June 2015 Debt Report

- - Debt Reports

bright cents debt report

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. Here are all of the previous debt reports if you’re interested in seeing them,

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. So I wanted to give people the option of seeing a genuine example of how a regular 27 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!  

The Numbers, plain and simple.


Student Loan @ 3.0% interest – $36,157.15 (-$132.78)

Car Loan @ 2.99% interest – $0 (-$1,877.85)

Sears Loan @ 0% interest – $818.75 (-$53.00)

Furniture Loan @ 0% interest – $4,082.63 (-$132.31)

That means that this month I paid off $2,195.94 & my total debt is now $41,190.84! And now I only have 3 payments to make as opposed to 4.


What happened?

Maybe you noticed I paid off my car loan….but according to my payoff plan that was one of the ones I wasn’t going to put any extra money towards. So what happened??

If you’ve been following these reports, you’ll know I’ve had quite a lot of car trouble lately. If you missed those, you can find them here and here and here.

Well, it happened again earlier this month. I was driving home from the beach and my car started violently shaking while I was driving down the highway.

I’ve put thousands of dollars of repairs into this car, I’m so over it.

So I took it to the mechanic and he told me that the repairs were very serious and it was going to cost me $1,000-$1,200. And that was the BEST case scenario. Worst case, I needed a new engine block and it would be $1,800-$2,000.

I was so angry. I actually thought about taking my car back and driving it into a brick wall to total it and get the insurance money…..and then my morals came back to me. 🙂

So what am I doing? I’m selling it. Goodbye piece of garbage, lemon car.

I’m not getting much for it, but at this point I just want to be done with the thing. I weighed the options a lot and realized my happiness/sanity was worth more than a few extra bucks. 

In order for me to sell it, I needed to pay it off to get the title for the car. So I took my emergency fund and paid off the balance on the car. :O

I know, I know it’s a risk. But I should have those funds back into my account in a few weeks. 

The main reason I felt this was necessary – I have such bad feelings towards the car at this point, I just want to get rid of it.


Progress Since the Beginning

june 2015 debt report


I’ve crossed the $20,000 mark!  🙂 $21,795 paid off in 15 months!


ICYMI – In Case You Missed It

In case you’ve missed them, here are the stories that went live on Bright Cents this month:

How I Survived Wedding Season

3 Reasons We Don’t Talk About Money

The Road to Financial Wellness: When I Knew Nothing About Money


If you have any questions about creating your own debt report, please feel free to contact me. Otherwise, I’ve set up a system to make it easy for you to create your own, so you can stop looking in the rearview mirror and start moving forward.

Download the 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. 

  • Merrin Curley

    great work getting rid of your debt. Are you getting a new car or can you do without it?
    We currently have the dilemma of a car that is going to cost more than it is worth in repairs. But we don’t have car payments and we do have debt and I’m reluctant to take on a car payment, so we’ll probably be fixing the old thing.

    • Thanks, Merrin! I am staying car-less for now and hoping that I continue to enjoy this whole “public transportation” thing as much as I do now. Post coming soon about this 🙂

      That’s a tough one. Could you take the money you would have spent on it and buy another cheap, yet reliable car? You can probably sell the old one for parts and get a little more cash that way.

  • Amy

    I would’ve made the same call on your car. I hope it sells quickly, and you find a good deal on a reliable one!

    • Thanks, Amy! And of course they sent my car title to my old address….from two years ago! I don’t even know how they had that on file still since I updated it back when I moved. Oh well. I’m actually enjoying this train commuter thing. I may take a break from car ownership for a while 🙂

  • Public transportation is not a bad option. I think you made the right call by getting rid of that piece of junk. Car troubles are the worst. If you dont work far from where you live you could always ride a bicycle? Would be a great work out too.

    • 26 miles each way :O That would be on heck of a bike ride! 🙂 I totally agree with you though, I would enjoy that if it was just a tad bit closer!

  • WOW! You have made some great progress over the last 15 months! That is fantastic! Good for you about getting rid of that pesky car payment, just be sure not to get another one! Save up and pay cash for a cheap one, and then move up as you are able to save more. My wife and I have worked our way up from 20 year old vehicles to now an 11yo and a 14yo vehicle that are paid for and run great for getting our 2 kiddos around and getting us back and forth to work!

    You didn’t really say what you are going to do to remedy your transportation dilemma though. I’d be interested in how you tackle it since you used your emergency fund.

    I will be following from now on so that I can see when you cross the Debt Free line! It took my family 2 years to pay off over $27,000 and it is definitely doable! You are rocking it! Keep up the hard work!