Debt Payoff Progress for June 2013

spinning wheelsWell, we made some more progress during the month of June which is good news.  Of course, there is not as much progress as I would like because I would really like to get this debt problem behind us so that we can use the income for investing and get compound interest to work in our favor.  But, at least we are sticking with the program continue to track the information on a consistent basis even if I can’t always communicate the results publicly in a timely fashion.

Looking back, here are the monthly results:

February 1, 2013:  $204,682.21

March 1, 2013:  $202,074.40

April 1, 2013:  $200,241.22

May 1, 2013:  $201,650.44

June 1, 2013:  $197,517.24

July 1, 2013:  $194,888.81

 

Ideally, we would be able to knock out about $6300 in debt to eliminate this debt in the next 31 months.  Clearly we are off this pace right now, but it may get a little easier as principal gets paid down and less of the payment goes toward interest.  Still, I think we need to pick up the pace, although I am not sure that this will happen for the remainder of this year.  For know it seems like we are spinning our wheels.

Unfortunately, I had to evict a tenant from one of our rental properties and I am expecting quite a bit of repairs.  I am hoping to cash flow this and not add to the debt, but that could easily prevent much progress from happening.  We will just have to see how July goes.

Comments

  1. Sorry to hear you had to evict a tenant! That must have been very stressful! Let’s hope for the best but plan for the worst of course!

    • The eviction is the easy part. Cleaning up the place has been the most difficult part of it all. I will be able to share some horror stories later.