So Long Six Figure Debt!


I’ve been blogging for 5 months!  My total debt is now under $100,000!  Goodbye six figures, I won’t miss you! 

I will, however, miss my husband who is gone on a short underway this week.

Yesterday saw another record breaking day of views, totaling 198!  Hooray!

I sometimes get some goofy search engine terms but this one in particular gave me a good chuckle:

sallie mae told me i’m past go and they won’t help me what do i do

My first thought went to Monopoly.  Sallie Mae is a horrible banker if they won’t give you $200 for passing GO!  I wish I could say you could just stop playing the game since they’re cheaters, but the real world doesn’t work like that, sadly.


Original Debt (beginning mid December 2012): $102,645


Current Debt (5 months later): $99,488  

I reduced my debt by $839 since last month, with a total reduction of $3,157 in the last 5 months!  That’s 3.07% of my goal.


Federal Student Loans $55,900 $56,543 (up $129 since last month, an overall $643 increase over 5 months)

Private Student Loans $40,625 $39,145 (down $304 since last month, an overall decrease of $1,480 in 5 months)

  • StudentLoan#1: $7,160 $6696 (Somehow this loan has increased by $30 since last month.  I hate Sallie Mae.  Their math does not make sense.  According to their website I don’t have a minimum payment on this loan due until October and I pay more than the minimum every month.  WTF?  Overall, this loan is down by $464 in the past 5 months)
  • StudentLoan#2: $11,200 $10,873 (down $108 since last month, $327 in 5 months)
  • StudentLoan#3: $18,240 $17,673 (down $184 since last month, $567 in 5 months)
  • StudentLoan#4: $4,025 $3903 (down $42 since last month, $122 in 5 months)

US Bank Credit Card $4,650 $2,828 (down $1,822 in 5 months, $580 since last month)

BOA Credit Card $1,470 $972 (down $84 since last month, $498 in 5 months)  Happy to get this one under $1,000!

I’ve paid $1,550 this month towards my debt ($600 to Sallie Mae).  My debt has only decreased by $839, so $711 (46%) went towards interest.

I’ve paid $5,584 towards my debt in the past 5 months and my overall debt has decreased by $3,157, so $2,427 (56.54%) went towards interest.  Ugh!  Over half of what I have paid has gone towards interest.  This is very discouraging.  I really need to crank up my income by either getting on SSI or finding a job!


38 thoughts on “So Long Six Figure Debt!

  1. Many congrats! It was exciting when mine dropped from 5 to 4. It’ll take another year before it goes down further to 3 and then to 0, but it’ll be worth it. Congrats!

  2. Congrats!! I am sure it feels amazing to be below 6 figures. WOO HOO! You are rocking it and just gotta keep going. It will be a slow process, but you will get there. I’m in the same boat and the interest is really a life sucker.

  3. Congrats on reaching that awesome psychological and actual goal 🙂 Before you know it – you will be under $90,000 at your next update! Just keep going and make that steady progress.

  4. CONGRATS on dropping that debt and 5 months of blogging!!!! I jave Sallie Mae loans too. I pay them online. This may seem extremely stupid and something you are already aware of but every month when you pay extra, they ask if you want to apply the extra towards principal or towards the next payment. I think by default they apply toward the next payment, so if you’re not changing it then that would be why you don’t have a payment due til October. It sucks because I know you want it to go towards the principal, but of course they don’t because they want you to pay the maximum interest. Check that out though. Maybe that’s why. As for it going up, I got nothing except that maybe your interest rate went up, but I don’t think that happens til July. Hope this helps!!!!

    • Thanks! I make sure my extra payments go towards principal. But now I’m noticing that the extra payments have been going to my largest co-signed loan instead of my smallest. I’m not sure why because I pay online and I personally enter where I want my extra payments to go and I always put it towards my smallest loan. Guess I need to call Sallie Mae and ask them why they keep messing that up!

  5. Congrats on the big milestone!!!!! You guys sound like us: only having enough to chip away at the total slowly. We just hit our $3k milestone last month and started about the same time as you. It’s so exciting when those numbers start to add up, isn’t it?

  6. Good luck to you! I am excited to see you pay down this debt, even getting it to a manageable place feels great! I hope you continue to track your expenses and be ruthless with trying to negotiate down those expenses and knowing where your money goes. It will help a lot!!

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