It's that time again... Time to confess to the world what my family's current debt situation looks like. As you may recall from my post in August, we have the following debts, and our ultimate goal is to be debt free. Our first step in doing so is to pay off the debts in Group A, which will then allow us to work on an early pay off of the remaining debt in Group B (our mortgage).
Group A:
A Student Loan (Natural maturity of March 1, 2015)
Credit Card 1
Credit Card 2
Home Equity Loan (Natural maturity of June 1, 2017)
Car loan (Natural maturity of May 15, 2016)
Group B:
Land Payment (Paid in full this month!)
Mortgage (Natural maturity of July 1, 2039)
We're making the final payment on our land this month, and as of today's payment the loan is PAID IN FULL! WOOHOO!! Excuse me while I celebrate that milestone for a moment! WOOOHOOOO! With that debt paid off, the only remaining debt in Group B is our mortgage, which has a natural maturity of July 1, 2039; however, with the small amount of extra money that we have included in every payment (about $23/month), we've already cut that maturity back to October 1, 2037. Ideally, we'd like to have it paid off well before that time though.
So, how did we do at reducing our debts in Group A last month? Not quite as well as I had hoped, but we still made progress.
In August our total debt owed for the accounts in Group A totalled ($24,531.17).
The value of the debts in Group A, as of September 1, 2013 is ($23,557.45)
We paid down our debts by a meager $973.72, but it's forward progress so I'll take it!
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