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Hope’s Debt Update – June, 2020

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It’s an exciting day in my world. A debt update with some real progress!

Creditor
Balance

(06/10/2020)
Interest
Min. Payment
Student Loan #1$11,674.482.88%$0
Student Loan #2$19,561.922.88%$0
Honda HRV$17,631.11
3%$250
Total$48,867.51$250

As I mentioned in a previous post regarding my student loans, I have finally taken a good hard look at my Student Loans and decided to break them down into the two different loans. I am focused on paying off the smaller of the two loans.

Since that last post, I have paid off $2,455 of the smaller loan. And I paid $197 toward the larger of the two. (My goal was to pay the accrued interest.)

I’ve continued to pay on the car loan but at a much slower rate. I am now paying $250 per month.

Work continues to go well and I am very dedicated to paying off this debt as quickly as possible.

Per my previous post, my goal is to pay off the smaller of the two by May, 2021. I also plan to keep paying a little bit each month toward the larger loan in order to prevent it from growing. And of course, until a decision is made about the car, I will keep paying for it. (Princess’ dad continues to say he is going to get her a car…but no timeline.)

More updates to come…Sea Cadet has moved onto his own auto insurance policy, History Buff has plans to and I’ve been able to cut our phone costs. *Doing a happy dance over here*


7 Comments

    • Reply Katie |

      She got a loan from a family member. 6 years until paid off is way too long for a car loan IMHO.

      • Reply Hope |

        It won’t take that long. It’s just what I’m paying right now as I focus on the student loan.

      • Reply Cwaltz |

        Good job Hope, you’ll be under $30,000 for the first time ever in no time. Just keep plugging along and remind yourself marathon, not a sprint. Are you going to be posting your budget revisions now that Sea Cadet and History Buff are working on paying bills on their own? How are they doing with their new adult responsibilities?

  • Reply Cheryl |

    Since all three have about the same interest rate and the car was a loan from a family member, wouldn’t you want to pay his loan off as soon as possible? You’ve had the other loans for years.

    • Reply Hope |

      I’ve written about the car before and why I am not focusing on it.
      In a nutshell, if her father comes through with a car, there is a chance that I will sell the car and buy a cash car.
      But again…up in the air. And my relative is not in a rush and understands the circumstances.

So, what do you think ?