Deja Vu – Credit Card Debt is Under $20,000!

Back in July, I was pretty excited that our credit card debt was under the $20,000 mark. It was a little bit short-lived, because after receiving a total for our IRS debt, I had to increase our debt by over $1,600. It was a bit of a setback, but it fueled the fire to get our debt load back under the $20,000 mark.

Last night, after calculating our net worth, I knew I had to see if we could send more money towards our debt. Our checking account will be pretty low for a while, but I managed to squeeze out some money and our credit card debt is now at $19,990.

Yay!

The next mark will be $18,807. Why? Once we hit that, we will have paid off half of our credit card debt

Posted by Tricia on October 3, 2007 at 11:16 AM in Debt Updates | 22 Comments »
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Rita responded:
Posted: October 3rd, 2007 at 12:05 pm
YOu go, girl!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Jen responded:
Posted: October 3rd, 2007 at 12:06 pm
Woo hoo!!
Mimhumus.Com » Deja Vu - Credit Card Debt is Under $20000! responded:
Posted: October 3rd, 2007 at 12:47 pm
[...] wrote an interesting post today on Deja Vu – Credit Card Debt is Under $20000!Here’s a quick [...]
Eva in TX responded:
Posted: October 3rd, 2007 at 1:30 pm
Congrats again! Progress is progress.
Cynthia responded:
Posted: October 3rd, 2007 at 1:46 pm
Congrats! That’s awesome!
MVP responded:
Posted: October 3rd, 2007 at 2:05 pm
Good for you! Keep up the awesome work, it’s only going to get better from here, and living debt-free is SO worth the struggles!
Chris responded:
Posted: October 3rd, 2007 at 2:20 pm
Good news. What happened to your savings account ticker?
Mrs. Micah responded:
Posted: October 3rd, 2007 at 3:52 pm
Congrats!
chitown responded:
Posted: October 3rd, 2007 at 4:07 pm
Congrats…What an accomplishment! Keep up the good work!
JvW responded:
Posted: October 3rd, 2007 at 4:32 pm
congrats!! what a great milestone to hit, so good you hit it twice!
John responded:
Posted: October 3rd, 2007 at 5:04 pm
Congratulations Tricia! That is really something. Quite an acomplishment… having said that, have you ever thought of making this less of a focus for yourself? Now that you are in striking distance, maybe it is time to claim your life back.

If you recall my story, I decided to ease into debt reduction by taking out 2 personal loans and paying down the loans over 5 years. A $20k loan would be around $360 a month or so… or like $166 every 2 weeks. By breaking it into a nice soft and manageable number, I think you’d get so much piece of mind back… your debt would no longer take so much of your energy… you could go on with your life.

I get it direct deposited in to the bank, and I never see the money… I never miss it. I never think about it. I don’t worry. I don’t fret anymore. I don’t have to think about paying 4 cc bills on time, or hunting for the lowest % to transfer balances to… Slow and steady made me so happy. I felt like I had my life back. Instead of resolving to start life anew when I was out of debt, I drew the line in the sand, and started today… well actually a year ago… and it so worth it.

Think of all the time you’d have back in your life, if you weren’t recalculating your net worth every few weeks…

Just something to consider… granted, I’d miss the blog (double granted, I actually don’t read as much whereas I don’t worry anymore!)
Dedicated responded:
Posted: October 3rd, 2007 at 5:04 pm
You are amazing!
Lynnae @ Being Frugal responded:
Posted: October 3rd, 2007 at 6:15 pm
Yay!!! Congratulations! That’s a big accomplishment!
Brooke responded:
Posted: October 3rd, 2007 at 6:46 pm
Tricia,

Good job and keep it up! I’m sure you’ll be done with it in no time! Keep the posts coming!

Brooke
SingleGuyMoney responded:
Posted: October 3rd, 2007 at 8:42 pm
Good job. Keep working at it and you will be at zero debt in no time.
Tricia responded:
Posted: October 3rd, 2007 at 10:36 pm
Thanks everyone!

Chris – I took my savings ticker down for the moment. I’m in limbo as to what I want my savings goal to be. It was at $2,500 but now I’m thinking less. So I took it down for now, and it can be seen in my networthiq profile.

John – yes, I remember your story…and thanks for reading as long as you have! I have thought about what you mentioned. I think I will reply to your comment in a post since it brings up a good point.
paidtwice responded:
Posted: October 3rd, 2007 at 10:49 pm
Congrats!! What a great accomplishment! :cheer:
Kate responded:
Posted: October 4th, 2007 at 3:01 am
Congratulations
Rich responded:
Posted: October 4th, 2007 at 1:37 pm
X L ENT! Congrats Tricia!
nomorespending responded:
Posted: October 5th, 2007 at 1:46 am
Excellent! I’m so pleased for you:)
MVP responded:
Posted: October 6th, 2007 at 2:42 pm
Sorry John, I DO NOT agree with your strategy. That said, if it works for you, great. But Tricia, you’re making SO much progress, I’d hate to see you stop or diminish your focus and intensity. You’re on track to be debt free very soon – likely within 1-2 years – far less than five! Then you WILL have your life back.
John responded:
Posted: October 12th, 2007 at 2:41 pm
Tricia, I’ve been thinking about this as of late… I think the difference is for the most part just position in life. I have no kids. I have no mortgage. I don’t (have to) think long term. You have a lot more riding on being debt free earlier… I don’t.

Thanks again for all of your guidance!