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.