Let’s All Throw Some Money at Our Problems: September Check-In

We haven’t forgotten! It’s time to check in with our debt payments. If you’re joining us for the first time, you can read about our decision to publicly keep track of our debt here. Join us to fight the good fight of paying off our debt, won’t you?

Logan is paying off her J. Crew Credit Card, which currently has an APR of 24.99 percent, and a minimum monthly payment of $29.
August 2012 Balance: $513.61
September 2012 Balance: 497.30

Mike is paying off one of his Sallie Mae Private Student Loans, with a current interest rate of 4.5 percent, and a minimum monthly payment of $55.
August 2012 Balance: $1,497.71
September 2012 Balance: $1402.33

Give us your updates below. And remember, if you pay off one of your debts, send Mike an email and he’ll mail you a notecard to congratulate you.

 

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31 Comments / Post A Comment

Gretchen Alice (#1,453)

My credit card is down to just under $400, which was my goal for the month. Woohoo!

Megano! (#124)

I have never had any debt yet, can I get a note? :( #humblebrag?

maude (#1,988)

@Megano!

Congratulations, humblebragger! But seriously, I mean it – that’s awesome. I hope Mike sends you a note. :)

Mike Dang (#2)

@Megano! I am more than happy to send you a note.

hellonheels (#1,407)

I’m paying down a Bank of America Signature Visa with an APR of 19.24%, among three other cards and a personal loan totaling about $13K.

August 2012 balance: $2,679.62
September 2012 balance: $1,862.31

I’m very lucky in that I (finally) have a well paying job and fairly low living expenses and am able to put almost $1,200 a month to paying down my debt. I’m hoping to pay it all off by my 30th birthday next August. A lofty goal, but considering that my total debt a year ago today was roughly $22,500, I feel pretty confident about it.

shannowhamo (#845)

@hellonheels Ug I have a similiar situation- no loans but a few regular credit cards that I let get carried away- but fairly high ilving expenses and not a great paying job! But I am inspired by this and I am going to get more on top of things this year! Wone’ have it all paid off by 30 (in November) but 2013 is going to be the Year of Getting Shit Together!

I’m paying off my thousand dollar IRS debt fifty bucks per month. The first month I used a third party online payment thingummy so I could also exercise my secured credit card, but Billfold commenters intelligently pointed out that I could exercise my card another way without the third party fee, so instead this month I bought groceries with the card and wrote the IRS a check. While I was at it, I also paid off a $90 doctor bill that’s been outstanding for several months (and then paid $30 yesterday for my last visit). I don’t think that merits a notecard, but it’s nice to know I’ve taken care of it before leaving. Anyway, my IRS debt is now in the nine hundreds and I look forward to paying it in bigger chunks once I feel secure enough to dip into what is currently my moving fund.

ThatJenn (#916)

I did all of my debts, because I’m still obsessively tracking them on spreadsheets.

Main card:
8/23 balance: $1,515.50
9/21 balance: $330.00 (I’ve paid down $3253.87 since June – I’ve actually paid down quite a bit more because I’ve also charged plenty, and I hope to pay it off before the end of the year… I’m also making a rule that I’m not allowed to charge anything until at least my next paycheck!)

Home Projects Visa:
8/22 balance: $5,713.68
9/21 balance: $5,413.68 (I’ve paid down $822.76 since June, and am on track to pay it off in November 2013)

Car loan:
8/22 balance: $4,111.93
9/21 balance: $3,745.93 (I’ve paid down $945.86 plus interest since June, and am on track to pay it off August 2013)

Mortgage:
8/22 balance: $109,242.68
9/21 balance: $108,989.04 (I’ve paid down $759.12 plus interest since June, and am on track to pay it off in April 2037, heh)

Hava (#2,239)

From my ED Financial Services account(Fed student loans)

Currently: $5,395.14
Paid in September: $150
Monthly minimum: $94.66
Interest rate: 3.3%

I figure if I can pay $150 per month(barring losing my job or getting into a financial emergency) I’ll have it paid off in 3-5 years. Not too terrible!

CubeRootOfPi (#1,098)

Next month the balance on my big-arse federal student loan will finally be under the original principal amount! As mentioned last month, will begin throwing more $ at it next year once I get the emergency fund to a certain amount.

maude (#1,988)

Since I paid off my credit card debt last month, I’ve been paying down my line of credit more aggressively (bi-weekly payments of $175). I could pay down more, but I’m not certain about income past next April, so I’d prefer to put any extra into savings in the meantime.

Credit Line
APR 7.49%
21/08/12: 14,875.00
20/09/12: 14,455.18

megsy@twitter (#2,192)

credit card, 19%
20 sept 2012 $4,685.15
19 Aug 2012 $8,420 ish

But it’s going to go back up again – I need to redirect $1300 of that to the Brick (a “buy now pay later” situation which is due at the end of Oct – so I’m putting it off) and I need to still come up with a way to pay $4600 in tuition. I’m waiting on some bursaries and monies owed by an ex to come in, so hopefully that happens sooner rather than later.

I’m working on my Bank of America CC, which is a priority because I want to cancel the damn thing and be done with BOA.

Interest rate: 12%
08/19/12: $3283
09/21/12: $2983

My goal is to have it paid off by March, which may be tough. I’m going to Ireland for a week in March, and while lodging and breakfasts are covered, I still have to pay for the flight and meals and fun and everything. Ideally I’d like to have $1000 for the trip, not counting the $1000 for the flight…so basically I need to find a second job. Or get a roommate. I should get a roommate, right? I do not want one.

eagerber (#1,958)

My goal this month was to take on zero additional debts! Did it (barely). So, woo!

PennyLane (#2,242)

I’m working on my Sallie Mae student loan.

