Dad’s Loan Debt Reduction: Feb 2009

March 1, 2009

I’m keeping track of my payments towards my father’s debt reduction to kinda see the progress as we reach my goal of having his loan paid off by September 2009. So expect these posts monthly! Each month, seeing the progress should hopefully motivate me to stay on track with this.

Starting Balance of Loan in January: $5388.14
Starting Balance in Feb 2009: $4988.66
Total Payments in February: $2377.17
Total Payments YTD: $2798.10
Total Finance Charges For Feb 2009: $20.54
Total Finance Charges YTD: $41.99
Starting Balance for March: $2632.03
$0 Goal: September 2009

Notes for this month: This month had a large payment of $2.2k from me because I had a large tax refund. It would have been larger but I ran into a snag mid-February and had to give my father $500 to fix it, plus I owed some local taxes for PA, not to mention put $6k down on my car to pay it off. The new projected time to have this completely paid off is July, but I was hoping for June. At least I’m still on track for having this paid off by September.