Our last debt repayment report was May 3, so here is the progress we have made since then:
The current balance and the change in balance since the last report are:
Business credit card: $0!!!! -1,145.57 That’s right! This credit card that has annoyed me for months with its persistence to stick around despite a relatively small balance is now paid off!! Woot woot!!
Personal credit card: $10,991.91 -372.42
My student loan: $5,368.37 -166.83
Husband’s student loans: $30,967.21 +9.47 (This went up because one of the loans that is not yet in repayment is unsubsidized and continuing to accrue interest. Got to love that!)
Total: $47,327.49 -$1,675.35
A few notes:
- My husband’s student loan debt is actually comprised of 3 different loans, two of which are under $10,000. Next month I will start breaking his loan balance down by loan.
- We are now left with 4 student loans (mine and my husband’s three) as well as one credit card. We will be talking with a financial planner later in the week to discuss how to proceed with our debt, especially considering we will need a replacement vehicle in the next few years (ours is 8 years old and has 107,500 miles on it now), and we would like to buy a house in the next two to four years.
When we became Gazelle Intense on October 20, 2011, our balance was $57,966.01. Since then, we have paid down 18.4% of our debt, or $10,638.52.
I am going to start further breaking down our debt. Our first priority is paying off the credit cards. On October 20, 2011, our overall credit card balance was $20,316.63. The credit card balances now are $10,991.91, so we have paid off 45.9% of our credit card debt, or $9,324.72.