Tell All Tuesday: Over 50% Paid Off Edition
Late last week I made our car loan payment for this month, and with that, passed the 50% mark for paying off the non-mortgage debt we had as of June 2007. That June was a landmark turning point for me, for I started this blog, and with that started seriously keeping track of how much debt we had, our progress we made towards paying it off. At that time, we owed just shy of $36,500 split between a credit card, two student loans, and a car loan. Then, my aim was just to get out of debt - I had no real aim or plan for staying out of debt after that. It was enough for me just to aim at a life where this $36K+ was paid off and I could start from zero.
Now, a little more than a year later, we’ve passed the halfway point to that goal. We’ve paid off over $18,000 in debt, including all of our credit card debt and the majority of my spouse’s student loan debt. But instead of just setting my sights on paying off our current debt as the endpoint, I’ve expanded my goals to come up with and implement a plan for staying out of debt in the future - paying cash for cars, home improvements, and eventually paying off our home as well. Hand in hand with that is a savings plan to provide for our family in good times and bad.
This journey has done more than help us to get out of debt. It has made us more financially aware. And that gives us the tools to make positive progress not just on debt elimination, but into the future. Our lives past debt are looking pretty good.
With that, here is the summary of our progress so far:
Debt at start of blog (6/19/07) : $36,451.71
Current total as of 07/21/08: $18,007.78
Principal paid to date $18,443.93
For the first time, the principal paid to date exceeds the current total remaining. Our NCN Network Chart shows 50.4% of debt paid off. And with that, I refocus for the push to the finish line - I think we can beat that 13 month halfway mark. 
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July 22nd, 2008 at 2:13 pm
Congrats on your attention to debt! It sounds as though you have a financial plan and follow it. Consider yourself as part of the minority.
July 22nd, 2008 at 3:34 pm
That’s great! Congratulations!
July 22nd, 2008 at 3:38 pm
Congrats!!!! A little sweat, and a lot of perseverance go a long way!
The next few grand should be cake right? :-p
July 22nd, 2008 at 3:54 pm
It’s about time! I haven’t stopped checking in since the 49.99% post, lol. Well done!
July 22nd, 2008 at 3:55 pm
CONGRATULATIONS!! That’s such a great accomplishment!
July 22nd, 2008 at 5:05 pm
Outstanding! Congrats on your success, and I hope it continues for you and your family!
July 22nd, 2008 at 6:00 pm
Also, I don’t want to be a troublemaker, but I can’t resist, lol. Are you REALLY going to retire that car loan in March?! I do understand your reasoning, but there is NO WAY I could resist that easy zero! And I would probably have given myself a month off the snowball every time I got a zero. (But not if I got two in very quick succession.)
To me that’s part of the fun of these financial sites / blogs, seeing what other people do, and thinking about how I would do it.
July 22nd, 2008 at 7:42 pm
Doesn’t it just feel great to beat your estimated time to your goal ! Way to GO!!!!
July 22nd, 2008 at 8:05 pm
Congratulations. What an inspriation. I have just sarted but feel confident and motivated.
Thank you for that.
July 22nd, 2008 at 8:14 pm
congrats!! i love reading your blog and i’m truly happy for you!
July 22nd, 2008 at 9:37 pm
Congratulations! That’s so awesome - you’ve paid off so much in such a short time, and best of all, inspired so many people
July 22nd, 2008 at 9:44 pm
@debtheaven - if it was completely up to me, yes, the car loan would wait until it runs out in March. But, my spouse has a voice too, and like you, he’s become itchy to get rid of it. I’ve staved him off so far with the carrot of the student loan disappearing so rapidly - but once his student loan is paid off and the car loan is like $1000 and my student loan is still $11000… well, I might have to defer to him lol. We’ll see. I can be very convincing
July 22nd, 2008 at 9:55 pm
I can’t wait to feel that again. I remember car payments and student loans. I’m so old now (41) no more student loans and I only pay cash for cars, but I did max out a credit card this past year - $10,000. I hope to have it paid off in the next 6 months. As soon as it’s paid off, I’m going to try to do something I have very little luck accomplishing - savings! I’m a new person now, and frugality has become a fun game. Thanks for your blog - I enjoy reading!
July 23rd, 2008 at 11:09 pm
Congratulations!! I’m usually just a lurker here, but I think this is a great occasion to come out of my shadowy little corner to let you know how inspiring it is to see you reaching for your goals. Keep up the good work for the other half!