November 2014 Debt Report

- - Debt Reports, Payment Plans
  november 2014


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.

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


These are my current debts after this month’s payments:

Student Loan @ 6.5% interest – $6,241.36 (-$42.19)

Student Loan @ 4.5% interest – $589.93 (-$589.93)

Student Loan @ 3.0% interest – $37,610.31 (-$129.43)

Car Loan @ 2.99% interest – $2,992.42 (-$184.97)

Sears Loan @ 0% interest – $1,189.75 (-$53.00)

Furniture Loan @ 0% interest – $ 5,008.80 (-$132.31)

At the end of November my total debt was $53,042.64, down a total of $1,131.83 from the previous month!

Plus, I was able to pay off a student loan! Check it out:

student loan paid in full

What a relief. Now we really get to see the snowball effect in action as I take the money I’ve been putting towards that loan, and apply it towards my next one.


How Far I’ve Come

I added this section to be able to show you the progress I’ve been making towards getting out of debt. Every month I put every extra dollar I can towards paying off my student loans and other debts. I am using a “modified snowball plan” since I don’t believe any plan is a one-size-fits-all kind of deal. Each person has a different situation and should be paying off debt the way that fits their needs. So, I’m trucking along on my payments and working hard to get these paid off.

It’s working….

november debt reports

My total student loan debt is now down to $43,851 which is fantastic. Upon graduating college, I had $72,000 in student loans. I’ve definitely come a long way.

Since starting this website March of 2014, I’ve been able to pay off over $9,942 in overall debt!

I love being able to watch those numbers decrease each month. It is the most motivating thing I have found so far. Soon, those bars will be going up and up as I save and invest this money when I won’t have to put it towards my debt anymore.


In Other News..

I’ve made a slight change to my repayment plan. After my recent mishaps here and here with my federal student loan, I’ve decided to tackle that one before my 2.99% interest car loan.

When I first started, I was thinking that since my loan would be deferred and accruing 0% interest, I could hold off on it for a while. After those two issues, I think it’s best to just get it paid off before I lose any more money. In theory my plan would have worked, but I guess reality tends to jump all over “theory”.

I’ll just cut my losses and switch my plan around. Paying off the higher interest loan before one that has only about 3% interest makes more sense anyways. In addition, I am going to put my large student loan ahead of the 0% interest credit cards because it just doesn’t make sense to pay those off first. I was previously just trying to pay everything off so I could really attack the large one.

However, I think that leaving those 0% interest deals for last is better in the long run. I will end up paying less interest and will just let those ride out at the minimum payments until they are gone. My new repayment schedule is as follows:

  • Home Improvement store credit card @ 0% interest – $379
  • Private Student Loan @ 4.5% interest – $5,516.33
  • Federal Student Loan @ 6.5% interest – $6,241.36
  • Car Loan @ 2.99% interest – $2992.42
  • Private Student Loan @ 3.0% interest – $37,610.31
  • Department store credit card @ 0% interest – $1189.75
  • Furniture store credit card @ 0% interest – $5008.80

What do you think – was this the right move?

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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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. 

  • Another solid month! Congrats on knocking out one of those student loans. That’s almost $10k in 8 months…. Keep it up, Chenell! Also, the new site layout looks nice.

    • Thanks, Clay! I think it is a lot of money, too! 🙂 I’m glad you like the new site layout – I’m just trying a little something new. And working to get all of the pictures looking as great as they did before. I appreciate the comments!