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.

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