Debt Reduction in 2008!

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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Joined: Sun Mar 02, 2008 11:55 pm

Debt Reduction in 2008!

Postby quinsy » Mon Dec 29, 2008 1:44 am

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.

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Joined: Sun Jun 10, 2007 3:19 pm

Postby Daedala » Mon Dec 29, 2008 11:37 am

That's impressive, particularly given how little residency pays and how much time it takes.

Your username amuses the hell out of me, too. :)

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