Mr K and I discussed what out next plan of attack for our debt should be and we are going to make a shift.
Our current consumer debts (not including cars):
CR Line- $30,000
Visa- $12,000
Student Loan- $2650
We discussed various options as we had originally intended to pay off the Visa next- it has the highest interest at 11.5% but after our discussion we are going to move forward with paying off the lowest amount- the student loan. It will be nice to keep the momentum going and when completed we can move over the $80.25 monthly payment that is withdrawn from our account to the next debt.
There are pros and cons for each strategy but we decided that for us we want to keep the momentum going as we are still in the early stages of debt repayment and it's nice to see things paid off. Also it will be a quick payoff and result in only the two debts remaining (again no cars included)
My "safe" preliminary estimates show us paying off the student loan on November 1st. Which means any overages or extras will speed this up, November 1st is sort of like the worst case scenario. So, we expect it to be paid off before then.
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