Our Debt Repayment Progress #10

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.
Emergency Fund
In addition to tracking our debt repayment, I am now also tracking our emergency fund.  We recently toed the line too closely, so our goal is to eventually end up with a $5,000 emergency fund while we are paying down debt.  Right now, our emergency fund is $2,148.03.  (We added $90 this month.)

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.

Related Posts Plugin for WordPress, Blogger...

Comments

  1. You are doing awesome! I have to start chipping away at my student loan debt. It’s in a grace period right now and I’ve made some small payments towards it to pay down the interest charges, but this summer I start repaying it. Thankfully, I kept it under $20K so I should be able to get it paid off if I can get a job!

    • To pay some down while you are still in school is smart. I can’t wait to start hitting my husband’s student loan debt, but getting rid of my little one is before that.

  2. I would love to hear what you’re financial planner has to say! We have the student loan debt left ($21,000) and we also need to buya new car in the next two years, and we want to buy a house in about four years.

    • I’ll share what he says on the blog. It is a difficult position because I just want to put everything on debt, but we also have to get ready for all of the other expenses coming.

  3. Congrats on the forward progress. It must feel great to have that CC paid off and now you can focus on the next one! I’m sure that you’ll keep up the hard work and get it paid off as soon as you can :)

  4. That is amazing! You guys are doing awesome. Your snowball is going to start picking up speed!

Leave a Reply