Credit Card Debt Update: $16,964

I was going to wait until closer to the end of the month to pay extra money towards our credit cards, but I decided to do it right now. A tactic I often use is to pay extra when we can so the money is out of our account and we can no longer spend it. While having a cushion in our checking account is nice, more often than not it ends up being spent.

Our debt total has now broken below the $17,000 mark and it sits at $16,964. I was thinking about putting the extra money towards our savings, but I couldn’t resist making our credit card debt below 17K. The next time we have extra money, it will go towards increasing the amount in our savings.

I think for a while, we will do things like that. We’ll take turns paying off debt or contributing more to our savings.

Posted by Tricia on December 26, 2007 at 12:57 AM in Debt Updates | 4 Comments »
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Beth responded:
Posted: December 26th, 2007 at 10:34 am
Way to go, Tricia! It’s a great feeling, isn’t it — to break into the next number range with financial goals? Also, I do the same thing you mentioned in terms of using income right away for doing financial good and not evil! When there is extra money I pay bills earlier than necessary to get the obligations out of the way. I feel better being ahead, and the money goes out towards necessary things before I get tempted to spend it on unnecessary things. There is a bit of a sting when the balance cushion gets eliminated so quickly after paychecks (or whatever) come in, but then it feels wonderful to be ahead with financial obligations. Merry Christmas!
Mrs. Micah responded:
Posted: December 26th, 2007 at 12:10 pm
Lol, I understand putting in the extra $36…I bet it feels great! Many congrats!!!
Ryan S. responded:
Posted: December 26th, 2007 at 12:27 pm
Hey, that’s great, Tricia! Whenever you break a milestone it just seems like such a good deal, doesn’t it?
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Ryan
http://uncommon-cents.net/
Steve responded:
Posted: December 27th, 2007 at 1:42 pm
Congrats! I love hearing success stories from like minded people escaping the debt trap. My wife and I finally have our non-mortgage debt down to under $8000 (and our car is paid off)…it’s an awesome feeling to pass those financial milestones we set for ourselves…I know how great it felt to pay the car off, and when we got under $10,000, and when each credit card account was paid in full and closed. I wish much continued success.

Steve