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
Student Loan @ 6.5% interest – $6,072.26 (-$80.00)
Student Loan @ 4.5% interest – $1,239.07 (-$333.09)
Student Loan @ 3.0% interest – $37,902.44 (-$134.91)
Car Loan @ 2.99% interest – $3,361.40 (-$179.82)
Sears Loan @ 0% interest – $1,295.75 (-$53.00)
Furniture Loan @ 0% interest – $ 5,273.42 (-$132.31)
At the end of September my total debt was $55,144.34, down a total of $913.13 from the previous month! I had really big plans this month. I had plans to make an extra $400 payment towards my loans, which would have put me under $55,000 in debt. But apparently my car had other ideas. So, I find myself slugging away money towards the car instead of the loan. I’m trying to stay optimistic and think of how great it is that I could put any amount of extra payments towards my loans. $913 paid off is nothing to fret over by any means. 🙂
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 $45,213 which is also amazing to me. Just since I’ve started this blog (March of 2014) I’ve been able to pay off over $7,800! 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. I cannot wait! ::happy dance::
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.