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

Wednesday, October 5, 2011

Did I Make my Year One Debt Reduction Goal??

In September of last year I started this journey of debt elimination. At first it was on my own then after a while I found this great community of PF bloggers. This first year has been a crazy roller coaster. Thank you to everyone that has been riding it with me.

Last year I committed to having my debt paid off in 3.5 years. That means that Each year I have to have paid of at least $14,016.76 of my debt.

As of September last year I had $49,058.75 in debt including credit card debt.

The debt broke down as follows:

TD Line of Credit: $34, 380.81
OSAP: $13,058.00
Loans from friends: $727.41
TD Visa: $902.53

Today my debt stands at:

TD Line of Credit: $24,766.48
OSAP: $9, 462.71
Loans from friends: ZERO

Total out standing debt left: $34,229.19

Difference of $14,829.56 (49,085.75-34,229.19)

Did I make my year one debt reduction goal? YES!!!!

How about you?? Have you made significant debt reduction in year 1? 


  1. Great job Sarah!!! That is outstanding!!! I tip my hat to you. Awesome! You're hard work is showing itself. Very proud of you!

  2. Congrats Sarah!! You are well on your way to debt free! Be proud!

  3. well done on reaching your goal!!

  4. I knew it. I knew it. Congratulations. I didn't even have to work it out. Just by knowing your enthusiasm and seeing you throw everything including those little snowflakes I knew you would have had to make it.

    Don't forget all of your other accomplishments either like your savings and buying a car cash. You are awesome.

  5. Thumbs up for your accomplishment. Sadly, I am quite unsure I have moved forward this past year (I'll evaluate in Nov). However, your numbers are very encouraging. Keep up the good work and be proud.

  6. Woo hoo! You rock Sarah - I knew you could do it; you've been SO DETERMINED!! Fabulous!
    I had my line of credit up to its highest point ($56250)last summer due to using $20,000 towards my PEI home purchase. So that was weighing me down. Right now it stands at $34,300 which I am thrilled with. Hoping I can finish it off in 18 more months!!

  7. Well done Sarah! That's great news!