by Hope
I began blogging here on March 26, 2014, you can read my very first post HERE. This table shows my debt as it stood that day…
Creditors | Amt Owed | Total Interest | Pymts Left | Payoff Date | Interest Rate |
Retail Card #1 | 413.00 | – | 1 | Apr-14 | 0% |
Property Tax | 700.00 | – | 2 | May-14 | 0% |
Loan from Dad | 3,830.00 | – | 6 | Sep-14 | 0% |
Credit Card | 4,974.00 | 440.68 | 10 | Jan-15 | 13.9% |
Retail Card #2 | 2,264.80 | 499.76 | 12 | Mar-15 | 25.99% |
Car Payment | 31,138.00 | 2,800.77 | 25 | Apr-16 | 6.79% |
Line of Credit | 1,248.00 | 58.25 | 6 | Sep-14 | 15.95% |
Student Loan | 31,687.00 | 2,622.91 | 42 | Sep-17 | 2.88% |
And my debt total those long 5 years ago was $78,518
And as of today, my current debt load is $35,598.
For a total paid off: $42,920 in the last 5 years! (Not too shabby for a single mom of 4, with almost two years of unemployment in there.) And I’m not done yet!
(as of 10/14/17) | |||
---|---|---|---|
Student Loans | $34,323 | 2.88% | $306 |
Credit Card | $1,275 | 17.00% | $32 |
Total | $35,598 | $338 |
My story has definitely not been a straight line. I have added too and removed debt several times along the way. But the good news, knock on wood, is that I am down to only two debts! And I am pretty close to being at a $0 balance with my credit card.
I will be working on a new budget for the fall this coming week. And will publish that when complete. Princess schooling has been paid for, and yes, I will share how that happened as well this week. I am still pondering the car situation. Sea Cadet is out of town this week with his car. He will return for his last two weeks at home before heading out and we will finalize the legalities of whatever is decided then. I will keep you posted.
Hope is a creative, solutions-focused business manager helping clients grow their business and work more efficiently by leveraging expertise in project management, digital marketing, & tech solutions. She’s recently become an empty nester as her 5 foster/adoptive kids have spread their wings. She lives with her 5 dogs in a small town in NE Georgia and prefers the mountains to the beaches any day. She struggles with the travel bug and is doing her best to help each of her kids as their finish schooling and become independent (but it’s hard!) She has run her own consulting company for almost twenty years! Hope began sharing her journey with the BAD community in the Spring of 2015 and feels like she has finally in a place to really focus on making wise financial decisions.
I’m looking forward to seeing the shiny ,new budget. Fingers crossed that you can still meet your goal of ridding yourself of the card by year end and then just having the student loan.
Hi Hope,
Great that things have been moving forward.
Good luck on the future journey.
Wonderful – what great progress! Especially since life happened during those years too! Can’t wait until that update is at $0!!!
Curious as to what your plans will be once you’re down to just the student loan (hopefully in a a month or two!). Will you switch from debt repayment to emergency and retirement savings?
It’s been a while since I’ve peeked in here, so I must say I am impressed with your progress! Being able to average $8584 debt re-payment while a single mom of 4 is excellent work 🙂