Last time I gave an update on my debt reduction plan, I owed $13,659 to my lovely bank. So far, I have usually done a monthly update but this time I am a bit late and it has been about a month and a half. Time sure does fly. My husband and I have been chipping away at our debt but also living a bit more comfortably during this last period. Before this, we were very strict with our budget and lifestyle.
Also, I have obtained a line of credit with a lower interest rate which I plan to transfer some of this debt on so I can save on interest costs (more than 10%!). So, in the next while, we will be making some rapid progress on this debt reduction but also accumulating some debt elsewhere so the charts I will be posting are a bit misleading but we will get into that another time. Anyway, here is the progress we made in the last while:
We are now down to $7,741 (we started at $25,000). This means we have paid off about $17,000! I cannot wait to be rid of this debt once and for all! The first milestone was getting to $20k, then 15, then 12.5 which was half way, and then $10k. Felt great to hit those! Next milestone will be getting down to $5k. After that, we look forward to being done with it! I will then start building a strong savings account!