Tuesday, December 30, 2014
Debt, so refreshing!
It's a beautiful morning! and -13 with the windchill. Brrrrr.
Last month I was just remarking to a friend about how I dipped a few dollars below $100k of debt. Now after this month's payments that 6th significant figure is gone for L-I-F-E!
This just feels like such a major achievement. Woooooo! (Suck it, interest!)
Today $100,000+ of debt feels almost incomprehensible. Huh? Why? How? Wait...What? I did that? Yep, and now I'm back to DESTROYING it. :)
Strangely, it feels so refreshing to only owe $99k+ of debt. It makes me feel a lot savvier than those people who owe over $100k of debt. I mean, $100,000 of student loans? How can anyone be that dumb? Ohh... wait...
At the very least I am glad my degree is in engineering and not something like underwater basket weaving.
Ok, here are the numbers for December!
Total Payments $1,579.12 ($879.12 Base and $700 Snowball)
Total Principal $1,514.20 (73% of Payments)
Total Interest $ 425.70 (27% of Payments)
I think I spoke a little too soon for my debt pay off goals for 2015. I mentioned that I hoped to pay off $21,316 worth of student loans, but I forgot to factor in how interest digs it's little claws in. So the revised goal is roughly to pay $21,000 total towards student loans and by doing that eliminate about $15,000 of principal. Interest, you are my B...! I can't wait to see those numbers start to collapse in the New Year.