I heard a saying once that went something like “it’s not real unless it’s in black and white.” Which completely conflicts with the saying “thoughts become things.” Well, I had a thought to begin posting my personal monthly debt payoff progress report but I don’t think posting it will make this nightmare any more real. Because I wake-up every morning with the debt monkey on my back and I detest it. Sharing my actual numbers with you will hold me accountable to make us both proud and I believe it will take the authenticity of this blog to a deeper and more transparent level. As I post the monthly reports, I will also describe what I did each month to make the numbers either tick up (not preferred) or down (preferred). Regardless, my hope is that you will be able to take something away with you to implement in your own life or learn from my mistakes.
Note: I am only tracking credit cards with balances which is currently 5 out of 8, a personal loan, and a line of credit. My student loans are not included in the report. That’s a different post for another day with a graph with much higher $$ values!
Fortunately, I don’t feel like these numbers are astronomically high whereas its unattainable to bring bring them down to $0 in a reasonable amount of time. I am working hard to put every available dollar to this debt so I can start building wealth. My goal is to slice the loan balance by 75% and the credit card balance by 10% by the end of 2018. This would bring us to:
Total Loan Balance: Paid down to $1,704
Total Credit Card Balance: Paid down to $18,884
I’m ready to take this journey with you, so here we go! Any comments, feedback, tips, and questions are welcome!