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Progress on June goal; newish approach to debt

June 10th, 2009 at 07:27 am

I sent the money that was set aside for NT's bus pass to the personal loan, because his student loan will cover the bus pass. $20 went to principal,making it $867 down, $733 to go on the June debt goal.

I've decided to shift my strategy slightly again, putting extra income toward this loan instead of the EF or the vacation fund. I may have an opportunity to use student loan money to pay it down about $2000, and that has helped me see the light at the end of the tunnel. I have an informal goal to pay the loan off by the end of the year, which I don't think will happen, but it doesn't hurt to strive for it.

Whenever I do pay it off, it will be an extremely exciting addition to the Old Debt Graveyard!

3 Responses to “Progress on June goal; newish approach to debt”

  1. creditcardfree Says:

    How much do you owe on this loan you are referring to? Is it the $28K?

  2. ceejay74 Says:

    ccf, the loan I'm focused on getting rid of is $10,491. The chances of my coming up with $1500 per month from now until December are exceedingly remote, but I'd like to really focus on this debt since it costs me $623 per month for the minimum payment.

    The rest of the $28K personal debt is $12K on a low-interest credit card and $6K I owe to my dad.

  3. creditcardfree Says:

    I'm sure you'll make a great dent in the $10K! And, I too would want to get rid of a loan with a $600 payment.

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