Our last debt repayment report was April 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: $1,145.57 -252.63
Personal credit card: $11,364.33 -130.25
My student loan: $5,535.20 -157.40
Husband’s student loans: $30,957.74 -30.82
Total: $49,002.84 -$571.10
A few notes:
- The business credit card is seriously getting on my nerves. How long will that little thing linger? I am going to try to attack it this month by selling some more things on eBay and Craigslist and putting all the extra money I can on it. Hopefully, my challenge to track my spending will help with this.
- I want to renew my gazelle intensity. The 8 week period when we couldn’t snowflake has thrown me off. Time to get intense again by working extra and spending less.
When we became Gazelle Intense on October 20, 2011, our balance was $57,966.01. Since then, we have paid down 15.4% of our debt, or $8,963.17.
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 $12,509.90, so we have paid off 38.5% of our credit card debt, or $7,806.73.
Congrats on the progress – I just posted my progress post too!
It’s tough when you have a long way to go, but once you can see the light at the end of the tunnel, it gets easier.
Yes, looks like you are getting close!
Is it possible for you to stop paying down some of the other, low-interest debt for a month or two in order to pay down that business card that’s got you so irked?
We are making close to the minimum on everything else, so I think we will just try to watch our money closely and funnel any extra money on that debt.
I LOVE the fact that you are making the choice to pay down your debt! Awesome Job, I am Doing the same as well! I will be following! Thanx!
You are doing awesome! It’s really motivating watching your debt decrease. I really need to start focusing on paying off my student loans. I might have to get gazelle intense too!
I’d be glad for you to join the snowflake challenge! Every little bit helps.
Awesome job! Getting mad at the debt is such a great motivator. Can I ask why you guys are choosing to do 5k as an emergency fund vs the 1k that Dave Ramsey recommends?
Mainly because I bring in half or two thirds of our income every month, and since it is freelance work, it can be unstable. Just in case, I want a big enough cushion to cover any shortfalls in my income. Also, we have to pay for my husband’s conferences upfront and sometimes wait up to two months for reimbursement, so I don’t want that expense to affect our regular budget as it did recently.