We decided this month that after our April contributions to our IRAs that we’d stop contributing until we have paid off our debt. It was not an easy decision, since contributions to my traditional IRA are tax write-offs as a contractor. However, the idea of knocking off debt once and for all was just too enticing not to give it a shot!
On another note, in doing this monthly finance report, I’ve noticed that we’re paying off such a small percentage of every our total debt every month. This month it’s 1.6%. Ouch.
|Debt||Original Amount||Current Amount||Percentage Rate||Amount Paid Last Month||Percentage Paid|
|Car Loan #1||$14,093.00||$5142.31||1.99%||$311.78||63.6%|
|Car Loan #2||$10,000.00||$7363.54||1.99%||$205.14||26.4%|
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