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January 1 Check In

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
Total: $91,750.81

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
Total: $82,943.88


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
eHow   $0
Direct Ads: $390
Total:          $416.33

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.

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22 thoughts on “January 1 Check In

    • Doesn’t bother me, but I guess some people are still sensitive about money? I am not walking around with a billboard, but I don’t have a problem discussing it. Everyone hides in the shadows.

    • Doesn’t bother me, but I guess some people are still sensitive about money? I am not walking around with a billboard, but I don’t have a problem discussing it. Everyone hides in the shadows.

  • Do you have any room on the HELOC? Why not just write one check (at 3-1/8%) to pay off that 7.2% debt?
    It may not be huge, 3% of 9K is only $270 over a year’s time, but I look to squeeze every nickel I can.

  • Do you have any room on the HELOC? Why not just write one check (at 3-1/8%) to pay off that 7.2% debt?
    It may not be huge, 3% of 9K is only $270 over a year’s time, but I look to squeeze every nickel I can.

  • Agree with the above. If the HELOC has room, use it to pay off the credit card debt as well as the sudent loan debt.. consolidate and drill it down.

    • The student loans are about 30K in total and quite honestly, I’d rather not have that tied to the home. I want to keep them absolutely separate, ’cause God forbid, I’d lefault on the HELOC and lose the home for student loans where I can always request a forbearance.

    • I also have some goals of saving some money this year in addition to paying down the debt. If I narrow down to the two big loans I would focus on the student loan with the highest interest and then move from here. The goal is to leave myself with the two debts where the interest is tax deductible.

  • That’s an excellent way to put it! I am not my debt! That was actually just what I needed to here as I was going over my numbers and disappointed with myself. My debts don’t tell me who I am. Thank you for that.

  • The student loans are about 30K in total and quite honestly, I’d rather not have that tied to the home. I want to keep them absolutely separate, ’cause God forbid, I’d lefault on the HELOC and lose the home for student loans where I can always request a forbearance.

  • You did well in reducing your debt. Glad to see all the credit cards debt gone. What is not mentioned in your post is your more detailed plan on attacking the reminder. What many commenters are referring is to move your high interest loan to lower interest loan. Is that possible?

    Keep it up, you are doing well.

    • I have room in the HELOC to move the higher interest one to the HELOC but I’m pretty nervous about attaching more debt to the house. I know that it’s irrational but I’ve seen people losing their homes left and right (literally) and I don’t want to put myself in that position especially because I don’t have 100% confidence in my job situation. I can always have a forebearance if something happends with the job. I’ve paid them a TON in interest on that loan (more than I originally owed) and I know that it makes sense to have one low rate bill, but I am reluctant. Not smart, I know. Perhaps I should flesh out a bit more exactly how I plan to work on those debts.

  • You did well in reducing your debt. Glad to see all the credit cards debt gone. What is not mentioned in your post is your more detailed plan on attacking the reminder. What many commenters are referring is to move your high interest loan to lower interest loan. Is that possible?

    Keep it up, you are doing well.

    • I have room in the HELOC to move the higher interest one to the HELOC but I’m pretty nervous about attaching more debt to the house. I know that it’s irrational but I’ve seen people losing their homes left and right (literally) and I don’t want to put myself in that position especially because I don’t have 100% confidence in my job situation. I can always have a forebearance if something happends with the job. I’ve paid them a TON in interest on that loan (more than I originally owed) and I know that it makes sense to have one low rate bill, but I am reluctant. Not smart, I know. Perhaps I should flesh out a bit more exactly how I plan to work on those debts.

  • Congrats on the debt repayment! You made real progress!!! Thank you for posting real numbers. I do too and appreciate being able to see them. It lends to accountability and comparison, which helps me a lot.

    I feel silly asking, but what is a sponsored tweet?

    • Don’t feel silly. Sponsored Tweets gets advertisers that want to pay you to send tweets together with you. They pay you for each Tweet that you send. The pay is based on the total number of followers that you have and how “clicky” they are. If you want to sign up please, for the love of Jeebus, use my link. 😉

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