March Debt Repayment Update

March Debt Repayment Update

Over the past year I have tried to track my progress of paying off debt in quarterly updates. At the beginning of 2015 I had a total of $264000 in debt which included three primary debts: our mortgage, a personal loan, and my student loan. My goal for 2015 was to pay off 10% of my debt, which I was able to accomplish. I was also able to pay off a huge tax bill and our HEAT loan for 2015. For 2016 I have several financial goals, but one of them is to continue with the 10% pay off goal, which would mean I need to pay off about $26,400 for the year.

Here are my current totals at the end of the 1st quarter of 2016:

1) Mortgage: $171,025 168,780.16 166,320.16  162,762.77 161,020 $157,210

2) Student Loan: $65,959.39  $65,188.58 64,427.07 63,657.24 63,392 62,903

3) Personal Loan: $27931.41  $25,401.80 $17,484.39 14,169.27 10,994 7,186

Total: $264,915.80 $259,113.61  $248,231.62  $240,589.28 $235,406 $227, 229

This quarter I have paid off $8, 177. Definitely off to a good start. And hopefully, the 2nd quarter will be even better because I plan on paying off that personal loan by the end of June. So I will most likely have paid off another $8000, which means I am more than half way to my goal. Woo hoo.

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