Happy 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
How is your debt repayment plan going?