Credit Card Debt Update: $4,249

We weren’t able to get our debt under $4K by the end of February, but it looks like it will definitely happen in March. If all goes well, our credit card debt will take a nice hit next month thanks to a tax return and some increased income from our business.

We still have a bit to go, but we are getting closer. The next big milestone for us is the day where our credit card debt equals what we have in our savings. Just knowing that we could pay it off right then and there will feel very nice. At this time, we aren’t planning on doing that. I enjoy having the savings there. That’s not to say we might use some of it to finish off our debt. It all depends on what is happening at the time.

Posted by Tricia on February 26, 2009 at 11:20 PM in Debt Updates | 9 Comments »
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Jazed responded:
Posted: February 27th, 2009 at 12:58 am
Keep up the good work, you will have it all paid off soon enough. I have never owned a credit card in my life, just had a car payment. That was paid off in December, so I can level with your enthusiasm on getting close to paying it off. By the way, just found your blog tonight, very interesting!
Mr Plasectomy responded:
Posted: February 27th, 2009 at 8:08 am
Congrats on tackling more debt!

With the economy the way it is I often wonder if it would be better to sack away as much money as possible just in case. I would hate to lose a job and then have to live off the credit cards if the my expenses were more than an unemployment benefit. If you have a 0% interest deal off a balance transfer offer it wouldn’t hurt as much as there wouldn’t be any finance charges while living off that savings.

It truly is a toss up.
kev responded:
Posted: February 27th, 2009 at 10:45 am
Reaching the point where my savings was equal to the amount of my remaining credit card debt was a huge victory for me as well. The balance of power completely changes at that point and you, for the first time since all of this started, will have the upper-hand. It’s a great feeling knowing that you can end it anytime you wish and there is absolutely nothing they can do to stop you.

Speaking of the dirty sneaks, my credit card issuers have been sinking to all time lows here lately. They haven’t reduced my limits or canceled my accounts yet, but they have jacked up my rates to the point of highway robbery. It doesn’t matter to me what they do b/c I no longer carry balances with them, but I can’t help but feel sorry for all the people out there that are getting royally screwed right now. If something like this would have happened to me a couple of years ago it would have been a disaster. Needless to say, there has never been a better time to be credit card debt free than right now.
Eva in TX responded:
Posted: February 27th, 2009 at 12:19 pm
Looking good, Tricia!! Soon, knowing you could pay it off should be satisfaction enough; having cash in the bank is better in today’s world anyway. The credit card companies can wait to get their money.
Brit Foshee responded:
Posted: February 27th, 2009 at 2:29 pm
Just found your site. I love it. Great info and links. Looking forward to visting often
HappySlob Housecleaner responded:
Posted: February 27th, 2009 at 5:30 pm
You’re well on track! When we paid off our credit card entirely, it felt absolutely incredible. Almost surreal…in the most wonderful way!

Christina
Matt Keegan responded:
Posted: February 27th, 2009 at 7:35 pm
Keep up the good work, it seems like you are on the right path. A journey of what seems like a thousand miles has to start somewhere, but you’re well down the path to financial recovery.
danielle responded:
Posted: February 28th, 2009 at 7:17 am
Great job Trish!!! I want to blog about you when you get there.
Andy @ Retire at 40 responded:
Posted: March 1st, 2009 at 2:44 am
Keeping going, you’re almost there. It’s been a long journey but you can pretty much see the finish line now. Of course, don’t slow down but since you’re on the final straight, see if you can speed up again and just whizz past the finish line.

Good luck!