During the last 30 days, I decided to make some additional payments to reduce my debt. I paid additional toward both my Prosper loan and my USAA card since their interest rates are similar.
With last month’s payments, I broke through thousand-dollar barriers on all three balances: from $7K to $6K; from $11K to $10K; and from $24K to $23K.
And then I noticed that within a month or two, I’ll only have one balance over the $10K mark. The other two will be in the four-figure range. Psychologically, it’s very gratifying.
Here are the raw numbers.
I paid off a total of $1,501.73 in the last month, which is about double what it would be if I had only paid the minimums.
I’m still taking a conservative approach with paying off debt since I know I’ll have a big tax bill in early January. Once that’s out of the way, I can up the ante and make progress faster.
For now, it’s just good to see consistent progress from month to month.
If you’re on this journey with me, remember that the race doesn’t go to the swift; it goes to the steady. In almost every case, steady progress will trump rapid progress.
Paying off debt is a marathon, not a sprint. So keep putting one foot in front of the other. You’ll get there.