Debt Update - February 2020
We are currently down to TWO debt payments, not including the car loan;
Bank of America: $5,600.00
Wells Fargo: $2,300.00
The good thing is both are on a NO APR promotional basis currently. I didn't pay any balance transfer fees when the balances were transferred to these accounts since I chose to opt for a shorter promo period in lieu of a no balance transfer fee and a longer promo period. No interests being accrued for both remaining balances is soooooo great. I don't feel the stress of seeing huge amounts of interest each month anymore.
We should be able to pay off the Wells Fargo balance by the end of this month. If only my tax refund would come in already!! If this had come in already, we would have been done with the Wells Fargo balance by now.
We also have been paying down a little extra each month toward the Car Loan. Apparently, not enough because the balance is still higher than we would like at $4,500. This is not that bad as before though, considering the loan was originally at $12,000. The interest rate on this car loan is 6.9%. Once the consumer debt is paid off, the car loan will be tackled.
So, this is where we stand currently in terms of our Debt Free Progress.
Koa doesn't get paid for one week due to his school this month so the income for February is a lot less than a normal month. However, we feel that the end is in sight at around June or July of 2020 as our debt free month. I think that this is amazing, considering that our current income level is a lot lower than it had been at a previous stage in our lives.
Even though, our debt free journey has been slower than we would have liked, we are still content with what has been met so far because we refuse to compare our journey with anyone else's journey and we are finally changing our habits (took us a while!).