Outstanding Debt as of January 2008
By Ryan Healy | January 13, 2008
If you read my post about financial setbacks, then you know I’ve not had much disposable income the last couple of months. Between our hospital bills and taxes, we’ve not had much left over. Still, we were able to pay down our debt during the last month by over $700, which is not bad considering our circumstances.
After examining the numbers, it looks like most of our progress was made on our van and motorcycle loans. I did not pay any more than the minimum payments, but because both loans have low interest rates, much of the payments went toward the principal. You can see the detail from each account here…
We reduced our debt by exactly $779.74 between the beginning of December and the beginning of January. After I pay the remainder of my taxes (due Tuesday, January 15), and the hospital bills, I hope to make better progress. But it’s slow-going when you have out-of-the-ordinary expenses that must be dealt with.
Still lingering in the back of my mind is the idea of selling my motorcycle. I may do that soon. I have avoided making a decision about this for two reasons. One, I hate to part with it. And two, it’s the dead of winter; it is not a good time to sell a motorcycle. I hope to wait until at least the beginning of March before listing it for sale. That way I’ll catch buyers right as their interest is warming up in anticipation of spring riding.
Stay tuned.
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4 Responses to “Outstanding Debt as of January 2008”
Comments
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January 28th, 2008 at 5:02 am
[…] He’s trying to decide if he should sell his motorcycle to help speed up the debt repayment. Debt Reduction Progress as of January 2008 posted at Debt Reduction […]
January 28th, 2008 at 10:39 pm
[…] Debt Reduction Formula who posted on his debt reduction progress […]
April 22nd, 2008 at 4:22 pm
Sell the Motorcycle and the Honda your poor. Poor people have no business owning a motorcycle and a 30,000 Honda! The motor vehicles are your out-of-the-ordinary expenses($42,000 to be exact).
I wish the best for you but if you don’t do something extreme you will be broke for a long time.
April 23rd, 2008 at 8:05 am
Thanks for the encouragement, Steve.