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.
Nice work! You and I are at about the same place in terms of the percentage of debt we’ve paid off. I’m right at 49.5% paid off — 50.5% remaining.
How much do you actually owe? Or do you not share that number?
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I owe just slightly over $10k right now (car, credit cards and personal loans). Will tell you the exact amount when I get home and can check my Money file. 🙂
It looks like you’re doing great on your debt reduction. Keep up the good work.
Do you mind sharing what you took the LendingClub loan out for? Just out of curiosity.
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I took the Lending Club Loan to consolidate high interest cards. I had credit cards at 19% and 21% so the LC loan brought that rate down to 8.9% which was easier to manage.
Congrats on continuing to chop away at that debt! It’s always a good feeling when you pay off a card or a loan!
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Congratulations, it always feels great to have one loan paid off to roll over to the next. Debt free is my mantra now and once my wife and I both got on board we are really enjoying seeing our expenses drop. At first it was tought to break the conveince habits, but each time we make an extra payment on something it gets easier.
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