Well, the year has come to a close. What a year it was - tons of financial things happening, with the biggest, of course, being debt payoff. We learned the art of
Cheap Dating, hit a
couple of big
milestones, and improved our
attitudes towards
finances in general. Of course, there were
plenty of bumps in the road. But more importantly, the numbers!
- We paid a total of $43,712.93 towards all of our debts (except mortgage). This includes credit cards, student loans, and auto loans.
- Of that $43K, $30,099.73 was paid to principal, meaning we paid $13,613.20 in interest.
- The amount paid to credit cards was $23,712.57, with $18,769.32 of that paid to the principal, leaving $4943.25 in interest.
Whoa! That a lot of money. Looking at my income for 2007,
just about all the money I made went straight towards our debt. It's both incredible that we were able to do that and horrible that we were in the situation where we had to. I am proud and excited by the progress we made towards our main goal in 2007 and I can't wait to finish up the credit cards in 2008!
8 comments:
Congrats on a fantastic year! I hope to do the same in 2008. - Sharon
Who's better than you?
Congratulations on the huge debt reduction. All the best to you in 2008!
Thank you both enormously! Your encouragement means the world.
That's a massive effort, well done! You should be so proud of each other!
That's an outstanding job! Have you seen No Credit Needed? He has a nice network of people aiming to get out of debt.
WOW! Paying off over $40,000 in debt! That's awesome!
My hubby and I don't make much more than that together - but I wish we could do that!!
Out of curiosity - how much of your annual salary is that $40,000? We spend about 1/4 of our take home pay on credit cards. Some months more than that...
Lazy Man - I have been meaning to look into that! I have heard some great things about NCN.
Cyber - it's just about 40% of our take home. Tricky math I had to do. :)
40% of your take home! That's fabulous!! I guess I had better get more "with the program"!
Congratulations!
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