Interest rate: 9.875%
8/27/12: $1,748.55
9/21/12: $808.17

Original balance was $2,500, and my goal is to have it paid off by the end of October.

BornSecular (#2,245)

Paying down the car loan and the mortgage. We were able to throw an additional $1000 at the car loan this month because our insurance company keeps refunding us money we paid to our mortgage. It’s weird and we’re trying to figure out who’s messing it up. The good news is we still have insurance coverage, but why aren’t they using the extra towards escrow or something? :/ New-ish homeowners still trying to work out the way the system works.

ThatJenn (#916)

@BornSecular Did you just pass the year mark or just get your homeowner’s exemption to go through for your recent property tax bill? When that happens they adjust your escrow payment for the month, downwards if the taxes and insurance were less than the account was planning for.

If what they’re refunding you is extra money you intended to put towards the principal of your mortgage, try sending it as a separate check (it can be in the same envelope) from the rest of your payment marked as “towards loan principal” in the memo section. You can usually edit the memo section even if you send a check that’s directly from your bank using e-pay but you’d have to check with your bank on that.

blueblazes (#1,798)

I went ahead and consolidated my credit card debt this month. That was also my “one thing that I had been putting off.” Totally irrational. So what was $4500 @ 14.99% (gah!) and $3500 @ 18.24% (GAH!) is now $8000 @ 8.25%.

If I continue to pay roughly the same dollar amount as always, this loan will be gone within two years. Sooner if I throw my tax return at it too. And then I will wave goodbye to BOA forever.

Dancercise (#94)

Another $250 down on my car loan, which is a little more than the minimum payment. I plan to call them today to verify that paying more than the minimum payment will lower the principal.

I’m also carrying a balance on my credit card for the first time ever, but it was planned. I bought a new DSLR camera on a credit card with 0% interest for 18 months. I will be paying it off over the next year.
Interest rate: 0%
Outstanding balance 9/16: $1032
Payment: $86 per month for 12 months

Jellybish (#560)

One more payment left on my husband’s student loan! We will be done with it before the holidays! SO HAPPY.

'riella (#2,067)

I’m starting college and getting my first credit card and I am TERRIFIED. Any tips? (Yes, I know, pay off your bill every time as fas as possible.)

maude (#1,988)

@’riella

You know, because you’re just starting college, I’d recommend only using the card for one thing only – like textbooks each term – and pay it off right away. I think the tricky thing as a student is figuring out how to live on a limited budget without relying on plastic, so I’d recommend not using it for everyday purchases. I find it’s easy to start relying on the credit card if you associate it with your basic needs (let alone extras).

(Did you see that great OWS manual they posted on Billfold the other day? Might be good to check out, too: http://www.scribd.com/doc/105887484/Occupy-Wall-Street-Strike-Debt-The-Debt-Resistors-Operations-Manual#page=21)

maude (#1,988)

@’riella

Also, don’t get a card with an annual fee! I’m pretty sure you can get some kind of student credit card with no annual fee, and it might even have reward points – but if it’s a choice between rewards or no annual fee, you’re probably better off with the latter. Good luck!!

ThatJenn (#916)

@maude Agreed on using it for one thing. Good you you, ‘riella, for getting a card early. I got mine at the end of my freshman year of college and used it only for gas for three years, paying it off two days after I used it each time (which was how long it took for the charge to show up as payable). It lengthened my credit history by three years even though I didn’t really use it as a credit card, and I really appreciated that when it came time to buy a house and I had 5+ years of credit.

honey cowl (#1,510)

Yay, this month I transferred my credit card balance to a 0-interest card. I will be paying it off in at least $100 increments and should be done before a year is up.

I also changed the 0-interest payment plan for my IUD (from the cruelly enormous, but quickly overwith payments to the much smaller, but lasting forever payments). That will also be done before a year is up, and I will be baby-free for 10 years! Which is a huge money-saver.

ghechr (#596)

We are currently working on paying off my husband’s student loans. At the beginning of September the balance was $19,150.53. The current balance is $18,242.48. This is great progress BUT next month we will be broke as it’s the first month we’ll have a million dollars in child care costs. We’ll see how much we can eke together. Pretty much anything above the minimum payment (which I think is $250? I should check on that) would be a huge accomplishment.

selenana (#673)

OK, throwing another hundred extra at my student loan. Last month it was at $7173, now it is $6975.

I’m joining this finally!
I have two big debts at the moment, but luckily they have very minimal interest rates (huzzah!)

1. Tax debt = $2777.85 (from annoying confluence of Aussie higher ed fee deferrals and salary packaging! I have already paid off $100, paying this at $50/week)

2. Credit card balance = $2383.13 (no longer active card, thankfully, clearly I am terrible at money!! This is going at $50/fortnight, as it is a lower rate than the tax debt. Also I have to confess, I have paid this down from over $25,000 to its current level in 3 years and I have been a student for 2 of those, so I feel pretty happy about the current situation.)

ThatJenn (#916)

@Charlotte@twitter Your past and current progress on your credit card balance is really, really inspiring. I also paid down about $25k in credit card debt a few years back but I also had a $20k inheritance I used to wipe out most of it and I feel like I really cheated. BUT it’s so, so, so, SO freaking amazing to have that monkey off my back, regardless of how I got here.

I’ve got two that I’m paying off with my credit union:
Personal secured credit builder loan: $812 balance – interest is 3,25% and monthly payments for this are $58, and I’m not paying it off early, as I’m trying to build credit. Since it’s secured, about $55 is immediately available back to me after paying it off, however, so I then apply that towards my
Car loan: $11,100 balance – interest is 7.5% and monthly payments are $218 – with the $55 subtracted, that’s $163. I’m trying to pay a bit more, as anything over the minimum goes directly to principal, but I had a big, unexpected car repair this month, so we’ll see.

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