Friday, May 31, 2019

Monthly Debt Updates

We are on Dave Ramsey baby step two, using the snowball method to pay off our debt.  Once a month, I will publish an update on our debt payoff for others who are on a similar journey.

We track our debt using Google spreadsheets so I will be posting them in here too.

Debt Amount

As of our May 24, 2019 update, we had $6,880.84 left to pay off before we are 100% out of debt.  Much of this debt is related in one way or another to medical bills including medical equipment and having to move to a wheelchair accessible apartment.

It is divided between three credit cards:  Suntrust, Chase and Citibank.

The Plan

As soon as the Suntrust one is fully paid off, we will take advantage of one of their 0% balance transfer for 17 months offers and move the Chase balance over to it.   Paying what we now pay to Suntrust and Chase combined will let us pay the Chase card off within the 17 months and save us about $500 in interest charges in the process. 

Once that is done, we will do the same thing with Citibank and have that paid of in 10 months.   Our target date to be completely out of debt is November 2021.

Debt Status for May 2019
Debt Status for May 2019


Interest

The other thing we track is how much we pay in interest each month and annually.  So far in 2019, we have paid a total of $470.94 in interest on our credit cards.  That hurts but at least we are watching the monthly amount decrease each month.    I cannot overstate how much we are looking forward to getting the Chase balance moved over to a 0% transfer offer in order to save $500 that we would otherwise have paid in interest.

We also use a chart to track our decreasing interest payments.

Interest paid for 2019
Interest Paid for 2019


If you share your debt journey on your blog or your YouTube, please drop a link in our comments so that we can come see how you are doing and cheer you on.   We would love to hear about  your goals and accomplishments on your journey to a debt free life.


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