January 2015 Debt Report

- - Getting out of debt

january 2014 debt report header


What are Debt Reports?

Hello! If you’re new to my blog, I write a detailed report each month of how much debt I’ve been able to pay off. I show you exactly how much each loan balance has gone down and where my total debt stands. I do this to give you a real life example of how you can go about paying off your debts, and show you that it is possible and you’re not alone.

This is all here to help you see my progress, good and bad. There are a lot of generic plans out there that may work, but they never really break down exactly what is being done in real time.

After all of the research I’ve done, I can tell you that I am definitely one of the people who learns by seeing examples, not just by hearing generic directions that then leave you hanging to figure out the rest. So I wanted to give people the option of seeing a genuine example of how a regular 26 year old is getting their act together. 

You can download my free template to create your own Debt Report. Thanks for showing up here to check out my wins – and losses. Here goes!  

January 2015

I wanted to start 2015 with a bang, and I think I did just that! I began the month of January with $53,042.64 of debt to my name. I was able to make a lot of payments even though nothing really seemed to change. It just happened that my bill schedule panned out well and I didn’t have as many bills to pay for these two paychecks.  

Here is where I currently stand:

Student Loan @ 6.5% interest – $4,374.26 (-$1,194.23)

Student Loan @ 3.0% interest – $37,404.31 (-$117.54)

Car Loan @ 2.99% interest – $2,621.95 (-$185.33)

Sears Loan @ 0% interest – $1,083.75 (-$53.00)

Furniture Loan @ 0% interest – $ 4,876.49 (-$0)  


At the end of January my total debt was $50,358.76, down a total of $1550.10 from the previous month! In March of last year when I started Bright Cents, my debt was $62,985 dollars. In 10 months I’ve paid off 2 student loans, a credit card, and have decreased my debt balances by over $12,000.  


How Far I’ve Come  

January 2014 debt report


This chart shows it all! Life on the way down 🙂 Next month I will officially have less than $50,000 in debt! That sounds ridiculous I’m sure, but it’s so exciting for me to finally reach that milestone.   


Creating a debt report was pivotal for me getting started. That’s why I created a template for you to be able to create your own

>> Download my free template to create your own Debt Report.


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I am Chenell Tull and so far, I've had a pretty rough time with my student loan debt. Recently, I've figured out a more productive "get out of debt" plan and the goal is to pay off over $60k in just 36 months. If you want to learn more, subscribe to the mailing list and get FREE updates on my successes and failures on this journey out of debt.