Happy Monday! Hope you all had a good weekend!
This weekend was our little camping trip I mentioned in a previous post (couldn’t find the link). Basically, the town where we live hosted an overnight camping thing. It cost $5 for a family of 4 to camp, and they provided star gazing (with giant telescopes), a big outdoor movie screen playing Wall-E, a bonfire with storyteller, and tons of other perks (e.g., playscapes for kids were on-site). Husband and I used to be avid campers but this was our first time to go since the girls were born. This was a perfect “get your toes wet” kind of experience because it was so short (just one night), and had lots of fun amenities for kids. We had a blast (minus my allergies and all), and I expect stuff like this will only become MORE fun as the girls get older! Who doesn’t love some good old fashioned cheap fun!?
Anyway…. let’s get to the heart of this post. It’s time for another debt update. But before we dive into the table let me explain what I’ve done here….
I’ve now added a new loan to the list titled Balance Transfer student loan. This loan amount includes the original balance from my Navient loan #1-01 of $5821 (I used the exact 10-day payoff amount) PLUS the 2% initiation fee, for a total balance of $5937 (if you’re catching up, I wrote more about the decision to do a balance transfer here).
For now, I’ve decided to leave the rest of my Department of Education loans grouped together. When I move onto focusing on a new one, I’ll probably do the same thing and separate just the one new focal loan. Otherwise, for continuity and ease, I’ve left them grouped together. The other thing to note, however, is that I’ve changed the amount in the “original debt” column for my Department of Education loans to reflect a lower amount (equal to subtracting the amount from loan 1-01, which is now separate). I’ve also changed the APR (it used to range from 6.55-8.25%, but I’ve now separated the only 8.25% loan – my balance transfer loan – so all the rest of my Department of Education loans are 6.55% APR.
So hopefully that should explain the changes. Everything else is pretty straight forward.
|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%||$1119||Paid off in April 2015||$5808|
|PenFed Car Loan||$15423||2.49%||$100||April||$24040|
|Balance Transfer student loan (Former Navient 1-01)||$5937||0% (through April 2016)||$0||(balance transfer initiated on 4/2/15)||$5937|
|Navient - Federal Student Loan||$4078||8.25%||$116||April||$4687|
|Navient - Dept of Education student loans||$66556||6.55%||$260||April||$63254|
|ACS Student Loans||$21040||7.24%||$77||March||$21035|
|Totals||$119,170 (Last month = 120,610)||$1796||Starting Debt = $145,472|
I guess I do have a couple more notes I want to make about my debts this month…
First, you’ll notice another really low car payment this month (last month I only paid $50, and this month only $100). That’s because I really wanted to knock out those two debts I’ve been battling (a medical bill and the license fees). Also, since I initiated my student loan balance transfer this month I didn’t actually make any payments on it yet.
Starting in May, I’ll be making payments of $500/month toward my balance transfer student loan, and will be increasing my car loan payment as well. I’ll continue making minimum payments on everything else, so the size of my car loan payment will fluctuate depending on how much money we have to put toward debt during the month, but my hope is to be able to put at least $1,000 (or more) toward it fairly regularly from here on out until its gone!
What’s the most recent debt you paid off?