We have been paying down our debt since October, 2011.
The current balance and the change in balance since the last report on February 4, 2013 are:
Personal credit card: $12,968.98 -150.00
My student loan: $3,618.51 -355.78
Husband’s student loan #1: $5,133.26 +2.95
Husband’s student loan #2: $8,357.70 -5.30
Husband’s student loan #3: $16,992.33 +12.11
Total: $47,070.78 – 491.35
A few notes:
The Negative:
My husband’s student loans go back into active repayment in March and April. I had been only paying the interest and applying the difference to my student loans while his were in deferment, but now I’ll no longer be able to do that. I’ll have to find a way to apply extra payments to my student loans while also paying his. Not sure how that is going to happen.
The Positive:
Next month we’ll be under $47,000, which is a good psychological boost.
In the 16.5 months since October 20, 2011, when we began to focus heavily on our debt repayment, we have paid down $10,895.23. That equals $660 per month. Not shabby considering our income is only now beginning to increase.
You knocked down over 1% of your total debt which is pretty cool as well. And, since your balance is now smaller, even the same payments next month would provide you with a larger percentage paid off. The trick is not to increase your balance or decrease your monthly payments. That gets the ball (slowly) rolling but momentum will build and build over time.
Thanks. I like your attitude! Sometimes it’s easy to be discouraged because we aren’t making progress as fast as I would like, but you’re right, we are making progress, and it will keep snowballing.
It’s slow but keep at it. You’ll get there. Can you add the interest rate for each loan?
Sure. All of the student loans have a rate of 6.8%. The credit card has a 0% APR until March, 2014.
Great job! I have been following you for a while. It always amazes me the progress you are make with the resources you have. 🙂
Good for you! Keep it up!!
Thank-you, very inspiring
I’m just starting to work on my debt. I appreciate your sharing and positive attitude.
What great progress!!!
I was finally able to re-finance my car at a rate of 4.59% from a rate of 13.99%. I also shopped around car insurance and found a much lower rate. It is such a great feeling to not be drowning in debt anymore!
Congrats! That’s such a good accomplishment.