As it has recently occured to me that at the current rate we are paying back our loans, it will take us 15 years to be debt free. Quite shocking when you take into account that I am 25 and my fiancee is 31, we do not own a car or have a mortgage. Only one of us has a university degree and just a bachelors at that. We both work fulltime in reasonably paying jobs (not minimum wage) and yet we are already in over our heads.

Our situation is different to most people on this website as we live in Europe and we both do not speak the language of the country we inhabit, however despite this we have decided we feel quite at home in this place, despite our financial nooses.

I believe that this blog will help me keep track of our progress and hope that it will help keep me motivated in my goals to reduce our debt and hoefully eventually become actively involved in some sort of investing scheme. Our current situation is as follows:

Credit card debt: 4,023.53 EUR
Student Loan: 9,244.72 EUR
Total debt: 13,268.25 EUR

We are pretty good paying back our credit card debit, however at the current rate of paying off it will take us just over 8 months to zero the credit card. We are however only paying off the student loan according to the monthly minimum payments and that is why we will carry the debt with us for 15 years.

My two main goals for this year are to pay off our credit card in full and to increase our student loan payments. I have decided that I need to come up with a payment plan for the student loan and to see how an increase in the payments may reduce the time it will take to pay this loan back.