Third Quarter Debt Payment Update

Third Quarter Debt Payment Update

Since I started this blog I have been updating how much debt I have paid off on a quarterly basis. I would do it monthly, but some months are normal mundane months with regular payments and then some months I have extra funds that I use to pay off my debt. My previous debt payment updates can be found here and here.  My overall goal is to pay off 10% of my debt by the end of the year. At the beginning of the third quarter I had 248, 232.62. Here are my totals as of September 30, 2015.

1) Mortgage: $171,025 168,780.16 166,320.16  162,762.77 (NOW)

2) Student Loan: $65,959.39  $65,188.58 64,427.07 63,657.24 (NOW)

3) Personal Loan: $27931.41  $25,401.80 $17,484.39 14,169.27 (NOW)

Total: $264,915.80 $259,113.61  $248,231.62  $240,589.28

For the third quarter, I paid off $7,642.34. Not a bad total. I am still on track to achieve my goal of paying off 10% of my debt by the end of the year. In fact, I anticipate I will pay off about $6000 more debt over the next three months. I wish it was more, but during the school year my income basically flattens out and there isn’t a lot of opportunities for me to earn extra money. Plus with the holidays coming, a wedding we went too and an upcoming conference trip to Las Vegas (although most of that is being paid for by my university) I will probably just have to tread water and not make a lot of extra debt payments. The good thing, of course, is I will have reached by goal by the end of the year.

I plan to keep the 10% debt payment goal for the following year in addition to my new debt payoff goal of paying off my personal loan by the end of 2016, which would be over 2 1/2 years ahead of schedule. Even Steven Money, however, has made an even bigger challenge to me to have my personal loan paid off by my birthday, which would be in August of 2016. It is a challenge I am accepting and will do what I can to pay it off by then. However, there are some things coming up that might throw a wrench in this entire strategy. Those are posts for a different time. And because they haven’t occurred yet I don’t want to speculate on any kind of wrinkles in the plan. Until then I am continuing with my plan of paying off debt as fast as I can. Not a bad quarter, but I would like this gone even quicker.

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