Opinions on pensions for retirement

[aevans1206]

Thanks for all of the discussion and advice, all. I really appreciate it. Here's a link to my blog which details interest rates and balances of various crappy debt.

So I went to the library today...: Aevans1206's Personal Finance Blog

I know it's a lot of money to hammer at the debt if I just go full on paying off the debt. It just makes me worry that' I'm neglecting other areas too. Sigh. There's always teaching summer school to help pound away that debt. Oh the horror!

[disneysteve]

I would pay off:

Orchard Bank2 of $585 just to get it out of the way and shorten the list.

Then, attack HFC. That 30% rate is insane. If I understood you correctly, you have an extra $1,000/month to apply to debt, so in 3 months, that debt would be gone. I suppose given that short timetable, I'd pay off HFC firsts and then the little Orchard Bank2. Either way, they'd both be gone in 4 months.

Then the Prosper loan at 19%. That will take another 2 months.

So in just 6 months your list will have 3 fewer items and $5,129.84 less debt.

After that, focus on the smaller of the two ACS loans at 15%. I focus on the smaller amount so that you can then snowball your payments when that one is gone.

[aida2003]

Just my 2 cents.

Are those debts all yours alone or combined (with your DH)?

I may sound harsh, but with your both combined income and not investing ($50/mo. is nothing, IMO) it sounds that you can snowball those debts very easily within a year or two unless you have small children and/or live in a very expensive area where your current bills are very high. It's all about choices in life .

DS gave you very good pointers.

[aevans1206]

I do have both a small child and live in an expensive area. I think I will do summer school this year and throw that money at this debt crap. It really takes me being very strong in conviction, though, for any movement to really happen here. We have plenty, I just want it paid NOW! I'd work 24 hours a day if it would help me get there faster (well, maybe I'm exaggerating a little). I've got the $1500 stimulus check to look forward to helping as well as my yearly bonus which will come in June ($1500-$2000). And summer school could possibly yield $6000 depending upon where I choose to teach it. I'll work on my resume tomorrow and will call the office of specialized services to get that ball rolling. Sigh. And I so looked forward to a summer off. Maybe my mom will be willing to watch little man tate and I can save on childcare too!

I admire all of you and look up to you. You're my current idols!