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CC Debt Payoff Projection

May 31st, 2012 at 04:35 pm

I made a quick projection of one scenario of what a CC debt payoff projection may look like. It assumes around $520 per month paid toward CC debt principal. It could get paid faster or slower than that, but this projection shows all CC debt paid off September 2013. That's 16 months from now.

We started getting very serious about CC debt reduction 20 months ago. That means we're on the downward slope (I hope anyway). Here's my projection:

Date CC Debt
2012 Jun $7,346
2012 Jul $6,826
2012 Aug $6,305
2012 Sep $5,783
2012 Oct $5,259
2012 Nov $4,740
2012 Dec $4,219
2013 Jan $3,695
2013 Feb $3,194
2013 Mar $2,689
2013 Apr $2,180
2013 May $1,659
2013 Jun $1,142
2013 Jul $625
2013 Aug $108
2013 Sep $-

I'm fairly certain the debt will get attacked faster than that. And, of course, each month more money goes toward principal, and less toward interest. But, I wanted to have some sort of end date in mind, without spending too much time over analyzing things.

1 Responses to “CC Debt Payoff Projection”

  1. ceejay74 Says:
    1338489856

    Exciting! I keep a spreadsheet of my debts and, along with the other info, a line that calculates how many months and years it will take to pay off if I pay a fixed extra amount. Whenever I update the balance on a debt, the amount of time gets a little less. Such good motivation!

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