2007 - Debt Reduction Challenge

**pammy** · 01-05-2007, 11:50 PM

Hope it's okay to start this. Just really enjoy being able to see what people are able to accomplish with debt reduction, it's inspiring!!

Am starting off the new year ready to tackle the ole student loan. Started January '07 owing just a tad over $18k, sent in $2,095 already. Part was bonus, part was a really good check I was able to bring home. Am down to just under $16k and hope to get it paid off by the end of June.

Come on everyone, let's see how much we can pay off this year!!!

**BowerBird** · 01-06-2007, 01:41 AM

I have my CC debt to pay off, and then I want to focus on building up my nest egg and Emergency Fund.

**Jenna** · 01-06-2007, 01:51 AM

Aiming to pay off the personal loan by May.

**Kisobel** · 01-06-2007, 02:10 AM

i too am aiming to get rid of my stupid(student) loan by the end of summer. cant wait for my tax refund in feb to kick it into overdrive.

kate

**chatterweb** · 01-06-2007, 02:11 AM

Waiting for our tax refund which may be bigger than anticipated, due to expenses related to our rental, and overpaying job related taxes...
5-10K maybe more???
Hubby has fishing, snowboarding stuff to be funded too...I may give him 2K of the tax refund to just go wild with for his hobbies...He earned it from all the hard work anyways!
I am going to try to pay 1/2 the cards off in 2007.
However, our EF fund is very important, the cards are 0% interest forever, if need be.
It is quite nice to be able to use OPM for leverage...
Some use it to manage alot of debt, but I am not them and while I am not happy with the card debt we have now, I am also glad we have no interest too.
But I would feel more comfortable if we owed 1900.00 in 0% credit card debt.

And I refuse to do the proposed App o rama with any consumer debt.

That should give me some incentive to pay it all off!!!

**Scattymum** · 01-06-2007, 07:16 AM

my debt reduction goals for the year are to vcompletely pay the 2 lower debts in my sig and then to snowball to one of the cc, hopefully have that mainly paid off by december!

**FrugalMomof3** · 01-06-2007, 07:31 AM

I am aiming to pay off DH's $2800 in CC debt AND fund my EF back to $500, hopefully I can do this by the middle of February. Godd luck to everyone!

**rachelMcK** · 01-06-2007, 07:45 AM

I'm hoping to get one, if not 2 student loans paid off by the end of the year! I'll be looking for a new job soon with the degree I will be getting in april so that will bring my income up significantly! I can't wait!

**Sahmamma** · 01-06-2007, 08:17 AM

Right now we are fortunate to not have any debt except the mortgage. We haven't even moved into the new house yet and I am already starting to freak over the $200,000.00 we will owe and trying to figure out how much extra I can put towards it to pay it off as fast as possible.

**nuisance26** · 01-06-2007, 08:54 AM

~We have 2 debts, DH's car and the mortgage. I'd like to reduce each loan by $3000 this year. That will put the balances under $10K and $63K. Paying our usual payments reduces the debt by $4100. I'll need to make $1900 in extra principle payments to reach my goal.~

**dwallyfam** · 01-06-2007, 08:59 AM

Trying to get the CC's pd off by the end of the year.

**thrifty gal** · 01-06-2007, 09:33 AM

I am paying off credit cards this year. We owe about $6k. Most we've ever owed before!

**danni** · 01-06-2007, 10:30 AM

We are aiming to pay off everything except the van and the mortgage.

**mom2three** · 01-06-2007, 10:32 AM

I am hoping to pay off 12 500 in principle and fund the EF to 2500. I do not have debt-to-self in signature - we still owe some to our RRSPs as we used it for our house down payment so if we have any extra, would like to get this paid down as well.

**McD** · 01-06-2007, 11:15 AM

By the end of 2007, I will have paid off all my debt other than my house. Then I'll start on student loan debt. I don't finish school until 08, so I'm not required to pay on it until then, but I'm going to start early.