At the beginning of this year, Paul and I started tracking our loans as we try to get them paid off.
Every three or four months, we have gotten the total balance of each loan and recorded it in a spreadsheet. Our spreadsheet includes each of the seven loans, with the interest rates and the monthly payment. Also, we have the columns with the balance on a certain date, starting with the most recent.
Today I set about gathering the total amounts for each loan.
On January 21, 2007 we had 7 loans, each with at least $5000 or more.
From then to the present date, we have decreased our total loan amount by over $16,000. This included paying off completely two of the loans, and paying the minimum on the rest.
We are hoping to get the next loan paid off by the end of summer 2008, but that’s an optimistic view. We’ll see!