When I first started this blog I would share my debt payment progress report with you every other week. Well, I’m back. Having been debt free, sort of, for about a year now my student loan has popped up to say hello. (I’ll explain why at the end of the post). From now, I will once again share my new debt total on a regular basis and some of the things I have done to make this happen. It will help me record my journey and it will also help me to stay motivated!
Debt Payment Progress Report 16 – my new total!
As of January 6th 2022 my new debt total is £10,000. This is my new starting debt.
With this being a fresh start on my journey to becoming debt free and an entirely new journey there isn’t much to reflect on yet, however I will definitely be sharing more details as I progress though the £10k towards zero again. From using a budget and managing my spending to working on earning extra money where I can to help speed up the process, it will all be shared on the blog.
You might have a couple of questions about the student loan. Why am I just starting to pay it off now? Why didn’t I count it in my debt total before? In the UK, your student loan only starts to be paid off when you reach a certain level of income. It is then deducted from your income, at a set percentage, pre tax. It is also possible to make overpayments…although I’m still to work out how to do this.
As I am self-employed and earning a modest income currently, I want to be proactive with my student loan and pay it off as quickly as possible. I don’t believe the interest is high on it, but I’d rather not have it at all. Debt be gone!