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Here is my quarterly progress report. All amounts are as of the statement closing date for the last month of the quarter.

Debt 4Q2005 4Q2006 1Q2007 Notes

House Related
Mortgage $127,589.87 $127,589.87 $127,589.87 Interest Only ARM
HEL 1 $ 32,050.13 --- --- Interest Only ARM
HEL 2 --- $ 31,935.16 $ 31,686.65 Refi to fixed rate in Aug '06
TSP Loan $ 10,071.10 --- --- Downpayment for house
----------- ----------- -----------
Total House $169,711.10 $159,525.03 $159,276.52


Bank of America $ 4,770.00 --- --- BT in Apr 2005. Paid off May 2006.
USAA Visa $ 11,174.84 --- --- Paid off Oct 2006
Capital One $ --- $ 27,663.76 $ 25,500.64 BT from HEAL Sep 2006
B of A / AMEX $ --- $ 58,537.55 $ 56,800.55 BT from HEAL & Auto in Nov 2006
----------- ----------- -----------
Total Credit Card $ 15,944.84 $ 86,201.31 $ 82,301.19



Total House $169,711.10 $159,525.03 $159,276.52 Details above
Total Credit Card $ 15,944.84 $ 86,201.31 $ 82,301.19 Details above
HEAL Student Loan $ 69,214.49 --- --- BT to Cap1 in Sep and BofA/AMEX in Nov
Car Loan $ 27,411.78 --- --- BT to BofA/AMEX in Nov 2006
----------- ----------- -----------
Grand Total $282,282.21 $245,726.34 $241,577.71

Paydown (2007 Q1) $4,148.63
Paydown (2007 YTD) $4,148.63
Paydown (Since 01 Jan 2005) $76,615.42 (24.1% of beginning balance)

The paydown this quarter was slower than I would have liked. There were two reasons for that. The first was the pay fiasco that the army put me through. We actually made it through three months without a regular paycheck and still have a little bit of money in the bank. My normal paycheck should resume in April.

The second reason for not attacking the debt as aggressively was that we funded our 2006 IRAs during this quarter, which slowed the debt paydown but increased our net worth. The debt paydown should recommence at a slightly accelerated pace now. Also, since I use the closing date of statements, this does not reflect the money from our tax refund that went towards Capital One last week. My goal for next quarter is to pay of $20,000.
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Very impressive! That's great...
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I think you're doing pretty good, especially since you didn't have a paycheck coming in for 3 months (if I understood correctly).

What are you snowballing now, the Cap 1 or the B of A? or the HEL? If your goal is $20K of paydown this next quarter, and you sent the tax refund money to Cap 1, is Cap 1 in the crosshairs? (I just like to chant little encouragements under my breath at specific goals for folks, you see...:-))


--Booa
P.S. -- Any more hankerings for stuff? I'm sure Odee would help to steer things your way, particularly if you're craving something specific...
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The paydown this quarter was slower than I would have liked. There were two reasons for that. The first was the pay fiasco that the army put me through. We actually made it through three months without a regular paycheck and still have a little bit of money in the bank. My normal paycheck should resume in April.

The second reason for not attacking the debt as aggressively was that we funded our 2006 IRAs during this quarter, which slowed the debt paydown but increased our net worth. The debt paydown should recommence at a slightly accelerated pace now. Also, since I use the closing date of statements, this does not reflect the money from our tax refund that went towards Capital One last week. My goal for next quarter is to pay of $20,000.


You're really beginning to make headway on the total debt. It obviously hasn't been a lot of fun, but at least you can see some breaks in the clouds.

But I have one question: when is that ARM due to reset? And are you organized to the point where you can pay the refinance costs when it's time?

Nancy
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Booa,

I'm snowballing Cap1 at the moment. It should be completely gone no later than July when I get one of my annual bonuses (if not before). Encouraging thoughts are always appreciated.
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Nancy,

The ARM resets in Sep 2009. All of our other debts should be gone by then. If we are still in the house at that point (who knows where the Army might want to send me), then we should have no problem handling the increased payment even if we have other debt left hanging over our heads. It will add only about $600 to the monthly mortgage if it goes to the max interest rate and even then, it will be well below the current snowball amount.
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Paydown (Since 01 Jan 2005) $76,615.42 (24.1% of beginning balance)

With the extra payment you made that's not shown here, you're probably to 1/4 of your debt paid. The budgeting of that paycheck mess is impressive, too. IIRC you had a lot of money paid to you twice, and I'm sure it was tempting to use some of it for a reward or something that wasn't budgeted for.

My goal for next quarter is to pay of $20,000.
Good luck w/ that.

Hope you are looking forward to a homecoming soon and that DW and kids are hanging in there.

Stay safe,
mm
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jmd,

Nice update, you are making good progress! Keep up the good work and meeting your goal of $20K of payoff this quarter!

bdgf06
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With the extra payment you made that's not shown here, you're probably to 1/4 of your debt paid.

Yes, indeed!!!! Actually, it should put me just over 27%

The budgeting of that paycheck mess is impressive, too.

Thank you. It really didn't seem that hard. I had built up to a point where we had a LOT of wiggle room. Actually, if I hadn't been more confident, I would have waited for the tax refund before funding the IRAs.

IIRC you had a lot of money paid to you twice, and I'm sure it was tempting to use some of it for a reward or something that wasn't budgeted for.

Yes, we got my largest annual bonus paid twice (about three months of my typical pay). It wasn't that tempting to spend it, though, because each dollar already had a name. That's the beauty of having a budget.


My goal for next quarter is to pay of $20,000.
Good luck w/ that.

Thanks. Actually it shouldn't be that hard because (sheepish grin) I got a huge tax refund (long story). I'm wondering if that estimate might not be aggressive enough.


Hope you are looking forward to a homecoming soon and that DW and kids are hanging in there.

I am absolutely looking forward to a homecoming, but not soon enough for my likes. DW and the kids are doing reasonably well. When the unit was extended, the bowling alley on FT Drum set it up so that every Tuesday bowling (and food) are free for affected families. The kids are having a blast and really look forward to Tuesdays. DW, on the other hand, is getting a little sick of bowling.
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