Well, this last two months (since starting this blog) have certainly been productive, wiping out over 7000 dollars in debt. Mostly due to income tax refund, economic stimulus, eBay sales, overtime and a garage sale. I had made progress on my own but keeping this blog up has been so inspiring to me that it has supercharged my motivation.
The progress thus far:
- $14,000 in the wife’s student loans (bachelors) => paid off
- $15,000 in my high interest Sallie Mae loans => paid off
- $13,000 in Credit card debt => paid off
- $7400 in high interest siding loan => paid off
- $13,000 in high interest vehicle loan(SUV) => paid off
- $6000 in medical bills => balance down to $2400
- $44,000 in student loans for my BS => down to $38,888
- $32,000 in student loans for wife’s MS => down to $31,900
- $23,000 for truck (2006) => down to $17,000
- $36,000 balance on mortgage => down to $33,975
As you can see, we are making progress. Of the original $203,400 in debt, we are down to only $124,163 left… only… LOL. This makes us 39% paid off… only 61% left to go.
So as you can see the snowflaking has really helped turbocharge the debt snowball. Instead of originally paying off the siding loan in December this year, it’s done now. Now we will apply that $375 monthly payment towards the trucks $457 monthly payments and make a combined effort of $832 monthly plus continued snowflakes from overtime, ebay sales and whatever else I can do to make money at this point.