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Debt schedule
Sam and Louise Locke
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Debt
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Balance due
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Interest rate
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Current monthly payment
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"Payment Push" period" **
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Macy's
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$300
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20%
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$30
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Feb. 2002 - Mar. 2002
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Funding the "Payment Push:"
Starting 02/02, combine the $30 current payment with $150 from
belt tightening to make total payments of $180. Macy's will
be gone in two months.
The $180 that is freed up when this debt is paid off will be
used to pay down Firestone. |
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Firestone
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$400
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20%
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$16
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April 2002 - May 2002
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Funding the "Payment Push:"
Starting 04/02, combine the $16 current payment with the $180
freed up from paying off Macy's to make total monthly payments
of $196. Firestone will be history in May 2002.
The $196 that is freed up will be used to pay down the furniture
store. |
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Furniture store
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$1,300
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20%
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$50
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June 2002 - Oct. 2002
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Funding the "Payment Push:"
Starting 06/2002, combine the $50 current payment with the $196
freed up from paying off Firestone, and make $246 payments until
the furniture store is paid off 10/2002.
The $246 that is freed up will be used to pay down People's
Bank. |
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People's Bank
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$4,100
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18%
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$140
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Nov. 2002 - Mar. 2003
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Funding the "Payment Push:"
Starting 11/2002, combine the $140 current payment with the
$246 freed up from paying off the furniture store, and make
$386 payments until 09/2002. Starting 09/2002, add the $250
that is freed up from paying off the 0 percent interest medical
loans, and make $636 payments until this debt is paid off 03/2003.
The $636 that is freed up will be used to pay down the credit
union loan. |
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Credit union
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$1,800
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13%
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$60
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April 2003 - May 2003
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Funding the "Payment Push:"
Starting 04/2003, combine the $60 current payment with part
of the $636 freed up from paying off People's Bank, and the
credit union will be paid off 5/2003.
The $696 that is freed up will be used to pay down the 403(b)
loan. |
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403(b) -- prior employer
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$2,800
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7%
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$30
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June 2003 - Sept. 2003
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Funding the "Payment Push:"
Starting 06/2003, combine the $30 current payment with the $696
freed up from paying off the credit union loan, and make $726
payments until the 403(b) loan is paid off in 09/2003.
The $726 that is freed up will be used to pay down student loan
No. 1. |
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Student Loan No. 1
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$12,000
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7%
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$124
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Oct. 2003 - Nov. 2004
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Funding the "Payment Push:"
Starting 10/2003, combine the $124 current payment with the
$726 freed up from paying off the 403(b) loan, and make $850
payments until student loan No. 1 is paid off in 11/2004.
The $850 that is freed up will be used to pay down student loan
No. 2. |
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Student Loan No. 2
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$20,000
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6%
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$200
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Dec. 2004 - April 2006
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Funding the "Payment Push:"
Starting 12/2004, combine the $200 current payment with the
$850 freed up from paying off student loan No. 1, and make $1,050
payments until student loan No. 2 is paid off 04/2006.
Hooray! The Lockes are debt free in 2006! |
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Medical
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$2,000
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0%
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$250
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N/A
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This debt will be paid off in 8 months (09/2002)
with current monthly payment.
The $250 that is freed up will be used to pay down People's
Bank.
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Total debt and monthly payments
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$44,700
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$900
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