Debt Reduction Progress v5
Debt

Debt Reduction Progress Report November 2020

January 20, 2021
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Introduction

I’m finally getting around to posting my progress report for the month ended November 30, 2020. Better late than never, I suppose! Overall, it was a solid month especially considering multiple family birthdays in the month plus the start of Christmas shopping.

November 2020 Results

Here’s the comparison month-over-month from October to November:

Student LoanCard 1Card 2Card 3Card 4Card 5Total
November$20,978$45,345$26,265$0$99$15,185$107,872
October$21,212$45,353$26,624$0$134$14,914$108,237
Change-$234-$8-$359$0-$35$271-$365
Month-End Balance Comparisons

Overall a solid result. I have been focusing my spending on Cards 1 and 5 for various reasons, so at least it’s easier to see where things are going. I’m using Card 4 for my side hustle expenses to help keep them separate from my personal ones.

I haven’t really discussed the student loan much, but it’s from law school (and this is the balance after 12 years of payments). Even with scholarships, I needed the loans. But I consider myself lucky: I know other law school grads who easily had twice the loan balances I did upon graduation.

I actually had 4 or 5 separate loans issued because of how the program worked at the time and have been able to pay off all but 2 of them. I have always paid more than the minimum – even if only by a few dollars – and it’s very satisfying to see the numbers drop over the years. The interest rates on each are quite low – I paid off the higher interest ones first – so I’m currently OK with paying a bit over the minimum for now while I focus on the higher interest credit card balances.

Conclusion

Even with the coming holidays, I was able to maintain overall progress for the month. My next report will include both my month-over-month status as well as a review for 2020 overall.