Loan: $Total debt – $Monthly payment = $Total balance
Second Credit card: $1,062 – $1,062 = PAID OFF!
Third Credit card: $587 – $0 = $587
Personal Loan: $3,757.57 – $332.77 = $3,424.80
Credit Card: $9,941.76 – $119.00 = $9,822.76
Student Loan: $10,509.84 – $111.18 = $10,398.66
Total debt balance = $24,233.22
This month was a bit of a relief getting rid of one debt. We did pay tax this year, but we also got a few hundred dollars in return and used that towards paying off one credit card debt. The debt balance did increase and we are slowly trying to lower it again. The goal before the end of May is to pay off “Third Credit card” debt, and by the end of June we would like to completely pay off “Personal Loan”. If we stick to our budget/plan for the next two months, we can save roughly $400 on monthly bill. That would be a HUGE help on paying “Credit Card” debt sooner.
I was planning to do the snowball effect once “Personal Loan” is paid off. Instead of paying the minimum $119.00 every month we can move over the $400 that we no longer use to pay the two debts and add it together making the monthly payment for “Personal Loan” $519.00. We’ll see how that goes.
But for now, Joel and I are enjoying our time together since I flew back to Hawaii to spend time with him before he ships out for work again 🙂