Starting point (Oct 2011):
Student Loan 1 (My fed loan): $38,339
Student Loan 2 (S' state loan):
$21,719
Student Loan 3 (S' fed loan): $5,454
Car Loan: $11,684
Credit Card 1: $10,577
Credit Card 2: $3,635
Credit Card 3: $0
Misc. small debts (S' small debts
in collections): $5,443
Medical expenses: $3,672
Parents: $600
Total: $101,123
And here's where we are today:
Student Loan 1: $34,501
Student Loan 2: $18,860
Student Loan 3: $0
Car Loan: $0
Credit Card 1: $0
Credit Card 2: $0
Credit Card 3: $4,344
Misc. small debts: $4,349
Medical expenses: $1,544
Parents: $0
Consolidation Loan: $8,610
Total: $72,208
Paid off to date: $28,915 paid off + $1,426 in savings
We still have some unknown bills
for DS L’s surgery that we are waiting for and we still have an outstanding tax
return coming to us. Once all the surgery bills are paid/ tax return is
received, we’ve decided the balance will go towards the medical debt. I’ve been
going back and forth on paying interest bearing credit card debt or paying
no-interest medical debt. In the end, knocking out the medical debt ASAP won. The
medical is a small enough number that we can get rid of it this year for a boost
in our debt reduction mission. We’ll be able to snowball our payment towards
the credit card and, on the really lean months, ease some of the burden on our
budget.
I’ve also realized looking at this
quarter’s numbers that we are nearing the 1/3 debt pay-off mark! If we stick
with our projected payments through the next two quarters, we will be able to reach
that goal by October which is the 4-year anniversary of the beginning of the
debt reduction journey!