This post will serve as both a review of how I did with my reducing my debts in 2010 and the beginning of my debt for 2011. Way back on January 1, 2010 I began the year with over $90K in debt. I ended the year with a little under $83K in debt, however that does not reflect the amounts that were added and paid off during that time. I wasn’t as aggressive at paying down my debt as I should have, but I did am happy to have ended the year going in the right direction.
The exact amounts are below:
January 1, 2010
Credit Card #1 $1,019.12 @13.99%
Credit Card #2 $3,907.79 @13.99%
HELOC $45,070.66 @3.875%
Personal Loan $1,580.52 @9.45%
Student Loan #1 $1,871.04 @4.5%
Student Loan #2 $38,301.68 @3.3-7.5%
Car Note $0
I am ending 2010 and beginning 2011 with the following:
January 1, 2011
Credit Card #3 $4,232.44 @0%
HELOC $41,010.99 @3.125%
Student Loan #1 $349.66 @2.47%
Student Loan #2 $9,343.65 @7.2%
Student Loan #3 $28,007.14 @3.0%
Car Note $0
Credit Card #1 $0
Credit Card #2 $0
Personal Loan $0
The Bed $0
You might notice that I separated out my student loans and added a line called The Bed. I financed a bed during the year and paid it off all at zero percent financing. I plan on attacking each student loan separately this year to get rid of them one by one. I will also add my tax liability to the total. It will probably add a total of $10.8K to the balance currently listed. It will be my goal to pay that liability off within the year, pay off the smallest student loan, and pay off the final credit card. It is my goal to be left with just the HELOC and student loans at the end of this year. Then I can focus on those final debts one by one.
A few people have asked me why I am so open with my debts. Well, I am more than the numbers that are listed here. My debt is not a reflection of my morals or beliefs. They are just numbers. I am not the sum of those numbers. Wish me luck this year.
UPDATE 01/05/11: I forgot that I’ve been including my online income. crap. Now I’m 2 days late with it. Okay, it’s below:
Internet Income in December
Google Adsense $19.92
Sponsored Tweets $5.06 ($12.53 total for the year)
Commission Junction $1.35
Cash Crate $0
Direct Ads: $390
My best month for internet income by far. My Google income fell somewhat and that was expected because I did the 30 days of Christmas thing which didn’t have much content. Almost 100% of all the revenue generated through Google is from contextual ads. They’re the links that you see here in the center of the post. I expect Google income to increase somewhat in January as I return to my regularly scheduled posts with lots of words! Words equal people that click on links.
Commission junction continues to disappoint. I think that they hate me. I just want to get to the $100 payout level and then I’ll drop them like hot coals at a bar-b-que. You know what I mean. I didn’t do much for Sponsored Tweets, but my referrals did and I earned money. Please click that link above and join to make a couple extra bucks each month. eHow had some accounting glitch so December’s earnings didn’t register. It was under $1 anyway but it will show up in January. Finally, I got paid in advance for a few months of advertisements on this site. Next month’s ad income won’t be this large, but every little bit counts. I’ll be using some of this money to fund my blog anniversary giveaway but I only need to make $250 per month to reach my goal of $3,000 saved by the end of the year. Woot!
This post was included in the Carnival of Debt Reduction New Year’s Edition.
Join the newsletter
Subscribe to get our latest content by email.