Now that 2013 has come to an end, I’m looking at how we did financially over the year, specifically with trying to pay off debt. I said I would be more forthcoming with numbers so this is a big leap for me. Please, don’t judge. I share this so that I can keep myself accountable and so that I can offer encouragement and understanding for others who are trying to struggle out from under a pile of debt. So, here’s the numbers.
Over the year we have paid off $3,932.63 in debt and have accrued $12,588.70. That’s a net debt gain of $8,656.07. (Shudder)
Medical Debt– $719.10 paid off 4 bills!
- We paid off four outstanding debts and started making payments on a new medical bill which is on a payment plan.
Vacation Loan– $1368.74 paid off!
- We paid off a vacation loan that we had taken out the year before for $2000 because we were short on funds to pay for our trip to California for my sister’s wedding. I know better than to take out a vacation loan, but honestly we were stuck without the money to go and missing the wedding was not going to happen. Luckily we were able to pay off half in one payment with tax return money.
Family Debt– $135
- Sorry Mom and Dad. We haven’t made much headway here but at least we have been trying. Let’s try for more in 2014.
Personal Loan– $1057.08
- This is essentially a student loan but because no one would give us a student loan that year (WTF!), so we borrowed $4000 as a personal loan and it is not deferred. We have basically been making regular payments with an extra $20 thrown in occasionally.
Interest Paid on Private Student Loan– $652.71
- At least this is tax deductible. We decided to pay the interest monthly on the private student loan that is still in deferment because when it comes out of deferment the interest is added to the principle and then interest is accrued on that larger balance (read: you accrue interest faster on a higher balance).
Credit Card– +$619.19
- We made payments over the minimum every month, but ended up adding more to the card by the end of the year for things like vet bills, fishing gear, textbooks, and food. Some necessities and some non-necessities. My goal for 2014 is to make more headway on this and not accrue more.
- We received a lot of new medical bills over the last couple of months and have been working on them but still have a way to go. We are on payment plans with some which will take a few months, but the rest should be paid off by next month. Oh the joys of getting sick and testing to make sure you are not sick.
Student Loans– +$10,759.62
- Oh I hate this huge number. It negates all the debt we paid off in other areas. These are deferred while my husband is in school and we plan to keep living on my salary when he graduates and use his salary to pay these loans off ASAP. So this will hopefully only hang around for a short-ish while.