I have been consciously working to pay-off my student and other debt since October of 2011. While some say that student debt is the best kind there is, I don’t want to be weighed down by any debt. I don’t want my choices in life to be based on whether I have the job or income to pay the next payment. And unlike a house or a car, the only asset that can be sold to pay off the debt is me. Therefore it is up to me to pay it off. I recently realized that I needed a concrete plan of becoming debt free to help me stay focused on my goal.
Total starting debt of: $51, 273…..yikes.
|Loan from Family||$6,000|
I have made a dent and my total debt as of June 2012 is: $43,570
|Loan from Family||$5,500|
My Plan of Attack:
I have set a goal to be debt-free within 3 years aka by June of 2015. I know my ‘fight to freedom’ will not be easy, especially since I don’t want to stop enjoying my life entirely for this goal…..life must go on.
Most of the interest I pay is on my student debt. All of my loans have individual interest rates however I have added on the average interest to just my student loans to bring my total debt to $45,772. Based on this balance my goal is to put at least $1,275 every month toward my loans. I realize this will be more than necessary, but I prefer to set my sights high.
Realistic or not let the ‘Fight to Freedom’ begin.
See the progress of my fight below: