Thanks to an influx of forgotten cash, I made two important payments today. One of those payment was to one of my student loans. The other was to one of my credit cards. Let’s dive in.
I have two student loans. However, today, I wrote my past payment of $552.92 to pay off this student loan. The interest rate was 5.2%. Now, it doesn’t matter, because my balance is a whopping $0.00. Good bye Sallae Mae. You are not welcomed in my house anymore.
Well, it turns out, I still have one more student loan left. That’s a hefty balance of about $20,000. I meant to start paying that off this month at a rate of $2000. But, I recently hit some setbacks, and I’m having difficulty with that debt snowball. The interest rate on this loan is 2.625%, but I want to get rid of it as soon as possible. To follow my progress on evicting this loan, follow my debt tracker.
Also today, I made my last remaining payment of $86.80 to bring that credit card balance to $0. I was living off credit cards for the past few weeks, again because of recent setbacks. I’ve since taken my card out of my wallet, but haven’t decided to cut up the card just yet.
Unfortunately, I do have another credit card as well. The balance on that one is about $3000. The interest rate is 6.4%, but I plan on paying that off, hopefully this month. Paying off credit card isn’t exactly what I intended to do with the bonus from work, but it is what it is.
I’m not expecting anymore influxes of unforgotten cash. Everything I should be receiving in August will be expected. But, so far, I have a little bit of breathing room. I’m also hoping that my paycheck will be more sound next pay cycle. As you may recall, I’m still transition at work.
It’s nice to be able to bring my accounts down to zero. The trick is to be able not to increase my debt as I’m trying to get out of debt. As they say, if you find yourself in a hole, stop digging.
Let me know your thoughts on this post by commenting below. Thank you for reading.