Debt Report Background
Hello! If you’re new to my blog, I write a detailed report every 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. Download the free template to create your own Debt Report.
Thanks for showing up here to check out my wins – and losses. Here goes!
Current Debt Breakdown
Student Loan @ 6.5% interest – $6,232.26 (-$80.00)
Student Loan @ 4.5% interest – $2,440.33 (-$74.52)
Student Loan @ 3.0% interest – $38,103.18 (-$124.80)
Car Loan @ 2.99% interest – $3728.03 (-$179.52)
Sears Loan @ 0% interest – $1401.75 (-$53.00)
Furniture Loan @ 0% interest – $ 5538.04 (-$132.31)
At the end of July my total debt was $57,443.59, down a total of $644.15 from the previous month.
Clearly, this was not my best month as far as they go. I barely paid any more than the minimum payments. I paid off some lingering hospital bills (about $475) and bought a set of adjustable weights ($150) so I would be able to work out at home more often.
Yes, I suppose I splurged this month but I also had no choice about the hospital bills. Life happens, right? Since I put more than $2,000 towards my loans last month, I am still on track to pay everything off by my 30th birthday. While I was hoping to be ahead of the game at this point, being on track is much better than being behind.
I just have to remember that this isn’t a perfect science. Things do happen that set you back a bit, whether they are under your control or not. There is no sense in dwelling on the mistakes and missteps made. Even though it hasn’t gone down a lot this month, I am still making progress. No shame in that! So here is my new debt number:
What about you – have you created your payoff plan yet? Have you made any mistakes you’ve learned from?
Creating a debt report was pivotal in me getting started. Want to make your own debt report?