I’m still trying to find a better way of tracking our debt progress, since our prosper account isn’t updating with our ready for zero app. I’ll keep looking for a better way to visually show our progress.
We actually have about $35,661.12 in debt, although $17,166.12 is listed below. The reason why this post only shows half of that is we have student loan debt that is being deferred while I finish my degree. That debt isn’t gaining interest, but if we make payments towards it before we are ready, and before I graduate, we will have to continue making payments. It is looming over our heads, and we haven’t forgotten about it, we just aren’t ready to tackle it just yet. Hopefully, as we continue to make paying off our debt a priority, we can think of ways to pay off that student loan using CD ladders or other savings vehicles.
$4,000.00 – this amount is from our checking as well as savings accounts.
I have paid off 0 of 4 debts, and am currently focusing on paying down Prosper Marketplace – Loan (6680).
Prosper Marketplace – Loan $6,272.71
(6680)- 32.2% Interest – Min. payment: $177.88
Chase Credit Card- $2,541.20
(9900) 22.24% – Interest – Min. payment: $83.00
SECURED CARD Credit Card- $213.90
(6333)- 18% Interest – Min. payment: $25.00
FedLoan Servicing – Loan- $7,882.31
Loan (0463)- 6% Interest – Min. payment: $99.74
The Prosper loan is the most daunting loan, as it collects $3 in interest ever single day. We need to focus on making consistent payments in order to negate the effects of compound interest. Compound interest is a lovely investment tool, but is a deadly wealth destroyer when it comes to debt.