2014 was not a great year for our mission to get out of
debt. I am resolved to get back on track
and see some major debt reduction again. I’ve set my sights on CC #3. It’s not
our smallest debt but the medical debt has no interest and is not on our credit
reports so I don’t feel it’s the highest priority. It’s also not our highest
interest debt, the consolidation loan currently has the highest interest. However,
on CC#3 the promotional 0% interest rate will expire this summer and it will
become the highest interest debt. The amount of $4,730 is small enough that it
could be paid off in one year if we work really hard at it. It will be a
challenge to get it paid off over the next twelve months and rests on some
assumptions that we’ll have a relatively calm year in terms of emergency fund
usage but I getting this paid off would be a major milestone for us.
Debt Goals
Pay off CC #3 balance of $4,730
Continue to pay minimums on all other debt for a total of
$11,300 in debt reduction (including CC#3).
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