Rebekah and I used the money from the car sale to pay off our Citicard and our Brandsmart card which we used to buy our TV. Between those two cards we had $3,954.83 on them. Paying them off is a 5% reduction in our debts. This is a huge burden lifted off of us. We never were able to get rid of these it seemed. We were paying $100 a month on each of them so this will free up an additional $200 a month to apply to the student loans. We should really start to see all of our sacrifices pay off now.
It is still a long road ahead, but in one month we have cleared up $11,000 in debt and increased our monthly budget by $700. I am thinking this is where the hard part begins. We will not be able to payoff large chunks of debt each month like we did. It will be small wins each month, but hopefully we will continue to be motivated to pay off debt.
If you hear of any awesome blogs that I could check out to follow other peoples' journey through debt that would be great. One that is really awesome is bloggingawaydebt.com. It is very encouraging and I would highly recommend that you check it out. Hopefully I will have an update for you as we start the new month.
As always, thanks for reading.
You may find this interesting.
ReplyDeletehttp://www.zerohedge.com/news/2012-09-28/student-loan-bubble-19-simple-charts
Thank you for sharing this link. That was very interesting to read. If colleges keep raising tuition, students will stop going to school. I wonder what kind of effects this will have on the economy. Low paying jobs, reduction in economy, so on...
DeleteThank you for reading!
amazing.
ReplyDeleteJust... Amazing. That's a lot of money...in a short amount of time (and I'm feeling proud of pennies over here!).
Thank you! We were just riding the sale of the car that month. We certainly will not see that big of a decrease that quick again. Thank you for reading!
DeleteThis comment has been removed by the author.
ReplyDelete