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Ashley’s February Debt Update


There have been some big changes going on over here in the months of January and February to shake-up our debt payment plan. I’ve got a post coming up later today with more details about our new plan of action, but in the meantime, enjoy a nice little debt update.

PlaceCurrent BalanceAPRLast Payment MadeLast 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$13442.5%$844February$5808
PenFed Car Loan$155502.49%$450February $24040
Navient - Federal Student Loans$43478.25%$116February$4687
Navient - Dept of Ed$721838.25-6.55%$260February $69191
ACS Student Loans$210407.24%$77January $21035
Medical Bills$63360%$75February $9000
Totals$120,800 (Last month = 122,312)$1822Starting Debt = $145,472

I’m pretty disappointed in the debt payment this month. I really like to put at least $2,000/month toward debt or else it feels like the needle is barely moving (note, I realize that’s still a ton of money to put toward debt every month, but when we started off with nearly $150,000 of debt, you can’t just nickel-and-dime your way out of it!!!) BUT I’ve still got one more student loan to make a payment on this month (it’s not due until the very end of the month), and I hope to make an extra payment toward it to account for some interest so, with any luck (and no over-speding this month!!!), I’ll still break the $2,000-mark for the month.

Also note, that although my Navient (department of education) loan balance is still higher than its original balance, it’s come down since last month (see last month’s debt update here). So, I really am trying to take strides toward not continuing to accrue interest and, instead, pay it down little bit by little bit. (Side note: It also may be worth mentioning that my ACS loan balance is staying exactly the same because it was a subsidized loan. Since I’m on the Income-Based-Repyament plan, the unpaid interest is forgiven instead of being added to the loan balance. The reason why the same is not true with the Navient loan is because some of those loans are unsubsidized, so interest isn’t forgiven on them and has continued to accumulate. This isn’t anything crazy, just the normal terms of IBR. Unpaid interest is forgiven, but only on subsidized loans).

Check back later for an updated debt plan of action (hint:  you can probably guess at some of these changes just by looking at my recent debt payments). I’m really excited to kick some debt booty and get rid of a couple of monthly payments!

How much do you try to make in debt payments each month? How close are you to paying off whatever debt you’re currently focusing on?

So, what do you think ?