June 2016 Debt Update

June 2016 debtHello, everyone. I hope everyone has had a good June so far. Today’s post is my monthly debt update.

My debt went from $68,342.92 to $68,105.91. That was a decrease of $237.01. You also probably notice that my Wells Fargo student loan is gone. I paid it off at the beginning of the month! It feels great to have one less debt. Since I am doing the debt snowball method, I now shift my focus to my Bank of America credit card. It should be paid off by November. I might be able to do it sooner, but I’m not really sure. My best friend is having a destination wedding in August. I’m honored to have been selected as the best man. I have to save money for the wedding, so I may not be able to apply any extra payments to my debt for the next month or two.

Below are my current numbers:

Loan 2 – DOWN from $5850 to $5840

Bank of America – DOWN from $908.14 to $897

Chase – DOWN from $1910 to $1885

Navient – DOWN from $24,700.53 to $24,611.30

Nelnet – DOWN from $34,874.90 to $34,872.61

I love the fact that all of the numbers are getting lower. As I stated earlier, my focus has now shifted to the Bank of America credit card.

Previous Debt Updates

January 2015 Debt Update (The Beginning)

March 2016 Debt Update

April 2016 Debt Update

May 2016 Debt Update

How is your debt repayment plan going?

Debt, Motivation , ,
number_format_i18n( get_comments_number() ) ); ?>
  1. It’s awesome to see those numbers drop, isn’t it? Great progress! I’m also working to pay off loans, although I’m not using the debt snowball — we opted to start with the highest interest rate because it is also my highest monthly payment and would make the biggest impact in our finances. It’s definitely hard to stay motivated without the reward coming quickly, though, so I see real value in the snowball method, too.
    Alexandra recently posted…Big Financial Goals? Get the Family InvolvedMy Profile