Brittany’s December Debt Progress Report

The table below summarizes my long term and short term debt progress. In the “Current Debt” column, my totals as of December 1, 2013 have been crossed out and replaced with my debt totals as of December 31, 2013.

During the month of December I paid a total of:

  • $1,461.12 towards all of my outstanding debts
  • $485.24 of that went toward interest (Yuck!!)

I currently owe:

  • $14,752.98 less than my original loan amounts
  • $975.90 less than I owed on December 1st
This chart displays both my short term and long term progress on loan repayment up to December 2013.

This chart displays both my short term and long term progress on loan repayment up to December 2013.

Great Lakes Student Loan 1 is highlighted because that is the debt I am currently working to pay off quickly. December was full of extra end of the year expenses that I won’t be making for another 11 months, so my extra payment towards debt was significantly lower than normal. If I start the New Year off with payments consistent with my average amount of $1500 extra towards my target loan, I will have this loan paid off in less than 2 months.  That means I am saving myself the hassle of 54 months of minimum payments and $367.27 extra in interest. The graphs below give you a visual comparison of these numbers. My personal goal is to eliminate this debt completely before Valentine’s Day! 

At my target repayment rate set for January, based on previous months’ payments, I will pay off my Great Lakes Student Loan 1 in 1.5 months. If I ignorantly make the minimum payments, I would be paying for 54 more months—that is 4 four and a half years!!
At my target repayment rate set for January, based on previous months’ payments, I will pay off my Great Lakes Student Loan 1 in 1.5 months. If I ignorantly make the minimum payments, I would be paying for 54 more months—that is 4 four and a half years!!
At my current repayment rate, I will pay $3,048.83 to completely pay off my Great Lakes Student Loan 1. If I continued to ignorantly make minimum payments until all my debt was paid off in full, it would cost me $3,714.06—that is $665.25 extra!!

At my current repayment rate set for January, based on previous month’s payments, I will pay $2,335.97 to completely pay off my Great Lakes Student Loan 1. If I ignorantly made minimum payments until all my debt was paid off in full, it would cost me $2,703.24—that is $367.27 extra in interest!!

Dollar amounts and month totals displayed in these graphs were calculated using the Financial Calculator that can be found on our Resources Page.

Roadblocks: Despite my Christmas travel and gifting preparations for the holiday season, December presented me with some significant roadblocks. Because I am a Speech Language Pathologist who would like to keep her professional license, I paid $250.00 to renew it. I also paid $465.00 in property taxes on my car, and doubled up on the rent payment I usually split with my handsome roommate because he was all out of checks. January, I am happy you are here 😉

December Dollar Hollaaaaas: No dollar hollas this month—but lots of food, relaxing, and friend hollas. I’m good with that :)

Follow us on FacebookPinterest, and Twitter!

Follow on Bloglovin

 Brittany

 

 

One thought on “Brittany’s December Debt Progress Report

  1. Evangeline Alleshouse

    I just want to say I am all new to blogging and certainly savored this web-site. More than likely I’m want to bookmark your blog post . You absolutely have awesome posts. Many thanks for revealing your blog site.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

CommentLuv badge