January Debt Update

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It’s time to get back on the debt repayment plan. My current debt is at $72,244.81. I’m not worried or even angry though. I am making strides. My bill me later account has been paid off. Other accounts have been decreasing as well. My two student loan accounts are the reason that my debt is so high. They are in deferment though, meaning I will make payments once the deferment is over or when my income goes up which should be happening in the next few weeks. In my opinion my debt snowball is slowly working.

Debt January 2014

I plan on having this debt paid off by October 17th 2017. That will be my 34th birthday. It will happen. This gives me over three years to work hard and pay it off.

What are some of your debt goals?

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  1. I learned to pay off debt and I do not owe one anyone. The biggest suggestion I have is to try to pay 1 1/2 times the amount to get it paid down faster. So little goes to the principal. Do without that extra cup of coffee if anything that you really don’t need.

  2. I think having a good plan (like yours) and getting accountability (like putting it out there on your blog) are the best way to attack a debt. I personally think the snowball plan is a great approach, and I wish you the best!

  3. Bravo, Jason. You have a plan and that is more then most would have. I love the fact that you’re working it and it’s starting show results.

  4. My goal is to pay the bills without paying a penalty or interest. Our car loan is going to be finished this year. Then I would like to pay off the mortgage. That is a work in progress. As a first step, I stopped buying craft materials.

  5. No debt….I was raised by people of German stock and debt was not tolerated. But I had to get myself there and you’ve got a plan; more important you are committed to the goal! Bravo!!! Stick with it!

  6. Brilliant work Jason, I think just having a plan is half the battle. You can’t reach a goal if you don’t identify it.

  7. It’s great that you have a plan and are working your plan. Luckily your student loans are deferred. These loans are usually low interest loans which also helps. Debt with high interest such as credit card debt can really destroy one’s peace of mind. I was taught as a child that unless I can immediately afford to pay my bill when it comes, I should avoid using credit cards unless it is an emergency. I wish you all the best.

  8. I don’t know if I’m more impress with the fact that you have a plan to pay off your debt or the fact that you just want to pay it off (I hope that makes sense). I know way too many people who are not attempting to pay off any of their debt. Your loans will be paid off before you know it.

  9. Johnny Bravo says:

    Jason, you are awesome. Paying off debt is a great goal. My wife and I were about $56,000 in debt and we made our last payment 12/29/2013. We used Dave Ramsey’s principles which worked out well for us. You are doing great! Keep at it. I promise you, with the focus you have, if you keep at it, you’re debt will be gone before you know it, and faster than you plan.

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