fbpx
:::: MENU ::::

Ashley’s November 2015 Debt Update

by

As I mentioned in my morning post, we were unable to meet our super high lofty debt-figure goal for the month of November (which was $4500). Even so, I do still feel like we had a respectable debt payment. A couple of roadblocks this month that stood in our way were all related to hubs’ work situation. First, he had to take off what turned out to be a full week at the beginning of the month when (1) both kids got sick (one, then the other), (2) hubs’ mom came to visit, and (3) the kids’ preschool closed for 3 days for teacher training. So that’s a full week of missed work. Then hubs missed another partial week of work (Wednesday-Sunday) when we went out of town for Thanksgiving. Given the two weeks of missed work, I think we’ve done as well as can be expected. We really tried to pare down our budget as much as possible (November budget update post coming…probably next Monday) and stuck to just the bare essentials so we could try to put as much toward debt as possible.

I don’t know what the month of December may hold. Although I find it highly unlikely that we’ll meet our big 2015 goals (paying off $30,000 in debt & being consumer debt-free), we will come so, so close. I don’t want to jinx myself, but if we are unable to hit those goals in December (unlikely), I feel fairly confident that we’ll be able to wrap them up in January. Not too shabby to be one month behind, especially since these were reaching goals to begin with (meaning, they seemed like a reach even when I set the goals).

So without further ado, here’s how November’s debt payments shaped up:

PlaceCurrent BalanceAPRLast Payment MadeLast Payment DateOriginal 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$82,1606.55%-8.25%$206November$80761
ACS Student Loans$86166.55%$20November$8215
PenFed Car Loan$49552.49%$2000November$24040
Balance Transfer student loan (Former Navient 1-01)$30120% (through April 2016)$500November$5937
Medical Bills$59610%$25November$9000
Totals$104,704 (Oct balance = 107,053)$2751Starting Debt = $145,472

One big thing to note is that my Navient debts are now combined. When I logged into my account this month the loans (which used to be separated and listed as “federal loans” and “department of education loans”) are now all combined. I have no idea why this transition took place and I received no prior warning or explanation about it. To be totally honest, I haven’t had a chance yet to break apart all the debts and make sure the figure is correct (because, as we all know, Navient is king at screwing things up). It does seem to be in the right ballpark and I’ve got that on my list for things to do at the beginning of December.

I’m proud of that $2700+ debt payment! This was a tough month and we still managed to make a good dent in our debt. But whats even more exciting to me is seeing our total debt. It’s now sitting right at $104,704.  We may not hit the two main goals of 2015 (becoming consumer debt free and putting $30,000 toward debt), but I sure am going to try my absolute hardest to get that figure to dip below $100k before the New Year rolls around. We may be looking for some things to sell, donating plasma, or picking up odd work. I don’t know what it will take, but I’m willing to make the sacrifices to see that figure drop down into the 5-digit range and stay forevermore out of six-digit figure land. Wish me luck!

How are your debt payments coming along?


10 Comments

  • Reply Carina |

    I really commend you for laying off the car debt so quickly!!! That’s my biggest hurdle right now. Wish I could get it gone!

    • Reply Ashley |

      (cringe) – thanks for pointing this out! I hate making stupid mistakes, but I’m glad you pointed it out so I now know better! It’s now been edited.

  • Reply Ashley |

    You are doing such a great job!!! I am hoping for a Christmas miracle for you and that you can get it gone by the end of December. I am also trying to be debt free by the end of 2015. I have right around $1000 to go and hope to wipe it out!

  • Reply Cj |

    If they combined your student loans….make sure none of them are at a higher interest rate than before – especially if you did not authorize the combination.

  • Reply Walnut |

    Nice work, Ashley. Hopefully extra holiday expenses don’t set you back too far in December!

  • Reply Judi |

    What spectacular debt repayment! With all the missed work, stress from moving and everything else you have going on $2700 plus is amazing!

  • Reply AY |

    So excited for you Ashley!! If you keep this up it looks like you could have the car loan and the balance transfer done by the end of February, which woukd just mean student loans and some medical debt left! I think it will be such nice timing to go on your cruise and get to relax and celebrate all your hard work. There’s still a lot of work ahead but I have no doubt you can do it! If you do a year end review and look ahead for 2016 id love a projection of when you could be debt free. I know you mentioned loosening up a LITTLE after your consumer debt is gone which I think is a great idea–having regular date nights and maybe saving for a house. But just think, if you keep working this hard you could be debt free in 2.5 years or so?? We are debt free as of June but trading for posts still gives me great motivation for our savings goals and bring intentional with what we spend. Keep up the good work!

    • Reply Ashley |

      Thanks for the encouragement, AY! I’ve been making a list of 2016 goals that I definitely intend on publishing once everything is fleshed out. And good luck to you in your final push toward debt-freedom!!!!!

So, what do you think ?