It is time again to take stock of how much I owe and the progress I have made towards paying off debt. I have updated my NetWorth chart and as you can see it is still in the negative but slowly creeping upwards.
I have also made some progress with the Debt Payoff chart and I am slightly above halfway done with the original debt. Here are the next two targets in my snowball debt payoff plan:
Capital One Card
I currently have $298.50 left on Capital One and with a few micro payments, or snowflake payments I am going to have this card paid off by February.
I need to have this card paid off at the end of this month because the 0% interest rate ends in February and the rate goes up and I do not need to be a carrying a balance on that card.
The next debt that I will be tackling is the Lending Club Loan. I currently have about $600 left on that loan and I earmarked $300. oo for the February payment.
If everything goes as planned I will be able to make the last payment to Lending Club in March of this year. While I love Lending Club and the opportunity that the loan gave me it does feel good to pay off that 8.9% loan early. According to the schedule of payments, if I continue to have the minimum payment deducted from my account then I will have a total of over $1500 in payments. By pushing a larger payment through I have cut that total down to just over $600 with no early payment penalty.