No. of Recommendations: 8

Loan Sep. 2016 Aug. 2016
A/C Loan (7.36%) 7,765 7,900
Student Loan 1 (6.41%) $18,389 $18,533
Car Loan (4.45%) 8,336 8,511
Student Loan 2 (3.86%) 5,147 5,206
$39,637 $40,150
======= =======

That's a one-month reduction of $513 in consumer debt.

Plus, I added $313.92 into my Loan Payoff Savings Fund. It would have been more, but this month's unexpected four-figure emergency outlay was for a broken water pipe in my front yard, costing $1400 to repair. In the last 12 months, I've incurred over $20,000 worth of unexpected expenses, mostly car and home repairs.

I'm beginning to see why it's been so difficult for me to get out of debt. In June of this year, I had paid off enough debt, and thereby reduced my monthly expenses enough, for me to quit the part-time job that I've been working for 20 years. After a heart-to-heart conversation with my wife, I have decided that I will have to resume part-time work, lest I be in this debt hole indefinitely.

On the plus side, I've reduced my mortgage balance by $498.52.
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