Loan Status Update

By | June 13, 2005

Previous Forecast
2002 – 30K student loans and 10K CC
March, 2005 – 20K student loans and 5K CC
End of 2005 – 10K student loans and 2K CC
Mid-2006 – 5K student loans and 2K savings
End-2006 – 0K student loans and 5K savings

Since the last post, I have been paying off the credit card balance. I decided to completely pay off the balance though it was under a 0% offer. I’m trying to stay away from credit card debt and their “generous” 0% APR balance transfers.

My current loan balance as of:
June 1st, 2005 – approx. 15K student loans and $0 cc debt

Current Forecast:
Dec 31, 2005 – 10K balance in student loans
Mar 31, 2006 – 5K balance in student loans
Jun 30, 2006 – finish paying off student loan balance

It looks like I’m going to be 6 months ahead of schedule on paying off my student loans. I now expect to be debt free by June 2006 instead of December 2006.

2 thoughts on “Loan Status Update

  1. Jose Anes

    I have a slight aversion against using savings to pay off debt.
    I believe debt payments should come from regular day-to-day hardwork and periodic income.

    See my recent article on this topic:
    Savings are Sacred

    Reply
  2. Smarty

    Last year, I used my work bonus to pay off a big portion of debt. My primary goal now is to eliminate debt, but I still have some savings and a small stash of emergency funds.

    Reply

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