7 Month Progress Update

PROGRESS

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

Current Debt (7 months later): $99,132 

My debt has decreased by $633 since last month, an overall reduction of $3,513 in 7 months.  I’m now at 3.42% of my debt payoff goal, an increase of .62% from last month.

DEBT BREAKDOWN

Federal Student Loans $56,685 $56,848 (up $163 since last month, an overall $948 increase over 7 months)

Private Student Loans $39,087 $38,710 (down $378 since last month, an overall decrease of $1,911 in 7 months)

  • StudentLoan#1: $6,696 $6,483 (down $98 since last month, an overall decrease of $677 in the past 7 months)
  • StudentLoan#2: $10,873 $10,803 (down $106 since last month, $397 in 7 months)
  • StudentLoan#3: $17,673 $17,545 (down $145 since last month, $695 in 7 months)
  • StudentLoan#4: $3,903 $3,879 (down $24 since last month, $142 in 7 months)

I always put my extra payments towards StudentLoan#1 but somehow I’ve paid off more on StudentLoan#3 which has a higher interest rate.  I don’t understand how that’s happening but I’m starting to keep an eye on my payments, maybe Sallie Mae isn’t allocating the way I set things up?

US Bank Credit Card $3,287 $2,797 (down $308 since last month, down $1,853 in 7 months)

BOA Credit Card $888 $777 (down $111 since last month, $693 in 7 months)

Total payments for this past month were $1,126, including $51.48 from eRewards/UPromise.  $413 has gone towards interest alone ($576 if you include the fed loan increase).

Progress is still frustratingly slow.  Gotta keep at it though!

Advertisements

7 thoughts on “7 Month Progress Update

  1. Slow and steady, it will take several years, but those years will pass whether you are getting out of debt or not, so you might as well let time pass in a positive way!

  2. Just saw your blog! I’m in $120,000 debt all together too! I have been diligently paying down with all the extra left over money I have and it is very frustrating seeing my total not going down every month. My patients are often tested with Sallie Mae’s calculations on interest. One thing I would suggest that worked for me was to do bi-weekly or even weekly payments. The money actually goes more to the principal because you don’t allow time for the interest to accrue! What do you think?

    Also, Credit cards debt is awful! that was the first thing i got rid of with all my savings!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s