[-$39,900] I’m in the 30’s!

Woot! I’ve made it to the 30’s. FINALLY!  Now that I’m here, I can start to see the light at the end of the tunnel. I’ve already paid off over $30k in credit card debt before, so I’m getting back in familiar territory and know I can take down this last block of debt.

Current stats on my student loan

Original Balance: $112,258
Remaining Balance: $39,900
Monthly Payments:
 $2,000 – 2,800   🙂
Term Remaining on Debtor’s Prison Sentence: 1 year and 3 months  
Interest rate: 3.25% (now fixed rate!)  🙂

Even with my recent stumbles with overspending, if I get back on track and stay on track with ~$2800/mo payments, I’ll make my last student loan payment on December 30th, 2019. By January 1, 2020, I will be debt-free!

When I got my loan down to the 40’s, I was thinking about re-financing my student loan again, but didn’t want to leave my servicer. My old variable rate had risen to 4.88% with no end in sight. I then found out the good news that my servicer allows re-refinancing. So I did that, and got a lower fixed rate of 3.25%, and got to keep the service that I’ve been enjoying. I’m also feeling better about getting the fixed rate now.

My Savings Account Gets More Interest-ing

Yeah, bad pun. I know. But look at this! The interest rate for my emergency fund is almost at 2% now. Better than the microscopic 0.15% (?) I was getting at the other place. Glad I switched.

This isn’t enough to keep up with inflation by itself, but it goes a long way toward helping.

In the Sprint

I’ve reached multiple other milestones lately, including having paid off over $100k of debt. If all goes well financially, I’ll have one year to plan my next moves. What comes after debt? Potentially a lot of changes.

The closer I get to the end of this tunnel, the faster I want out.  I wish I had a Jessie Owens style financial turbo booster to rocket me there.

Jessie Owens. 1936 Olympics.

What’s Next

Making payments and making plans. 🙂

.

“Debtor’s prison is real, and opportunity cost is a bitch.” (DDSW Archives)

 

 

31 comments

  1. Akashasdebtjourney · September 29

    Great job! I think 1/1/2020 is a great goal date. New decade, new life. Hopefully a new love to kiss at midnight.

    Like

    • Double Debt Single Woman · September 29

      Thanks!
      I know! I love the idea of having a clean slate on 1/1/2020.

      “..a new love to kiss at midnight”. Now THAT would be the dream! No debt, a hot SO at my side, and a world of opportunities! 🙂

      Liked by 1 person

  2. Broke Urban Lawyer · September 29

    Congratulations! I’ve been following your blog for a while, and you inspire me. I’m not as far along on my debt journey as you are, but I’m slogging down the same path.

    Like

  3. Double Debt Single Woman · September 29

    Best of luck on your debt fight. I’m in your corner. I really like the first post of your blog. It seems we have a lot in common. I’ll be checking in there to see what you’re up to. 🙂

    Like

  4. Anonymess · September 29

    That is wonderful – and a huge accomplishment. Congratulations!

    Like

  5. Paul · September 29

    Very well done for getting down to this level. I can’t believe how quickly it’s gone down. It has gone from a big burden to something much less daunting. It is nice to hear good news like this. Paul. London.

    Like

  6. Cathy · September 29

    Congrats! You’ve been so inspirational in my own debt slaying journey!

    Like

  7. AW · September 29

    Yes, you can do it! Starting 2020 with no student loan debt would truly be a Happy New Year. Go for it😊

    Like

  8. dbl04b · September 29

    Way to go! I enjoy the Marcus savings account. Your student loan interest rate is awesome! Who did you refinance with? I’ve been debating if I should do this.

    Like

    • Double Debt Single Woman · September 30

      You can get these rates with either Earnest or SoFi, but don’t discount other servicers. Apply to a bunch and see what rates you get. Mine is on a five year term so that also contributed to it being a little lower.

      Like

  9. Michelle · September 30

    This is so amazing, you are so close to being debt free!! YESSSS!!! Isn’t wonderful that banks are starting to finally pay more for savings accounts??? My Savings Direct is offering 2.25% right now.

    Like

  10. Isabella · September 30

    The end is in sight! Awesome. And that is a fantastic fixed interest rate. You can do this!

    Like

  11. Wren · October 1

    Congrats on the milestone! I’m secretly competing with you for motivation. I have less debt ($21.5K) but also a smaller shovel. I’m so inspired by your hard work! Here’s to both of us being debt free before 2020!

    Like

  12. Tainted Tiara · October 1

    Way to go! I can’t wait until I’m hanging out in the 30’s with you!

    Like

  13. Viking Tantan · October 3

    Congrats! I think I started reading your blog when you were in the 20s of credit card debt. I was so amazed that you paid off your credit card debt so fast at the time and it was very inspiring. You’ll be debt free in no time!

    Like

  14. layingdownlawdebt · October 3

    Congratulations! That’s so exciting. And to be almost done and to be able to think about what you want to do next. There is so much opportunity now that you can really see that light at the end of the tunnel.

    Like

    • Yeah, I’m looking forward to it. The first thing I’m going to do is build up my emergency and opportunity funds. After that? Well, I’m figuring that out… 🙂

      Liked by 1 person

  15. zeejaythorne · October 7

    The 30s are a good decade!!!

    Like

  16. C@thesingledollar · October 10

    I’ve been pretty out of it recently but I couldn’t let a new “decade” go by without congratulating you 🙂

    Like

    • Double Debt Single Woman · October 12

      Thanks, C! 🙂
      Yes, things have been even more crazy-making than usual lately. I’ve wanted off this ride for two years. 😦

      Like

  17. seattlegirluw · October 13

    Congratulations, it sounds like you’ve come a looooong way! I hope to start really focusing on my mortgage soon. It’s pretty low, so I should be able to take it out in the next few years. It’d be sooner but I’m way behind on saving for retirement and I’m already 40, so that has to take precedence.

    Like

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