Jessica’s (early) February 1 Update: Seeing the Light!

My deposits and payments are all lined, up for the first week of February. So here’s my status as of February 5 (I’ve done the bills through that date).

Credit Card 1: $0
Credit Card 2: $0
Credit Card 3:$7216.44 (we cut the balance almost in half this month, so I’ll call and see if we can get a lower rate—it’s currently at 8.9%)
Mortgage: $159,267

We’re getting close folks—really close.

This time last year there were three credit cards, two adoption loans, some back medical debt and a second mortgage of $18,000.

In 2009 we increased our net worth by $34,599.95 (even after absorbing losses in our investments). Keep in mind that our income went down in 2009 by 30% (because I was self employed for all of 2009).

Now we’ve just got $7,000 to go on the consumer debt and we’ll be screaming debt free.

Typically, our budget includes about $500 towards debt repayment each month, but any overtime or extra profit margin in our business goes towards debt, so our debt payments regularly reach $1700 in a month with $500 as our minimums. Business costs should be very little in February as I believe I have two months of inventory on hand, so this should save me $300-$500 to apply also towards debt.

We’re still hoping/planning to be free of all debt except the mortgage by July!