General Goals 1) to be debt free in 3.5 years 2) save lots of money

Saturday, April 30, 2011

Did I Make it to Under 30,000.00 on my LoC???

TD seams to continually be experiencing "higher than normal volume of calls" since I seam to always spend 20+ minutes on hold waiting to talk to an agent. As I type this I am currently on hold 9, 16, 20, 25, 28 min and counting. Honestly by the time that I talked to an agent the call only took 6 min.

This month I put in:
April 8~ $382.55
April 20~ $62.50 (GST cheque)
April 21~ $525.00
April 25~ $3.13 (lose change snowflaked)
April 26~ $4.97 (leftover from budgeted cell phone bill snowflaked)
April 27~ $1.63 (leftover from storage until bill snowflaked)
April 27~ $60.43 (slush money from bills account snowflaked)

Total paid: $1040.21

Daily interest for the month of April: $3.75
Total interest paid in April on my LoC: $112.79

This month I put: $927.42 extra into student debt

Current outstanding balance on LoC: $-30,067.67

This month I snowflaked and snowflaked trying to get my LoC down under $30,000.00, sadly I was $67.67 short of my target. But I truly don't think I could have done any more to get it further down. I am not sure if I am happy with the progress I made, since this month I put the largest amount on my LoC to date. Or sad because I did not reach my target.

When I called OSAP yesterday to sort out if they had been trying to get a hold of me, I also got some details on my OSAP. I just thought I would share them, since I thought you might be interested.

Min payment: $117.45
 of which $54.91 goes to pay the interest and $52.54 go towards paying the principle. How depressing is that! Interest is calculated daily. I  pay $1.40 daily in interest.

4 comments:

  1. Ouch that interest! Congratulations on the LoC effort though, it was a good go at it!

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  2. Be happy! You did great!! It's disappointing when we don't reach our set goal but really you did fabulously!

    And yes that's how those stupid student loans get people. I was in denial with mine for a long time. And just to think 1/2 of the payment goes to interest. Unbelievable. Really that should not be allowed. But you are already ahead of the game and well on your way! Keep at it! ;)

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  3. I have come to hate interest ... and I think that's a good thing! It keeps us angry enough to keep fighting it. Your balance is going down, not up, so you are doing great!

    Sarah

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  4. Thanks everyone! You are right I should be happy its going down but inpatient I want to be ride of it now!

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