by Ashley
I don’t know if I’ve ever been more excited to share a debt update with you guys! Check this out:
| Place | Current Balance | APR | Last Payment Made | Last Payment Date | Original debt, March 2014 |
|---|---|---|---|---|---|
| Capital One CC | - | 17.9% | - | Paid off in March 2014 | $413 |
| Mattress Firm | - | 0% | - | Paid off in May 2014 | $1381 |
| Wells Fargo CC | - | 13.65% | - | Paid off in May 2014 | $7697 |
| BoA CC | - | 7.24% | - | Paid off in June 2014 | $2220 |
| License Fees | - | 2.5% | - | Paid off in April 2015 | $5808 |
| Navient - Federal Student Loan | $15692 | 6.55%-8.25% | $332 | October | $17507 |
| ACS Student Loans | $8633 | 6.55% | $20 | October | $8215 |
| Navient - Dept of Education student loans | $66279 | 6.55% | $636 | October | $63254 |
| PenFed Car Loan | $6951 | 2.49% | $3800 | October | $24040 |
| Balance Transfer student loan (Former Navient 1-01) | $3512 | 0% (through April 2016) | $700 | October | $5937 |
| Medical Bills | $5986 | 0% | $25 | October | $9000 |
| Totals | $107,053 (Sept balance = 112,171) | $5513 | Starting Debt = $145,472 | ||
First, let’s have a moment of silence to appreciate and fully take in the mammoth-sized debt payment this month! $5513 was put toward debt this month!
This is one of the largest debt payment months we’ve ever had, only rivaled by a few months around summer 2014 where our income really skyrocketed for a minute (before crashing down for awhile in 2015. The joys of a variable income).
You’ll see 2 higher payments, specifically:
- $3,800 went toward the car loan this month! This is insane!! We’ve had months this year where we’ve made less than this, total! We’re very thankful to have had a good month and be able to really knock the car loan debt in the mouth!
- Over $1,500 went toward student loans this month! This is WAY higher than my monthly minimums. But because my minimum payments don’t even cover my interest I’ve been trying to pay extra so I can continue reducing the principal. Also, I made a large payment toward Navient loan 1-06 this month to pay it off in full (Note, this figure also includes my payment to the balance transfer loan, which was originally a student loan).
Perhaps equally as exciting as this month’s stellar payments, I had a realization as I made October’s debt table.
If we’re able to continue making our expected debt payments (which is really contingent upon hubs’ income the next couple months), we will officially dip below the $100,000-mark in December!
That means in December we will simultaneously be reaching 3 insane milestones:
- We will officially pay off our car loan. This will make us consumer debt-freeeeeee!!!!!!
- We will have reached out 2015 financial goal of paying $30,000 toward debt this year.
- After nearly 2 hard years of chipping away at our debts, we will have finally rounded the corner and officially owe less than $100,000!!!!
I want to pinch myself! Only 2 months ago I was admitting defeat on my 2015 goals and now (eeek – fingers crossed!!!) we could be reporting some huge accomplishments in the next 2 months! How quickly the tide can change. I only hope and pray things remain on the ups!!
Hi, I’m Ashley! Arizonan on paper, Texan at heart. Lover of running, blogging, and all things cheeeeese. Freshly 40, married mother of two, working in academia. Trying to finally (finally!) pay off that ridiculous 6-digit student loan debt!
How awesome! Congratulations, you have worked so hard! To be under 100k before 2016 will be wonderful!
Nice work!!!!! I am so excited for you!!! I can’t imagine how hard it has been to stay motivated with such a large number to pay off, but I was so impressed. Keep up the good work!!!
Thank you!
This is so great! After a few really down months it’s fabulous to see some of your hard work paying off. (Literally paying off.) I am itching for you to get the car done so you can feel better about digging into those awful interest rates on the loans.
How exciting to see such progress. I can’t wait to see how 2015 ends and what 2016 has in store for you!
Thanks! Me too!
congrats on the debt progress!! I am working towards paying off our massive student loans. Have you guys considered IBR or PAYE repayment plans? What are your thoughts on those??
I’m actually on IBR currently. I pay above the minimums, though, because our current monthly minimum doesn’t even cover interest so (due to my unsubsidized loans) my balances were continuing to grow and I’m trying to reverse that pattern.
Nice job!! it’s crazy how quickly a situation can change from month to month. It’s so important to always have a plan in place, so when a great month comes through you can execute that plan and know it’s the right decision.
Wonderful, wonderful. You should feel so proud of yourselves.
We managed to stay on track this month, paying $1,000 towards our Honda Pilot. It would have been so easy not to as now we are squeaking along, waiting for husband’s Annuity deposit. So we, too, have only two more large payments of ca $1,250 left and then we are free of everything except mortgage.