Remember that $4,500 credit card debt that I had back in June? It's gone! Paid! What a relief. The consumer debt weight has been lifted! There is light at the end of my debt tunnel and I feel so motivated. I am that much closer to obtaining financial freedom!
So my debt spreadsheet went from $47,039 of debt across 6 different 'loans' in June to $37,772.78 across 4 loans currently. This is called hardwork and dedication, people! If I can do it, you can too.
My current debt spreadsheet now looks like this below. I will take the $300 that I was putting toward the credit card debt and put it toward Student Loan 4 since this is the smallest and I want to keep the momentum going. (I should probably be putting closer to $400/mo extra on the debt but i'm cutting myself a break here at least until I get caught up from holiday spending). Also, all of my interest rates are quite low so the order of payment won't make a huge difference here. In addition, I will be putting $500 on this loan from an apartment rental that I am doing this month, bringing the balance down to $1,207.18 by the end of the week. I should have this paid off in the next 3 months and will start on SL 2 putting $372.55 extra on that loan balance every month.
| Liabilities | Amt/mo | Balance | Interest Rate |
| Student Loan 1 | $174.65 | $21,691.39 | 2.36% / 6.8% |
| Student Loan 2 | $82.50 | $5,797.62 | 5.25% |
| Student Loan 3 | $87.92 | $8,576.59 | 3.25% |
| Student Loan 4 | $372.55 | $1,707.18 | 2.36% |
| $717.62 | $37,772.78 |
You know what else will happen within the next 3 months?
Tax refund! Oh yes, 75% of the refund will go to the debt, the other 25% will go to savings. AND March is raise time at work. Woo hoo. Chip, chip, chipping away.
Happy New Years everyone!
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