Ah, the American dream. In debt up to our eyeballs, isn’t it wonderful? In a previous post I mentioned the mountain of credit card debt we have, but did not mention the student loans, mortgage or auto loan.

Not to long ago money was thrown at anyone and everyone that wanted a car, a home, and/or an education. Hence, this is how we arrived in the situation we are in. From what I understand you can still borrow for school from the government and as we all know it seems to have a bottomless well of cash that it can borrow from. Thank god for that someone who lends out money….

So let’s tally up what we have:
Auto Loan. – $12,500
Student loan – $35,000
Student loan #2 – $25,000
Mortgage – $64,000

That’s a whopping $136,500! Yikes, that doesn’t include the credit card debt. It’s a daunting task to dig ourselves out of this avalanche of debt. The total money makeover says to start with your smallest debt first and snowball the payments. I can’t wait to get this moving and pay off a few debts at tax return time.