Update #14 – September 2017

Hey!! If you’re new to the site or haven’t been here in some time, you may be wondering what this post is. TL;DR – my wife Rachel and I started our marriage together with over $80,000 worth of debt between us. That got old REAL quick, so we turned to Dave Ramsey’s Total Money Makeover for help getting out of it. Though we “started” our journey as a New Year’s Resolution to each other in January 2016, we started really hitting the gas when this blog launched in August 2016, and I’ve been posting these monthly progress updates ever since. If you missed the last one, you can find it here, or you can see all of them from the Updates link on the home page.

September has been a whirlwind, even though it doesn’t look like it from the numbers below!  We were able to refinance two of Rachel’s highest-interest student loans with Credible, knocking the rates down from 10.5% to 5.99% and shaving $160 off the minimum every month, which frees that money up for other areas of the debt snowball.  It’s cute, though, because in the paperwork they sent us, they mentioned that the last payment we have to make would be in September 2032.  Those sweet summer children…

The Numbers

January 2016 (Start) July 2017 August 2017
Car Loan $4,685.88 PAID OFF!! 03/17
Discover Loan $5,511.82 PAID OFF!! 06/17
Discover Card $7,939.49 $1,299.36 $600.00
K Student Loans $14,058.10 $11,540.50 $11,450.75
R Student Loans $47,879.41 $45,005.28 $45,471.44
Total $80,074.70 $57,845.14 $57,522.19

Total Change:

$22,552.51 paid off since 1/1/2016
$12,634.90 paid off in 2017
$322.95 paid off this month

The Artwork

The Road Ahead

In addition to the refinance we did at the beginning of the month, I’m making good on my plan to pivot.  God has finally answered my prayer for a new career path!  This news is excitingly scary, and I’ll have a more in-depth post about what it means for our financial future once more of the details get hammered out.  For now, it looks like our snowball is actually going to slow way down, but God has surprised us just a few times before, so I think we’ll just wait and see.  We are still on track to pay off Discover next month, so it’ll be really good to be down to just the student loans as this job change takes effect.

3 thoughts on “Update #14 – September 2017

    1. It really will! I was actually surprised to see how much of a difference it will make, especially if we were going to take the full term of the loan to pay it off (which we won’t). I’m a little curious as to why lenders would rather risk their borrowers refinancing instead of just working with them to lower the interest or minimums a little.

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