The Official 2017 Debt Smackdown

I'm porting this Challenge thread over to the Managing Debt area. The original thread is available on the old forums at: The Official 2017 Debt Smackdown.

Here is what you need to do:

1. List the amount of total debt that you owe. 
This step is to give you an awareness of your current debt situation. Feel free to share, this forum is a safe and nonjudgmental place. You can also decide to keep this information private, you don't have to post your total here if you are not comfortable doing so. 

2. Post in this thread the total amount of debt you would like to pay off during the 2017 calendar year. (This part is required.) 
Feel free to break down the amounts by credit card/type of debt. Also, if you have a specific plan or some ideas on how you plan to pay down the debt, you can post that too. Maybe your plan will spark some ideas for others on how to tackle their own debts!

3. Check in monthly in this thread and report on how your debt smackdown is going. (This part is required.)

4. Post monthly on the 2017 Google Spreadsheet to track your progress. (This part is required.)
Claim a line on the spreadsheet, and post your total debt to be paid off, and the monthly amount that you send off towards it. Some people track their total payments and don't account for interest, some people account for principal only. The method you choose is up to you!

If you come across this challenge later in the year, no worries, you can still jump right in. Just put zeroes in the months where you had not joined the challenge yet, and start in the month you join in. 

Here's to smashing our collective debt this coming 2017! Let's do this!!

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  • 2017 Debt Pay-down Goal: $28,000
    Wildest-dreams Goal: $35,000

    Jan $$ sent to debt pay-down = $1,778.00
    Feb $$ sent to debt pay-down = $2,354.00
    Mar $$ sent to debt pay-down = $1,962.00
    Apr $$ sent to debt pay-down = $1,960.00
    May $$ sent to debt pay-down = $1,976.00
    Jun $$ sent to debt pay-down = $2,327.00
    Jul $$ sent to debt pay-down = $2,421.00
    Aug $$ sent to debt pay-down = $1,250.00
    Sep $$ sent to debt pay-down = $1,227.00
    Oct $$ sent to debt pay-down = $1,443.00
    Nov $$ sent to debt pay-down = $1,590.00
    Dec $$ sent to debt pay-down = $3,777.00
    Total 2017 sent to debt pay-down = $24,065.00

    86% of the way to our goal!!!!!

    $24,000.00 sent to debt pay-down this year is sounding good to me. We had an unexpected $7,000 roof replacement this year. If not for that, we'd have easily met our goal of $28,000.00, but that's the way life works. I'm really pleased with the progress we made. On to next year!

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  • Our goal for 2017 was to pay down $65,000 on our line of credit.  I'm pleased to report that we paid $70,000.  Our current balance is $159,800.  Hoping there will be a challenge for 2018.

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