The Current Debt: February 2018

Debts as of February 2, 2018:

Car loan: $0 - Paid off in October 2017
Credit Card #1: $0 - Paid off in July 2017
Credit Card #2: $4,422.74 (Interest rate: 15.74%) PAID OFF!
Credit Card #3: $10,217.66 (Interest rate: 14.51%)
Student Loan #1: $10,848.53 (Interest rate: 7.00%)
Student Loan #2: $40,484.77 (Interest rate: 7.25%)

Total debt: $65,973.70 $61,550
Debt last month: $67,917.89

In total, we paid off nearly $2K in debt in January.

Debt paid off since June 2017: $11,315.61 $15,738.35

Debt breakdown: 78% student loans, 22% credit cards

We are chomping* at the bit to get our credit card debt paid off. By the end of February, we'll have received payment for my last side hustle and our tax refund. Together, they'll allow us to obliterate Credit Card #2 and make a nice dent in Credit Card #3.

(Side note: I just learned that both "champing" AND "chomping" are acceptable here!)

2 comments:

  1. $2000 is great progress in one month! Congrats guys! I'll be following along to see how things are going. I'm sure you've stated this elsewhere but do you have a plan for tackling your debt such as the snowball or avalanche method? Based on your loans they will pretty much be the same thing but I'm curious. Good luck!

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    Replies
    1. Hi Kevin! Thanks! I guess you could say we're using a combination of the two? We paid off the CC with the lowest balance and will soon pay off the car. We'll then add what we put towards those payments to the monthly payment of the highest-interest CC and go from there.

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