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. Download my free template to create your own Debt Report.
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. 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 – $6,283.55 (+$211.29)
Student Loan @ 4.5% interest – $589.93 (-$649.14)
Student Loan @ 3.0% interest – $37,739.74 (-$163.03)
Car Loan @ 2.99% interest – $3,177.39 (-$184.01)
Sears Loan @ 0% interest – $1,242.75 (-$53.00)
Furniture Loan @ 0% interest – $ 5,141.11 (-$132.31)
At the end of October my total debt was $54,174.47, down a total of $969.87 from the previous month. And this is after me essentially adding $211.29 to my loan balance.
How did I add over $200 to my loan balance? Well, that loan was in deferment and I forgot that since I am not taking a class this semester it would no longer be in this status. Once the loan company found out I hadn’t been in school since May, the interest that would have accrued since that last class ended was retroactively added onto my loan amount.
Bummer. Don’t let this happen to you. If I would have realized and been paying the interest I could have saved a little money and some heartache this month.
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…. My total student loan debt is now down to $44,613 which is also amazing to me. Just since I’ve started this blog (March of 2014) I’ve been able to pay off over $8,800! 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.
How much debt did you scare away this month?
Creating a debt report was pivotal in me getting started.
Want to make your own debt report? Download the free template to create your own Debt Report.