10 Month Progress Update

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

Current Debt (10 months later): $98,308

My debt has increased by $21 since last month, an overall reduction of $4,337 in 10 months.  I’m now at 4.23% of my debt payoff goal.

An increase you ask?  This past month has been slow with debt payments.  Hubby and I made a big purchase using my credit card (which will be paid off before interest kicks in), but that also meant less went towards actually paying the previous balance down.   $4,337 in 10 months doesn’t seem like a lot to me but I have to remind myself just how much my federal loans are growing each month, the fact that usually over half of my payments go towards interest, and let’s not forget that I’ve been jobless for 10 months.  I can’t be discouraged!  Something is better than nothing!  And there is hope on the job front!

I applied for several jobs posted on Craigslist and went in for an interview with one job helping a family who owns their own small business with child care and office assistant type stuff.  I’ll be going through a trial period this week, and I’m really REALLY hoping this will work out.  There’s potential room for growth within their company.  My background in animation actually helped me this time around!  This has really given me the inspiration I’ve been looking for to start creating art and animation again!

DEBT BREAKDOWN

Federal Student Loans $57,115 $57,244 (up $129 since last month, an overall $1,344 increase over 10 months)

Private Student Loans $38,540 $38,309 (down $231 since last month, an overall decrease of $2,312 in 10 months)

• StudentLoan#1: $6,245 $6,208 (down $37 since last month, an overall decrease of $952 in the past 10 months)
• StudentLoan#2: $10,831 $10,757 (down $74 since last month, an overall decrease of $443 in 10 months)
• StudentLoan#3: $17,597 $17,479 (down $118 since last month, an overall decrease of $761 in 10 months)
• StudentLoan#4: $3,867 $3,865 (down $2 since last month, an overall decrease of $156 in 10 months)

US Bank Credit Card $1,981 $2,112 (up $131 since last month, down $2,545 in 10 months)

BOA Credit Card $651 $643 (down $8 since last month, $827 in 10 months)