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.
Emergency Fund
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 $1,551.03.
When we became Gazelle Intense on October 20, 2011, our balance was $57,966.01.  Since then, we have paid down 20.8% of our debt, or $12.069.72.

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.

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