End of 2007 State of the Debt

by Sean

This is what you get when you don’t pay really close attention:

  Nov 30’07 Dec 31’07 Change
EVERYTHING We Owe
Credit Card Debts
Chase $20,520.04 $20,193.07 ($326.97)
Other Debts
Home Mortgage 38,900.53 38,853.06 (47.47)
Low Energy Loan 15,407.01 15,286.46 (120.55)
Line of Credit 26,114.93 25,672.64 (442.29)
TOTAL Liabilities $100,942.51 $100,005.23 ($937.28)

Missed a sub-six-digit bottom line by just five bucks and change! If I’d have known how close we were to that mark, I would have came up with another $10 to send somewhere.

So with December’s total finally known, as I suspected, our goal of $20,000 worth of debt reduction for the year is officially missed. Nevertheless, the grand total of $15,920.92 worth of debt destruction is nothing to sneeze at… :)

An upcoming expense or two is likely to slow us down a little in the early months of 2008, but we’ll continue plugging away. If we can catch a few lucky breaks this year, we could see half of this total (or more) gone. Dare to dream… ;)

  • http://www.easy-business-forms.com/ LLC Operating Agreement

    You are so right that over 15k debt reduction is nothing to sneeze at. Most of my friends seemed to have added that this year. They do not understand how I can have less than 6k total. I spend less.
    It probably would have been a great year starter for you though if you could have sneaked under the 6 figure mark. But it will make the reduction at the end of the year next year seem bigger.

  • http://www.beatthatfinance.co.uk Quick Loan Man

    I wish my finances were in as much control as yours are!

  • http://www.ezbusinessneeds.com SEO Web Design

    Dude you have been keeping strict records of your expenses. How can i ever do that. Sheer effort need to be put in to manage my finance properly.

  • http://7percentmortgage.com Morty

    Have you been able to refinance any of your loans? I think if you kill off that credit card debt youll be able to refinance down.

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