just current mortgage less balance before the loan (well it is right now, but it will not be in the future). To make sure that the balance is the most accurate, I have maintained an amortization chart of my old mortgage, so the amount owing will be the current mortgage value less what my old mortgage value WOULD HAVE been on that date. I figured that if I didn't take into account where I should have been under normal mortgage payments had my financial life not gone to hell, then I would be attributing money I pay on my mortgage to debt reprayment and basically over accounting my actual progress. This is a process, I will not get thorough it quickly or easily, I have come to terms with that.
But there it is; the writing on my blog wall. Things are going to go better this time around. They have to.
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