My husband recently completed his Ph.D., and he has since taken on a full-time job. Now that he is settling into his career and bringing in more money than he did with his assistantship, we are ready to tackle our debt, which includes student loan and credit card debt. We recently wrote up our debt repayment plan and found that after minimum payments, we only had $2.69 extra to apply to our debt snowball. Using this basic formula, we would be completely debt free by February, 2017, roughly 5.5 years from now.
However, we don’t want our debt repayment to stretch out that long.