August 2015 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 for you to reference.
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 – $33,929.25 (-$1609.02)
Sears Loan @ 0% interest – $712.75 (-$53.00)
Furniture Loan @ 0% interest – $3,818.01 (-$132.31)
That means that this month I paid off $1,794.33 & my total debt is now below $40k, at $38,460.01!
Total Debt Paid off: $24,525
Happenings
This month was awesome in terms of putting money towards my debt. I’m very happy with the progress I’ve made so far, and knowing that I will never have debts totaling more than $40k again (as long as I have anything to do with it).
Progress Since the Beginning
I have officially paid off almost 40% so far…..WOW. The real sound of progress?!
ICYMI – In Case You Missed It
In case you’ve missed them, here are the stories that went live on Bright Cents this month:
The Market is Down…That Doesn’t Matter Stay the Course
5 Small, Yet Meaningful Changes to Improve Your Financial Well-Being
Is Your Responsibility Over After Paying Off Debt?
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 (below) to help you stay on track.
Download the free template to |
Congrats! One question: do the two small loans have an expiration on that 0%? Or can you pay the minimum forever?
Thanks! Great question – they do have an expiration on the 0% interest. The payments I’m making will allow me to have them paid off right before that expires.
Kudos! Your achievement is simply outstanding and I must say that only a strong lady like you can make such a huge payment in a single month.. Keep up the good work sweety..
Thanks! I appreciate it!
This is actually the first debt report that I’ve seen, but congrats for making so much progress! That’s amazing! Is your student loan through a government loan or did you refi with a company like SoFi?
The one I have left is actually a private student loan, unfortunately with variable interest. I wanted to do a refinance but the rates I keep getting quoted for are around 4.5% for fixed. I’m not exactly ready to jump to that with my 3% rate now. 🙂 And thanks for the kind words!
You’re welcome 🙂 Yeah it makes no sense to leave that 3% rate right now. Mine is at a shade over 4% (apparently in Ohio you can’t have a variable interest rate on your student loans)
Really?! I had never heard of that Ohio rule before. Is it just if you currently live in the state, or did you have to go to school there?
Keep on plugging away! You are doing great! Keep it up!
Thanks @DaveNSteveGoodwin:disqus I appreciate the support!!
Congratulations on your progress. A 39% drop in your overall debt since April of last year is a great accomplishment.
When do you think all the debt will be finished? I am betting it will be in just over two years since you are gaining momentum.
Thanks Bryan! I hope to have it all paid off in exactly 2 years, September of 2017. That’s when I will be turning 30, so it will be a nice change to go into a new decade without having to worry about debt. 🙂
Great job, Chenell! Being debt free by the time you turn 30 is an awesome goal! I love the example you’re setting! 🙂
Thank you, Monica – I really appreciate that! And I hope I can actually meet that goal when 30 does roll around 🙂