What’s good readers! Happy Monday! I’m here with my first update of 2024 and this is a catch up to what I paid off in January. Before I dig into how much I paid off it’s important to know a few things:

• My debt payoff journey is customized to my needs and wants, so the amounts will fluctuate each month based on what is going on in my life and what I need/want to spend on
• None of my loans or credit cards are being charging interest at the moment because:
  • Loans: Money was loaned by my dad and I will be paying interest once I start making loan payments (if his HELOC was still holding a balance, I would probably send him interest only payments. As stated in the last debt update post, I paid off his HELOC after the house sale)
  • Credit cards: I took advantage of multiple 0% APR credit cards that ranged from 15-18 months + some 0% APR balance transfer offers from existing cards to roll my balances over so they aren’t accruing interest
• I recently sold one of my properties, so I do have an influx of cash that I can use towards debt payoff
  • *Side note* Selling my other property helped me fully fund my emergency fund, so I have the privilege of throwing any excess cash I have towards debt
• I had been hoarding cash the last couple of months (and only paying the minimum payments on my credit cards), so there will be a bunch of bulk payments the next couple of months

With all that being said…

Update #1!

Yessir 6.7k down!!!

Again, I’ve been hoarding cash so these numbers look good right now and probably for February lol

Catalysts for me being able to pay down this much in a month:

• Hoarded cash from October 2023-December 2023
• Used about $2,000 from some of the proceeds of the house sale
• We were on mortgage forbearance and our mortgage didn’t kick back in until February 2024 so we weren’t paying our portion of the mortgage (payments got pushed to the backend of the loan, will cover this in the future)

With all that being said I was able to pay off $6.7k worth of credit card debt! 

Stay tuned for February’s update where I had to make some hard decisions to really get into the paying off this debt.