February 2015 Debt Update

february 2015 update

Hopefully February has been a good month for you. Here is my debt update.

My total debt went from $72,703.05 to $72,194.17 which was a decrease in $508.88. That was good with this being the 1st month. I plan on going harder in next month.  I am happy to see the debt plan working. Here are the breakdowns:

Loan 2 – Down from $6035 to $6000

 

CU Loan – Down from $477.59 to $465.58

 

Wells Fargo Loan – Down from $1543.56 to $1497.41

 

Discover Card – Down from $251.34 to $163.28

 

Bank of America Card – Down from $3387.71 to $3353.72

 

Navient (Formerly Sallie Mae) – Down from $26,504.34 to $26,151.12

 

Nelnet (Formerly Direct loans)- Up from $34,503.51 to $34,563.06 (This is the only one that increased. That is because even though it’s deferred, the loan company is still charging interest. I don’t have to make a payment, but I am still applying at least $10 per month on this loan because of the said interest.)

Like I stated earlier that is a good start, but I’m trying to do even better. I am looking for ways to make more income. Are you currently paying off debt? How is it coming along for you?


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  1. Debt repayment is certainly a marathon affair. But hopefully keeping interest expenses in mind will keep you motivated. In my repayment, that specific pain point has really kept me focused!!I don’t have mountain of debt either.
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  2. Jason, you’re doing GREAT! Every step down is a step in the right direction. We started our year by doing the debt snowball and it’s working really well for us so far. I was able to pay off our very small credit card this month, and am working on the next one already! Keep up the good work – I know you’ll have a terrific March!
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  3. Sweet infographic! I’ve been looking for some cool interactive features to use on my site. I’m going to have to look into that one.
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  4. As long as your debt is going down it’s a good thing in my books. We are slowly paying off our undergrad, but also taking out some loans for my wife’s masters degree. One thing that is exciting is that the masters degree loans are at a much lower interest rate than a few of our private undergrad loans. Since we got way more in loans for her grad school than we need, we’ll use those low-interest loans to pay off some of the higher-interest private loans. It will literally save us thousands of dollars in interest and potentially allow us to pay off our loans quicker (or invest more).
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  5. That’s awesome that you’re moving in the right direction! You’ve probably shared this before, but I’m curious, are you paying some on each debt, or are you snowballing?

  6. Nice progress you’re making, keep it up! I need to go harder each month as well since I’m trying to eliminate my entire car loan this year.
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  7. Hi Jason

    You sure are making progress. This is great. Just remember to stick to the goal and I am sure, you will repay your debts
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  8. I love the infographic Jason. Way to go on your debt reduction. 🙂
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  9. I like the infographic – having that in front of you and seeing the changes each month will help keep you motivated. As long as you’re moving in the right direction you’re doing good.

  10. Good progress Jason. I don’t have any debt other than a home mortgage but as I think I have mentioned in the past, when I got out of college I fell way behind on my student loan. I’d like to tell you why but have no idea what I was thinking.
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  11. Even thou the one is up you’re still making progress, and that is pretty darn awesome if you ask me. Big pat on the back, from me. 🙂
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  12. Hello Jason

    It is nice that you are saving and paying back your loan. Going down in Loan is actually going towards peace of mind.
    I feel said about the interest that make a lot of people to suffer and many people in my part had to sell the property to get rid of it.

    I hope best for you and hope you will be out of this loan soon.
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  13. First of all good job. As they are coming down then you are doing the right thing. Second though, it is amazing to me that by going to college a person can accumulate this amount of debt. I am not picking on you Jason; it’s just that I am not used to seeing this kind of debt imposed on a person in order to get an education. Again, congratulations.
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  14. Keep up the good work Jason! I know it’s easier to work harder when you see your efforts paying off. Great job!
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  15. Good job! I totally hate that when you defer student loans, they still accrue interest. My husband’s student loans accrued $20,000 in interest when he was going through financial hardship. Crazy that the government is benefiting so much from someone else’s bad luck.
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  16. I think it’s great that you’re writing about your debt reduction progress. I would think it would keep you motivated to progress more and more. Good for you!
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