Debt Eradication Timeline Update


April 2018 is our Debt-Free Date!

It has been at least 4 months since I last checked on our Debt-Free date…. and I’m happy to say that we’re still in the 3-year (and change) range!

According to our Debt Optimizer (which you can find out more about here), we will finish paying off the Citibank card in June 2015, and we’ll have H’s student loans paid off by September 2017 and my student loans by April 2018.


Citibank card will be paid off in June 2015!

H’s loans stand at $42,734 (at 6.88% interest), and mine are $14,331 (at 2.88%), and we pay $506 in minimum payments each month.

We pay $450 to the Citibank card each month (which is just student loan debt that we transferred over to the card).

That makes for $956 in regular Debt Eradication payments each month, but wait – there’s more!

As you may already know, we’re saving $756 to pay extra towards the principal of H’s loans each month. I hope to get into a regular payment schedule after we get both of H’s loans down to $20,000 each so I can happily submit an extra payment each month knowing it will be divided (mostly) equally.

Plus, we’re snowflaking everything we can to our extra payments, so hopefully the date will come even sooner than that!

Funny story: I was updating the spreadsheet with the date so I could get the most recent data on our Debt Free date, and it seemed to be September 2018. It took me way too long to realize that I hadn’t updated our debt totals to reflect that we’ve paid them down since the last time I ran the numbers…. Oops. Thankfully we’re doing a little better than that – not much, but every month not in debt is a good month!

One thing I feel like I should throw out there: I am considering not paying off my loans (the ones at 2.88%) as aggressively as the Debt Optimizer suggests. It might be a good idea to try to start investing more at that point, and do a bit more saving? There are some great resources out there that give some ideas of about when to invest even while you’re paying off debt…. We shall see… as we know, that’s quite a ways off yet.

Do you plan to get rid of absolutely all your debt at the expense of saving for retirement? 


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