It’s the beginning of the month which means it’s time to calculate how much debt I managed to pay off last month!

Methodology: We keep it simple here; I’m not trying to get bogged down by doing any complicated calcuations. I don’t care about breakdowns regarding principle vs interest or digging into what payments may or may not have cleared at the time I reviewed my balances. My process is simple: on the first of the month I log on to the website for each debt I owe and write down the balance as it appears on the homepage. Consistency is preferable to pin-point accuracy.

So with that being said lets get started…

This month’s starting balance: $67,361

Current balance: $65,049

Debt Previous Month End of January
Credit Cards $12,516 $11,845
Personal Loans $27,289 $26,101
DMP $27,546 $27,104

I paid off $2,312  this month, and $2,312 in total to date.

I am ahead of schedule of my goal to pay off 15k of my debt this year. If I continue on my current trajectory I’ll be credit card debt free by July 2024, personal loan debt free in May 2025, and totally debt free in October, 2025.