I haven’t posted an update in a long time, partially because of all the things I’ve been doing to reduce my debt. For instance, during the last three months, I’ve gotten a Prosper loan and sold my motorcycle.
These “transitional periods” always make my debt numbers look funny for a little while.
When I consolidated two of my credit cards with the Prosper loan, it made it appear as though my debt had ballooned by almost $9,000 until I was able to cut checks to each credit card that I was paying off. Naturally, I didn’t want to report during that period of time.
So excuses aside, here’s where I’m currently at as of May 2008.
A few things to note:
1. The motorcycle debt has been wiped out completely. This is where the greatest reduction came from.
2. The Prosper loan is a new debt I created to consolidate my CitiCard and MBNA America card, thereby cutting my interest rate in half. (This loan is being paid down much faster than my credit cards were being paid down.)
3. Total debt eliminated since mid-February is $19,693.45. That’s a 27.5% reduction of my debt in three months.
Right now, I feel as if I could reduce our debt to under $40,000 by the end of the summer. But we’ll see. I’m blazing down this path as quickly as I can and as God provides.
Thanks again for being a part of my journey.
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Ryan,
Congrats man %27 percent is huge and it not like your dealing with the smallest of numbers either.
Keep up the good work
Thanks, Rick. I appreciate it. The closer I get to my goal, the better I feel.
Congrats on the 27%. I think you’ll find it starts becoming exponential after this point. In another 4 month, you may have knocked off 50%.
John – I do hope it becomes exponential. It would be really nice to be down to zero before the end of the year. Probably not realistic, but it’s a good stretch goal.
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