Parent PLUS debt down: $2,555.74
Mortgage lowered: $214.30
Overall debt reduction: $2,770.04
Considering all of the progress I made in September and October, November seemed like a debt-reduction snooze-fest. However, folks, we need to keep some perspective here: paying out $3,158.88 to reduce my Parent Plus loans by $2,555.74 is not one bit shabby. So, why do I find myself needing a reminder of that every day? Since when is it not satisfying to reduce debt at a rate of $2,500 a month? Two reasons, I believe:
One reason is that my shovel got a lot bigger. If you look at the first four months, I was paying $1,500, on average. Excluding the crazy month of May, I was able to increase my monthly payout average to more than $4,000 in the last 6 months. That’s an increase of 263%!
Two major factors allowed me to increase my payments that much. One was that my son graduated from college and got a job, so I’m no longer on the hook for his rent and expenses. The other was that my boyfriend moved in with me, and not only does he pay rent, but he also pays for most everything else.
The second reason I feel disappointed with “only” paying $3,000 this month is because I’ve just started tackling Parent Plus loan #2. Even though this loan tumbled from the $15k’s to the $12k’s in November – it always gives me joy to see a loan decrease under a new $1k threshold and immense joy to see it skip by a few thousand – the illusion that it’s demise is occurring slowly is messing with my brain. I mean, percentage-wise, that’s only a 20 percent decrease. If the loan was decreasing from $9k to $6k, that would be 33%. Ugh!
Another factor might be because I’m looking at the grand total numbers a lot lately and it’s so damn painful. How much I’ve paid out this year and overall, how close I am to some major thresholds, how much I’m paying in interest, how much longer I have to do this. Progress isn’t happening quickly enough, yet I’m also pained by the huge numbers my quick progress is generating lately.
In other words, I’m overthinking.
So, I find myself constantly reminding myself that I’m making amazing progress. When I start to panic, I just tell myself to stick to the plan because the plan is working. It’ll come. This too shall pass. That I am – and everything I do – is enough.
Other debt posts:
October Debt Reduction
The Death of Parent Plus Loan #1
September Debt Reduction
August Debt Reduction
July Debt Reduction
June Debt Reduction
May Debt Reduction
The Death of Parent Plus Loan #7
April Debt Reduction
August Debt Reduction