Our last debt repayment report was July 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: $9,928.92 -788.69
My student loan: $5,046.72 -161.89
Husband’s student loan #1: $5,236.94 -$26.95
Husband’s student loan #2: $8,485.18 -43.30
Husband’s student loan #3: $17,198.73 +26.63
Total: $45,896.49 -$994.20
A few notes:
- We are now in repayment for all three of my husband’s student loans, but every time I try to pay each of them individually, there is an allocation glitch, which is why more was paid off on the smaller one than I intended, and not enough was paid on the bigger one, giving us a positive balance, ugghhh.
- I can’t wait until next month to see my student loan balance dip below $5k. I know I need to be paying down the credit card first because it has the larger balance, but I truly am the type of person who gets inspired watching the smallest balance disappear. I can’t help but think that I would be even more motivated if I was focusing on paying off the student loan first since that would be another quicker small win.
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 $9.928.92, so we have paid off 51.1% of our credit card debt, or $10,387.71.