Thursday, January 10, 2008

A Year has Past

Tonight after reading some older posts on my old blog I found some stats for my debt at the beginning of January 2007. There were as follows.....

For the beginning of January the stats were as:
Federal Student Loan 4741.24
Provincial Student Loan 3049.61
CitiFinancial Loan 471.67
Savings 17.00

These numbers are from just after a year of aggressive debt paying. The year of 2007 was a very hard year for me financially. I ended two jobs, had health issues and went through tenancy court with my previous landlord. For a few months I didn't attempt extra payments but always kept my finances on the top of my list of priorities. I recently started making payments again.

Here was the tally from January 1st 2008:

Federal Student Loan 4153.79
Provincial Student Loan 1120.82
CitiFinancial Loan 0.00
Savings 110.00

Now it may not seem like a lot but I'm not upset by any means. I think I made a great effort to keep the ball rolling through hard times. I did build up the savings at some point but I had to use to it during ... well an emergency. Paying off the Citi loan was huge for me. It had an interest rate at a whopping 36%!!!!!!!!!! Oh geez it makes me ill just thinking about it.

I remember when I decided to get really serious, I mean SERIOUS about debt. It was when I started breaking it down into how much interest I was paying a day. I believe it was 2 or 3 dollars per student loan and then a few dollars on the Citi loan. So I was like "oh hell no". So this meant everyone morning when I woke up without even getting a chance to open my eyes I'm already paying like $8 in debt. Wow! Wake up call.... ring ring... hello... girl you better pick this wake up call up and get it together.

I will post a monthly tally on the first of each month at where I am with debt and savings.


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