The Current Debt: May 2018

Debts as of May 2, 2018:

Car loan: $0 - Paid off in October 2017
Credit Card #1: $0 - Paid off in July 2017
Credit Card #2: $0 - Paid off in February 2018
Credit Card #3: $9,512.43 (Interest rate: 14.51%)
Student Loan #1: $10,422.79 (Interest rate: 7.00%)
Student Loan #2: $39,602.31 (Interest rate: 7.25%)

Total debt: $59,537.53

Paid off since last month$449

Debt paid off since June 2017: $17,752

Debt breakdown: 84% student loans, 16% credit cards

6 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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    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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  2. Great progress! Have you considered doing a 0% balance transfer offer to make a faster dent in that card with the 14% rate? I have done them for our debt, and it has made a huge difference as far as watching those balances diminish.

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    1. I did that with my final credit card balance! Then I divided the number of months I have at 0% by the balance and that tells me what to pay each month so it's paid off by the time it reverts to 14 (or whatever)%. It's made a huge difference in feeling accomplished.

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  3. Gosh; you are doing so well. Good luck with this (I know what it is to pay off a large debt and live debt free. In a word: glorious.)

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    1. Thank you, Maria! I appreciate that. I can't wait to be debt free. I do get super impatient... The past few months have felt really, really slow when it comes to debt repayment.

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