Our Debt Repayment Progress #2

I aim to write our debt repayment progress at the beginning of every month, but this month the Direct Loan Servicing web site was shut down for several days, and then I couldn’t access it while they worked out the kinks.  Finally, I was able to log on yesterday.  Our debt decreases (and unfortunately increases) break down like this:

Business debt on credit card 1: -$302.98

Personal debt on credit card 2: +197.81

My student loan: – 116.87

Husband’s loan: REALITY CHECK–two of my husband’s loans are unsubsidized.  I previously had the total loan balance spread across four student loans as $29.733.51.  However, closer examination shows the real total to be $$30,980.98.  Yes, over the course of the unsubsidized loans, $1247.47 has been added in interest.  Actually, we did throw a little money at these loans over the years, but we didn’t have enough to pay the interest every time.  Ouch.  I am definitely putting aside some money to put on these loans monthly even though payment is not due yet.

The balances are now:

Business credit card: $6,344.21

Personal credit card: $12,911.27

Personal credit card 2: 1061.15

My student loan: $6,668.40

Husband’s student loans: $30,980.98

Total: $57,966.01

Let this be the official total as of when we began to get gazelle intense.  You will see a difference in November’s update.  Regarding the other credit card that just entered the mix, that was to pay for my husband’s conference to Washington D.C. and will be gone when we get his reimbursement check.

By the way, I was recently directed toward an awesome debt repayment tool (I’ll be sharing it in a few weeks), and with our scheduled repayment plan, we are on target to pay ALL of this debt off in 6 years, with a payoff date of December, 2017.  Of course, we are going to use the snowflaking method, so it should be much shorter than that.  I’ll also keep you posted on what the current payoff date is each month.

Comments

  1. This is how it goes with our debts: some of them go down, some of them go up. If I only could curb my spending, it would be so much better! Don’t worry about some of the increase. You are doing great overall!

  2. Sounds like a great plan, Melissa! YOU CAN DO IT!! :)!

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