It outlines six steps I’m implementing to immensely cut my debt repayment down. As the year goes on and time progresses, I should be able to pay off this loan by summer 2012!
Previous Balance – $6,197.49
I get extra motivation every month from using the ReadyForZero debt-tracking software. Plus, February is part of the annual America Saves Week, which gets me even more inspired to pay off debt and save!
The New ReadyForZero Savings Platform
ReadyForZero has just released a new feature called the Savings Platform. They work anonymously with creditors to help find their software users better loans. According to their site, here’s a list of a few ways your “triggers” can help you save:
- months on ReadyForZero
- ReadyForZero speed
- credit score
- actual payment history
- number of outstanding accounts
I reviewed the consolidation loan that was offered, and as you can see, for my personal debt situation it’s not a good fit. Here’s a fantastic article to read if you’re wondering, is debt consolidation a good idea?
While it would decrease my monthly payment, I would be paying almost 3x the interest rate and $915 more interest. My goal is INCREASE my payments not decrease them!
Progress and Payments
This month I pulled in some extra income, sold some stuff on eBay and discovered some “found money” to help knock down my balance even further. Here’s the breakdown.
- Semi-monthly double payments – $630
- Freelance writing – $225
- Side bookkeeping/taxes – $178
- Found money from coin jar – $43.80
- Sold stuff on eBay/Amazon – $31.40
- Cash back from shopping online – $31.31
Extra income total – $509.51
Total extra payments – $1,139.51
Here’s an updated screenshot of my progress using the ReadyForZero debt payoff software.
New Loan Balance – $5,083.15
The daily interest rate last month was $0.59 a day and now it’s down to $0.48 a day.
It’s awesome to watch my chart balance keep going down. And if you notice the update, I will be debt free in 8 months instead of 12.
If you’re interested in finding out more about the ReadyForZero software click here to see how it all works.
Ahhhh….I’m getting close!