It’s time to check in with our debt payments again. If you’re joining us for the first time, you can read about our decision to publicly keep track of our debt here.
November and December are particularly good times to check in while we’re paying down our debt because these two months are times when we begin to accrue debt—not pay them down. It’s very easy to convince yourself to charge all of your holiday shopping on a card and make a New Year’s resolution to get rid of the debt in 2013. I have a rule for myself that I can only buy gifts with cash or using my debit card—money I know I have to spend. This includes the money I’m spending to fly home for the holidays. I’m also lucky to have family members who don’t expect to receive expensive gifts like iPads or designer clothing. In any case, I believe we can all make it through the holidays without burdening ourselves with more debt. Let’s check in.
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.
Oct. 2012 Balance: $282.74
Nov. 2012 Balance: $240.69
I’m paying off one of my Sallie Mae Private Student Loans, with a current interest rate of 4.5 percent, and a minimum monthly payment of $55.
Oct. 2012 Balance: $1,334.69
Nov. 2012 Balance: 1,270.15
Give us your updates below. As always, if you pay off a debt, email me, and I’ll mail you a personal note to congratulate you.
See previous months here.