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I had been giving 6 month updates on my debt repayment progress in this forum. I've been giving monthly updates in the SA blogs, and neglected this side of the site. First, some background as a reminder:
> Mort 1 is a house we previously lived in. It is currently rented out. It is a 30 year mortgage.
> Mort 2 is the money we borrowed from family for the house we currently live in. Since I last posted in this forum, we've been making monthly payments of $210.
> The monthly payments I've listed after each debt total below is the minimum payment required by the creditor, not necessarily what is paid each month. I've changed the naming on the cards a bit since last October as I have transferred some balances around.
> All bills (CC, mort., electric, heating, insurance, phone, internet, etc.) are up to date - nothing past due.
> Our household income is about $68K per year. Wife is a SAHM with some freelance income.
Oct 2011 Debt
Mort 1 - $104,360 $738/mo. 6.25%
Mort 2 - $70,000 $0/mo. 0.00%
CC 1 - $8,034 $166/mo. 8.90%
CC2 - Balance transferred to CC5 @ 3% balance transfer fee.
CC3 - $2,836 $140/mo. 5.25%
CC4 - $2,272 $195/mo. 5.32%
CC5 - $1,975 $60/mo. 0.00% through Jan. 2012
Van Loan - $6,738 $210/mo. 4.02%
June 2012 Debt
Mort 1 $102,768 $738/mo. 6.25%
Mort 2 $68,950 $0/mo. 0.00%
CC1 $2,470 $61/mo. 8.90%
CC2 $1,791 $140/mo. 5.25%
CC3 $771 $195/mo. 5.32%
CC4 $2,408 $94/mo. 0.00% through Jan. 2013
Van Loan $5,221 $210/mo. 4.02%
During the past eight months, we have:
Reduced total debt by $11,836
Reduced mortgage debt by $2,642
Reduced CC debt by $7,677
Reduced total debt by an average of $1,579.50 per month.
The average is skewed by a big payment toward CC1 with our 2011 income tax refund.
Given that we won't have another income tax refund until next April, I doubt if we will retire the CC debt in the next 8 months, but hopefully the 2012 tax refund will kill the CC debt.
> Mort 1 is a house we previously lived in. It is currently rented out. It is a 30 year mortgage.
> Mort 2 is the money we borrowed from family for the house we currently live in. Since I last posted in this forum, we've been making monthly payments of $210.
> The monthly payments I've listed after each debt total below is the minimum payment required by the creditor, not necessarily what is paid each month. I've changed the naming on the cards a bit since last October as I have transferred some balances around.
> All bills (CC, mort., electric, heating, insurance, phone, internet, etc.) are up to date - nothing past due.
> Our household income is about $68K per year. Wife is a SAHM with some freelance income.
Oct 2011 Debt
Mort 1 - $104,360 $738/mo. 6.25%
Mort 2 - $70,000 $0/mo. 0.00%
CC 1 - $8,034 $166/mo. 8.90%
CC2 - Balance transferred to CC5 @ 3% balance transfer fee.
CC3 - $2,836 $140/mo. 5.25%
CC4 - $2,272 $195/mo. 5.32%
CC5 - $1,975 $60/mo. 0.00% through Jan. 2012
Van Loan - $6,738 $210/mo. 4.02%
June 2012 Debt
Mort 1 $102,768 $738/mo. 6.25%
Mort 2 $68,950 $0/mo. 0.00%
CC1 $2,470 $61/mo. 8.90%
CC2 $1,791 $140/mo. 5.25%
CC3 $771 $195/mo. 5.32%
CC4 $2,408 $94/mo. 0.00% through Jan. 2013
Van Loan $5,221 $210/mo. 4.02%
During the past eight months, we have:
Reduced total debt by $11,836
Reduced mortgage debt by $2,642
Reduced CC debt by $7,677
Reduced total debt by an average of $1,579.50 per month.
The average is skewed by a big payment toward CC1 with our 2011 income tax refund.
Given that we won't have another income tax refund until next April, I doubt if we will retire the CC debt in the next 8 months, but hopefully the 2012 tax refund will kill the CC debt.
well done!
Well done!
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