Update On My Current Financial Situation
Posted on: February 17, 2009 by Matt
In order to help myself track the progress I am making I plan on posting updates to my current financial situation. I have not actually thought this through before but over the past few years I have dropped my debt by a fair amount through using something very similar to Dave Ramsey’s Baby Step plan. I have not been terribly strict but have also managed to pay a number of smaller debts in full.
Currently my debt looks like this:
- Emergency Fund: $425 (has been hit a bit lately, working to rebuild)
- US Department of Education: $9,514.27 (Down from $20,000)
- Credit Card: $1788.74
- Sallie Mae: $9,409.47 (Down from $11,115.80)
- Student Loan in collections: $20,000
- Car Loan: $2,196.15 (down from $11,000).
Overall I am fairly happy with progress on most of my debts (the collection agency items excluded). I think that moving forward I will try to post an update every month or two. If nothing else seeing the numbers out there motivates me to keep working. I am also very excited about being able to get the car payment and probably the credit card paid off by the end of the year.
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TagsBudget, Debt, Debt Reduction, Savings, Student Loans Filed Under: Budget, Collections, Debt, Debt Reduction, Planning, Savings, Student Loans
It is good that you are almost done with the car loan. Have you made any headway on the loan that is in collections?
Lulu – not nearly as much as I would like to. I recently negotiated with them a new payment that will start to reduce principal more. There are also settlement options but I would prefer to avoid settling if at all possible. I took the money, it just seems right that I would pay it back.
Thanks for the comment!
Excellent article, I enjoy every article I read here. Thanks,
and keep bloggin!