Well it is now February and as promised we are publishing our debt progress report for the month of January. This will allow you to see our progress and how much debt we have been able to get rid of in the last 30 days.
January 1st $34,564.96
January 31st $27,103.80
I managed to knock off quite a bit of debt this month. The reason is because I cashed out my retirement portfolio early that I had from my previous employer. I am only 27 and it was a decision I made to take the small hit on my taxes to get this debt paid off as fast as possible. With the money I was able to pay of my entire lending club loan of $4600 and also pay off one of my school loans through Great Lakes.
- Great Lakes School Loan #1: -$8,996.30
- Great Lakes School Loan #2: -$4,179.53
- Great Lakes School Loan #3
- Credit Cards AKA Lending Club Loan Consolidation
- Car Loan: -$13,957.87
January 1st: $60,559.10
January 31st $56,477.88
This last month has been fairly normal for my wife and I. We stuck to our budget and were able to save what we had planned on. We have been working on paying off her student loans, as most of them have higher interest rates compared to mine, and managed to completely pay off two of her smaller loans. The next few months may be less exciting, as we have some larger sums to tackle, but here’s to progress!