Our last debt repayment report was June 5, so here is the progress we have made since then:
The current balance and the change in balance since the last report are:
Personal credit card: $10,717.61 -274.30
My student loan: $5,208.61 -159.76
Husband’s student loans: $30,964.47 -2.74
(As I mentioned last month, from now on I will report each of his student loans individually as they will all finally be in repayment in July. Here is how the $30,964.47 above breaks down by individual loan:
Loan #1: $5,263.89 going into repayment this month
Loan #2: $8,528.48 going into repayment this month
Loan #3: $17,172.10 the loan we have been paying on)
Total: $46,890.69 -$436.80
A few notes:
- I am actually happy to have all of my husband’s student loans in repayment because now maybe we can make a little traction.
- We spoke to a financial advisor who told us, from a risk perspective, we should pay off the student loans first since they cannot be discharged in bankruptcy. I have struggled with the decision to follow a true Dave Ramsey snowball and knock out some of the loans first and then hit the credit card debt, but in the end we decided to focus on credit card debt first because it has a higher interest rate and because my husband is applying for a grant that would pay half of his student loans if he got it. (Wouldn’t that be wonderful!)
When we became Gazelle Intense on October 20, 2011, our balance was $57,966.01. Since then, we have paid down 19.1% of our debt, or $11,075.32.
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 $10,717.61, so we have paid off 47.2% of our credit card debt, or $9,599.02.Tweet