Every two weeks I will be sharing my debt payment progress report with you. I’ll share my new debt total 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 – my new total!
As of October 5th 2018 my new debt total is £15,228.90 (My starting debt total was £16,814.29)
That means that in the last two weeks I have paid off £471.30. My new total debt payment to date is now £1585.39, which I have calculated to equate to 9.4% of my debt total. (I should note that I have paid in more than this, however some money has gone straight to interest). The following debts now remain:
- Loan One £6883.18
- Loan Two £5922.72
- Credit Card One £0 (hehe, I’m so excited to be able to type this!!)
- Credit Card Two £2423.00
I’m so so happy with the progress I have made over the last two weeks! Not only am I inches away from paying off my first 10% but as my balances go down I can see the amount of interest I pay each month dropping too. Of course, the lower the interest I’m paying, the more momentum I will build and the faster I will pay off my debt.
This is why I am doing this. This is why I am recording my journey. Even the tiniest amount towards your debt can make an incredible difference in the long run. If you are currently facing a pile of debt and you don’t know if you can handle it please do click on my Starting Point post linked below and read through my progress so far. There have been weeks when I have only been able to scrape together the minimum payments, but even those have helped me to progress.
One of my greatest achievements over the last two weeks was paying off my first credit card. I cannot describe to you how good that felt. I have spoken before about setting small goals. Begin with your smallest debt. Work as hard as you can to pay it off and let yourself experience the sheer joy of closing that account!
I’m just getting started!
You can find my previous reports here.