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March 2015 Debt Update

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March 2015 Debt Update

Here is my March 2015 Debt Update.

March 2015 Debt Update

My total debt went down from $72,194.17 to $71,953.81. That was a $240.36 decrease. Last month’s decrease was much bigger. I’m not worried though. Here are the breakdowns:

Loan 2 – Down from $6000 to $5990

 

CU Loan – Down from $465.58 to $451.49

 

Wells Fargo Loan – Down from $1497.41 to $1451.14

 

Discover  Card – Down from $163.28 to $101.65

 

Bank of America Card – Down from $3353.72 to $3319.10

 

Navient (Formerly Sallie Mae) – Down from $26,151.12 to $26,051.29

 

Nelnet – UP from 34,563.06 to $34,589.14

I see that the interest on a few items made a difference. Next month’s decrease will be better because I  start my part time job again. That means I will be able to add more money to the  debts. I’m also excited about the amount that I owe Discover. It is very close to being paid off. I’m ready to get this snowball a little bigger.

You can view all my debt updates here.

How is your debt repayment coming?

22 Comments

  1. Glad to see your almost done paying off Discover. My debt payments haven’t been so great this month, but next month should be awesome since I’m making a large payment once I get my tax refund.

    1. That’s good. Stay positive and make it happen.

  2. Jason, down is down – don’t fret about how much “down” they went. 🙂 I was able to put a good $150 this month toward the card I’m working on paying off now. That was nice. 🙂

    1. You’re right down is good. I know next month will be much better though.

  3. Nice job, Jason. In my opinion, as long as the total is going down you are in good shape. I’m sticking with my “pay the minimum” plan on my student loans, car loans, and mortgage. My investments have gone up a bit which I think of as an offset to the debt so hopefully in a few years they exceed the debt!

    1. Hopefully your investments continue to grow.

  4. Cool idea to be this transparent with your debt. You are making great progress on your debts, congrats! I agree, down is down!

    Getting a part time job is a great way to pay debt off faster, if only so many were not so lazy!

    Chris

  5. I admire your persistence! And I really look forward to the day when you are posting about how your *investments* are doing instead of your debt!

    1. I can’t wait until those days are here.

  6. It’ll feel so good when you pay off Discover and have one less bill to write! That’s why I love the snowball method.

  7. Sometimes it looks a little discouraging when you look at your debt from one month to another, it seems so little compared to the whole amount. We have to look at the whole picture and the long term goals you have. Keep it up.

  8. You’re heading in the right direction. If I could offer one piece of advice. Pay off the credit cards first rather than bits from each loan. A good strategy is to pay off in full those with the highest interest rate. Once the highest is paid off go to the next highest. Otherwise the interest and finance charges undermine the repayment schedule.

  9. It’s progress for sure. Will be nice to completely wipe at least one off the list.

  10. Good job. The amounts are going in the right direction. I think Tim has some good advice on working on reducing first those that have the highest interest rate. Keep it up.

  11. That will be so nice when you can just cross the Discover debt off your list – very soon now. Everything is decreasing. That is so good!

  12. Great progress and you are consistently keeping at it. I think I agree with Tim though that it might be a good idea to pay down the credit card debts faster than the loan debt.

  13. Great to see the progress Jason – just think, almost one bill less when you pay off Discover – that’s going to feel pretty darn good.

  14. This is really big loan. You are doing good, to bring it down, but what are you expecting, how much time, in this way , it will take to finish the loan.

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