January 2016 Debt Update

January 2016 Debt UpdateHappy Friday everyone. This is my first debt update of the New Year. It’s also been a year since I started actively paying it off. I will talk more about that shortly, but in the meantime let’s look at the January 2016 debt update chart below.

 

My total debt went from $69,919.18 to $69,670.54. It decreased by $248.64. I thought it would have decreased by more, but then I realized that the interest is ridiculous for some of these debts.

Loan 2 – DOWN from $5900 to $5890

 

Wells Fargo Loan – DOWN from $983.02 to $876.72

 

BOA Credit Card – DOWN from $2999.94 to $2962.79

 

Navient – DOWN from $25,144.59 to $25,052.74

 

Nelnet – DOWN from $34,891.63 to $34,888.29

This is the 1st time I’ve been able to mark down by my Nelnet loan. It’s still in deferment, but I want to make an effort to make some type of payment on it. The interest is ridiculous on this one, though.

This month also marks a year since I’ve gotten serious about paying off this debt. In this time, my debt has gone from $72,703.05 to $69,670.54. That’s a decrease of $3032.51. That might not be much to some, but it’s pretty damn good to me. It’s a nice starting point. Paying off a large amount of debt isn’t easy. If it was everyone would be debt free. I expect the decrease to be much more this year. With hard work and more focus, it will happen!

Previous Debt Updates

January 2015 Debt Update (The Beginning)

October 2015 Debt Update

November 2015 Debt Update

December 2015 Debt Update

How is your debt repayment plan going?



Debt, Life
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  1. Way to go on decreasing all of your debts! That’s a great start to the year and I know you will make some awesome progress in 2016.

  2. Pretty damn good period:) Onward……….
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  3. Good job. I start paying my debts too but it is going slow. Need more income.
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  4. Little by little, you are making great progress. As you say, the amount you will pay down will increase even more this year than last.

  5. I think ANY decrease in debt is an accomplishment! I often feel the same way paying over $600.00 monthly total in debt payments and sometimes by the time the interest fees hit the balance has only decreased by $12.00, however the “Free money” that the cards are making off of me continues to motivate me to become debt free! Good Luck on your journey!

  6. Jason – your debt updates are really inspiring and I enjoy them. They make me think about how I should not just be reviewing my income and expenses each month but also how much my debt shifted.
    DC @ Young Adult Money recently posted…How to Get Rid of Cable (But Still Watch TV)My Profile

  7. Great job on reducing your debt! Every bit helps 🙂
    I applaud your openness on this topic. This is a great help and inspiration for everybody who is in the same situation.

    Keep chipping away at that debt, you’ll get there!
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