Sunday, September 6, 2009

This week's step toward freedom

$1,521.38 starting balance
- $30.00 contract paycheck
- $2.00 online survey reward

= $1,489.38 current balance

According to bankrate, we're now down to 57 months until payoff. We eliminated a month from our payoff in one week and have paid off 6.3% of our initial balance. We're making progress, though I can't really see how we're going to pay off this balance by November 30th. Thankfully I have some bigger paychecks coming, starting the 15th of this month.

I love statistics. I should figure out how to calculate the amount of interest we're saving by paying early and often. Interest over a period of 57 months is huge, even when your APR is only 10.24%!

1 comment:

Joyfull said...

Great steps toward financial freedom. Every bit helps! Keep up the good work!