Bye-Bye NCN & Year-End Debt Check-In

December 31, 2009 at 11:17 am (blog housekeeping, goals) ()

The NCN Network and their cute progress pie charges are going the way of the US Housing market (down out and away), or do I mean my year-end bonus? I have to say I’m disappointed. I enjoyed going there every so often and updating changes to my debt balance. It was nice to get a visual snapshot of my debt journey status. Apparently, this has been disabled and discontinued.

Because of this, I have removed their page from my blogroll, (which, on a side note, has been getting mighty slim lately). I’ve also removed 2 other blogs, one for inactivity, and another because they were not as for-real debt-minded as I had originally thought, and I wasn’t having as much fun reading it.

I’ll have to look for more blogs to add. In the meantime, to make up for this loss, I’d like to state that currently, I am 18% towards my goal of paying off $45,117 of debt! I realized I had enough extra money to bring my total up from the previous 17.4%, which had the added bonus of moving my debt total to *under* $37K! I’m super excited!

I think the first year is the hardest  – making significant changes in spending and saving habits, starting a budget and sticking to it month in and month out. I feel confident that I will be able to beat my goal date of May 2014, after seeing my progress for more than a year! I expect I should be able to get it done by the end of 2013.

I expect I’ll have additional income – I fully expect at least a $.50 raise starting Jan. 1, my job is stable and not in danger of disappearing. The other important aspect to consider is that the amount of money I spend on interest will continue to decline over time, as I pay down the principal on my debt. That means more of my monthly debt payments will go towards the principal and less towards interest.

I should also mention that I redistributed my debt totals within my Wells Fargo loans to put as much as I could in my lowest-interest loan, the SBA loan. I have under $1,500 left on my Personal Line of Credit (10% interest), and the SBA loan is almost maxed out (5% interest). My only other debt, which I had transferred to a US Bank credit card, is currently at 0% with no visible ending date. I will continue to pay the minimum on that for as long as they keep the interest at 0%! By March, I should have paid off the rest of the Personal Line and have only the US Bank and the SBA loan. So my only interest will be at 5%. I don’t think I’ll be able to beat that!

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2 Comments

  1. Lulu said,

    I was just updating my totals to go over to NCN and update my chart when I saw this post in my reader. Now I am heading over to NCN to see what that is all about. Thanks for the heads up…and all the best on your debt payoff this year.

  2. debtmaven said,

    Lulu, yes, it’s too bad, but maybe someone else will fill the void? Good luck with your goals and happy 2010!!!

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