The May Debt Report is in!

- - Debt Reports

May 2014 Debt Report

 

Hello! If you’re new to my blog, I write 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 my 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

6.5% interest Student Loan – $6392.26 (-$80.00)

4.5% interest Student Loan – $4873.51 (-$383.24)

3.0% interest Student Loan – $38,352.48 (-$121.05)

2.99% interest Car Loan – $4089.17 (-$192.00)

0% interest Sears Loan – $1507.75 (-$53.00)

0% interest Lowes Loan – $0 (-$269.97)

0% interest Furniture Loan- $5802.66 (-$132.31)

That means my total debt is $61,017.83, down a total of $1,222.47! I was able to pay off the Lowes credit card this month, which is so relieving! Now I can take that $200+ each month and put it towards my next loan on the list, which is the student loan with 4.5% interest.

See how this works? Every time I am able to pay off one of the smaller debts, I get to throw the money I would have been paying towards that at the next debt on the checklist. The debts just start going away faster and faster once you get a little traction. It almost feels like a game at this point. How fast until the next debt is paid off?!

Shoot me an e-mail if you want more personalized information. I’m more than happy to help! As always, thanks for showing up and reading. I hope these reports are helpful for you.

What kind of wins and/or losses did you have this month? 

Creating a debt report was pivotal in me getting started. Want to make your own debt report?

Download my free template to create your own Debt Report.

 

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Chenell

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. 

  • Jennifer Hall

    Why wouldn’t you start paying the loan with the 6.5% interest first?

  • I’m in graduate school right now, so since the higher one is a federal subsidized loan, it’s deferred while I’m in school and not accruing interest. In addition, the one with the 4.5% interest rate is a private loan, so the interest rate could go up. I outlined what I’m doing here as well: http://www.brightcents.com/get-out-of-debt-plan/