My Debt By Numbers

Time for another update on the state of my debts! Check out my last post on this topic here.

Since it’s the end of the year I thought I’d do a recap of my debt repayment in 2012. I know it’s not technically the end of the year yet, but I highly doubt that my projections are going to be THAT far off in the next two weeks.

How Far I’ve Come

By the end of 2012, I’ll have paid off 47% of my total debt. I started out with about $38,000, and I should be ending this year with just over $20,000. That is such a significant decrease I still can’t quite believe I’ve made that much progress. I’m really starting to get somewhere with this debt repayment thing! Before, when I was tossing all that cash at my debt, it really felt like a futile endeavour. It felt like a crazy goal that I was going to start and give up in a few months, like so many things that I’ve done in the past. $38k just seemed so insurmountable, so impossible. I guess publicly declaring a goal has a way of motivating me though, because look at what I’ve done in the past year!  Now that I’m seeing such progress, I’m more motivated to make it disappear than ever! This pie looks so good I could eat it.

I’ve been paying the most attention to my student loan, since it’s got a higher interest rate than my car loan and also a bigger balance. My student loans came due with $26,720 owing on November 30th, 2011. Now, 13 months later, I’ll be finishing out the year with $11,500 owing.  Seeing that number makes me so happy. Not only does it mean that I’m just a hop, skip and a jump away from owing under 10k, it also means that I’ve been able to somehow wipe out 57% of my student loan debt in 13 months. It may have taken me four years to accumulate, but I think it’s safe to say that it definitely won’t take me four years to pay it off. I’m hoping that my income tax return will knock out another big portion of this debt, like it did last year.

Fun Facts About My Debt

  • In the past three months I’ve paid off $4585 in student debt principal. That’s more than double what I paid off the three months before that.
  • I’ve paid off double my debt repayment goal for 2012.
  • It might be possible for me to pay off my student loans before the end of next year.
  • When I first started paying my student loans back, I was being charged $4.10 per day in interest. Now I’m paying $1.86 per day, which will save me at least $800 next year.
  • I should officially owe less on my student loans than on my car by May of next year.
  • If, by some magical stroke of good fortune, everything goes as it is meant to, I could be completely debt free by as early as the end of next year. Maybe. Probably not. I give myself about a 2% chance of achieving that.

Am I Crazy?

That’s a lot of debt to pay off in such a short time. I often ask myself if I’m crazy for being so focused on it. I mean, I’m putting about 40% of my after tax income into the mouth of my debt monster. I could be spending that money on other things. Like a house down payment, retirement savings, trips to Europe, the list goes on. So why pay off debt? Why have I restricted myself so much in the name of paying off debt?

I suppose I’m a goal oriented person. For the four years while I was in school, the name of the game was Get Through School. Now that I’m done that part of my life, my new goal has been to Pay Off Debt. I’m terrible at splitting goals and achieving multiple things at once. I’m better at checking one thing off my list, before moving on to the next. I suppose at this point I’m like a dog with a bone, I’ve got my teeth sunk firmly into the idea of being debt free, and I’m not going to let go until I’ve achieved what I want.

What state are your debts in? I’d love to hear about them! Do you think I’m Miss Crazy Pants for being so hard core with my debt repayment?

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  • K.K. @ Living Debt Free Rocks!

    I think you’re doing great with being “hardcore”. It’s getting you the results you want right? As long as you do treat yourself from time to time and be proud of what you’re accomplishing you’ll be fine. It has taken me less than 5 months to pay off the last $16K I was owing from my initial $55K in debt; I”ll be 100% debt free on Dec 21 2012. Like you I was laser focused on becoming debt free and I can’t wait!

  • Michelle

    I don’t think you are crazy at all. You are doing great! And ah $4.10 per day is insane. I’m probably paying something similar to that on my student loans though :(

  • Newlyweds ona Budget

    You are doing awesome and if it makes you happy, good for you!

  • Pauline

    Your debt melted like ice under the sun, that is awesome! I think you are right to be hardcore with it as you have so much motivation and it will only accelerate from now. I pay about $15 per day of interest but get more than this in investments so I am fine with it.

  • Savvy Scot

    You are doing JAHMASING!!

    • Jordann


  • TB at

    Lol, “fun facts”, huh? Not sure I know of anyone else who has listed fun facts about their debt, haha. Nice.
    Great job getting things down so well!!

