Debt Payment Progress

Writing this blog has really helped keep me on track in getting out of my debt.  I thank each and every one of you that read my journey on a regular or even irregular basis.  My goal for this blog is to write everyday with occasional breaks if I absolutely cannot think of a single topic to write about.  There really is no excuse to not write everyday, but occasionally I just find it difficult to focus on a topic.

It is now the last week in July and according to my calculations I have paid off $2595.49 in debt since May 11, 2010.  I am very excited with my progress.  As my smaller debts disappear and I can start snowballing the payments onto the higher interest credit cards, I expect that number to jump up even faster.

So, how am I doing, really?

I spent $1358.52 this month on my Debt Service, $794.51 was applied to the principal and $564.01 to interest payments.  While I hate seeing the interest payment that high, it could be higher.  I have decent interest rates over all.  All debts, except one credit card, are below 10% in interest.  The fact that I pay more on the principal than on the interest is a good thing and to be honest I never sat down and calculated the difference before now.  I think part of me was afraid of really delving in to deeply and getting discouraged.

In answer to my question:  I think I am doing rather well.

5 responses to “Debt Payment Progress

  • Divine and Debt Free

    Way to go!! I think you are doing great, so keep it up!

  • Young Mogul

    I think you’re doing very well also and your blog is serving it’s purpose. As long as you are making steady progress, that’s all that matters.

  • Jeff

    I am proud of you. Dont concentrate so much on interest your paying. It is unavoidable. Just concentrate on the fact that your one step closer to freedom. Every time you knock a debt off your list that is one step closer. Again I love reading your blog and am proud of you.

  • Vicki

    I agree with Jeff and Young Mogul. What counts is that you are making progress in getting rid of your debt. Keep it up and the blogging. I look forward to reading it daily.

  • Jenn

    Thanks Everyone! I really do feel that my wheels are no longer spinning in place. Its very exciting and I owe it all to writing this blog and reading everyone’s blogs on the same subject. It is like an online support group!

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