Today marks the day that the last of our loans dropped below $16k! And in less than 1 year and 11 months, we have paid off over $30,000 of our original debt! That’s nearly 40% of our debt gone in less than two years!
Right now, we are absolutely kicking it! And, with my extra income and my wife’s extra income, we should see our progress increase substantially. I’ve done some conservative estimates which indicate somewhere in the range of an extra $300-$400 per week! Of course, until we actually see the paychecks, I’m not counting on it, but once they start pouring in, we’ll be taking out our debt about twice as fast as we are now!
Also, I’ve added a column at the top of the debt chart to show our overall progress in conjunction with each category dialed down. This should give us a little better idea from month to month how much, percentage-wise, we are decreasing our overall debt.
Tuesday, October 7, 2008
A Banner Day!
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Congrats! I'm so proud of you!
ReplyDeleteGreat progress you both are making on getting rid of the debt. Just curious if either of you have ever considered going to a less expensive car? It looks like half the debt you have left is because of the cars. I'm just the outside looking in so if they're upside down or something it's probably not worth taking a loss and having to get another car on top of it. Congrats to the both of you.
ReplyDeletethat is absolutely right, Jim... I'm pretty top-heavy on vehicles, but at the same time, I've had the worst luck with lemons in the past, and I'm not very knowledgable about vehicle repair/maintenance. Both vehicles are less than 5 years old, and I'm pretty far upside down on the Fusion (new ones are selling for about what I owe on it now, after two years). I'm probably about even on the Ranger. The Fusion is at 0%, and the Ranger has an interest rate of less than 6%, so I am a little leary of doing something.
ReplyDeleteI would be willing to entertain some thoughts on that subject, though...