    • Jordann

      Hey Thanks! I like listing the facts because it makes my debt interesting, which keeps me motivated.

  • CanadianBudgetBinder

    Wow, you’re rockin the debts mate! If it were me I’d be doing the same, getting rid of them. We don’t have any consumer debt and the mortgage we have cash to pay it off but like I said, If I did, it would be the first to go. I don’t think you are crazy you have goals and you are motivated by them! Go for it but make sure you enjoy your life at the same time, have fun and keep smilin mate! Looking forward to another awesome update from you! Mr.CBB

    • Jordann

      Thanks! I’m definitely still very happy and enjoying life, just more carefully.

  • Mo’ Money Mo’ Houses

    Congrats on the debt repayment! That’s seriously amazing!!!

  • holly

    No, you are not crazy! You are doing awesome!

  • Jason @ WorkSaveLive

    Go get it! It’s so fun to read about people’s debt repayment plans. My wife and I really killed it our first year working out of debt, but we eventually realized that we needed to save more (for car repairs, a new car, emergencies, etc) and maybe not focus on debt repayment as much. I think we paid off $19k in debt 3 years ago, $14k last year, and only $8k this year.

    • Jordann

      I think that makes sense, I don’t think I could keep up this crazy pace forever, I would burn out. Another year of this and I’ll have no choice but to ease up.

  • OutlierModel

    Impressive numbers! I think you should have no problem paying off your student loans next year. What will be your first goal after paying off your debt? If you’ve thought that far?

    • Jordann

      Thanks! I think once I’m totally done student loan and car debt payment, I’m going to start saving for retirement, fully fund my emergency fund, and start saving for a house. But before that, I’m definitely taking a month off and blowing my cash on something dumb.

  • Renee Solomon

    You are not Miss Crazy Pants! You are Miss Awesome Pants!! Mr. Money Mustache (idk, if you read his blog, but he is awesome) says that debt is an EMERGENCY and that it needs to be dealt with. You are rockin’ it and those charts look fantastic!

    • Jordann

      Thanks I’m glad to hear you agree with my course of action!

  • Budget & the Beach

    I don’t think that’s crazy at all. There is nothing like reaching that $0 that makes you feel incredible and now things start going the other way. I think last I checked I’m at about $1400 or so. Most of that started with my root canal, then a couple purchases when work was dead, so I’m hoping by January it’s gone. I’m throwing a lot of christmas money that way.

    • Jordann

      $1,400 seems so small in the face of my $20,000. I can’t wait to get to zero, it’s going to be epic.

  • John S @ Frugal Rules

    That’s just awesome Jordann! You’re not crazy at all, if you are then I was at some point too. :) You’re making awesome headway and you have a goal in sight, so I think what you’re doing is great. Thankfully, we’re down to just our mortgage debt o we’ll be at that for some time.

    • Jordann

      I don’t think I could attack a mortgage payment with the same zeal that I’m attacking my debt. It’s so huge compared to what I’ve been dealing with!

  • Cassie

    You’re not Miss Crazy Pants at all, you’re Miss Rocking The Payoff! You’ll probably find towards the end of paying off your debt that it starts to go faster than you’d expect. I’m betting you’ll surpass your debt payoff goal and finish up faster than you think :) I’m currently sitting with ~$4000 on my line of credit right now from buying my car, and I’m hoping to have it paid off by April.

    • Jordann

      You’re definitely right, it really seems to be snowballing now that I’m almost halfway there. Hopefully everything will go right in the next year and I’ll get it all paid off sooner rather than later.

  • Lauren Bee

    That’s amazing-good for you!!

  • Katie Collins

    More like Miss Awesome Pants! Way to go! You are a rockstar, seriously.

    • Jordann

      Hey thanks!

  • See Debt Run

    I love seeing that student loan chart flip over past the 50% mark.. You have done a truly awesome job this year!


    • Jordann


  • Plunged in Debt

    You’re doing so great! I can’t wait to start working again and making more progress on my debts, ours are still super high but it helps that with the DMP 24k of the debt is interest free so we can work on seriously eliminating it.

    • Jordann

      If you’re as serious about eliminating your debt as you’ve been with your blog, I have no doubt you’ll have it gone in no time.

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