April Debt Update

Here’s our debt update for April… a little late, but not too bad. As always, we didn’t make the progress I wish we had, but we made progress and our overall number decreased, albeit very little.

The debt we owe our children has continued to (ever so slowly) decrease. We borrowed $1500 from each child and have paid back $800 to each of them, which means we are over half way through paying them back! Our car loan has continued to decrease as well. We have a 0% loan so it’s nice to see the payment actually affect the bottom line.

For 2018, my only resolution, or goal, is to have our credit card balance below $10000 by the end of the year. I obviously started with 12 months, now I’m down to 8 months to go.

Here are our current debt totals:

            $16,077.33        Credit Card at 15.74% interest

            $700                 The Girl

            $700                 The Boy

            $7890               Car Loan at 0% interest

Our total debt stands at: $25,367.33 YIKES! That is still a huge number! The only thing that makes me happy about that number is that it is smaller than the last time I did a debt update! I hope it keeps going down! We paid off $747 of debt last month. We managed to decrease out total debt by almost 3%. As always, I wish it were more, but I’m pretty happy with these numbers.

In order to meet my goal of under $10000 for the year, we need to pay back a minimum of $604.03 per month, not including interest on our credit card alone. We did not make that this month. We only paid of $302. I will shoot for $604 next month and then worry about playing catch up.

I will try to keep track of my progress each month and find out if I am meeting my goal of paying off over $600 of credit card debt per month and therefore on track to meet my goal of credit card debt below $10000.

I am happy to see progress and, for reasons not quite known, April has shaped up to be a very expensive month; due to this, I’m just hoping to get our next statement under $16.000 after interest. I know that doesn’t sound like much of a goal, but it would be continued downward progress and it means I “lived within” my means for the month. And, truth be told, I’m not even sure that’s going to happen. L