Debt Payoff Progress for March 2013

Fan of billsWell, I didn’t get as much personal and credit card debt paid off during March as I would have hoped.  This was not due to the fact that I have been watching too much hockey on Hulu (which is one of the reasons I haven’t been blogging as much), but because my wife and I had to take over responsibility for a commercial building in which we were partners.  Now my wife and I are the sole owners of the building as the result of a deal that we worked out.  We are hoping that it doesn’t turn around to bite us.

We managed to catch up one of the loans on the building during March, so we really did pay off more debt than is outlined here.  That can be seen by the positive effect on our net worth, especially when it comes to the overall decrease in liabilities.  Nevertheless, here are the results for the first 2 months:

February 1, 2013:  $204,682.21

March 1, 2013:  $202,074.40

April 1, 2013:  $200,241.22

Again, certainly not enough progress to get this done in 36 months.  There are 34 months left so we will need to knock just under $5900 off the balance each month.  In April, I will still have some work to do on the building, but will also plan on putting some extra on the consumer debt.

I sent in for some medical reimbursement funds which can help with this and may even send in for some more from the health savings account later on this year all of which would be applied to the debt.  I would at least like to be at a balance of $195,000 or less by the May progress report.

I should be able to get it done, but I thought that about this month too.  At least it didn’t increase, but I will be more intense in April.

Comments

  1. You’re making progress, that is already worth noting.

  2. This is why I do not have partners other than my wife in any of my businesses. The downside is rough. I hope you guys can handle everything on your own!

    • I am learning that partners are not a good thing. I will certainly not operate that way in the future.