With a name like “Debt Destroyer” it’s kinda implied that I’m spending my waking hours destroying debt. I wish that was the case. But I have to admit that I spend much more time watching “Arrested Development” on DVD, than I do destroying debt.
But before I declare myself a fraud, I thought I’d take a second to check if my six months here at The Happy Rock has lowered my debt.
Back in July of 2008 we owed:
For a total of $113,081*
*I originally included a credit card balance in my initial debt total. But I always pay off the balances, so I decided to not include it as debt in this recap.
And as of today we owe:
- $94,274 – Mortgage
- $5,350 – Student Loan
For a total of $99,625.
That means that we’ve paid off $13,456 in the last six months.
Not too shabby.
Of course that total is misleading because $10,992 of it came in the form of a gift. You long time readers out there will remember I was the benefactor of a personal bailout. But the other $2500 was all us!
But DD, didn’t you say that you took out an additional $7750 in student loans to go back to school?
Um…yeah I did. Thanks for paying such close attention.
But as of this writing I haven’t been granted those funds yet, so I didn’t include them in my debt total. I wanted to savor the feeling of owing less than $100,000 for a little while. I should be getting my grubby little hands on that money in a very short time, once again putting our debt in six figure territory.
Of course I shouldn’t have expected to make great strides in the beginning of this journey. Heck I’m still trying to get our expenses under control. In fact, I’m tickled pink that we paid close to $2500 ourselves during this time. When you consider that I no longer work full time and am going back to school, I’d say we’re off to a good start.
I’m going to go out on a limb and say that I’m not alone in my debt reduction journey. How are you doing? Are you pleased with your progress? Have you come across any unexpected roadblocks?
Remember, we’re all in this together!
Until next time,