First Payday Loan Gone

Day 7| Paid: $1150.36 | Remaining Debt: $61998.08

I had originally planned to write about my non-debt expenses today, but I decided to put that off tomorrow and take a few minutes to savor a little success.

Payday Loan 1 is officially paid off today!

I woke up and immediately checked my bank account and saw that it was automatically withdrawn. Then I logged into the loan website and confirmed the balance of $0. If you remember that loan was a lump sum payment, and all of that was due today. I paid that mostly from cashing out my Acorns “Invest” account that I had set up a few years ago and was putting a tiny bit into each week. That provided about $850+ of the funds, and then I put some of my recent paycheck towards it. Thank god that is over and done with, but I still have a long long ways to go.

I also had an automatic payment today for Payday Loan 3. That loan has weekly payments of $87.86. Of course from that $54.46 went to interest and only $33.40 went to the principle.

I am torn on how exactly to track my progress using the counter at the top of each of my posts. There are a few ways to do it, but the simplest seems to me to simple include every dollar paid to my debt under “Paid” and the “Remaining Debt” to show the total amount remaining on that day. I could do something fancier with tracking principle and interest paid and remaining, but the way I decided to do it seems the simplest, even if it won’t result exactly in the Remaining Debt lowering by the same amount as paid. Oh well…

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