Let me be real for a minute.  It is so much fun to share our debt repayment progress when we are gazelle intense, but when we are in the situation we are in now, where our debt is actually creeping up, writing this report is no fun.  It is actually a little bit painful, but I am committed to doing it and being total honest, so here goes.

Our last debt repayment report was October 3, so here is the (lack of) progress we have made since then:

The current balance and the change in balance since the last report are:

Personal credit card: $11,972.38   +627.28

My student loan: $4,556.59     -163.53

Husband’s student loan #1: $5,269.37   +41.76

Husband’s student loan #2: $8,418.33   -0.00

Husband’s student loan #3: $17,177.48   +71.52

Total: $47,394.15   +$576.67

A few notes:

The Negative:
Over the last two months, our credit card debt (and our overall debt load) has increased thanks to the following situations:

  • My computer died and we paid $550 for a new one from Costco
  • I had a private consultation to talk with a freelance writing expert for ways to increase my freelance writing income, in addition to getting a few other services.  This was $400.
  • We had medical bills which topped $1,500.  Quite a few of them are related to my current medical issues, but I was also shocked to see that my daughter’s emergency room visit to get stitches was barely covered.  The original bill was $707; the insurance got a $200+ discount, and then all the insurance paid was $40.  We were left with a $434 bill.
  • My husband was docked $750 in salary for October and November because his employer didn’t take out enough tax to compensate for the free classes he is taking.
  • My husband’s and my airline tickets for his conference in California are on the credit card, but that expense (less my ticket), should be reimbursed within 4 to 8 weeks by his employer.

The Positive:

  • After the conference and the upcoming paycheck that will be docked $750, we should be on stable ground.  Most of my medical tests are done, so we will be able to rebuild our emergency fund.  After that is done, we will work on aggressively paying debt again.
  • My husband’s loans are currently in deferrment because of the classes he is taking, but interest is still accruing on some of the loans.  This month we skipped payment because we were trying to survive his docked pay.  However, after this, we intend to keep paying so the interest doesn’t continue to accrue.
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 $651.03.
When we became Gazelle Intense on October 20, 2011, our balance was $57,966.01.  Since then, we have paid down 18.23% of our debt, or $10,571.86.

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 $11,972.38, so we have paid off 41% of our credit card debt, or $8,344.25.

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