In 2002, I graduated college with 30K in student loans and 10K in credit card debt. I got a full-time job right out of school and worked as an Applications Analyst. I have been making additional payments on top of my regularly student loan and credit card payments.
This month, I have lowered my student loan balance to 20K and credit card balance to 5K. I contributed as much as I could to my student loans because my credit card balance was on a 0% APR.
At the end of this year, I am projecting a 10K balance on my student loans and 2K on my credit cards.
Six months after the end of this year, I aim to have only 5K left in my student loans and 2K solid savings in my bank account.
By the end of 2006, my student loans should be completedly paid off, and I’ll come up with 5K solid savings.
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
*This is not my entire net worth.