- Personal Loan: -$15,000
- Credit Card 1: -$6000
- Credit Card 2: -$7100
- Credit Card 3: (transferred to Card 4)
- Credit Card 4: -$15,888
- Credit Card 5: (paid in full)
- Credit Card 6: (paid in full)
- Credit Card 7: (paid in full)
- Credit Card 8: -$4,435
- Emergency Fund: +$2,000
- Car Fund (Maintenance & Registration): +$0
- Short Term Goal Fund: +$0
- Home Deposit Fund ($60,000 Goal): +$0
- UK Tour Fund ($5,000 Goal): +$0
Debt reduced from last Dec 2008: +$3010
Debt reduced from Sep 2007: +$8,349
I've cracked the $50,000 barrier at last - hurrah! I’m also on track for reducing my debt by at least $12,000 in 2009.
I've sacrificed my short term goal fund as part of this result though, the bed can wait a couple of months, but I really want to make a dent on that personal loan this year. Same for the home deposit fund, I do want to start building that from this month month though as the interest rates are just so low now.
I’m also going to roll Card 2 onto Card 3 this month, the interest rates are pretty much the same, so for simplicity and one less payment each month (even though it will be larger of course) it’s worth it.
I've been throwing everything I have at my personal loan at the moment as it’s got the highest interest rate, but I’m also considering a switch to paying a percentage of each debt each month, I can currently afford 4% of the current balances, and still save money for my other goals.
Roll on payday.