Alright, round two, here goes! This month was not my best in regards to paying down my debts. My car ended up costing me about $600 this month so I wasn’t able to put as much towards my student loans as I would have liked. However, I was able to get below $62,000 which is exciting.
- 6.5% interest Student Loan – deferred – $6472.26
- 4.5% interest Student Loan – $5256.75
- 3.0% interest Student Loan – $38,473.53
- 2.99% interest Car Loan – $4272.07
- 0% interest Sears Loan – $1560.75
- 0% interest Lowes Loan – $269.97
- 0% interest Furniture Loan- $5934.97
That means my total debt is $62,240.30. This number is quite frustrating considering I paid $882.31, yet my debt only went down $745.06. Interest is a killer, huh? I might as well be throwing $137.25 into the ocean.
It’s like saying that I’ve made so many financial mistakes that I have to pay $137.25 each month just to pay them back. That’s more than $5 a day in interest only, or $1825 a year! That is enough motivation for me to want to get out of debt ASAP. These bankers and loan companies are making that much money in interest, and that’s just off of one person!
Sometimes I feel like I’m in student loan jail because I never have the extra money to save up for my future. I eventually want to have kids and go on some awesome vacations, but being in so much debt makes me feel like this isn’t even possible. Knowing that if I can somehow get out of debt relatively quickly I will be able to do all of these things is what keeps me motivated. Well, that and not wanting to pay $5 a day for the rest of my life just to borrow someone else’s money.
Creating a debt report was pivotal in me getting started.
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Photo by Bill David Brooks