his year, I’ve been keeping up with my online earnings each month. Most months have seen me earn between $300 and $400+ over the course of a 30-day period. Beginning this summer, I decided to start paying off debt with my earnings as they came in rather than trying to draw them out to invest.
I could theoretically take several years to pay off the debt that I currently owe, but I would like to see it go away ASAP. I came out of graduate school with about $36,000 of debt, and it’s now down to just above $8,000. This is what I’ve accomplished in a little more than four years.
My hope is that I can drop more and more over the next year or two. If I could kill off this debt over the next year, I’d be thrilled.
In September/October (my statement closes on the 20th), I was able to pay off $135. While this was not as much as I would have liked, it’s more than $50 above the minimum payment. This is definitely a step in the right direction as far as I’m concerned.
I currently have a 0% rate through about the middle of next year. However, an “average” credit card bill of $10,000 with a 16% annual interest rate would take nearly 28 years to pay off if a cardholder only pays the minimum each month. That would leave me in debt longer than my mortgage would.
This is why I’m paying off debt at an accelerated rate.
Why Am I Paying Off Debt So Slowly
It may seem that only $135 is a small amount to pay off. It is. There are many people who are able to pay off debt much more quickly.
What’s wrong with me? The answer to this is nothing. Most of the people who pay off massive amounts of debt who cover their journey online are singles or DINKs. I’m neither as I have a wife and kids.
I can’t easily share a frat-like house with four other people and pay $150 in rent each month. I could theoretically eat ramen noodles every day for every meal, but my family has to eat as well.
My Latest Payment
Tonight, I made my latest payment. I’m trying to make payments as often as I get a bit of online income. I cashed out $25 from Swagbucks, and I paid $20 of that toward my debt. I’m going to have some more money coming my way later this week from some freelance writing, so I might be able to make another payment or two before the end of the month.
This will add to my payment for October/November and get me even closer to my ultimate payoff of the debt I accumulated from graduate school.
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Keep Up With My Progress
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