Each month, I record the balances on my debt obligations. The amounts shown in my debt report reflect balances as of the end of the previous month.
“How long should you try? Until.”
~ Jim Rohn
The Debt Report Table I have been using in previous months was starting to look a bit cluttered, so I’m changing the format of it. In it, I’m also changing the order of the debts so that the order of it aligns with my planned order of payoff.
Moving forward, the Debt Report Table will show only the active debts being repaid. The Table of Debts Slayed will reflect those items that have already been repaid. You’ll find the Table of Debts Slayed below.
A few notes on the Table of Debts Slayed:
(1) The Debt Journey Balance column reflects the balance on the debt as of the date that I started to get serious about my debt-free journey – July, 2019.
(2) I’ve included in the Table of Debts Slayed, the balances I paid off for my 2018 Federal ($3,238) and State ($2,819) taxes, even though I paid them off the month after I learned about the obligation and the debts became due. I’m including them the list because they were significant amounts and were, technically, debts; I just paid them off quickly. I previously had not listed them in my but am do so now.
(3) In November, I applied for and obtained a debt consolidation loan, which allowed for the payoff of all of my credit card debt. The credit cards listed, except for the Chase card, were paid off through the debt consolidation. Effectively, the debt was re-classified and not actually paid off.
See the Debt Report Table below for the figures as of the end of November, 2019. It shows the updated order of debts to be repaid.
Based on the figures above, the difference between my October and November debt total is $1,667.25.
A few notes about the Debt Report Table:
(1) Any amount that ends in a “0” or “50” is an estimate. Often times, the IRS website does not show updated figures. It will say that “information is not available,” so I make a guess, based on the typical monthly reduction amount.
(2) The Navient payments for both the Debt Journey Balance and the November balance are the same because I’m on an income-based repayment plan and my payments aren’t enough to reduce the balance.
(3) The first payment on the Lending Club loan isn’t due until December. I made additional payments on the loan due to debt snowball amounts that were allocated for credit card payments for November. I also made sure to make a payment sufficient to cover the origination fee (the fee was $260).
I’m excited about the debt consolidation loan because I know that, as long as nothing unexpected happens to derail me, I will get it all paid off within 3 years or less. Of course, I want to pay it off much earlier than that, but I love knowing that there’s a definitive end date.