I am sure no one particularly cares about my debt reduction, but I am too proud of it to keep it to myself.
I am a medical resident who graduated with $185,000 in government loans.
In 2008, I put $6,000 into the loans!! I am pleased as punch about this. It never felt like I was making any progress on the loans at all because the piece of the loans I am paying on accrues interest at the rate of about $375 a month. My loans are not in repayment yet, they are in economic hardship deferment, so all the payments I make are just at my discretion.
Anyway if you look at the amount the debt decreased, it is only about $2,000, meaning that $4,000 that I paid went directly to interest. That hurts, but I am going to focus on the positive. I dug up $6,000 to put into this effort! And I bought a condo in May, and have grown an emergency fund with my husband of nearly $5,000 as well.
So I would like to rest on my laurels for a moment and invite anyone else who paid down way more debt than they ever thought they could in 2008 to join me for a year end virtual glass of champagne.
Have you paid off your debt? Managed to save for your dream home? Had an awesome investment pan out? Share your personal finance success stories here.
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